SurgeonGeneral
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Posts posted by SurgeonGeneral
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Bless you my son, you are forgiven.
Nick
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
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Pray forgiveness for my ex.
1. She bought beginning of 08......and it's lost 35K to date.
2. She needs to work to pay her mortgage.
3. She has no occupational pension.
4. She walked from court with 20K less than i had offered.
5. She went to court for £500 a month spousal and got none.
Meanwhile
1. I have enough C/O HPC and growing daily to buy a place mortgage free.
2. I'll be mortgage free
3. I have a pension currently 12K a year at age 40
4. I was not gready
5. I was not gready
Someone remind me why the **** would i want to setle up again with a potential life long call on my resourses?
If i want to have a shag i'll get a visitor.
Bless you my son, you are forgiven.
Nick
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Just split with my second missus and told her she could keep everything (we have a $50K mortgage in the US-house worth $400K). I did the same more or less with the first as I couldn't stand the hassle. First wife left me for a Scouser to make matters worse but he ditched her when the dough ran out. No more for me-I have lifted the white flag. I have a rented apartment, do what I want and main thing I have peace. I suppose it's none of the naggin, but just miss the baggin sometimes.
IMHO Womens Lib or whatever has sold out the women. My first wife went from the nicest human being to Crazy Horse in a couple of months.
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
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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
Update: Courtesy of Rightmove an identical house on the same road guide price 229k.
Valuation at time of divorce-300k.
Nick
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The thing that makes me smile is that I know any money she walked away with will be spent within a few years if it is not already......
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
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Life is good now thanks...simple and good...
The worst type of woman to get a divorce from is one with a victim mentality....
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?â€
At 70 , she will have trouble liquidating now.
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So four or five examples of people doing well against countless hundreds and thousands drowning in a sea of debt and mortgage arrears. What a superficial piece of writing. Aimed at the already rich and to hell with the ordinary worker.
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
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I beginning to like Halligan, although I think we have already gone beyond being a banana republic it's even worse than that.
Is the BoE trying to engineer a bond strike to cripple Brown? It might certainly force the govt into making cutbacks although the delusional Brown would probably take a bond strike as meaning they are the do nothing vigilantes whilst Labour continue to do the right thing.
I think so. Merv's benn signalling for some time he's had enough.
End game.
Nick
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its cos he's black, and e's entitled to stay. restecpa.
word ,G
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Median price for a flat in brum is 90k
a trough of 60->70k for an average flat? (blue line is median flat prices)
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
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If you look outside of the main forum on here I think you might find, IMPO, some who are doing that now - the need or impulse to buy shares appears to be overwhelming,
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
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Had dinner with a friend of a friend over the weekend who is a private banker. She works for a Swiss bank. And no, I am not a client.
One theme that emerged is that many of her non-leveraged clients have seen their net worth drop by around 30%. Many of her leveraged clients have seen their net worth drop by 60% to 75%.
The observation that I found illuminating was that many of her clients have increased their risk profiles in an attempt to recoup the losses that they have taken. Property is the favourite vehicle of choice. The "buy the dips" mentality has paid off for the last few decades.
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
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This is actually very true. Funnily enough those grammar schools behaved like pushy middle class parents that many did not necessarily have at home.
It is expectations - not necessarily intelligence, not necessarily academic excellence and not necessarily dilligence that drives people to aspire.
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.)
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Yikes
Is that brown organic waste I see heading towards the spinning air circulation device ?
Yes.
This will bring the system to it's knees.
Nick
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I am thinking of buying a two bed flat in Birmingham City Centre to use as a base for trade shows at the NEC. As I won't be using it as a permanent home I need something secure and near to New St station if possible. The price swings do look alarming, does anyone have an idea of a specific block or price range I should be paying? I have looked at price sites extensively but there does seem to be some conflicting information!
Many Thanks to all in advance for their help!
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
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http://www.telegraph.co.uk/finance/comment...with-gilts.html
Good article by Liam Halligan.
Two very damning articles in the Telegraph today.
Liam Halligan certainly appears welling to stick his neck out and put in black and white what other economists may think in private but are unwilling to state because they like the comfort of the herd.
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
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compounded debt trap....top phrase.
here are some others economists will be talking about soon.
spiral dive.
death valley curve.
overborrowed.
bankrupt.
the unbailed.
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
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Threads like this one disgust me. The whole purpose, I have long assumed, of HPC.co.uk is to alert people to the unsustainability and social misuse of treating HOMES as a speculative market.
The concept of a "professional bear" is as sick-making as a "professional bull" as far as property is concerned. The bear's primary function is no different from that of a bull. Both are waiting for an opportunity to make cash out of a market that is too important and vital to quality of life as a PLACE TO LIVE to regard as a speculative opportunity.
Go and do something USEFUL for a living. Like making things that people need, or offering a service people want. The delusion that you are in any way useful to anyone but yourselves is something that really needs to be obliterated in this nation of operators and spivs.
Jeeeeeeeeesh...........
Got a bit of a hangover?
Nick
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I normally can see the turn coming, there are clear signs about six months before it happens. Alarm bells were ringing left, right and centre in 2007.
There is no indication whatsoever at the moment that the economy will start to recover in six months time.
I reckon this year and all of next year will be bad- we will have the magical three million unemployed that we remember from the Thatcher era- but that the economy will recover strongly in 2011.
January or February of that year is the time to go house-hunting if you want a home that will also be a financially sound investment.
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
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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
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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.â€
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.â€
The sh!tstorm intensifies as the system tears itself apart.
Nick
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There are now two stories on MSE about sellers deciding not to sell after exchange.
sounds nightmarish.
http://forums.moneysavingexpert.com/showth....html?t=1815053
http://forums.moneysavingexpert.com/showth....html?t=1806123
Gutwrenching to read their pain . Has always been relatively rare though.
Nx
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It's coming. Next week? Next month? Next year? Maybe we'll wing it more another 3, 5 or even 10 years, who knows? But it's coming.
Hopefully sooner rather than later too, cos I'm up to the hilt in precious metals and want to pick up my big pay out asap, while I watch the irresponsible greedy debtors who helped created this mess burn!
moi aussi
hat tip to the great Cgnao for educating me,
the logic and the maths of this make the outcome 100% gauranteed.
orgasmatron
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But surely if the government doubles the money supply by printing, prices double, wages double, debts halve in real terms and savings halve in real terms.
Savers shafted, debtors bailed, everything else OK???
What have I missed????
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
The End
in Gold and other precious metals
Posted
Better days...