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Everything posted by shermanator

  1. Tired of Waiting - you at least see the need for shareholders to be wiped out, a wide ranging public investigation with sanctions and the formal nationalisation of banks. However, when you go on about the Western world would've collapsed, you're dealing with hypotheticals; nobody knows what would've happened definitively but even worst case scenario would be far better than postponing the inevitable for just a few months whilst burning through trillions. Do you also swallow the banksters line re bonuses that "we have to pay the best to attract the best talent". Hah, how on earth anyone can argue that with a straight face is beyond me. Shall I tell you the definitive effect of the bail outs; banksters have collected 100s of billions more in bonuses, the necessary process of creative destruction has been delayed (much to the chagrin of HPCers) and the underlying problem of debt hasn't been fixed. You're clearly not a fool but reading your posts is like reading the latest 'there is no alternative' cr*p in the Daily Trashgraph or Daily Fail.
  2. Banks should have been allowed to go the wall like any other private entity - unless you think the rules of the market and 'creative destruction' don't apply to lenders? Shareholders and senior bondholders totally 100% wiped out and the loan books of the lenders wound down by a government appointed body. Think what would've happened - no bail outs, no more bankster bonuses, no more moral hazard and the task of re-balancing the economy a whole deal easier. It didn't happen because the banksters and their useful idiots all bought into this nonsense of banks being 'too big to fail'. Interestingly, ex 'Tory' MP Howard Flight supported the bail outs despite being a big 'free market' cheerleader. Much like HPC actually.
  3. Exactly. If people have saved enough to negate the need for bank financing, they'll be in an excellent position. Those who have saved say 40% of their dream abode and wish to borrow the balance from the insolvent banks will be mighty disappointed. That's the difference I was trying to point out, perhaps clumsily. Do you get me now?
  4. You're missing my point. Sure the housing collapse will eclipse the early 90s or mid 70s, that much we agree on. Where I see trouble ahead for STRers is that the banks won't be lending for them to take advantage of cheap real estate.
  5. By HPC's poster boy Broon "saving the banks" he also inadvertently gave the Wilsons, and people like them, a stay of execution. When it's realised the re-capitalisation has been a monumental failure of taxpayer's money, the banks will call in the loans and wind down their exposure - that's not too far away IMHO.
  6. Think it may have more to do with HBOS being bust, so there's little or nothing to lend. All this rather puts a spanner in the works of the various STRers who thought it'd be a re-run of the early 90s. Hah.......actually it is different this time.
  7. Many a true word said in jest - it's what most HPCers support so probably get support here. Still as long as the ponzi scheme is kept going for a few months who cares! When Santander go bust (that's when not if) and have to be 're-capitalised', who's on the hook for this, British or Spanish taxpayers?
  8. I'm really rather worried that anyone in a same position to myself reads your bankster mouthpiece posts and think they have no way out. I thought this intially and was told by family and friends about credit rating which is why I went into a debt management plan first off. For what? To bail out bust banks, to pay Banksters' Cristal bills hmmm no thanks. On this point, my opinion on the matter is more important than anyone elses as I've had experience. I repeat. If you have unsecured debts, no assets and no income then get yourself into a DRO. You'll put your life on hold for a year (though it's a weight of your mind) but after that year you're free whereas these debt repayment plans grind on for years. Sure your credit rating is trashed but you can always repair it at a later date, as uncle rogi says if you wish. Also agree with uncle rogi re this housing collapse bearing no relation to what happened in the early 90s. Back then HPC's beloved banks were not bust so lending could be resumed in a timely fashion. This deflationary bust will mean very cheap real estate but very little lending as the banks are insolvent. Still, you'll only have yourselves to blame by supporting your banking masters - Autumn 2008 was indeed a seminal moment.
