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Redcellar

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Everything posted by Redcellar

  1. What really interesting is that if everyone subscribed to the philosophy that you need to save hard for a house and retirement, then many would lose their jobs and therefore be unable to save! The only thing that would benefit would be an overinflated housing market and dodgy financial sector. There would be mass unemployment in factories, shops, restaurants, pubs, cinemas ..... less products being sold you see. There was a review I should dig out that shows when people retire they spend less and therefore less jobs exist. It was a look at the old view, are the older generation blocking the way for the young. Clear answer was no. Kids are in the sh1t. Fact. And its only going to get worse for everyone.
  2. I listened to it on Radio4 Saturday and it was interesting. Thought the point was a little fuzzy IMPO. It seemed to say Keynes would have hate the fact that people plod our the same manure that "Keynesian economics say ...." I think the point was we are supposed to rebel and come up with new ideas instead of stating history. Thought the BBC then confused that by talking about spending more like in the 30's (which is just repeating history). Anyway, fascinating that the point was Keynes ideas are old hat and can't be relied upon, and that is what Keynes would himself say and want.
  3. Which would be a good thing wouldn't it? Aimed at the buyers not the sellers. Get views for and against then at least if you go to view you can specifically ask about "the planning permission for the double garage, and the blocked outside pipes!" One example cost me hundreds because I had to find it out myself in a survey and legal research. I bet they are obliged to tell such facts but lets face it, sellers don't.
  4. Since we review holidays, cars and small value goods on many websites, is there one that reviews houses for sale. I've wasted lots of time looking at places that had glaring faults papered over by the EA and sellers. Sometimes the faults themselves were actually the sellers! Is there a site where viewers can review properties ala Tripadvisor etc? It would be great to be honest with the faults as well as the good points and eliminate the time wasters before I even phoned an EA.
  5. Send the letter to the copyright people. See http://www.lawdonut.co.uk/blog/2012/03/marketing-your-business-olympic-theme-are-you-danger-breaking-law
  6. I wouldnt want to be a British dodgy banker right now. Supermax prisons are not a nice place to spend the rest of your life. Actually not sure what US laws were broken, since LIBOR is English, the clue is in the name.
  7. Isn't it: Motive Opportunity (includes capability, if you're not capable then it's not an opportunity) Rationalisation If so, would anyone ever dare call the housing market rational? Someone once told me that 50% of CEO's of big companies have the same profiles as sociopaths and killers.
  8. According to CML 40% of purchases are cash. Therefore 60% require a mortgage. Without the 60% there is no 'average' price increase. It's credit created and if you look at the 3month LIBOR OIS spread then credit is not going to be free flowing for quite some time. Average £ LIBOR OIS 3 month spread is 10 - 15 basis points and it stands at around 50 now. Basically the banks trust in each other continues to be low. http://ftalphaville.ft.com/blog/2012/05/15/1001061/do-not-trust-the-fra-ois-spread/ The BoE's recent push to put capital into the markets (being a safe lender) would have a minor effect but only if it didn't come with all the clauses it does. Good luck on that one BoE.
  9. Me neither. I'm seeing increased BTL and sentiment that its the best place to put money with low interest rates. I'm not saying they are right, just saying it's happening.
  10. Relented? I was and still am saying nothing has yet been proven so far as the published LIBOR rate was actually affected. If that's relented then I still relent.
  11. Where did they say that? I recall them saying Barclays admitted manipulating their submissions. To the posters above too. Again, I say LIBOR removes the top and bottom 25% of submissions and therefore there is no evidence yet that the LIBOR rate was impacted. We mustn't get worked up into a frenzy without the facts. It may come out that rates were affected, but then again it might not. For rates to be affected then many banks would have had to manipulate the rates at the same time. Wait and see.
