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House Price Crash Forum


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Posts posted by msi

  1. 5 minutes ago, coypondboy said:

    Blimey the French sound like the Austrians who have the same issues although the main difference being they like to speak english to us so they can practice whilst the french hate having to speak english because it reminds them of losing Canada and US to brits and the chance to make french the global business language and not english.

    The French I know are more upset at losing Canada to the most awkward set of Frenchman and their linguistic idiosyncrasies.

  2. 3 hours ago, spyguy said:

    Black Wednesday was in 92.

    At that time, the Lawson boom was already well into clearing out.

    Black Wednesday turbo charge the cycle and provided a massive restart to the economy. Cons took all the pain for this.

    Labour elected 4 years later,


    You can see that i nthe debt chart - debt peaking in 94ish, then falling as the growing economy and reduces spending.

    Lab then continue the last Cons spending plans for ~5 years. Then it all goes to shit within ~5 years.

    debt-to-gdp fell due to massive health and welfare cutbacks made by the Tories - remember 18 month waiting lists and the postcode lotteries for treatment?  The electorate didn't buy the Tory line of 'it was good for you' and handed Blair 3 terms.

    Labour did keep to Tory spending plans - partly to break the TaXaNdSpEnD drooling from the right-wing media and partly to keep big Finance on side.  It worked with the initial spending increases - NHS waiting lists down to 18 weeks, schools rebuilt using PFI (don't get me started on that..). 

    Then along came GFC2007 - which everyone knows wasn't a Global crash caused by US sub prime securitisation but was personally done by Blair and Brown....

  3. On 14/10/2021 at 09:21, rantnrave said:

    Capitalism in this country died when the banks were bailed out. What should have been a significant house price collapse then was staved off by massive money printing and wave after wave of government intervention. We've had a version of crony capitalism since then - with a corresponding misallocation of economic resources and zombified businesses kept alive by ultra low interest rates. Moral hazard abounds.

    When I see reports that today's younger people are massively against capitalism, I think it gets lost that if the banks had not been bailed out in 2008, by now the relationship between hard work, earnings and property prices might have been restored. Didn't Iceland protect retail deposits, let the banks collapse, lob a few bankers in jail to make a point, endure a couple of years of hardship then bounce back stronger?

    Capitalism has always had an element of creative destruction. Business enterprises have always run the risk of failure, and the resources they take up then being reallocated to more profitable initiatives. Never has capitalism been about everybody winning all the time, and anyone in danger of losing receiving a state bailout. That is however where things seem to be at today.

    A separate question is whether that necessary destructive element and the short to medium term hardship it inflicts is compatible with democratic cycles of five years or less. Increasingly, politicians in this country and elsewhere don't seem to think it is. The Chinese authorities of course don't have to worry about such issues.

    If you can't boil this forum down to a single valid post - this is it

  4. 2 hours ago, onlooker said:

    msi Erm apart from Black Wednesday and dropping out of the ERM and interest rates jacked up to double figures....

    The interest rates were jacked up in order to maintain our exchange rate while within the ERM. Having broken the economy, and cut inflation, they were then on a reducing trend.

    But because of trying to maintain the Pound within the ERM, they had to be jacked up again (for a matter of hours) before Sterling was ejected from the ERM on "Black Wednesday" as such high rates were completely inappropriate for economic survival. Dropping out of the ERM enabled rates to go down. It is better nicknamed "White Wednesday".

    The Tories tried that line - and the electorate gave Blair 3 landslide terms in return.

  5. Just now, Cocha said:

    Have you ever suggested those on the remain side of things should be somewhat less vitriolic?

    It's a given that the Brexiteers are more bombastic with their claims for 'FrEeDoM fRoM tHe Eu' - the lack of actual detail in what it means and how we're doing it being abundantly clear.  Easy to plaster cr*p on the side of a bus, harder to actually deliver - hence the whining at everyone and everything else.

    The idea of 'Remoan' being equally vitriolic is as absurd as claiming equivalence between the Luftwaffe and the RAF because both bombed cities.


  6. 17 minutes ago, yelims said:

    Probably in same villa as Boris enjoying proceeds of dirty money


    The “elites” are laughing at all the eejits who bought their line (and continue to defend them)


    Strange how all the howling at Blair's finances goes suddenly quiet at the Tories - even though cronyism is endemic with them.

    Same with CrEePy BiDeN sNifS kIdS, but then go silent when Tr*mp boasts about dating his kid daughter?

    Same with the NaStY eU sToPs Us TrAdInG, but then go silent when we can't run our own lorries?

  7. 42 minutes ago, fellow said:

    Correction. They kindly gave the ungrateful UC claimants and extra £20 per week of our money for doing nothing during a pandemic which had no effect on the unemployed's finances anyway. Now the pandemic is over, their payments are going back to normal.

    Go back to Tory central office and see how you can get the workhouse running again

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