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Everything posted by miko

  1. Human nature as it is most 40's, 50's and 60's who see their houses half in value won't be to happy , most people are greedy to some extent and having a valuable asset does give people a nice sense of security especially in these choppy times. However if property does half in value it will be those who bought at the top who get hit the hardest those post boomers who borrowed at 5x salary and who have had little or no wage increases since. If that happens other post boomers who want to pick a house up on the cheap had better save a big deposit as the banks will tighten the lending critera even harder than it is now. Those in the best postion will be pre boomers , boomers, and cash rich global buyers who with the low £ see property in England especially in London and the south east as easy profit. That is the bit that is beyond disgraceful IMO.
  2. Dream on If you want to quote history get it right . Council house waiting list were always long. There might have been plenty of houses for sale but there were also mortgage queues and many could not get mortgages, shift pay , commision, overtime , ect were never taken into account when giving out a mortgage so many well paid average people could not get one even though they could afford one.
  3. Total Crap . You speak as if the boomers had crystal balls and could see into the future . My parents pre boomers bought a house as the council waiting list was very long and were living in cramped conditions with in laws . When they bought they were told to wait as houses had doubled in the few years prior. But having two kids they had to overpay and buy . They paid £3,750 for a 3 bed semi on the outskirts of London. 1961. The rest is history. Fast Forward 15 years and older cousins were getting married remember much talk at weddings of how much they had to pay ( £100 pm mortgage payments ect were quoted ) Inflation destroyed their debts. Go forward another 15 years and many tale end boomers who bought at the top of the 80's boom were in sh-t street , having bought small flats at 3.5 x salary they watched as the IR almost doubled over night . Many were reposessed or NE for years . Then we hit the mid 90's , many boomers bought , property was a dirty word but they bought to live in many who had been burnt a few years before would not . People born way after 1965 post boomers also had the chance to buy some did some did not . Many were to frightned as they had seen the carnage of the last five years. But those who bought have done well . No one knew it at the time Banks had become far tighter in how much they would lend , even the new govenment of 1997 said they would never let property get out of hand again . It was the stupid high salary multiples and easy credit that led to the outragous prices that we ended up with in 2007 , . At a guess I would bet more post boomers agreed to borrow at these stupid levels and not boomers.
  4. Get yourself one then . There are still some council houses left but you have to put yourself out a bit more than you did in the past to get one, just like you do to buy . Give you two options. 1. Get married leave your job and knock out a few kids . Job done. 2. Commit some crime get bangged up and then when you come out of prison you can go to the top of the list . Sometimes to get something you want you have to put yourself out a bit it is not handed to you on a plate , even the boomers had to go without things and save up when they bought their houses.
  5. Yes everyone Said it yourself boomers included not just boomers and the generation that came next were happy to see it and thought it would carry on so they borrowed 5x salary not 3x like the boomers . So why do you just blame the boomers.
  6. Well why don't you aim for a council house then . Why are you aiming for a house at 3x salary and shouting at people who were able to do that and then saying they came from a council house but it was not good enough for them . You go after one , is it good enough for you ?
  7. Again you confirmed it . You want to buy a house at 3x average salary and a 10% deposit , that is what the couple in their 60's did , they did not rape the world of it's resources by borrowing more than they earned it was people who came later who did that it is only about 15 years ago that 4x/5x + mortgages were avaliable so the boomers borrowed less than the generation that came next. As for them selling their house to you now for £85k instead of £200k they are hardley going to do that as the next place they buy or rent will have to be at current market prices or current market rents if they wish to rent. A boomer couple who bought a house 40 years ago have done nothing more than what you want to do . They have no power as a single couple to change the world they have to get along in it like anyone else . You are venting your frustrations in the wrong direction it is not the fault of those born between 1945 and 1965 who have created your situation look in the right place.
  8. Can you let me know if they offer 125% I would be happy to go ahead if they do .
  9. Well if you read your own post number 50 you say that you want to buy a house at 3x average wages borrowing 90% of that amount. So you are no different to the post world war 2 generation who did that . As for borrowing for cars , holidays and rubbish like washing machines ect there is no problem with that either as long as it does not get out of hand and this kind of borrowing has always happened. I think you will find that the boomers especially those born first were better off than the generation before them. The problems we have today are not due to the boomers buying a house and having some tick . They are down to not enough houses being avaliable in the right places , inflation lies, falling wages , higher taxes, to much immigration , to low interest rates , to much credit being given. Many who were born after 1965 have joined in on this credit boom ( pop over to MSE and look at the bankrupt threads ) my guess would be the boomers have borrowed less than the next generation , it was the next generation who said yes to a mortgage of 5x their salary which in turn raised the price of the boomers house. So why did they not say NO to doing that. Im not blaming any generation for where we are at neither the boomers or those that came after , no generation clubbed together and said LETS FK THIS GENERATION OR THAT GENERATION .
