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TheCountOfNowhere

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    The Irish In The Wood Pile

    in House prices and the economy

    Posted

    So far in this crisis, every government in every country has talked tough on the banks while doing everything in their power to give them as much money as possible. No reason to think this lot will be any different.

    The Irish seem to know this. If you were Irish would you be happy with the current state of affairs ?

    The rulling parties vote has collapsed and I mean collapsed:

    http://en.wikipedia.org/wiki/Irish_general_election,_2011

    Last Election: 77 seats

    This Election: 18 seats

    The people have told them what they think of their Bailout.

    The Irish In The Wood Pile

    in House prices and the economy

    Posted · Edited by TheCountOfNowhere

    Ireland is in a serious bind.

    The bank guarantee was a disaster of unparalleled stupidity and nailed private debt to the taxpayer but it also opened Ireland to exploitation by foreign govts.

    Initially, many of the 'bank bondholders' were foreign (read German, US and UK) banks.

    If Ireland 'burns the bondholders' these banks lose out in a big way.

    As they are already in deep trouble, they need to be paid by Ireland, else they (and possibly their Sovereigns) go under.

    Now, the problem is that many (but not all) of these bondholders have already been paid off - so there really are no 'bank bondholders' to burn.

    Ireland borrowed the money to do this - hence the huge national debt.

    Britain and the EU gave this money to Ireland so thatit could be recycled back to their own banks; its a form of state rescue/subsidy that is illegal under law if done directly. However, if done indirectly, ie through Ireland, its perfectly legal.

    So, the UK/US/German govts can prop up their banking systems with the Irish govt guarantee as a backstop.

    This then is a bailout which appears as a 'credit' on govt books - its a 'loan' to Ireland, we're making a profit.

    The new bondholders then are foreign sovereigns; thats why there is such an issue/difficulty with 'burning' them.

    I wonder how many UK residents would support 'plucky little Ireland' burning the bondholders if it meant, say, a 3p rise in income tax?

    The hungry and the opressed care not for such matters. It sounds like the Irish have reached a cross-road. The road they take could affect us all.

    Many Irish loans and bonds are now pledged as collateral at the ECB, if they default they'd probably get booted from the EMU. Where do they go from there, readopting the punt and shadowing the BoE? Yeah, way to go in getting one over on the hated English bankers. <_<

    The banks went mad alright, just like in the UK, but ultimately the government at the time is still responsible, they were meant to be regulating them and instead they were too busy kissing their a$$es, taking their donations and awarding them knighthoods.

    The hungry and the opressed care not for such matters either. It's not their debt, they didnt agree to it. In fact, kicking out the government that signed their lives away is a clear indication that they don't agree with it and are not going to stand for it.

    The Irish In The Wood Pile

    in House prices and the economy

    Posted · Edited by TheCountOfNowhere

    Riiiight. And you believe them do you ? LOL

    Not particularly. The trouble is if/when they don't deliver what the electorate expect.

    I guess thats how the Irish got their rep for being thick. I mean, uh? It's our fault now?

    No, it's the English bankers fault...controlled from London...The Irish don;t like being controlled by London, they have a bit of history in that department.

    Yup, forget all the hot air, all mainstream Irish parties are committed to the Euro project, even if that means deflating and cutting their people to death, and driving the young away.

    The great Irish money famine.

    The Irish shouldn't kid themselves, they're now ruled by the ECB and Chancellor Angela Merkel, they're even hoping to offload their ghost estates onto British housing associations...

    As agreed by the previous government...times they are a changing.

    It's a potentially difficult situation...we're seeing mass protests in the middle east....if the polticial parties dont deliver in Irleand we might see the same there. I guess the mass population have no desire to be taxed to into the ground to keep british banks afloat. Can't blame them really, no one here has that desire either.

    The Irish In The Wood Pile

    in House prices and the economy

    Posted

    I watched the Irish election result with some interest. Some of the comments on the news web sites were alogn the lines of.

    We've voted for the party that said they wont go along with the bankers.

    Ha ha.

    Stick your english banking system where the sun don't shine.

    We're not paying to bail out the english banks.

    etc etc etc.

    It sounds like the irish electorate are expecting the new government to do what the previous government refused to do...i.e. tell the banks where to go.

    This might get interesting and could spark off the next phase of the banking/euro crisis.

    Ireland Expects.

    Northern Rock

    in House prices and the economy

    Posted

    If they aren't careful they will start another run on the NR with headlines like that :lol:

    Seriously though, I've taken the last of my money out of the NR today. If these idiots are hell bent of destroying the banking sector again then they can do it without my support.

