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Everything posted by Methinkshe

  1. Is the US taking on the position of global lender of the last resort, i.e. in effect guaranteeing the debts of everywhere from here to Timbuctoo? Not possible - at least, not without hyperinflation being the net result.
  2. At the top end of the last HPC (1989/90) I sold my 4/5 bed house (with outbuildings including workshop, flat, offices, all in a large garden, and OPP for conversion to a nursing home, for £165,00 having bought it 5 years previously for about £30,000. Within 9 months my buyer accepted an offer for £90,000. At least, that's what I heard on the grapevine/what I remember - but my memory is getting dodgier the older I get. If you can look it up on the land registry, the address was, Brunswick House, Long Sutton, Spalding, Lincs - but I cannot for the life of me remember the postcode.....unless it was PE12 9DF which has just sprung unbidden to mind! Only don't take it as gospel. Could be the postcode of the next property we bought.
  3. Thank you so much for taking the time and making the effort to post this explanation - it is so helpful to those of us who do not have your financial knowledge but are keen to learn. Much appreciated. I can see how the underlying problem is not fixed, and that long term the banks are going to have retrench as you describe, which will be deflationary, but is this concerted action by the banks likely to have any effect in the short to medium term or do you think it will be totally ineffective? If so, what happens next?
  4. I am saddened by your tale for many reasons, but what saddens me more than anything is that you call your wife a "stupid cow". Why, in God's name did you marry her if you have such a low opinion of her? How can you ever hope to raise a daughter if your opinion is that your daughter's mother is a stupid cow? Sorry to side-track, just couldn't help but notice.......makes me weep for the three of you. Maybe you should take on the role of a complEmentary husband, full-heartedly helping her where she is inadequate, instead of the complImentary role you seem to think you presently have in respect of your wife, where you are a compliment to your "stupid cow" of a wife.
  5. Some bloody H & S eejit had a say somewhere....can't remember the exact circumstances, but I think it was that the chappie who had lit up his whole house for years and contributed thousands of pounds to charity, had a run in with H & S who demanded some kind of insurance ..... something like that, anyway. Spoilsports! Not that I particularly like houses lit up like Santa's Grotto, but I do uphold the personal freedom to be as crass or OTT or lacking in taste, or even as chavvish as one pleases!
  6. Whether one thinks it a good or bad thing, the fact is that the social taboo that used to be attached to debt and bankruptcy no longer exists. Banks cannot on one hand remove the taboo of living beyond one's means while raking in the profits from credit cards, and at the same time frown upon bankruptcy as the only way a credit card slave can free hiself. Lax lending morality inevitably leads to lax repayment morality. Easy bankruptcy is the inevitable outcome of easy lending.
  7. Seems to me that it is unreasonable to slag off the financiers who made dodgy loans to the financially unwashed and then in the same breath slag off the financially unwashed for using the legal means of bankruptcy to give two fingers up to the dodgy financiers. Yep, it's going to hurt us all, but it's the sort of come uppance that, imho, the dodgy financiers deserve.
  8. I'm a bit cussed by nature - when everyone else decided that 2 children was 1 too many, I thought that it might be interesting to have 9. And when everyone started to go on about how important it was to have a uni degree, I decided it was time to encourage my kids toward the trades - if it was good enough for Jesus to be a carpenter, then it's good enough for you! I'm waiting to see if my cussedness will have paid off. Not all my kids are/were uni material, but those that were, yet have still followed a trade, manage to do spectacularly well as tradesmen - they bring some intellect to what is all to frequently considered a refuge of the uneducated.
  9. I have been blessed with 5 sons, one who is a general builder of the highest quality, another is an electrician and another a carpenter. One of the others shows good management skills and the 5th is too young yet to have decided, but I'm thinking that plumbing could be a good trade! Now all I need is the plot......
  10. Good man, yerself! Time I began (again) to write to my Daily (Telegraph, FYI) - I used to do so quite frequently but have lately not been bothered. But hearing that a letter like yours has been published reminds one that it IS worthiwhile writing.
  11. Thanks for the feedback - 'tis rather as I feared, that decent building plots will hold value long after a general HPC.
  12. Has anyone go any idea how a building plot for a single dwelling might fare in the not too distant future? Do you think that plots are likely to retain value for longer than property, for instance? Have always wanted to build my own house, just wondering whether now might be the best chance I'll ever get.