  10. Thanks im one of those i was born in 1963. I understand where you are coming from but most people in that age group just did the best from what they had. It is not them that changed the system , let the banks run riot , made the planning laws , robbed the pensions , lied about inflation , sold of the council houses, they just lived their lives as it came along . It is not our fault when we were born or how things have panned out . Yes we might have voted for the govenments of the day that have let happen what has happened but we could only vote for who was standing and were powerless to act once a govenment got in to power and acted like they wanted to . It is only in the last 10-15 years that HPI has destroyed so much for the next generation and it is only now that people are waking up to the situation , don't blame the Boomers we did not see it coming no one did untill it had come. If we were really that self serving , dirty and insecure we would have all loaded up on BTL in the mid 90's when property was cheap and all been minted now , which is not the case for most.
  11. Excellent Good luck to your son , he has done really well and right through time there have been others like him and there will be others again , born at all different times right up till now and beyound. There are also others who have come from nothing and done much better than your son. Charles Dunston, Anita Roddick , Richard Branson, Alan Sugar to name a few. However these people are in a tiny minority and for everyone of them there are thousands if not millions who have tried and failed. Just by the nature of the economy and the way economics work there can only be a few big hitteres who make it like this. The masses , the people who earn average wages do average jobs , spend the average amount in the local shops and buy the average house are the norm in this world and they have been hit the hardest in the last 15 - 20 years . Those born in the mid 70's onwards are going to have a hard time to get and keep the average life style , much harder than those born 10 and 20 years before them. Just because your son was born in the mid 70's and has made it , does not mean it is not more difficult for most of the average who were born during that time. I think those born after 1995 are going to have it harder again unless everything does inplode and we start again from scratch. I find it strange that you can understand the plight of those born in 1995 onwards but think that those born in 1975 are ok just because your son who was born then has made a success of things.
  12. Pop down to the city of London and then accross to Canary Wharf and look at all the expensive tall buildings holding banks and bankers . Then pop down to a factory that produces a product that has a value and can be sold and used by a customer. Compare the difference in the type of building each is housed in and then compare the profits of both. The banks earn far more have lavish buildings yet produce no tangable product ( something you say we need more of ) . Many of their products are invented and they skim off from those producing . Yes there is a place and a need for them but it should be secondary not primary they are a service that is attached to an economy and should be treated as such . The problem is the way things have been allowed to happen the tail ( banks ) have been wagging the dog it should be the other way around. When the factory goes bust it closes down , when the banks go bust the tax payer bails them out and they keep paying themselves massive amounts of money .
  13. What has that got to do with this Thread ? READ the title " wouldn't it be wonderful if we could all create money electronically " Which we cannot do the banks can do it and then we can borrow it from them , but we cannot create it ourselves. As for the control bit the Banks have more control than the customers . The reason the Banks have messed up and have created the likes of Greece is because they did not control things correctly . They lent to much money to countries and individual people who now cannot pay it back . That was the banks not controlling the process people could not demand the money that they have not paid back and forced the banks to lend to them in the first place . They asked for the money and the banks gave it to them , hence the banks who were in control messed up not the other way around.
  14. Correct age is not everything, timing and circumstances can make a massive difference . It is easy to look back in hindsite and say someone born pre 1965 had the world at their feet compared to those born in 1980. However life has its ups and downs and things happen beyound peoples control . I know many from circa 1965 who bought their first home at the peak of the late 80's who got really burnt. Some lost everything , some struggled on and came out on top after 5 hard years, some came out on top but failed to make hay when the sun shone again in the mid 90's so have not moved up the ladder like they could have. Now someone born in 1970 was 25 by 1995 and could have bought at a far better price than those 5 years older than them. It was a very short window of oppotunity but those who took it did very well , remember FTB's jumping over small houses and flats and going straight into 3 bed semis .
