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House Price Crash Forum


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Everything posted by fluffy666

  1. So.. either: a) House prices are too high, or Wages are too low, or.. c) We need more subsidies for bankers and builders.
  2. Problem is, someone who bought perhaps 8 years ago with IO would see a very different story. They might have stretched to afford the payments (else why use IO?) - but with flat wages and flat house prices, especially outside London, they are stuck. Little or no equity, no budget to switch to repayment..and if they have a family crisis, lose a job, or interest rates go up significantly.. the're out. More to the point, they may cost the bank money if the payments stop.
  3. I doubt it. I think the industry learned some very important lessons from the Endowments mis-selling saga. Namely, 'Never write the sales promises down..'. I do think that an awful lot of people were sold these products when they shouldn't have been, without really understanding them. But I would also bet that there will be checkboxes on the forms saying that the borrowers are fully aware of the need for a repayment plan, and the forms will be signed.
  4. It's why I like the whole CI concept. No benefit traps, no means testing, minimal bureaucracy, can't game the system (apart from outright identity fraud), always makes getting off your backside worthwhile, trusts individuals to act in their own self interest. It'll never catch on.
  5. Well, you have a clear choice: Party A, Which will make Hard Choices To Build Britain For Hard Working Families. Party B, Which will put Hard Working Families first, making Hard Choices to Build a Better Britain. Party C, Which offers a radical alternative for hard Working Families in Britain, making Hard Choices. Party D, The new upstart party, which will make the world safe for bankers send the darkies home Use common sense to Help Hard Working Families and Make Britain Best. With Hard Choices.
  6. Problem is, even a person on £20k is only paying £287 a month in tax and NI, and at £15k that falls to about £153 and if there are anything like childcare vouchers or pension contributions, that could fall further. At some point you need actual transfer payments. (Or a large scale council house building program with low/nominal rents, because it's much cheaper for the government to provide housing directly than subsidize people's living costs and have them pay market rents.)
  7. Hideously close to the truth, I suspect.. past a certain point, it really doesn't matter about the money, but it does matter that the peasantry are too poor/scared to give you any cheek.
  8. Actually, I'd regard the questions as being leading from a right-wing POV. The last question on Europe is also telling, it looks more of a UKIP-leaning site.
  9. More than that, at the time a lot of the sales patter for IO mortgages was based on 'You buy a £250k house, hold it for 10 years till it goes up to £500k, then sell and downsize with the mortgage paid off'. It was suspect at the time.
  10. Your compensation is due from the banks, who are the ones taking your savings and handing them over to financially illiterate 18 year olds to bid up prices to stupid levels..
  11. Shocking, yes, but that's the current thinking from our government bright sparks. Neither high octane or down to earth, I'm afraid.
  12. The trick is this: As a large consumer, reduce your bills by signing an 'interruptable' contract for precisely this scenario. THEN, place lots of scare stories in the media about an imminent set of blackouts, forcing the government into paying sky-high subsidies to the operators to build new electric plants - which them means that your 'interruptable' clause never gets invoked. Trebles all round!
  13. Providing electricity (even zero-carbon electricity), water, basic housing, public transport.. for a first world country in the 21st century, these things should be cheap, simple and boring. Really. We managed it 50 years ago. Somehow, 35 years of deregulation, privatization and regulation (because you can't privatize utilities without a lot of regulation) has managed to make these things expensive, complicated and hard. It's as if we had a 'breakthrough' in maths that meant that it now took a week on a supercomputer to compute 2+2.
  14. Really? People just take the tax credits, cash them out and put them in a paper shredder?
  15. 'Consistent approach to deficit reduction' = Cut capital spending projects, make the tax system more complex (including marginal rates that could exceed 100% for a person on £51k), introduce some token-but-unpleasant measures to the benefits system, maintain the pensions triple-lock, formally legitimize an array of tax loopholes... Why do you think we still have a deficit of perhaps £100 billion? It may be a nice comfort blanket to make ever more extreme accusations of incompetence at Labour, but that's wearing a bit thin now.
  16. Resulting inflation? Just getting rid of tax credits would make the current problem with inequality and low demand in the economy even worse. I'd prefer to see some form of CI instead, to get rid of the various benefit traps.
  17. I don't quite understand this http://www.nytimes.com/2014/01/25/business/us-oil-production-keeps-rising-beyond-the-forecasts.html?_r=0 Total US oil consumption is at about 18 million barrels/day. Production has risen, to about 9 million barrels/day, The problem is, the US is exporting Coal (and I can'd find the exact figures for natural gas, there may be a small export sector for that now). But still, no way is the US a net oil exporter and given the figures involved I'd be surprised about energy as well.
  18. Or, alternatively, a sufficient number of our trading partners get fed up of having their tax bases undermined by our 'competitive' tax regime and start to impose sanctions.
  19. I think that there is a large amount of flustration and anger out there. Witness the UKIP vote, a lot of which is protest against politics-as-normal (although how voting for a city boy will help is an open question) The problem is first that people are not (yet) hungry or homeless in large numbers. It's also that there is no organisation. You might have a million young people who are basically being shut out, but as yet they have no pole to organize around - the Labour Party has been co-opted by corporate interests, the trade unions have mostly compromised themselves, and the occupy movement never really went anywhere. A real cynic would suggest that any potential leaders are being.. removed one way or another before they get much notice.
  20. Horny handed sons of toil, the lot of them.
  21. What about the ~24 million private sector workers.. who should in theory be Labour's natural voters (or at least the 'bottom 70%' of them). Quite scary that no party seems that interested in us. Extreme right, extreme left, nationalists..
  22. Would be nice to see if those revered wealth creators could see their way to creating some actual, like, wealth. Any time soon. Just peachy.
  23. Yes.. It's something that's not accounted for in 'Best Buy' tables, Tesco Value might be the cheapest but you'd think twice about buying it even as a student.
  24. Should have put it up to £60k to reflect the aspirational nature of the purchase. And stuck some twigs in the heading vents.
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