Monday, Oct 20, 2008
Unfortunately for the miracle economy banks have stopped lending to people who can't pay back
telegraph: Mortgage lending falls by a record amount
The number of mortgages advanced in September dropped by 42 per cent from the same period a year ago.
This is a 10 per cent fall from the previous month - the highest ever decline since its records began in 1994.
Who's still borrowing thats what I want to know
Posted by matt_the_hat @ 05:00 PM (340 views) Add Comment
4 Comments
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1. harold said...
"Unfortunately for the miracle economy banks have stopped lending to people who can't pay back"
I know, it's a real bum*er isn't it.
2. Mrflibble said...
Don't tell me the supply of mugs is running dry already? Surely not! Our whole card trick economy is based on an ever increasing supply of greater fools turning up, now what we going to do? Crash and Burn? Oh dear!
3. stillthinking said...
"Who's still borrowing .."
There is a recent article on Alice's house blog. http://ukhousebubble.blogspot.com/ which is the second one down.
According to her monetary growth is still expanding and she asks exactly the same question. Who is it?
"Credit growth is also astonishingly rapid. Last month, M4 lending increased by over £31 billion; up over 12.6 percent compared to 12 months ago.
These numbers are very perplexing. If lending is growing so rapidly, then where is the credit crunch? "
I made the suggestion, out of complete ignorance, that there are no new borrowers, just existing repayment failures being rolled over into larger debts. I have no idea whether that is true or not, just a guess. If it is true, then a large amount of banking losses are being delayed.
Given that mortgage lending is down, and all assets are losing value, how could cumulative lending be increasing ?
Quite a puzzler.
4. Ptc said...
I might be wrong, but the bible certainly is not wrong.
The bible says: "when the PERFECT is come, miracles will cease, tongues shall be done away with" + + ...for now we prophesy in part (ie scriptures were still being written and prophecies were being done up-to the completion and assemble of all of them)(whole bible).
If praying for someone sick, or going getting a loan without good credit record is what you deem a miracle, then I will yes. But the blind seeing, death hearing, dead being resurected, lame and leppers being raised all within minutes i will say No, ...these have ceased as the bible stated. Stop believing in false teacher and read the scriptures yourselves. For more info, search for the CHURCH OF CHRIST websites.