  13. Just been Christmas shopping - one of these huge outlets that sell everything under one roof. Usually at this time of the year it would be packed to bursting and you'd have to queue at the tills for half an hour to pay. Today I breezed through. Also kept my credit card firmly in my wallet - what I cannot afford to buy using cash juts didn't get bought. If the outlet I visited, and my refusal to touch my credit card are symptomatic of general sentiment throughout the country, I can well understand why Christmas retail sales are going to look like M25 road-kill this year.
  14. BAN EVERYHING is such a lax concept. I say: BAN THE FUTURE You see, the future is a real bugger, no-one can quite get a handle on it and regulate it, and Health and Safety have nightmares about how to regulate the future. So I think the best thing we can do is just BAN THE FUTURE. That way, we can all feel very safe and protected and best of all, we could put Health and Safety out of their cushy jobs.
  15. lol. I'm relying on a few healthy sons who could dig an acre or two......!
  16. Novocastrian, Don't be too concerned by some of the less than sympathetic replies you are likely to receive to your question. The thing is, punters like you crop up so frequently that many of the old hands on this forum get pissed off with their effrontery - gimme the answer but I'm buggered if I'll make any effort to learn for myself type of thing. Mostly these newbies are fly-by-nights; they ask one question, get some advice, argue against it or ignore it, and then bugger off. You see, the real answer to your question is not to seek instant answers/gratification from the likes of me (I could be speaking total codswallop for all you know) but to do what the rest of us who contrubute to this forum on a regular basis have done, that is to devote a lot of time reading as many posts as we possibly can, research independently, and then sift the wheat from the tares and make a decision. What you want, or so it seems, is the eqivalent of a ready-made meal, and all you're likely to get is the nether parts of a cow cunningly disguised as choice fillet steak. Really, there is no short cut. You have to DIY. Wishing you well.
  17. 85% mortgage will almost certainly take you into negative equity at some stage during the next housing bust. So whether or not you can sit out the negative equity rather depends on your job security. If you think you will be able to service your 85% mortgage for the next 20 years, then you haven't got a problem. If you have any doubts, then if I were in your shoes I'd think two or two hundred and twenty two times before buying a place with a 15% deposit. Better to buy at 100% mortage (if you can get it and you really really want the place) than at 85% imo. Banks will be less keen to repo homes that have no equity than those that have a little bit - even 15%. Shove the extra cash on deposit and earn a little towrds your mortgage interest.
  18. A country that borrows in its own currency is committing hari kari if it allows unbridled inflation. Developed countries cannot allow more than trivial inflation without risking a massive rush of investors to the doors which is deflationary, only by default instead of by choice. Therefore any attempts to inflate away debt will almost inevitably end up in deflation in the long term. Which is why western governments like just a little bit of inflation that can disguise their debasement of the currency and help to balance their books, but cannot afford ruinous inflation without inviting deflation - if that makes sense.
  19. I'm afraid I find it all too believable. At the height of the last housing bubble, any old shark was setting him/herself up as a broker and selling endowment mortgages to people on the dole. In those days it paid for a person on the dole to take out a mortgage because housing benefit paid all mortgage interest from day one. This time round the hard sell was made via promises of instant capital gains. Same scam, different time, different emphasis. End result was neg equity and bankruptcy last time around and I fully expect it to be the same, but worse, this time around.
  20. I just feel sorry for the poor blighter - he got sucked in hook, line and sinker and some mortgage broker probably earned £5000 commission for arranging the mortgage - or for arranging to put a ball and chain around the lad's feet for life - unless he does what I suspect most youngsters in his position will end up doing - go bankrupt.
  21. No government that trades in financial assets will CHOOSE to run a Zimbabwean style inflation. Investors would scarper quicker than the printing press could print thus negating any value that might come through currency devaluation. If it is forced upon them by markets that's another matter....... That's what we're all discussing at the moment - will we end up with a CGNAO prophesied hyper-inflation, a 1929 style depression or somehwere in between or even a bit of both.
  22. Don't even think of expecting me to do the colour bit as well - that's HEART ATTACK TERRITORY!
  23. THank you, dear, I've just had a hot toddy to calm myself. Well, a glass and a half of dry white, to be precise!
  24. Sure they can: they can inflate until we are all using dumper trucks to pay for a loaf of bread, never mind wheelbarrows. Do you think that likely?
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