Sunday, Jun 28, 2009
Penny for your thoughts?
Bloomberg: In-Depth Look - Shilling's Bearish Outlook
Gary Shilling interview - May 18th. Deals with a few interesting subjects my fav bit is when he there is a disbelief pause after one of his statements at about 6 mins. If you have never heard of him... about time you did!
Posted by techieman @ 01:28 PM (629 views) Add Comment
10 Comments
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1. techieman said...
... also see http://www.youtube.com/watch?v=8C1AzXVbEbI - 10th June.
2. britishblue said...
Pity the mainstream media in the UK couldn't print articles like this
3. brickormortis said...
Quite nice to hear someone mention 'credit cards' in their argument, don't you think? I remember reading at some time a few years ago, the ability to verify I do not have, but that essentially the UK credit card debt exceeded the rest of Europe. In fact, I have been banging on for years about people using credit cards to pay for basic day to day items, furniture, moving house fees, holidays, cars etc. Nobody seems to give stuff about credit card debt but when you have a debt earning circa 18% p.a. one ought to be worried about it. And now that equity withdrawal and remortgaging to cover the cards is no longer an option, how are they going to be paid? Moreover, if mortgages are being defaulted on in increasing proportions, what does that say for credit card debt. Surely you woudl pay your mortgage first at all costs? Tells me one thing, credit cards are gonna be the talk of the town some day soon.
4. britishblue said...
Brickormortis @3. re your comments on credit cards I am surprised it hasnt happened yet. The creit card companies in the UK and America are experiencing horrendous bad debt, so what are they doing? They are putting up interest charges to people with outstanding balances. The average rate is now over 20% (when the bank rate is 0.5%). Miss one payment and they will wack it up to 30%. Work out what this is going to do to vast swathes of the population.
5. Brickormortis said...
Quite nice to hear someone mention 'credit cards' in their argument, don't you think? I remember reading at some time a few years ago, the ability to verify I do not have, but that essentially the UK credit card debt exceeded the rest of Europe. In fact, I have been banging on for years about people using credit cards to pay for basic day to day items, furniture, moving house fees, holidays, cars etc. Nobody seems to give stuff about credit card debt but when you have a debt earning circa 18% p.a. one ought to be worried about it. And now that equity withdrawal and remortgaging to cover the cards is no longer an option, how are they going to be paid? Moreover, if mortgages are being defaulted on in increasing proportions, what does that say for credit card debt. Surely you woudl pay your mortgage first at all costs? Tells me one thing, credit cards are gonna be the talk of the town some day soon.
6. novice pete said...
Here is an article from the Times about credit card problems entitled 'Lenders repossess homes for credit card debt'
http://www.timesonline.co.uk/tol/money/consumer_affairs/article6570910.ece
7. Bilko said...
I think sheeple got so used to the likes of Krusty telling us that property was such a good investment that they can't wait to pile back in. The big difference is of course that if the lenders are regulated as they should be, then the end of profligate borrowing and lending are gone and thus house prices just aren't going to spiral upward. I suspect we may well see a slight rally followed by a reality check and further heavy losses. But what do I know..............over to the likes of Grant Bovey and Krusty and Phil. They're obviously the real experts.
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