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daniel stallion

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Posts posted by daniel stallion

  1. You fail on one point, if enough people do this the banks will lobby (read bribe) the government to take action on its behalf, and remember the government has a whole load of AK47s.

    The unfair bank charges thing was swept under the carpet due to a bribe. So whatcha gonna do when Ak47 is put to your head? Or a tank is parked on your lawn?

    Remember government = bank , bank = government

    Maybe - but screw everyone else, I want to do it before the AK47's start spraying debt bullets in the streets. I actually have zero debt, but might rack some up.

    I think Injin is right, they lend me 'money' that didn't previously exist, which never manifests beyond numbers on a screen - then charge me interest and threaten to destroy me if I don't pay them back in actual money. If I don;t pay them back it actually makes no material difference to them.

  2. Surely the best possible outcome for these folks is if they simply ask the banks for proof they ever had any money in the first place and then once they hear nothing back from the fraudsters spend the rest of their lives debt free?

    Does that ever work?

    I mean has anyone successfully done it in the UK (I've heard stories of it being done over seas and even with things like HP in the UK but that was a 'paperwork issue' and never on a mortgage)?

  3. Not a single person in the room showed any surprise let alone shock that he had 30 - 40 year mortgage.

    What other crazy ideals and values are these lecturers putting into young minds?

    Why would a mortgage company allow your term to run into your retirement?

    Clegg/Cameron can not deny they are aware of these problems now. Will they stop the insanity.

    Not true!

    Clegg and Cameron both looked like they were thinking: 'WTF ... is this a serious question?' I'm sure they actually wanted to say - 'sir, you have just explained a massive part of the problem, it is utter madness'.

    I think a lot of Public sector workers say 'banker' but mean 'private sector'. They literally cannot comprehend the idea that everyone will have to be impacted. They think 'everyone' means 'everyone else'.

  4. It was like watching drug addicts being told they wont be given free drugs anymore.

    Everyone agrees drugs are bad - but are outraged when they are told their drug of choice isn't going to be handed out gratis anymore.

    It is also maddening to hear the constant references to 'bankers' as the cause of the debt. Not even vaguely true.

    I'm irritated that Cameron and his posse don't make it more clear. There are two issues, related, but distinct. A massive debt / structural deficit largely fuelled by Labour buying votes and a financial crisis. The latter has exacerbated the first, in fact, in some ways it was useful because it exposed the disgraceful tactics of Labour over the last 13 years.

  5. People don't do this with cars..why not?

    I'm not entirely sure. However, I'd guess the following are major reasons:

    a.) Cars overtly deteriorate and depreciate very quickly. Houses can literally last for hundreds of years. Probably a lot less true of some of the rubbish built in the modern era, but even still - most houses will remain perfectly functional far longer than the person buying them.

    b.) Due to the above - people see cars as transient - something they buy and fully 'consume' (or sell at residual value) relatively rapidly.

    c.) A house (or rather abode) is seen as a core element of a persons life. You sleep, cook, raise kids, retreat etc etc in your home, but a car is a 'tool'.

    Given this I think lots of people will 'stretch' themselves, to buy cars they really can't afford, but to nowhere near the extent that they will for houses because houses, even in the 2/3 x salary scenario suggested will not rapidly decline in value as cars do.

    I guess you are alluding to the fact that people will spend to such grotesque excess on houses because

    1.) Banks will fund the excess and

    2.) People believe house prices will be in the ascendancy forever.

    1 Is definitely true, however, 2, whilst massively responsible for ever increasing speculation and a vicious circle of price rises, is not in my opinion the major factor for people spending as much as they can - I think that would still happen if houses were 3 x salary and only increased inline with inflation. I'd contend that certain elements of the housing market exacerbate the desire to spend as much as possible, but even if they were eliminated people would do exactly the same (just their ability to do so may be reduced). That is, people would still buy houses as big and as impressive as possible, even if it put them in financial peril.

  6. Which makes it (more or less) the maximum price that can be paid

    The more interesting question that is missed by this analysis is - why should housing always rise to the maximum price that can be paid?

    Partly because lots of people, probably a vast majority, don't want to live in a house they can easily afford, they want to live in the biggest / best / most impressively located house they can scrape enough money together to live in. If the 'average' house came down to 2x average salary, lots and lots of people, given the opportunity would still spend 3,4,5,6 x their salary.

  7. Another one that we all could do. what is with the "30 day payment terms?" Or 60 or 90 or whatever. I do the work, you pay me, end of. It has always irked me that this has become the norm and results in huge pockets of money being stuck at the top mostly. Have business (especially small business) campaign for mandatory interest penalties where people default on payment or delay or whatever. It really has been a bane for me most of my business life as, within reason, I paid people on the nose even though I waited the usual "time" for my payments. No earthly reason why this is common practice, none at all.

    Yes, there is. You may morally object to it, but there is a reason.

  8. He is all of that and more. Surely makes him an easier person to dabate against?

    Was this Murdoch trying to get Campbell censored off the TV because he took Sky to the cleaners?

    For clarity, I meant to write 'elected Politician'.

    Like I say, it does make the Government look stupid. My point was simply that debating against Campbell is like shouting in a vacuum.

  9. Why is it that Labour members of staff supporters in the audience, week after week, insist that 'the left won the election' and make the assumption that anyone who voted for Lib Dem's really wanted Labour to win? Is it justified? Of all the people I know that voted Lib Dem I'd say less than 30% of them had Labour as their second choice.

