Blod
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Posts posted by Blod
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21 hours ago, zugzwang said:
The implicit guarantee has always existed, so why is it only today that bank lending has become an existential threat? I'd suggest that the progressive deregulation of financial services over three decades prior to 2008 is the answer. Paralleled as it was by the growth of a completely unregulated shadow banking system, an international network of tax avoidance legislatures, and the absurd belief that privatisation, globalisation and the free market lead to optimal economic outcomes.
The issue was created at the time of ‘the big bang’. Across the world changes were permitted which previously kept credit pricing real to be swept away. In the following decades banks were able to reduce the cost of credit. People rejoiced, credit cards all round and everyone can get a mortgage without realising the toxic economic environment fermenting. Interest rates were miss priced by only a few percent but the effects have been massive HPI and the destruction of industrial innovation.
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11 hours ago, longgone said:
The crack dealer is saying be careful whilst providing another instant high.
Load of BS
His honesty is commendable, they know they’ve rogered the country and are now predicting the effects of their actions.
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14 hours ago, onlooker said:
You assume those sweaty bedsits just materialize from nowhere then? They don't have to be built or bought?
A bedsit houses many. Ownership is immaterial it is the density of occupation that matters.
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11 hours ago, Riedquat said:
Cheap credit has been the dominant factor but crazy population increase, largely driven by immigration, hasn't helped in the slightest.
Though many migrants may either chose or be forced to live in swatty bedsits the few who purchase are used as a fig leaf to cover cheap credit, the real cause of HPI.
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33 minutes ago, zugzwang said:
+1
Cheap credit, BTL and mass immigration in an explosive, self-reinforcing demand loop.
Supply and demand are a convenient excuse to hide the effect of cheap credit on the housing market.
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And unbelievably the master plan for the EU is to allow financialization of residential mortgages across whole swathes of Europe where housing booms have yet to price out the inhabitants.
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Just listen to complaints about the housing crisis, there just aren't any about lack of choice, it's always cost.
We need to stop the meme that building more unaffordable homes will solve this, everyone knows it won't, it's just a delaying tactic.
I agree the one and only solution is control of credit. We are now at a point where this is becoming apparent to the public, the banks will fight tooth and nail to stop this gaining traction, we need to stop lying to ourselves that we can build our way out of this and and make sure we support the truth, control credit is the only way.
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But it's racist to link pressure on housing with migration, innit.
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Certainly looks like a more balance article from the BBC for once.
I remember when their map of affordability used to include shared ownership.
Despite discovering the the deaths caused by air pollution we now chose to build over the green belt. Not that build more housing will solve the housing crisis as only about six percent of new homes are classed as affordable. The one bitter pill that is never mentioned is allowing a price correction, as that would solve many issues in one go.
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3 minutes ago, ItalianV6 said:
That the beeb appears to be preparing us for something big... I wonder of there is something in the budget coming relating to:
1) The beeb land map - What's the betting something about removing protection for the green belt is happening
2) This http://www.bbc.co.uk/news/business-41684812, seems to be trying to share the picture that things are tough for ftb'ers.
It has peaked my interest as to what is coming, it feels like a classic slow messaging/conditioning position to me
That link is down.
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14 hours ago, guest_northshore said:
Capital Market Union and residential capitalism in Europe: Rescaling the housing-centred model of financialization:
http://financeandsociety.ed.ac.uk/article/view/1937"Abstract
This article examines the effects of implementing the proposals of the European Commission
to institute a Capital Market Union (CMU) on the diverse landscape of residential capitalism in
Europe. The CMU will bypass existing national institutional blockades that left core countries
of the Eurozone, namely Germany, France and Italy, largely untouched by the housing-centred
financialization that developed in countries like Spain, Ireland, the UK and the Netherlands. It
is widely acknowledged that the rise in securitized mortgage debt contributed to the global
financial crisis. As part of the CMU, the new European Commission is promoting mortgage
securitization throughout the EU and thereby rescaling the political economy of housing
finance that was hitherto rooted in national, institutional models. We argue that countries
which ‘missed’ the previous housing boom will not be able to prevent future housing-centred
financialization. CMU thus signifies a spatial expansion of the debt-led accumulation model."How thoughtful of the EU to make sure the whole of Europe can share the joys of house price booms.
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8 hours ago, stormymonday_2011 said:
Events in KSA today (a real news item) rated barely a mention.
It tells a lot that a story already covered is released again with more spin whilst KSA issues are ignored. Real journalism has all but died. Manufacturing of news is what we are feed.
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1 hour ago, spyguy said:
I think this is a fall out of HMRC's crunching of the last few years.
I cant remember where I read it but, unsurprisingly, theyve found that the biggest tax evaders are builders, tax drivers and B+B owners.
By big, I mean, percentage of people avoiding all or some tax.
What about all the BTLer. Many rent to family and some are even claiming housing benefit, plus all those beds in sheds across West London.
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Isn't amazing a near decade of rent increases whilst rates were static and hardly any questioning from our media. No wonder they're scared their lack of integrity is about to be revealed. I noticed how James O'Brien was just concerned about mortgages going up.
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Supply won’t solve our crisis as even ‘affordable’ homes need HTB to sell. Decades of using HPI to create a false veneer of a buoyant economy fuelled by cheap credit have suffocated the real economy and led many to think that we could build our way out of this problem. Raise rates as soon as possible and accept the consequences now. It’ll hurt like hell but is the only solution. I know of lots of houses that are empty and being banked. There is more than enough supply of cheap credit to support that, end the problem, raise rates.
House prices should reflect local earnings not corrupt leveraged lending.
