Sunday, Feb 08, 2009
We are all financial terrorists!
Scotsman: Jobs pain will continue until property prices turn around
On numerous blogs, you find bloggers intent on forcing house prices as low as they can. These financial terrorists, as I like to call them, have an obsession with their destructive vendetta against homeowners.
We can all agree that runaway prices like those of the last bubble have been a disaster. Many of us warned it would all end in tears. But to seek revenge on homeowners by hanging them out to dry entirely misses the point.
Like it or not (and many of us do not), a huge chunk of the economy, our national psyche and wellbeing are tied to the fate of the housing market.
Posted by little professor @ 08:26 PM (1517 views) Add Comment
40 Comments
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1. shining wit said...
Little professor.......If you take chunks from the actual article it's good to put them in quotes so that we differentiate them from your synopsis of the piece.
I don't seriously think that opinion really can make sentiment and therefore actual house prices fall any lower than they will actually go to. This isn't either a popularity contest nor can schadenfreude or the gleeful interpretations of all us 'we told you so' brigade make anything but (very) minor differences in the price of property.
Like some intelligent commentators in the US it's obvious that the bottom of the crash and home prices starting to bottom and recover are , for many reasons, inextricably linked. As P.Off stated earlier, if you could afford the ridiculous mortgage you signed up for over the last couple of years and still can, then there really ain't a problem, you just bought a fake watch for the price of a rolex.
If you bought your home for far too much because you believed all the sherman tankers (that means you Crash Gordon, laddie) that we were in a new 'global' fancial era, and you believed a chubby posh TV presenter with as much knowledge of economics as , well a chuuby post tv presenter more fool you. A bit like smoking, it doesn't need a first class degree in medicine to realise it's no good for you.
I'm going to get seriousl p***** off with all these people saying 'don't talk the market down', wher were these jackals when we were all bieing priced out?
Also it's becoming apparant, with all the BS from scottish VIs that, contrary to their bleeting last year, they are seeing the dramatic stagnation and falling prices they said their were immune from. I thought prudence was a scottish trait/virtue. It appears that listening to one-eyed idiots because they are scottish may also be one.
2. novice pete said...
"On numerous blogs, you find bloggers intent on forcing house prices as low as they can. These financial terrorists, as I like to call them, have an obsession with their destructive vendetta against homeowners".
didn't think it would be long before we saw this kind of drivel trotted out somewhere, same as the "it's people talking us into recession" garbage. Truly mind numbing stuff!
3. phdinbubbles said...
Gazza1,Edinburgh 08/02/2009 01:03:53
"WARNING. This thread has been linked to by the sicko's at HPC, so expect it to be COMMENT BOMBED. "
Thanks for the invitation but I can't be bothered wasting my words on the Scotsman thankyou.
4. plato said...
You'll get a lot of reactions here.......I think.
Mine? The writer knows nothing about boxers.That's for certain and puts the whole article in context.
5. japanese uncle said...
It's painful to see once a proud quality paper sinking this low.
6. bellwether said...
JU as you might imagine from the ludicrous bias the Scotsman had huge revenues from advertising property. Don't think anyone is buying it (the paper or the message) now
7. shining wit said...
Agreed phd at 3. Gazza1's comments at 1 & 3..........Methinks he doth protest too much !
Gazza1 did you by any chance, buy into the property pyramid scheme that our illustrious SCOTTISH former chancellor and now UNELECTED prime minister told you was a way to 'free money' ?
Quote: " it is imperative that prices rise again ASAP, as prices are directly linked to the economy " and "We all know that house prices are linked to the economy and cannot be decoupled, the economy will only recover when house prices stop falling, but thankfully, the mortgage drought will end soon due to so much government backed liquidity entering the market over the coming months. Expect a couple more months of falls at worst, followed by a large boom once mortgage lending resumes as normal thanks to govt guarantees as announced recently."
Gazza1 can you seriously afford your exhorbatant mortgage and your Labour party memberships fees? And how do you work while your nose is in whitehall stuck firmly up Crash Gordon's @rse ?
