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Everything posted by shermanator

  1. These 'profits' that the banks claim to making is nothing apart from cooking the books with their accountant friends - for example lowering writedowns on bad debt. So what happens when more people default on unsecured loans and the housing market continues to grind lower? They'll be back for another bail out but these thieving banksters won't be paying back their bonuses. In any civilised country messrs Diamond, Goodwin, Hornby et al would be swinging from lamposts not swigging Cristal :angry:
  2. Too many sheeple, some HPCers included, have been brainwashed into thinking that banks and banksters are vital to the UK's security - like nuclear weapons or something. Hence you get Daily Fail folks going "oh we have to bail out the banks otherwise the ATMs will stop working" and such like. The traditional Right have utterly failed to neuter the banksters, let's hope the Left wing students and anti-cuts middle classes bring the whole rotten system crashing down. Bonuses are real - shame the 'profits' are totally illusory.
  3. Nonsense. £27m is chump change, like you or I digging in our pocket for 5p. As one who's used the Citizen's Advice Bureau debt advisors, I can attest to their knowledge and professionalism. The problem is a lot of creditors resort to empty threats when it comes to unsecured debt and lots of people get worried with solicitor's letters, so the CAB are sometimes their only source of advice and support. Tell me, are you one of those who supported the £1.2tn bail out for loser Banksters and subsequent ludicrous bonuses, or at least not a murmur of protest? I'm fed up with the elite going on about cutting and austerity when the Banksters have got away with tens of billions of our money. Let's turn the tables and instigate mass defaults on unsecured loans to bring the whole Ponzi scheme crashing down - or offering repayments of £1 a month (something that debt advisors routinely suggest).
  4. Is it just me, or is all this talk amongst fantasy-land economists about a 'manufacturing renaissance' a load of complete tosh? Pretty clear successive governments since Thatcher have made it clear the UK is only interested in services and money-shuffling.....with pretty disastrous consequences as we're seeing.
  5. Looks like their funding has dried up - perfect prelude to Credit Crunch MK2. As regards your situation. If you pay off a loan early, you get charged only a very little amount, it's done by some formula but can't remember it. If they try it on, tell them to naff off as any Court in the land will back you as they have their money.
  6. Add into the mix their core customer is skint and it's looking none to good jor JJB. Stores well understocked too - bust by Easter I reckon.
  7. Are we already seeing credit contraction showing up in retail sales? John Lewis and Tesco juggernauts both rely on all this re-mortgaging nonsense and their sales are down - markedly in the case of JL stores. Still, at least the Banksters are spendong on their 'luxury' goods.......with OUR money :angry:
  8. Mystic Merv has been quite open - Interest rates will only rise when wages start creeping up. Considering that wage freezes/cuts are all around (apart from Banksters and the elite), interest rates ain't going nowhere.....apart from down, when the UK is officially double-dipped
  9. I think the Tesco juggernaut that's been flattening everything in its path over the past 15 years is now in retreat and it wouldn't surprise if they issued a profits warning this year. Fully agree re Lidl and Aldi, great produce at rock bottom prices but whether they'll conquer the British love of brands I'm not sure.
  10. This whole nonsense of the banksters holding the country to ransom with their threats to leave, up yours bonuses based on liar profits cooked up with their accountants while receiving a £1.2trn bail out is beyond a joke. RBS and Lloyd's are as good as nationalised - the useless 'Koalishon' should've just said 'no bonuses' period. As for Barclays and HSBC - they've benefitted enormously from the entire Ponzi system being propped up for a little longer so they should've been subject to a 100% super tax. If little Osborne thinks a piddling £800m levy is going to asuage public anger on this matter, he's very much mistaken. The whole Bankster issue rumbling on and gathering speed, like a snowball down a mountain, despite the best efforts of the elite to sweep it under the carpet. How long will it be before the elite reap the whirlwind of their hubris? :angry:
  11. Out of interest, are any HPCers cutting down on their driving and are their friends/family doing likewise? What's happening to the volume of petrol/diesel sales on the UK's forecourts? If I'm any guide they should be contracting fast.
  12. Haha, solid entertainment. Any government the least bit interested in its citizens would tell the banksters to naff off and stop shovelling money into them via bail outs, QE and SLS - of course then they couldn't move offshore as they'd be bust. Who has perpetuated this myth that banks are so important? Banksters themselves and government, the two are inter-changeable; stories like "if we don't bail out the banks, the ATMs will stop working", classic old school scare tactics rather like their justification for paying these outrageous bonuses. I'm with RB and others. £800m is chump change when set against the hundreds of billions bankster's largesse has cost us, it's just a figure to buy off the sheeple. Only a revolution will sort it out and that time may be approaching if the arrogance of Diamond et al is any contrarian call. As I keep on saying - stop all bonuses ENTIRELY.