    Despair For First-Time Buyers As New Mortgage Lending Stays Near Two-Year Low

    in House prices and the economy

    Posted

    http://www.dailymail.co.uk/news/article-1359804/Despair-time-buyers-new-mortgage-lending-stays-near-year-low.html

    Despair for first-time buyers
    as new mortgage lending stays near two-year low
    :(
    First-time buyers received
    more bad news today
    as it emerged approvals for new mortgages remained close to a two-year low in January.
    Just 28,932 loans were approved for people buying a property during the month, broadly unchanged from December's figure, which was the lowest since January 2009, according to the British Bankers' Association.
    But there was a 5 per cent jump in the number of people remortgaging, as homeowners opted for fixed-rate deals as speculation increased that the Bank of England would
    raise interest rates sooner than previously thought
    .

    It is really turning black now for the property market. No wonder I am seeing SSTC comes back on for sale 8 weeks or so after they get "SOLD." Never underestimate the power of FTBs to drive a market. Without them there is no move up market.

    Sounds like good news for any first time buyer that doesnt get conned into buying into this fools market.

    Northampton

    in England - East Midlands

    Posted

    I quite like this place:

    http://www.rightmove.co.uk/property-for-sale/property-25644001.html?premiumA=true

    and would prossibly view it if it weren't on the main road.

    it went SSTC a few weeks ago, has fallen through and they've just dropped the asking price.

    22 February 2011

    * Price changed: from 'Offers in Excess of £308,000' to 'Offers in Excess of £295,000'

    01 June 2010

    * Price changed: from '£379,995' to 'Offers in Excess of £360,000' [Found by n/a]

    20 April 2010

    * Initial entry found. [Found by n/a]

    I guess the offers over £308 qas just a bit of a jape as they've be happy with offers over £295 really !!!

    Quite a drop from the initial made up asking price, nearly been on the market a year and its now close to the stamp dutry dead zone.

    I think it wouldnt be a bad buy at £250k if you dont mind the noise.

    The Spanish Nightmare For The Ex Pats

    in House prices and the economy

    Posted

    I reckon many of these houses will never be sold at all. The only hope is that they reduce the prices enough so that local Spainards can afford them, and that will be a horrendous loss and the demand might not even be there anyway.

    Thing is with Med properties is that they weather really quickly. And lets be honest, even if somewhere is cheap, you have no idea what the area is going to be like in five to ten years. You could pick up one of these places and discover very quickly that you live in a desolate dead zone with no amenties anymore, and you just surrounded by empty properties that are slowly falling apart.

    Better off renting. Same is true in the UK now, for now at least. You've not idea what your job security is going to be. You neighbours can be government funded scum or a BTL/Unplannedlord that you dont want to live next to. Rising sea waters ( we are told by the same people who told us plastic bags were bad ) might rise flooding parts of the country. Prices could drop 50% ( no sane person expect them to double ). You could be stuck somewhere until you cant bear it any longer or it's taken away from you. In these difficult times, why risk it, renting is money well spent.

    The Spanish Nightmare For The Ex Pats

    in House prices and the economy

    Posted · Edited by TheCountOfNowhere

    I'm looking forward to the TV program

    "No place in the sun".

    would be worth a watch :lol:

    "This modern reliance on anti-depressants is shocking and explains why society has no backbone"....the general ease of getting a hold of drugs that make the upset/depressed public happy and docile seems to be far too easy!!! I know no end of people who have been on them...for no other reason than they dont like their life ( in their 4 bed house, with every mod con, good job, nice cars, lovely holidays ).

    Private Sector Doesn't Want Ex-Public Sector Employees

    in House prices and the economy

    Posted

    "a matter of great regret".

    What a ****

    It should be a matter of great urgency to fix. The regret shouldn't be his, he didn't cause it, but he'd better get a move on and fix it.

    If you look at greece/tunisia/egypt/libya....it's the young people out protesting

    The wealth distribution in the UK has become so unbalanced the young must be incredibly disillusioned. Any young people out there want to comment ?

    Northampton

    in England - East Midlands

    Posted

    http://www.rightmove.co.uk/property-for-sale/property-16610667.html?premiumA=true

    2-3 years on the market

    Went SSTC once. Put the price up from 250 to 260 long time ago now.

    Changed status to "13 January 2011

    * Status changed: from 'Premium Listing' to 'No Chain' [Found by n/a] "

    Now gone under offer

    "13 February 2011

    * Status changed: from 'No Chain' to 'No Chain, Under offer'"

    Maybe we're all wrong and all you need todo is name your price and wait for for x years till someone comes along to buy.

    I give up...people are just stupid.

    I was starting to think the world had gone mad...but this one hadnt sold:

    http://www.rightmove.co.uk/property-for-sale/property-16610667.html?premiumA=true

    17 February 2011

    * Status changed: from 'No Chain' to 'No Chain, Under offer' [Found by n/a]

    21 February 2011

    * Status changed: from 'No Chain, Under offer' to 'No Chain'

    I think they were just updating the photos :lol::lol::lol::lol:

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