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About Thelliand

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  1. Probably bit of outlier but will post for interest: 34, married with 3 kids aged 5,3, + newborn. Emigrated to Hong Kong 10 yrs ago, work in technical scientific field and have household income over 100k GBP (prob equiv 150k GBP considering pay about 10% tax). I rent here at 3000 pounds a month for a cramped place not really big enough for the household of 5, unable to put together deposit as you need 40% minimum and decent places (as in small 1200 sq ft apartment which could squeeze in family of 5) on HK Island start around million pounds.
  2. Hong Kong, around GBP10000 per square meter on a crappy part of island, around GBP60000 per square meter on nice part of the Peak.
  3. Blame the politicians not the banks. If they avoid tax worse than the bank next door they are at a disadvantage. Barclays is just playing the same game as its competitors, whether it's right or wrong isn't their business. Politicians need to pressure the tax havens. Cayman Islands / Isle of Man etc. don't need taxes because they have no military / tiny population / tiny infrastructure + huge business funneled through them. Send our military into Cayman Islands and Isle of Man, not into Iraq.
  4. 34. Married two kids. Rent. Live Hong Kong. Family income 100,000 sterling after tax (not banking etc.. - normal-ish jobs). Our crappy 3 bedroom 1300 square foot flat we rent is now a million quid - slaving away for the standard 40% deposit required in Hong Kong - probably take me another 10 years of saving 40% of a very large salary by UK standards....
  5. Well could be worse - 290000 GBP ($3.7m HKD) gets you a rundown 300 square foot hovel in Hong Kong: http://www.gohome.com.hk/english/search_result/listing.asp?ListingCode=3762-5979
  6. There is something deeper here, this is the beginning of the final collapse of the British Empire. A collapsed economy was here but I did have a little trust that Britain might be able to pull itself out of the hole somehow over the coming couple of decades. But really there's nothing left - a collapsed economy now coupled to a political system riddled through and through with corruption, self-indulgence and blame of others in a way that perhaps is a reflection of most of British society today. I don't think there is any way back now, this is the beginning of Britain's death-throes.
  7. I doubt actual sterling wages would come down like that - what is more likely to be on the cards is a gradual 60% devaluation in sterling against global currencies over the next couple years.
  8. If you're looking for leverage on an ETF then maybe you should look into buying a warrant on an ETF rather than a leveraged fund. As Chump says the leveraged fund has complications where the manager is forced to buy high, sell low. A warrant is a simpler option which requires less upfront capital where you pay a relatively small amount to have the option to buy the ETF at a set price in the future. If the ETF is significantly above that price at maturity (typically for a warrant this can be over a year in the future) then you stand to make very significant profit from the price differential between your warrant option and the actual market price of the ETF at maturity. If the ETF market price is below that price at maturity then you lose your entire invested capital.
  9. Very true. The government don't know the size of the hole they're building themselves if they're going to own a bank competing in high-end finance. This will be a permanent blackhole into which ever more taxpayer cash will be pissed away.
  10. Short term medicine but great in the long-term. It will make the saving mentality that Britain needs to save itself from terminal decline. I'm in Hong Kong. We need a 30% deposit minimum. And property is far more expensive than London. I'm in that position of saving that deposit as a FTB, will probably take me 15 years or so but this is what people should do to understand the value of the amount of cash they are spending on homes. And the results of this are clear. Our property crash has been far steeper than UK so far (40% down already on luxury property) but the negative equity/bankruptcy rate is far, far lower.
  11. He'll think his 650,000 pounds per year is a pittance. So will most other senior bankers. It's an 85% paycut from the 4.2 million he earnt in 2007. I honestly don't know how this will work out with RBS as government-owned. Over half of their (and ABN-AMRO's) entire investment banking staff earn more than the prime minister right now. If RBS is government-owned do they really think they can push through 90% paycuts on all their investment bankers to get them inline with the public sector? Anyone who earns more for their bank than their salary will just move to a hedge fund or competitor. Then RBS is going to end up deeper and deeper in the crap. At the same time there's going to be more and more public anger at the compensation investment bankers are getting in the State system. But this is what capitalism is and it is at it's most extreme in the banks where individuals are able to make and lose billions of dollars of cash. I think the only possible solution is punitive taxation of the >200k bracket again. And that solution certainly has its problems too.
  12. Yep forget 1997, I think that's 1897, actually probably 1797 prices. Let's hope Detroit isn't leading the way to the New World Order
  13. Nothing can stop them. Here's 30 houses for sale in Detroit in the $1-$100 price range (!!!): http://www.realtor.com/realestateandhomes-...ice-1-100?sby=1
  14. For 30,000 quid you can buy up thousands of houses in Detroit. There's plenty on the market in Detroit at $1. Though admittedly the nicer properties start at $499. http://www.realtor.com/realestateandhomes-...by=1&pgsz=3 I'm looking forward to paying for my property in coins. But by then I guess the economy will be barter, I'll swap it for a tin of beans.
  15. Joseph Cassano, who ran AIG's financial products unit which was the source of these losses, earnt $280 million in his 10 years at AIG. After he was fired last March they continued to pay him a $1 million per month consultancy fee! Here's his post-firing employment contract: http://oversight.house.gov/documents/20081007102250.pdf
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