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Everything posted by SurgeonGeneral

  1. Though you have committed some of the worst spelling crimes seen on hpc. I feer for your soule should you mispelll Eric's "Lyer Lones". x Nick
  2. I'm with you RK and TW. Learn atraction and seduction techniques to get what you want but don't co-hab or marry. Marriage is now an unfair contract where she can run off with your best friend, take your children, and you still lose everything financially. Did anyone notice the recent judgement enforcing prenuptual agreements? While it may go to appeal, the judge found it unfair that a contract should be voided by an event ( marriage). The sanctity of contracts being fundamental to civil law. This was a case bought by a German woman, who, in preserving her families vast fortune, just ratted out all the other women and betrayed them, closing the door on goldiggers-period (no pun intended). You couldn't make it up! Nick
  3. Update: Courtesy of Rightmove an identical house on the same road guide price 229k. Valuation at time of divorce-300k. Nick
  4. Yep, the equity I gave her has gone. I advised her to sell at the top-being a nice guy- and she ignored me. I now rent a huge house for the same she pays in interest. ROFLMAO! Nick
  5. I had to do this very thing. Problem is good victims also cycle through to make good bullies, then switch back again. Here is my story- posted before. Mrs SG made off with the house and all the equity in the house in the summer of 2006. The house was valued at 300k, mortgage 230k. Her IFA got her a mortgage with NR I have just found out. I suspect they got an Eric Liar Loan, classifying the maintenance I give her (2k monthly) as a salary. The six thousand pounds she has put into the endowment policy which is to pay off the capital is now two thousand. Will she have problems when it comes to reset time? I offered to pay 50% of a repayment mortgage on the house underwriting the whole lot ( I am a surgeon), subject to retaining a 50% charge on the profit but she refused, wanting her payday. Now she can't get enough of me. I gave my greedy ex all the equity at the peak, knowing it would all go pete tong. I've been saying for three years that the property market would crash, and endured the usual replies experienced by other hpcers posted extensively in this forum. The trick is to offset the equity against things you really want or can use. We bought in 2000 and "made " 100k. The mortgage was 230k on a joint income of 140k-she called this “ a financial crisis- we’d better continue with the divorceâ€. We would have been mortgage free at age 51 and 49. What a genius! Her whole family is riddled with greed. Mother in-law refused to sell 500k home in London (Northwood) a couple of years ago-"Why sell, I made fifty grand last year just doing nothing?†At 70 , she will have trouble liquidating now.
  6. 730k for a four bedder? With the economy in freefall they are going to be ruined. And this douchebag works in financial services-safe job yeah? They should have rented. As a piece of analysis, it contains only one-offs, no hard general economic data or contextual analysis of any significance. Absolute and total sh*te. Nick
  7. I think so. Merv's benn signalling for some time he's had enough. End game. Nick
  8. Could be, but it could be lower. I don't think there has ever been such oversupply. Certainly, prices won't recover for 10 to 30 years either. Nick
  9. See my reply in the West Midlands forum who is asking for advice about buying a flat in Birmingham. "Please don't do this to yourself and your family.." Nick
  10. People are very strongly hardwired to do what rewarded them previously. The bust is going to cause some serious psychological problems, because those that are currently piling in will also fell shame and embarassment at having lost the lot, despite the warnings. I am amazed how hard it is to dissuade people from buying. Nick
  11. I agree completely. Imagine the cost of studying medicine for 5 years now, well it's 20-30k. Wages of junior doctors hardly service it now their hours have been reduced. Not for the poor. Nick (Grammar school educated son of lorry driver, Consultant Surgeon, and I taught medical students yesterday.)
  12. Yes. This will bring the system to it's knees. Nick
  13. Mate, the level of oversupply is horrific. Prices will halve so you are looking at a 50-100k loss. What is it about renting- and rolling it over on a monthly basis you don't fancy? No risk, and if things get really bad-walk away with all your hard earned cash intact. Please don't do this to yourself and your family. Whole blocks are empty. Offer 500 a month. Nick
  14. We all know a crisis is coming, exactly of this nature. Worrying that fear of leaving the flock now less than the fear of the wolf. The wolf may be nearer than we know.. Nick
  15. We're in a "death spiral" is my favourite when broadcasting our HPCdoom and gloom around. VI spin is rebutted with "propaganda for the sheeple". When I tell those about to buy-yes amazing isn't it- that I and many other people believe that there will be a minimum further 30% drop that could ruin them :"So what , I don't plan on moving again.." Any defensive rationalisation to get a house. Nick
  16. Jeeeeeeeeesh........... Got a bit of a hangover? Nick
  17. Karl Denninger follows high frequency data such as haulage data for signs of a turn, so let us know Harry! Then we can "fill our boots"! Nick
