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Everything posted by Methinkshe

  1. It's interesting that the only places where unions are still strong is within the public sector. One way or another, Gordon Bean is going to pay for creating all those non-jobs.
  2. One can only assume that the writer of this tosh has had his head up a dark and narrow passage for the past 12 months. Or he's a V.I. - although I suppose it comes to the same thing.
  3. I found the following link helpful in explaining how banks create money. Banks Create Money
  4. Why should I do your research for you? However, to get you started, here's a link that discusses the issue: Why Ninja mortgages could wreak havoc There's plenty more like it. These together with anecdotal evidence are enough to convince me that the UK has been indulging in sub-prime lending to as great an extent, probably greater, than the U.S. BTW, we are only seeing the tip of an iceberg - the full extent and depth of sub-prime lending will only become apparent as the property market collapses, unemployment rises, and sub-prime borrowers (and lenders) are exposed.
  5. The real bargains will not become available until 99% of the population is thoroughly convinced that buying property is the worst possible investment ever and for all time. That could be several years away. But then is the time to buy.
  6. I agree. I'd also like to see shops close on Sunday again. This 24/7, 364/year has wreaked havoc on family life. Small wonder that society is frayed around the edges when the bedrock of society - the family unit - is so strained.
  7. Use the search function and check out Eric Pickles' threads. Over the years he has provided numerous links that document fraud in the mortgage business.
  8. Brokers did the offering - banks turned a blind eye. As Eric Pickles keeps telling us, fraud was endemic among small-time GRQ brokers who could earn huge commission on a single mortgage arrangement. My daughter worked for 3 months for just such a broker. Proof of income was forged to substantiate fictious earnings, mortgages were arranged to suit the property the buyer wanted to purchase, and lie-to-buy was par for the course. Which is why she didn't stay any longer than 3 months - the time it took her to find out what was going on behind the scenes.
  9. Do you count police and nurses and social workers as "skilled" because I can tell you for a fact that the average nurse/policeman/social worker is not on 40K. They'd be lucky to be earning 40K after 20 years in the job.
  10. Nice one! A bit like how the government never talks about public spending any more - it's always investment.
  11. The words and sentence constructions should mean what they say, even if sentiments are exaggerated. Imo there is no other way to read what was written than house prices in Miami declined 12% in October. Unless I'm missing something..... Edited for typo.
  12. Of course it is! I once took back a gone-off turkey to a well-known supermarket chain. I explained that it had ruined the planned dinner, and was invited to fill a trolley full of alternatives that would rescue the occasion. The manager looked a little askance when I included a bottle of Champers along with all the ingredients for a salad alternative to roast turkey dinner, but he let it pass!
  13. Thanks for that. I'm now busily grinding my gnashers and wearing away what little is left of them. I HATE sloppy and misleading use of language. Bloody reporter should be fired and sent for remedial English lessons. Edit: And apologies to nickincash - you are obviously more alert to reporter-cum-Alice-in-Wonderland-speak than I am. I expect words to mean what they say.
  14. An Englishman's word used to be his bond...... These days I wouldn't give a N.R. share for our politicians' words.
  15. The advertising slogan to promote Brent Cross is "Feed Your Addiction." That just about sums it up, imo.
  16. ".......you need to accept some basic premises......." As can be demonstrated:- One answer to the riddle: if a tree falls in a forest and no-one hears it, does it make a sound? is: how do you know a tree has fallen? The riddle ASSUMES a tree has fallen. If we can't assume that a tree has fallen, we can't discuss the fact that it has and whether or not it makes a sound if no-one hears it.
  17. And when the credit trough eventually runs dry and the family home has been tipped into negative equity, there will be only one route worth taking - bankruptcy. I expect to see bankruptcy rules changed so that it becomes more difficult and more punitive for individuals to declare bankruptcy. Now that there is little or no social stigma attached to going bankrupt, there is nothing to prevent the floodgates from opening apart from a change in the rules. Watch out for a minor clause tacked on to a White Paper. Bankruptcy doors are going to be closed in small print, not in headline news.
  18. Agreed. Just look at this: "But there is little in the UK financial system so cynical and downright nasty as the US sub-prime mortgages that precipitated this crisis. Labelled Ninja mortgages – no income, no job, no assets – these were loans sold to poor Americans regardless of whether they could afford the repayments. Lenders did not care if they could meet the repayments. The whole idea was that the price of the properties would rise and that any repossession value would more than compensate for any bad debts." The writer is completely out of touch with what has been going on in the UK - that's EXACTLY what has been happening here. If what has been going on in the US financial system is "cynical and downright nasty" then what has been going on in the UK is equally "cynical and downright nasty."
  19. That's not what is said. Have another look: "American house prices declined at their fastest rate for more than six years in October, with homes in Miami losing 12 per cent of their value, it emerged yesterday." This clearly states that in October houses in Miami lost 12% of their value.
  20. No, people cannot AFFORD to borrow 6 times their income - they never could - but the potential for capital gains allowed them to THINK they could. Joe Public is just taking a little longer than those who visit HPC to work out that his debts are not going to be repaid by MEWING. When this sinks in (and it will take a few more months) retail figures will follow as belts are tightened all round. Want and demand are not the same animals. An FTB may WANT to buy a house, but this want is only translated into demand when he has the cash or borrowing capacity to act on it. Want remains high but demand is low and sinking fast. I strongly disagree, but you're entitled to your opinion. Time will tell....
  21. From what one can gather, the yen carry trade has been/still is huge. It is just another form of leverage which, as you know, can make stupendous profits......until it goes into reverse - then the losses can be equally stupendous. If the yen carry trade is as huge as we have been led to believe, it will have a global effect. My difficulty is trying to work out with any degree of certainty which way the cards will fall when those at the bottom of this particular card castle catastrophically collapse.
  22. This is what I've been thinking.....only how can one be sure? I mean, how much of the carry trade is initiated in Japan? How much of it is non-indigenous small-time speculators or large hedge funds? And would the answers to such questions make any difference to the outcome? This is where I get baffled and give up trying to work it through.....makes my brain hurt!
  23. .............hanging over us.........must be Jordan standing for parliament.......
  24. I bought my first house - 3-bed mid terrace in 1972 when I was 18 and my husband 23. Needed 2 incomes to service mortgage for first three years but I was able to stop work when I was 22 to have a family because by that time my husband was earning enough to support us both. Can't remember when equal pay came in, but when I first started work men were still being paid more than women for the same job (I started as a bank clerk on the lowest pay scale and earned several hundred p.a. less than a male counterpart) which is one of the reasons why it was easier then for women who wanted to be full time mothers to give up work.
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