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1 hour ago, oatbake said:
Why halve them overnight last year?
Well at the time their reasoning was that they were trying to head off their predicted post brexit vote recession. Many have questioned why they did so as far as time scale and scope of actions. A mere six weeks later and introducing the term funding scheme. They even admitted that the increased QE was to offset the damage dropping rates were causing banks.
They seem to be able to look through hardship facing the public but not when it's faced by the sector many of the MPC originate from. Its that fact that is undermining the publics confidence in the BOE.
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Maybe he’ll announce a rate rise but schedule it to come in to effect next year or the year after.
Also why raise the full twenty five basis points, that would double rates overnight. They might chose to bump it a few point then wait a year or so to see how that works. We have to remember they’re about to try to reverse a mindset of not just theirs but the whole country. The recovery was predicated on encouraging borrowing and after ten years that message is going to reverse. I don’t see any middle ground after such a long time spent convincing the feckless there’s no need to worry just stick it on your plastic they are being told to wake up it’s tomorrow look at your card statement we lied and you’re going to pay. The fear is that they just stop spending. No wonder they’re worried history is about to show that rates should have been rebounding over a lower and small range rather than bing parked and ignored.
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12 hours ago, thewig said:
I memorably made the observation back in 08 that the new build estates were
theslumsof the futureApologies but I just had to.
Development of flats locally has no parking, apparently the main 106 sweetener was that they pay for the roads leading to it be widened however because of where it is the actual roads in its direct vicinity are only single track if vehicles park on them. Can’t imagine the residents in the area of the road widening not being nimbys as they know that they are about to find that their roads used as a car park.
So the solution the house price crisis is to build our way to affordable housing, really?
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I would like to see this get picked up by the all forms of main stream media. It really demonstrates that throwing state money at housing is just worsening the situation. Just hope that it hasn’t been fabricated.
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5 hours ago, disenfranchised said:
I'd have just preferred to serve in a Mosquito!
It would certainly have been an incentive to study hard at flight school as I would imagine only the best got to fly the Mosquito.
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8 hours ago, oatbake said:
Oh dear, landlords going bankrupt due to S24:
Heart warming.
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3 hours ago, disenfranchised said:
British people seem to hold paradoxical beliefs on the subject. We celebrate the "Blitz spirit" and proudly boast how German bombs only made us more determined, yet somehow expected British bombs to work on the Germans.
The post-war strategic bombing review and subsequent efforts to unearth Nazi records show the damage to German manufacturing capacity and supply chain wasn't that heavy. The biggest contribution to the bombing war really made was to tie up a lot of manpower and manufacturing capacity fighting against the RAF & USAF over the skies of Western Europe, rather than on the Eastern Front, of burying and moving and disguising factories rather than building new ones.
Had bomber command managed to replicate the "success" of the 1943 bombing of Hamburg where over 40,000 people were killed in a giant firestorm, it may have been a different matter. The "mistake" was actually to continue picking important industrial, military & strategic targets like Berlin & Munich that could not be similarly torched in the mistaken belief that the massive visual damage inflicted meant the raids were effective. Had the RAF focussed specifically on other targets because they were of tightly packed wooden construction, so good candidates to create a raging inferno, that may have actually ended the war earlier from the sheer horror of what had happened. The extent of what happened to Hamburg left the Nazis and German people reeling as the news crept out. It could be argued that the mistake in torching Dresden & Pforzheim, neither of which were bombed with any real intent 1939-1944 as they were strategically unimportant, was that it happened in 1945, not 1943. The bomber command strategy of area bombing with no prior warning was one of mass murder and a breach of the 1907 Haugue convention - it's just not written as such because both sides did it and we won.
Perhaps the most sensible thing bomber command could have done but failed to do was react to the fact the defensive armament of its 4 engined heavies was pointless. More men died as a result of being taken on raids as gunners than were saved by those planes having guns by a huge factor. The .303 rifle calibre machine guns fitted to RAF bombers were like peashooters compared with the 20mm cannons carried by fighters by 1942. The best advice to a tail gunner who saw a night fighter was to wait for it to fire first in case it had not seen you, as it was far far more likely to shoot you down than the other way round.
Stripped of its turrets the Lancaster was about 40mph faster, could fly higher, and could have had 3 fewer men on board and carried more bombs per mission without the need to man guns.
In the latter stages of the war target choice may very well have been driven by the duel aims of defeating the Nazi and demonstrating to the Soviets a willingness to go the whole nine yards. As far as aircraft speed just look at how fast and lightly armed the Mosquitoes were. Personally if serving in Bomber Command heavies at that time I’d have preferred a bunch of three o threes keeping fighters a little further away than the speed, but that’s just me.
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31 minutes ago, @contradevian said:
However bailiffs collecting for HMRC can enter your home and have a lot more powers. So make sure debts to them are settled!
The whole aspect of turning debt and personal/business distress into evening entertainment for the masses is something that disgusts me about the UK. Can't wait to get out of this toilet. Its not civilised country.
HMRC have the highest powers in the UK. Agree creating entertainment from the distress of others is a poor show. However there has to be a way to recover debts from those that fail to honour debt or no lending would be possible. Where will you go.
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15 minutes ago, @contradevian said:
They still can't force entry though into private homes. Only hope they have then is a car that is not financed parked near the debtors home. And at the end of the day they are business people themselves. It needs a lot of high value stuff not only to settle the debt but to pay their own fee's. Only worth using against business, or against tenants where you need a speedier eviction.
Even if the address is a registered business address?
Btl Scum Regrouping And On The Offensive. -- Merged
in House prices and the economy
Posted
Those would look good on T shirts. They could be worn to their trade shows.