These people are laughable - read my lips Gazza1 - it's a HOUSE PRICE CRASH. No-one here created it or started it. Just t!ts like you who bought into it.Best giggle I've had all day
8. shining wit said...
either that or he is an estate agent as well. Gazza1. better get to the job centre early, I he they need burger flippers in glasgee.
9. shining wit said...
Surely the Scottish property market's immune from the House Price Crash - That's what I thought was the truth, because I read it in The ScotsMAN. Next thing that rag will say is that it was all the fault of the English.
Personally I blame the bolivians for flooding the country with drugs. Or maybe the Gang of Four in china, or perhaps it was all the fault of the Inquisition or some sort of papist conspiracy. Nope it was a load of people writing comments to articles posted on a blog about house prices and how ridiculous it was to expect them to go up by more than 10% above inflation for a decade.
10. voiceofreason said...
Don't rise to the bait chaps.
Journalists cause many hundreds of kids to have measles just to sell more papers.
They are likely to try that same trick with HPC.
It ain't just the bankers that caused this mess, the journos are 3rd in line after the politicos.
11. shining wit said...
voiceofreason @ 10......
This site is going to come in for some serious flak. That's the nature of the idiots and highly intelligent people like gazza1 that make up the general population.
Another gazza1 quote "People that want the eonomy and housing market to be destroyed are financial terorists. How dare they try to ramp up a crash and destroy our wealth. Lock them up and throw away the key. Thankfully the new laws re internet records will allow these terrorists to be identified and prosecuted."
What an idiot - He thinks Gordon Brown can rescue him from his negative equity and that someone will track down all those who think that falling house prices are a good thing. He appears to support a fascist state that tracks people down because he doesn't like their opinions ! Gazza1 - go join the bnp or Ukip or maybe the NF. Ridiculous, childish and most of all a pathetic excuse for reasonable debate.
12. This comment has been removed as it was found to be in breach of our Blog Policies.
13. Curious said...
Lat year £6 billion was raised in England from stamp duty, yet only £250 million in Scotland. Under the Barnett Formula the scotch put £250 million into the pot, yet got back out of same pot £625 million towards there public spending, of course house prices in England mean a lot to Scotland..
14. fubar said...
Shining wit is Malct...? Whodathunkit.
15. shining wit said...
littleprofessor - I understood that you made no synposis that's the point I was making. The brief part of posting can be confusing when cut and pasted, particularly when it's written in the first person, it can look like it's your views on the article - Sorry for p-ing you off. not intended. And I'm not malct and calling names is just showing that you can't be bothered to understand my point.
Sock-puppetry - Are you a for real. Ireally don't care if I piss you off. It was not intended. I see you a comment fascist by trying to get me banned. Not much of a professor, onless you profess to being something else.
16. gardeniadotnet said...
~ No, I'm malct... and so is my wife. ~
17. fubar said...
He's not malct. He's a very naughty boy
18. phdinbubbles said...
I'm malct too.
I mistakenly (at least i think mistakenly) accused shining wit of being malct the other day - it turns out that he's actually nooneo. Unless nooneo is malct? Perhaps we're all malct?
19. shining wit said...
At least I don't stamp my foot and ask for people's ip's to be banned because I post more than once.
phd - I really have no idea what you're on about. It's not me that's making the place like the schoolyard.
20. it_is_going_with_a_bang said...
It's very telling that Teresa Hunter has only just worked out how Gordon Brown's miracle economy actually works and how in turn it affects people she knows. Where has she been all this time?
As for calling people financial terrorists? Destroying wealth?
It seems it is fine to talk up a market" - regardless of the fact that it has just bankrupted nearly all the major banks I can think of and threatened the entire banking system around the world.
21. gardeniadotnet said...
19. shining wit said... phd - I really have no idea what you're on about. It's not me that's making the place like the schoolyard.
Hmmm... Crunchy used to make similar comments at about this time.
22. fubar said...
LP, +1. Good job.