  18. TheSpectator.co.uk Thursday, 16th July 2009 The look on Ed Balls' face Peter Hoskin 8:55pm A great bit of quote-hunting from Paul Waugh, who's tracked down a source to back up Sue Cameron's Chancellor Balls story from yesterday. The testimony he's got is a peach, with the best bit coming right at the end. Here it is in full: Apparently, Balls did indeed clear his diary in those fateful last couple of weeks to sign off the white paper. My source tells me that the minister called his senior civil servants together and told them he was "leaving" [to become Chancellor]. "He didn't allow the faintest hint of doubt," the source says. "His civil servants had been trying to get him to actually pay it his full attention for months and the list of things needing his attention had grown and grown. "EB wanted to make sure it was 'his' white paper so spent quite a bit of time over those last few days he had in the DCSF, clearing some of the radical stuff that had been prepared (both by DCSF officials and by the PMSU) and rejecting other bits because they would harm his chances of being seen as a 'Labour man' by the union types he has been cosying up to. "Anyway, what really pisses me off is that I didn't see his face when he had to tell the PermSec that he wasn't going anywhere after all." Balls' people are still denying the whole thing (naturally), but the evidence is certainly mounting against him. If it is true, I imagine Paul's source won't be the only one wishing they could have seen Balls' face when he had to admit the move to the Treasury had been cancelled. This smug douchebag should be kept away from power, permanently. Nick
  19. Calpers Sues Over Ratings of Securities From the New York Times By LESLIE WAYNE Published: July 14, 2009 SACRAMENTO — The nation’s largest public pension fund has filed suit in California state court in connection with $1 billion in losses that it says were caused by “wildly inaccurate†credit ratings from the three leading ratings agencies. California Public Employees Retirement SystemThe suit from the California Public Employees Retirement System, or Calpers, a public fund known for its shareholder activism, is the latest sign of renewed scrutiny over the role that credit ratings agencies played in providing positive reports about risky securities issued during the subprime boom that have lost nearly all of their value. The lawsuit, filed late last week in California Superior Court in San Francisco, is focused on a form of debt called structured investment vehicles, highly complex packages of securities made up of a variety of assets, including subprime mortgages. Calpers bought $1.3 billion of them in 2006; they collapsed in 2007 and 2008. Calpers maintains that in giving these packages of securities the agencies’ highest credit rating, the three top ratings agencies — Moody’s Investors Service, Standard & Poor’s and Fitch — “made negligent misrepresentation†to the pension fund, which provides retirement benefits to 1.6 million public employees in California. The AAA ratings given by the agencies “proved to be wildly inaccurate and unreasonably high,†according to the suit, which also said that the methods used by the rating agencies to assess these packages of securities “were seriously flawed in conception and incompetently applied.†Calpers is seeking damages, but did not specify an amount. Steven Weiss, a spokesman for McGraw Hill, the parent company of Standard and Poor’s, said the company could not comment until it had been served and seen the complaint. Moody’s and Fitch did not respond to a request for comment. As the Obama administration considers an overhaul of the financial regulatory system, credit rating agencies have come in for their share of the blame in the recent market collapse. Critics contend that, rather than being watchdogs, the agencies stamped high ratings on many securities linked to subprime mortgages and other forms of risky debt. Their approval helped fuel a boom on Wall Street, which issued billions of dollars in these securities to investors who were unaware of their inherent risk. Lawmakers have conducted hearings and debated whether to impose stricter regulations on the agencies. While the lawsuit is not the first against the credit rating agencies, some of which face litigation not only from investors in the securities they rated but from their own shareholders, too, it does lay out how an investor as sophisticated as Calpers, which has $173 billion in assets, could be led astray. The security packages were so opaque that only the hedge funds that put them together — Sigma S.I.V. and Cheyne Capital Management in London, and Stanfield Capital Partners in New York — and the ratings agencies knew what the packages contained. Information about the securities in these packages was considered proprietary and not provided to the investors who bought them. Calpers also criticized what contends are conflicts of interest by the rating agencies, which are paid by the companies issuing the securities — an arrangement that has come under fire as a disincentive for the agencies to be vigilant on behalf of investors. In the case of these structured investment vehicles, the agencies went one step further: All three received lucrative fees for helping to structure the deals and then issued ratings on the deals they helped create. Calpers said that the three agencies were “actively involved†in the creation of the Cheyne, Stanfield and Sigma securitized packages that they then gave their top credit ratings. Fees received by the ratings agencies for helping to construct these packages would typically range from $300,000 to $500,000 and up to $1 million for each deal. These fees were on top of the revenue generated by the agencies for their more traditional work of issuing credit ratings, which in the case of complex securities like structured investment vehicles generated higher fees than for rating simpler securities. “The ratings agencies no longer played a passive role but would help the arrangers structure their deals so that they could rate them as highly as possible,†according to the Calpers suit. The suit also contends that the ratings agencies continued to publicly promote structured investment vehicles even while beginning to downgrade them. Ten days after Moody’s had downgraded some securitized packages in 2007, it issued a report titled “Structured Investment Vehicles: An Oasis of Calm in the Subprime Maelstrom.†The sh!tstorm intensifies as the system tears itself apart. Nick
  20. Gutwrenching to read their pain . Has always been relatively rare though. Nx
  21. moi aussi hat tip to the great Cgnao for educating me, the logic and the maths of this make the outcome 100% gauranteed. orgasmatron
  22. Wages, or the price of labour, the only card the working man has to play, have been globalised. Hence we are trapped in a prison, and we have no means of negotiating a comfortable stay. When the wages of the starving in Africa are high, and ours are "a dollar a day", jobs may return. Forget wage inflation. Nick
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