  12. Nice fantasy. LIBOR isn't a single number, it's based on different lending periods and the top and bottom 25% of submissions are excluded from the calculations. To prove that it made any difference to the actual rate, and that rate made a difference to the borrower or investor will be nigh on impossible, as most likely it didn't. And take a look at this chart which shows Barclays manipulated LIBOR to show a higher rate, not lower. http://www.economist.com/blogs/graphicdetail/2012/07/daily-chart-3
  13. Thanks M21er. I started on the last page and thought things didn't look too bad. Then went backwards and it was carnage. Lots of unsold and seems unrealistic prices still being asked, even though significant cuts from last sold. Fascinating to see and definitely convinces me the falls continue unabated.
  14. People called loonies are often simply before their time, and then later called visionaries. The line of work I am in, I should consider him a loony, however I have to think much of his ramblings are indeed common sense. Just look around the chambers and see the grey haired rogues, then tell me that's a democracy only interested in ensuring we all benefit.
  15. +1 Shares have and continue to bring me on average 10% per annum. And I have the ability to cash in quick. BTL I worked out as far less than 5% return since I had to add in maintenance and insurance costs as well as voids and potential damage from unruly tenants. I decided shares and other investments were greater return and less effort too. I still don't get BTL when compared to other choices.
  16. I'd withdraw my money and buy assets and invest in other countries. With the internet, buying and investing overseas is dead easy. I suspect the old school haven't considered the Internet and how it makes a global economy possible for 'everyone' and not just their banking chums.
  17. Reminds me of that mortgage advice thread yesterday with the people desperately trying to convince themselves that buying made financial sense and renting was always waste of money and insecure. Oooooh they've gone so quiet now. I wonder if they knew yesterday was the last hurrah and the news was about to break?
  18. Oh darn it. I wish I had bought that house last year after all as all those people were advising Banks scr3wed, mortgage rates to increase, myth about land shortage dispelled, heir Germany refusing to play Euro ball. Something tells me this isn't a one off month.
  19. Got to add a +1 to the renting. We found a company rather than an individual and therefore haven't had to move on. Been here years and will be for years to come. Cheap as chips (half what the mortgage would be), posh area, excellent schools and commuting links. Life is definitely not on hold here. My point is, all those things that buying a house is 'supposed' to provide can be had with renting. And it can be way cheaper too. The old myths still get trotted out at parties and it just makes me smile. Horses for courses though.
  20. +1000 Abso-bloody-lutely. And with half the UKs large banks about to have to pay half a billion in fines each, and worse have to admit their books are cooked, only one way those rates are going. Personal finances will suffer, mortgages even rarer and more costly as banks look at boosting their capital. This could all add up to one big total feck up. Unless you aren't tied down with a mortgage of course. I suspect the tipping point everyone has expected is now less than 12 months away irrespective of attempts at government interference. Spain to admit it's required borrowing is double the initial estimate will do it nicely. Heir Germany already told Euro to go away as they refuse to bank roll the lot. The power of the UK bank and government to prop up false markets has now evaporated and I think they now see it. Late but eventually see the bleeding obvious.
  21. Obvious question. If this was occurring for many years how much money was made from it? I suspect the fine of £500 million was more than covered by the money and indirect benefits gained. For example, it presented the bank as a better proposition than it actually was. That would be worth a lot as a low risk borrower when perhaps it should have been viewed as far worse off.
  22. +1 They are the problems I have with all this. Money allowed them to avoid paying their dues. Ironic that when you have shed loads of money and can easily afford to pay, you avoid it.
  23. I've decided to make derisory comments on such houses, for example "is your mortgage underwater?" and when viewing wear water wings. You can never be too safe.
  24. Equality applies to acts of discrimination and since everyone over 25 was once under 25 then it's not inequality. It follows that if you are under 25 then you will one day be over 25. Unless of course you die of hypothermia having been tossed onto the streets by the Tories. Male/ Female would be inequality, age isn't.
  25. +1 The risk isn't that the FSA won't pay out eventually. It's that the bank takes its UK deposits to keep its Spanish arm going longer, and denies UK holders the ability to withdraw easily. That wouldn't be a bank failure and therefore FSA wouldn't pay up, but it would mean you struggle to get money out. That's the risk I would see. Bit like turning off the cash machines.
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