  13. Hopefully the Bankster's all consuming greed will be their downfall and as you say rather ironic if it's a Tory Chancellor who stiffs them. It's either the government deal with them or people to the streets - perhaps the penny is dropping in Downing Street, from their various spies around the country.
  14. Totally concur. If Boy George had any chutzpah he'd veto any bank bonuses for Lloyd's and RBS as they're de facto nationalised, not signing off on £6bn of our money :angry: . As for Barclays and HSBC; are they not benefitting from SLS and and QE propping up their balance sheets? Of course they are, so their bonuses can be vetoed too. Do you really think the Arabs would've invested in Barclays if not for implicit taxpayer support? Let's end this charade and nationalise all banks now (well, we keep being told how vital they are to the UK after all), wind down the loan books and let a proper banking systen take its place where everyone will know there'll be no guarantees, ever!
  15. France, near Lyon. Had my fill of this country's worship of banksters, footballers and celebrities. The French, even those from humble backgrounds, attempt to nourish their brain as well as their wallet - philosophers are revered there. Nothing less than a revolution is needed to halt these bonuses and false accounting practises indulged in by the banks. The 'Koalishon' are mere glove pockets for the elite to tap and Osborne's risible 'clampdown' on the banks is now exposed as tosh when he's signing off on £6bn of bonuses. Do the sheeple care or is it just me getting worked up?
  16. There we have it agreed, the 'Koalishon' are in bed with the Banksters despite Osborne's feeble sop this morning. Let's hope this act of great hubris will bring down both the government and the banking sector. The vast majority of these bonuses are being paid to banksters who paid themselves whopping bonuses by trading worthless bits of paper illegally and issuing phony profits before 2007 - then when their gaff was blown the taxpayer picked up the tab. Not happy at all :angry: Thank goodness I'm emigrating in a week .
  17. Correct, that's certainly what I foresee happening. In Japan the banks were/are bust and were propped up just like the UK, in Japan there have been trillions of Yen of QE just like the UK has begun - has it made a jot of difference to Japan's deflationary fight and kickstarted a rising housing market? All that's happened is a load of non-lending zombie banks being created....much like the UK. Furthermore, when Japan enjoyed their house price boom were there not people who were proclaiming a new paradigm and that rises were ingrained within its people? Seems to me there are many here who think that we've reached the 'end of history'. Are the British so much cleverer than the Land of the Rising Sun to avoid a prolonged period of housing deflation? Chuck in those whopping 0.4% pay rises and it's not looking to bright!
  18. Sorry, I just don't believe a retail boom is going on and reckon these figures are total tosh to try and get a 'feel good' factor going with the Daily Fail sheeple. Look at the John Lewis figures for the new year - and they cater for a supposedly well off customer base. Anecdotally, I'm seeing cafes, sandwich bars, nightclubs, Bookmakers and clothing retailers close (in some cases doing a moonlight flit) around the SE London and North Kent area. My father said 3 restaurants down the Fulham Road have closed since Christmas, doesn't seem much of a boom to me....unless of course it's the banksters spending OUR cash :angry:
  19. Well, we're down about 15% from the '07 peak and I for one can see another 50% coming off on average (some properties more others less). Genuinely surprised that I'm one of only a handful who predicts a Japanese style perma-slump; everyone seems to think it can't happen here......perhaps decent contrarian play too! A huge housing bubble destroyed Japan for a generation and the same thing has happened to the UK, though whether British bourses will de-couple like the Nikkei is uncertain. Also wouldn't surprise if Sterling stayed very strong like the Yen - and remember Japan's mountain of money printing make ours look like a molehill. At least we're agreed that there'll be no post housing slump boom a la the mid 90s.
  20. Some intersting points raised by STRers and others. Let me clarify, I believe that we are in the midst of a HPC that will be far more devastating than the mid 70s or early 90s. Where I differ from many here is in the belief that this will be a re-run of the early 90s and the banks will swiftly ramp up lending and another boom will follow. Being a deflationist I can see house prices dropping......and dropping....and dropping like Japan - peak to perma trough 70%. To be honest, there are quite a few people here (STRers amongst them) who I feel want to be part of any next boom in asset prices, use their home as an ATM for holidays, cars etc despite proclaiming to abhor it. If my theory plays out they won't have the chance and I'll be rather pleased about that, can't stand hypocrisy.
  21. Welcome to the land of zombie economy resulting from zombie banks. There ain't gonna be no 'crack up' boom as happened after the early 90s crash which is why I see Japan style deflation as the inevitable ongoing outcome. Ironic that many STRers probably supported the ludicrous bail outs in '08 as they knew they needed a functioning banking system, like we had in the mid 90s, to help them in a few years. Bet they're regretting that now; Worst of all worlds! So unlike 20 years ago when real estate was deflating, banks were solvent and giving c.8% IR on a STR fund.