23. gardeniadotnet said...
18. phdinbubbles said... Perhaps we're all malct?
No... we're all Devo.
24. gardeniadotnet said...
LP, -1. bad job.
You are in need of anger management ~~~~~ perhaps you should see a psychiatrist.
25. phdinbubbles said...
"You are in need of anger management ~~~~~ perhaps you should see a psychiatrist."
Not you as well gardeniadotnet! - you're sounding like malct/crunchy/troy/shining wit/nooneo/etc now.
26. little professor said...
phd - that's your third post in this thread. I think you must be malct too!
27. gardeniadotnet said...
Not you as well gardeniadotnet! - you're sounding like malct/crunchy/troy/shining wit/nooneo/etc now
I feel humbled to be mentioned alongside such luminaries.
I would also like to give respec' to p4ac and s2r1... our time will come.
28. inflation is eating my savings said...
Calm down chaps.
It'll all be fine. We all need a blow job, obviously.
It was just a blip in the downward trend. Relax.
29. phdinbubbles said...
@LP
I'm in quite a bad position to defend myself against that argument - in posting a reply to your comment it's going to be four posts!
I'd be more than happy for the moderators to check my IP address against the others on here.
30. Tyke said...
This performance on here tonight does nothing for HPC, it just makes us all look like a set of gobby ignoramuses.
31. Crunchy said...
LOL Is this I.D. rubbish still going on?
Hey, if more than three bloggers do not agree with me they must be the same person lol.
What a joke.
32. shining wit said...
I don't know how I got myself into this mess, normally I'm he first to take the p outta myself, my self deprecation is a sure way to avoid arguments! Although I do know I am a complete w-hinning s-h!t.
LP - I really didn't mean to offend anyone. My multiple posts were becasue I was getting a little carried away with the idiot article and posters on it, not with regards to your posting it or anything else.
inflation is eating my savings possibly put it best at 28 (could you have a word with me wife?). Unless your are a lady of course . I think that sometimes, blogging/typing is a sorry imitation for actually being able to make eye contact and talking or explaining or saying things.
.... I hope that Teresa Hunter and gazza1 don't worry too much aboput their failed forays into the property market, I'm sure we're not.
Goodnight John boy.....Goodnight Marie-Ellen........Goodnight all HPCers, whereever you are..........
33. titaniccaptain said...
You will all kiss and make up by the next juicy post...........I think I have had words with most on this and then there is the plethora of individuals who dislike my opinion.....infact its good to clash with someone on here because it gives a sense of reality instead of all being yes men...I dislike as much bloged on this site as I like......many opinions on here are from a very selfish stance.......mine included....we are all human/moody and thats it.......its when we try to better ourselves and our communities together we find the moral breathing space.......as for the article.....very simple answer.........we have been living in a false economy (Excuse the pun) house prices were artificialy inflated beyond means and fairness and i can imagine those who bought at the top in Edinburgh where the scotsman is based are really pished off with the price falls.........but thats a result of bad financial planning and when individuals like us here decide to try and talk some sense on the housing market we should not be described as terriers.
34. troy said...
well! I can manage to spell paranoid but would have to look up schizophrenia!
back on the subject of financial terrorism rem: article above :-
don't say you weren't warned.
Secret police unit set up to spy on British 'domestic extremists'
Jason Lewis – Mail on Sunday February 8, 2009
The CIU’s role will be similar to the ‘counter subversion’ functions formerly carried out by MI5.
The unit is being set up by the Association of Chief Police Officers (Acpo) and will be based at Scotland Yard in Central London.
An internal police job advertisement for the ‘Head of Confidential Intelligence Unit’, obtained by The Mail on Sunday, reveals key details of its wide-ranging powers.
The advert says the unit will work closely with Government departments, university authorities and private sector companies to ‘remove the threat of criminality and public disorder that arises from domestic extremism’.
The CIU will also use legal proceedings to prevent details of its operations being made public.
Its chief will play an active part in obtaining Public Interest Immunity Certificates from Government Ministers, and will attend ‘legal meetings regarding sensitive source material’.
