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About wizard_of_the_north

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  1. Pattinson's Buyer's Premium is on their 'sell for free' auction stock. vendors don't pay anything but buyer pays a 5% (min £5k+VAT) 'buyer's premium'. it has to be paid whether the deal is done in the auction room or not. but apparently to qualify for sell for free you have to let pattinson's set your reserve price.
  2. Not at all true... the EA's duty of care is towards his client (the vendor) and they're within their rights to request proof of funds (although curiously, a mortgage decision in principle is acceptable...even bank statements are - but who's to say that that money's yours?). Although at the moment the EA should be offering you sexual favours and or his first born if you've got a serious offer. This however is at the EAs discretion and nothing in the law is in your favour unfortunately. (i'm not a troll or EA sympathiser although I have been 'on that side of the fence'...just don't like misinformation)
  3. I work in the yacht industry and it's died, completely died* over the last quarter. There is still some movement at the very top, and very bottom of the market spectrum but across the board - from 10ft 'pleasure boats' to mega-yachts the industry has fallen to pieces. London Boat Show is this month - will be interesting to see how dead it is, floor space has already been reduced but I can't see it being a fun place to be at all. Might be worth checking out for any London based forum members. For the super and mega yacht industry the Dusseldorf show at the end of January will be a real indicator of where things are going in this sector. *I say 'died' but that's a bit of a lie, the industry just seems to be "correcting" to pre-boom levels.
  4. they still get their entry fees 'tho...something like £700 a pop. Keith must be laughing.
  5. i've heard murmurs that the smaller agents are considering merging to create an auction house to rival pattinsons
  6. I'm glad I'm not the only one who gets perturbed by the loose definition of demand that gets bandied about - no one (in the mainstream) cares about the effective bit. (FWIW I thought to be demand the desire had to be effective, thus the 'effective' bit is technically redundant - maybe it's just me being pedantic.)
  7. I like these theories...they are very interesting (and to me at least) totally plausible see http://www.spiritoftruth.org/stockmarketcrash.htm...now (like me) you can choose to ignore the biblical stuff (I'm NOT a religious person at all) but the technical analysis seems sound to me. Whether you believe this is TEOTWAWKI or not I think that anyone who doesn't recognise that the policy decisions of the (past 12 and...) next 36 months have massive fundamental implications towards the future of "our" civilisation is a "thickie". There's too much brewing for this not to be true - peak oil (I don't believe this is here yet but ho-hum), peak population, the mother of all credit booms imploding and simultaneously exploding, stock markets not having a clue what they're doing, a brewing battle between "east" and "west" - I find it hard to believe that this is definitely not the beginning of the downside of the grand-super cycle. I'd love to think that I'm completely off my rocker for thinking this but realistically you guys on HPC could see that the housing market was over-heated, the exact same logic applies to the capitalist model...and the only way people have attempted to counter this is by resorting to insults - but no one's presented an argument with any intelligent substance that dismisses the worst as the most likely outcome.
  8. I'm surprised that no one has picked up on this (beyond the fact that this an obvious liar loan) - unless this extra £60k was applied for (and processed) before September 10th (i.e. before the run - Pest broke his story on the 13th) then this simply wouldn't have been logistically possible. All resources from the 14th onwards were put to savings account holders - BACS crashed on the 17th which wasn't realised until the 19th, CHAPS transfers were all savings accounts withdrawals. Doesn't take from the key point of the story that liar lender and liar borrower are both screwed.
  9. To be a serious what? (I'm ignoronating your spelling of 'ignorance' 'cause I think it's a clever trap you've set)
  10. I can't tell if this is sarcasm or not but IMO everyone who played in the game deserves as much sympathy as the next (sweet FA) - this coming from someone who played and lost (not really in a financial sense) - through no fault of my own other than not taking the time to assess information that was easily, and quite widely available. It was easier to be fed than to hunt.
  11. Haha this is what I said to an EA last week after the Panorama bear-fest, he agreed but said people will not listen until they become forced sellers...that's why he's finalising plans to lay-off a large number of his workforce and shut several branches.
  12. I knew (in previous job) a few Lehmans traders - they are (were getting?) being paid above 'market rates' in basic salary as well taking ridiculous bonuses. Last had contact with any mid-September; they were starting to worry then and I've been expecting them to go 'pop' since. It's funny that the patterns are so transparent "naaah we don't need money, we're fine" followed by a rights issue within a month, my gut feeling is that this route is closed to them (unless there's a heavy discount, in which case it could spark a B & B style further crash of stock value). I also think that the market is waiting for a rights issue to fail - everything about the past 6-9 months seems to be one test after another; with the spectre of a major institutional failure (nation state failure excluded) off the cards and the medium-term inflation outlook sketchy (will it sky-rocket then fall off in a deflationary depression, or will we see stagflation? I'm undecided - and won't be until after the event!!!) I think traders are looking to see whether the printing presses will ever be turned off, and they will push and push until they have an answer - Lehmans (and what happens in the next 2-4 weeks) will set the precedents for phase 2 of the crunch...which will crystallize inflation projections.
  13. FP - If the M.D of a major Newcastle based EAs is in audience then you may well find yourself with an ally - he's known it's been game-over since NRK and their actions in the local market are forcing others to accept the new reality...I'm guessing you'll have no one ridiculing, some may still violently oppose - others will take what you say as self-evident.
  14. Agreed, apart from the bit in bold...it is innate in ALL human beings. Put it this way - there's only the 2 of us left on the planet and there is only enough food for 1 of us to survive. Would you just let me eat it? I know this is a pretty facetious and simplistic way of looking at but ultimately we are simplistic animals - when there is plenty (or enough) of things to go around with 'speculation' (in any way shape or form) only serving to inconvenience the individual then your p.o.v. is admirable (and I have no doubt what you've said is an honest appraisal of your belief systems) but if truly tested is that how you'd play things out. Scale that up - these speculators are fighting for their lives - they know the extent of the derivatives time-bomb and are attempting to cover their losses. I'm pretty certain that their tact is the same one we'd all take if we were in their shoes. However - like human nature dictates - the speculators are taking a short-term outlook, they don't realise (or care?) that by their actions they are delaying the inevitable as well as creating losers in their game. It's blatant Darwinism.
  15. unfortunately this is just human nature...the free-rider problem. We all want something for nothing and for that to happen someone must lose out. It's all good and well when we're not the ones losing out but now that we are we get upset. Investigation leading to the inevitable toothless regulation will not solve anything, because fundamentally this is issue has nothing to do with oil or any other commodity - the root cause is human nature. How do you change that?
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