  22. Correct analysis, which is why I further predict a Japan style perma-slump with no upturn, as happened in the UK post say 1996. The majority of HPCers want to see a bad housing collapse......but not so bad that mortgage availibility is severely restricted and they're unable to take advantage. Of course those with say 90% of the purchase price will be OK. The worse the better I say - bring on Japanese 70% deflationary collapse to make the early 90s look like a more appetizer
  23. As the article below demonstrates, mortgage lending is contracting and quite an alarming (not for me) rate along with broad money supply. Of course, this in an inevitable consequence of the British banking system being insolvent and just using QE and the SLS to prop up their balance sheets temporarily - so they can shovel some more bonuses into their pockets. Now, I'm surprised that nobody on these forums, that I've seen anyway, is concerned that when real estate does become affordable on a price/income ratio, no one will be lending - even if you have a good credit history. This applies particularly to the STR brigade who are sitting on what they think will be a nice little deposit and then go along to the bank for the say, 60% balance on their 'dream' property. Perhaps it has crossed various HPC minds but they're in groupthink denial? Whatever, I get the impression that there are many on this forum who want a re-run of the early 90s, whereby house prices fall markedly but they can take advantage by borrowing. Big difference is, back in the mid 90s banks were solvent and didn't require any bail outs. I predict a lot of people are going to be disappointed that they'll be unable to take advantage of the deflationary collapse. British mortgage approvals for house purchases fell more than expected in December to their lowest since March 2009, in a sign the housing market is set to continue to weaken, official data showed on Tuesday. The Bank of England said mortgage approvals totalled 42,563 in December, down from 47,287 in November and the lowest since March 2009 when Britain was stuck in recession. Analysts had forecast a reading of 47,000. Analysts said the drop in December may have been exacerbated by harsh weather in December, and that there could be a rebound in January. Nonetheless, mortgage approvals are now running at less than half their long-run average, suggesting that further house price falls may be to come. "The level of depressed demand reflected by low mortgage approvals implies that house prices will continue declining well into 2011," said Nida Ali, economist at Ernst & Young. Tuesday's data came after mortgage lender Nationwide said house prices in January fell at their fastest annual rate since August 2009, by 1.1 percent, and is likely to reinforce speculation that the BoE will hold off raising interest rates for some time to come. Confidence in the housing market is being hurt by a still fragile economic recovery, reflected in an unexpected decline in gross domestic product in the fourth quarter of last year, and by the prospect of heavy public spending cuts as the government seeks to slash a record budget deficit. Net mortgage lending unexpectedly fell by 298 million pounds in December -- its lowest since July 2010 and well below a previous six-month average of a rise of 600 million pounds. Analysts had forecast a rise of 650 million pounds. Consumer credit rose by 181 million pounds, confounding forecasts for no rise on the month. However, other data published at the same time suggested that credit conditions remain tight in the wider economy, despite the BoE's programme to pump 200 billion pounds of cash into the system. The BoE's preferred gauge of money supply, M4 excluding intermediate other financial corporations eased to 0.3 percent on the month after a 0.4 percent rise in November. The headline rate of M4 broad money supply growth, meanwhile, fell by 1.3 percent on the month -- its lowest on record and more than double the 0.6 percent decline recorded in November. The annual rate of M4 broad money supply contracted by 1.5 percent after a decline of 1.2 percent in November, also a series low
  24. Here's what Marx wrote in 1867. "Owners of capital will stimulate the working class to buy more and more expensive goods, houses and technology, pushing them to take more and more expensive credits, until their debts become unbearable. The unpaid debt will lead to bankruptcy of banks, which will have to be nationalised, and the state will have to take the road which will eventually lead to communism". Am I the only one struck by Marx's vision into the future of banking and the ultimate endgame of nationalised banks? Perhaps Bob Diamond knows this day is fast approaching and is clearing the tills in best Bankster fashion. Of course this all should've happened in 2008 but the inevitable has merely been delayed not avoided. The next leg down in asset values will lay waste to British banks as surely as night follows day, when the defaults are realised on the balance sheets.
  25. My feeling is that come the next round banking crisis, quite soon now when the bank's profits are proved to be phoney and billions more are written off, the public won't stomach another bail out. The elite will try and scare the sheeple with stuff like "if we don't recapitalise the banking system ATMs will stop working" but it's the cry wolf syndrome. Bankster Bob and his chums have also made another bail out less likely by awarding themselves ludicrous bonuses for a bit of creative accountancy.
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