    Am I speaking to the wrong people?

  10. Too much indeed. Not keen on either of those two. But the reasoning behind the BBC's refusing to cave in to No 10 seems sound.

    I have to say it looks a government own goal. They are the government FFS. They just won an election (between them). Demanding the right to choose who the other team puts on the playing field? Running away from Campbell like frightened schoolkids? Why? What for? Seems a bit shallow really.

    Does make the Govt look stupid on the face of it. However, Alistair Campbell is a professional spinning machine who lies about reasons for killing thousands of people - and he isn't a Politician.

  11. Statism is slavery

    Nationalism is bigotry

    We are free range slaves, and we can only be free if we dismantle the state, a good way would be to stop paying taxes and the ultimate option would be for the UK to default on its debts.

    This is a guy who interviews the likes of Marc Faber, Peter Schiff and Max Keiser



    I don't have time to look at the moment, but does this guy, that website etc have suggestions regarding what to do about it?

  12. ...why should they ..?..they were too busy valuing their property portfolios ...suspect Vince was clamped by party ....even within UK Corporates you were a bogey man if you talked property collapse ....and shunned from social society ....it's easy to

    forget.....but important to remember ....context is an important skill..... :rolleyes:

    Good point.

  13. I'll stick up for him a bit.. towards the tail end of 2007 he was the only politician who seemed to have the slightest clue what was going on around him. I don't think he was an economic Nostradamus, he just picked up much more quickly on what all the fuss was about and was able to talk knowledgeably about it.. something that other politicians then seemed unable to do.

    Yeah, that is definitely true (although he wasn't alone). I have no issue with Vince, I think he generally talks more sense that his counterparts and I am certain he was quickly reigned in from 'telling it like it was' following the crash to prevent the Libs being 'damaged' with talks about massive cuts.

    I like him.

    However, I was just quite interested to see if the legend of the man who called the crisis, was real or a bit of a myth. There were definitely a significant number of voices that were spot on regarding subprime, CDO's etc etc. Just wondered if he was really one of them, I have to say I don't think he was - but that's the image (which to be fair he somewhat rejects himself now I've started looking specifically at his statements).

  14. Cable is characteristically modest on his "calling" the crash. Frankly, I'm deeply suspicious of any man who boasts about his contribution on such a subject, as most seem to no more than the economic equivalent of a shock jock - shouting loud with no substance and with little to peddle but their own egos.

    Cable made several clear and unpopular warnings about the growing levels of indebtedness in the economy from about 2002 onward, outlining how the economy was unbalanced and that there was too much reliance on both banking and leveraging.

    On PP18 of The Storm he refers to only a couple of his comments at the time - articles in the press 2002 and November 2003 parliamentary question to Gordon Brown as Chancellor. Brown replied about Cable "spreading alarm without substance".

    There's probably a whole lot more out there.

    Fair enough.

    I'll be honest with you - our brief exchange of posts is somewhat typical of what I have found so far - lots of triumphant claiming that he stood alone in his foresightedness and insight (in your own words 'he wrote the book on the crash') but, as yet, other than evidence of him expressing concerns regarding personal debt and poor banking regulations, along with many others, nothing that really makes him stand out as someone that really knew what was coming.

    Now, I realise your statement was deliberate hyperbole for the purposes of an internet forum exchange and I commend Mr Cable for his opinions. However, if you listen to Mr Clegg (and others) he insinuates that Vince was an economic Galileo.

    Perhaps he was/is, but it seems strangely difficult, given the data rich world we live in, to find real evidence for this.

  15. Randall's a man with no ethics whatsoever. How would George know the answer to this?

    Cable wrote the book on the crash - George doesn't even know how to buy it.

    To be fair (to you) Osbourne did look like it was news to him - I think he just said 'erm'.

    On your second point, and maybe I'm misunderstanding the essence of the comment, can you provide any links to Cable 'calling' the crash before the airbags were inflating? Genuinely, I'm interested in what he actually said, whilst I have no reason to believe he didn't issue warnings I honestly can't find any evidence of him doing so - other than some very, very broad comments on house prices and debt.

    I'm not specifically looking to prove him right or wrong, I ask as I was looking at Keynesian vs Austrian theories. This has naturally unearthed lots of details of people that issued fairly specific warnings about the crash before it happened, with a genuine degree of clarity and accuracy regarding how it would happen - as yet I haven't seen anything that would legitimately place Cable in this group. Maybe I just haven't seen the right information as yet?

  16. isn't the deficit £500m a day. So £182.5bn a year plus interest. So it's gonna need four times this before we even start repaying the debt.

    i think the interviewers point was:

    Why are we squabbling like little girls about 6 Billion when we spend 600+ Billion and were spending way less only a couple of years ago ?

    BTW - I don't necessarily ascribe to his point I just thought it was an interesting topic to stimulate you all *

    * in to debate

  17. Interview with Osbourne now - Randall stated that if 50 Billion was cut from Public spending next year overall spending would still be greater (inflation adjusted) than 2007/08. He pointed out that during those years there didn't seem to be huge painful problems with 'services'.

    So what happened? What's the problem?

    50 Billion should be a POP

    Edit: For clarity the interviewer was stating this - not Osbourne

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