35. Eastleighfan said...
I have read some nonsense before ,but this takes the bicuit !!
"Financial terrorists " indeed !!
Maybe Teresa Hunter could tell us what is so good about house price rises anyway , how do the yactually benefit society ?
Those that cannot afford to buy are forced into private rent (No chance of council/housing association ) . The private rented sector is high priced and very insecure ,you can be given notice to quit anytime after the letting period .
Cheaper houses may bring some sort of security , when I say cheaper ,I mean falls of at least 60% from peak (and it's not impossible at all)
Let's do all we can to bring about the crash ,it will be the best thing that has happened to this country for years !!!
36. flashman said...
At the risk of sounding like that mad vicar who denied the holocaust…I think that history may well show the great UK housing boom of 1997 to 2007 to have been a myth. If you peel off a couple of layers of boom statistics, a few curiosities emerge. Prolific construction…by definition all newly built houses are sold (until recently), whereas only a minute percentage of existing houses are sold at any one time. It is generally the case that newly built houses sell at a premium, so of course it looked like house prices were increasing more than they actually were. Additionally there has been a decade long boom in house improvement/extension. When these improved/extended houses were sold they completely distorted the house price statistics because they were not remotely the same pokey, run down, houses that had sold a few years earlier for considerably less wonga. Industrial areas that were devastated by the Thatcher revolution suffered from precipitous falls in house prices. The new Labour government then spent the contents of our piggy bank on public sector jobs. A disproportionate percentage of these public sector jobs went to these post-industrial areas. House prices in these areas rose disproportionately but only because they were previously worth a pittance. Artificially creating public sector jobs is never sustainable. These house price rises can therefore reasonably be seen as a distorting blip in the house price statistics because once the govt. spending stops, the house prices tumble back to where they stated. House price increases in these areas, while not representative of the wider market, were however, gleefully used by the Halifax/nationwide cabal to further distort reality. In the heyday of the so-called boom, sale volumes were actually very low. This is because despite the constant propaganda fed by the above scenarios, hardly anyone could afford the asking prices. Only the most gullible or most demented of social climbers bought houses at these prices. As these poor souls constituted such small numbers, their effect on the house price statistics should be partially discounted and considered temporary. Consider this little lot, and then add in compound inflation and how much did house prices really rise? Most claims of wild price increases were made by optimistic owners who didn’t actually sell their house. This is why some people are puzzled why house prices haven’t fallen much in their area. They never went up that much in the first place.
Yes I know…I’m an idiot and should stop posting immediately.
37. shining wit said...
"there has been a decade long boom in house improvement/extension. When these improved/extended houses were sold they completely distorted the house price statistics because they were not remotely the same pokey, run down, houses that had sold a few years earlier for considerably less wonga. Industrial areas that were devastated by the Thatcher revolution suffered from precipitous falls in house prices. The new Labour government then spent the contents of our piggy bank on public sector jobs. A disproportionate percentage of these public sector jobs went to these post-industrial areas. House prices in these areas rose disproportionately but only because they were previously worth a pittance. Artificially creating public sector jobs is never sustainable. These house price rises can therefore reasonably be seen as a distorting blip in the house price statistics because once the govt. spending stops, the house prices tumble back to where they stated." - You've ben to Derby then. lol.
I partly agree with your interpretation Flashman - but there was a quite large increase in property transactions in the period also.
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39. flashman said...
I was really talking about the last two years of the "boom" when transactions were way down. I know a plonker who owned a small chain of estate agents (around Banstead). He boasted that prices were still dramatically rising but then had to close down his business because of low volumes. This was in 2007
40. shining wit said...
Fair enough flashman.
I agree the last 2 years, in my opinion since the august 2005 interest rate reduction, were used by some to milk the thing to it's Nth degree.
Bankers and other intelligent VIs knew the jig was up and this is the period when the use of the term "ponzi2 cant really be accurately attributed to. I agree, totally with you interpretation of the new build environment.