  15. What came first the Chicken or the Egg ? Without my actions as a willing borrower the money creation machine couldn't get working . Without the money creation machine working I cannot go and borrow. Banks certainly do control the process . Money lending and prostitution are probley the oldest proffesions in the world , money was lent prior to formal Banks being introduced they have now taken over most of this business and control it. Nevertheless the topic is about " wouldn't it be wonderful if we could all create money electronically " . Which we cannot do .
  16. The Banks are to blame for many of the ills that have got us where we are today . But another BIG reason everything to do with finance and peoples money is so fked up is the fact that Govenments both Tory and Labour have lied about NUMBERS . If you lie about numbers they will always catch you out in the end . The biggest lie has been the false low inflation figures . If we had had the truth people would have got better pay rises over the last 20 years and would be paying tax at a higher level of earnings ( if personnel allowances had been put up to match inflation ) therefoue they would have needed to borrow less to compensate their earnings. Interest rates would have been higher but houses would not have gone up so much so the debt would have been eaiser to pay back. They have lied with numbers , hid the true figures and have now fked up the whole system.
  17. Nope it is you who cannot get it . Read the title of the thread . I did not create the money I borrowed it the bank might have created it but I did not. Quite simple really if you think about it.
  18. Agreed Brown was horrendous , however when I heard of this lot's policy where by a family that has one person earning over £43k will lose their family allowance but a family who could be earning £82k with both parents working would keep it , I lost all faith in them especially when the stupidity of the policy was pointed out to them and they failed to address the issue . We have no hope.
  19. Yes very interesting . I remember talking to an estate agent years ago as I had bought a property for one third of the price it had been sold for 5 years before me buying it. He siad " people make money people lose money " When you look at peoples wealth and how it GROWS or GOES you see similar situations some people come into money and add to it via big inheritances and some see decent amounts dissapear. The pre Boomer couple next to my Dad bought their house nearly 50 years ago for £4k , they paid it off years back . My Dad is not sure but thinks it is 4 houses they have inherited , they have set all three of their adult children up and one daughter married in her 20's to a guy who inherited a house just as they got married. Have worked with people who got half a house and were married to someone who also got half a house . At the same time another guy I worked with watched as his parents sold their paid for house to invest in a business when his Dad was made redundant late in life . The business failed his mother died and his Dad now lives in Sheltered accomadation he will leave ZERO. People make money people lose money and it can happen very quickly and through just one mistake or wrong descision.
  20. Not quite right some boomers inherited some did not . For those who did not there was a means of obtaining things like houses and pensions while in decent paid employment . Via working , saving and investing . The system worked for them the property ladder rungs were obtainable, inflation destroyed their debt's the pensions paid out and if a job was lost there were other opotunites. For those born after 1974 they may or may not inherit it depends what their boomer parents do with their wealth . Those who do inherit will be ok those who don't are fked , and many who do inherit will be well into middle age if and when they do.
  21. There is money that the banks have created . The OP stated how wonderful it would be if we could all created in the way the banks do . There is money the crisis has been bought about by people who borrowed the banks money defaulting on interest and capital repayments.
  22. Many of those born pre 1975 including me did not know how lucky they were compared to those born now and when we were younger not knowing what the future was going to be ( no one has a crystal ball ) have not taken full advantage of it . Anyone who took on the biggest mortgage they could in the mid 90's on a decent house in the right area , did not MEW , has paid the debt down or off and has a good company pension really is in a good position compared to the young now. Those who bought in the mid 80's and before have done even better. Looking back and how things have panned out I think the luckiest of the lot are those who were born between 1950 and 1960 , bought a property when young and joined a final salary pension .
  23. It was built in the day when lots of bathrooms were not the in thing and has not been updated since. Trawling through rightmove sometimes I look at the big houses in Chigwell Essex , the older types some with four , five and six bedrooms have very few bathrooms.
  24. NO NO NO I walked into the shop and paid via CC therefore I borrowed the MONEY , NOT CREATED IT . The money I borrowed I handed over to the shopkeeper and he now has it , but it has not just been created by me it was borrowed by me. If I had printed the money myself and handed it to the shop keeper and he accepted it and then took it and spent it elsewhere with other people who also accepted it and those people could if they wanted deposit it in the bank and their bank credited their accounts for the amounts deposited and then the banks used that money and ploughed it back in the system , then that would be me creating money but that is not what has happened.
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