  9. Well, the banksters' useless idiots (Uncle Rogi and a very few others excepted) are certainly getting their Arminis in a twist. Just to clarify, I'm not on a 'wind up' - before I leave in month's time I'll be splitting 1k bewtween 10 charities as for many years I donated thousands (and my parents tens of thousands), so as I won't be returning to the UK, I've made a personal decision to do this. Yes, I know it's an affront to your ponzi faith (whereby the banks should never lose on any loan) and most are busy either shovelling money in 'bonuses' to Cristal guzzling elitists or into their STR fund* but there we go. How many times do I have to repeat key points? Firstly, I was not in a position to repay the loan as I had £17 in the bank, secondly my parents did not guarantee the loan or have anything to do with it - my mother offered to pay it but I refused as banks like any other business make malinvestments and thirdly the bail outs for bust banks quite simply changed the rules of the game in my eyes. The irony of the bankster apologists and bail out cheerleaders who pre-dominate on HPC is that had the natural law of business had taken its course and RBS, HBOS, Lloyds gone to the wall, I'd have tried very hard to repay the loan - I think I'm not alone. Anyway, I wish to return to the main reason I posted my anecdote. Anyone here who has unsecured loans and no assets (like myself) get yourself along to the CAB or a debt charity ASAP. Like a previous poster it was the best thing I ever did, both for my mental health and the future. DROs are discharged after a year and offer a way out so you can rebuild your life. I'm not qualified to comment on bankruptcy for large sums, but other people will be. * Your desire to pick up a property on the cheap will sadly (or not) be thwarted as the banks are insolvent and their loan books will rapidly deflate - so unless your STR fund buys the property outright, you're gonna be disappointed as the soon to nationalised banks won't be lending. Meanwhile the banksters are clearing the tills with your money, oh the irony.
  10. Oh dear, I seem to have ruffled a few feathers. Still, at least it's blown the lid of HPC being a bastion of the free market and 'creative destruction' - most posters here (honourable exceptions Uncle Rogi and a few others) seem to be willing to shovel yet more money to the banksters and their cronies; just in case you guys are getting withdrawl symptoms, Mystic Merv will be passing round the begging bowl for another multi billion pound 'recapitalisation' quite soon. Still I'm sure your faith in the ponzi system of fractional reserve banking is quite unshakable. - just don't be surprised when the nationalised banks won't be lending to even those with A1 credit histories when real estate collapses. As a final thought, I'm discharged. Could turn up outside the bank in a Roller burning 500 Euro notes and there's nothing they could do. As for France - the only thing I'll miss is the cricket and I wouldn't apply for a credit card even if I could. Still, I'm making a 4 figure donation to my favourite charities as an adieu to the corrupt UK. Sorry to disappoint the bankster apologists - not that your misplaced loyalty will be rewarded.
  11. Santander could be an excellent shorting opportunity as their loan book must be very impaired in both Spain and the UK. Plus where are they getting their short term funding from? What are their proven reserves? Their real estate losses in Spain haven't been realised yet, so that's going to hurt. No doubt an Iberian version of Broon and Mystic Merv will pop up to 'save the world' and recapitalise Santander to the tune of more than their entire GDP whilst giving out billions to banksters in bonuses. It's the Anglo rule book dontcha know, much beloved by HPC.
  12. Er, when have I blamed the bank for my business failure? I've been totally upfront, the business failed because I took wrong decisions and I won't even blame the recession. I repeat, I didn't have the money to repay the debt, my parents did. If blame is to be attributed anywhere, it is to be directed at the government and the BOE for the initial and subsequent bail outs (which many posters weirdly believe was the correct thing to do hmmm) that altered my moral compass and shone a light on the fractional reserve ponzi scheme which gets taxpayers on the hook for liabilities whilst the banksters are busy shovelling bonuses into their accounts. Let's focus on facts and leave 'morality' (a highly subjective term) out of it. The banks have been bailed out to the tune of trillions, bonuses are flowing again like Champagne, QE is eroding purchasing power and the ponzi scheme is being kept afloat, thereby rendering many correspondents here in limbo and the economy in a Japan twilight zone. Let's fast forward to the ultimate endgame of nationalised banks, deflating loan books and an end to fractional reserve banking. Of course that will be a great disappontment to many HPCers who are hoping to ride the very greedy ponzi scheme that they profess to abhor.
  13. Uncle Rogi, you continue to make some very valid points. If the banks had been allowed to fail, negating the need for bail outs, I would have paid back the loan over a period or come to a mutually agreeable settlement. Speaking personally, the rules of the game changed with the bail out and then the bonuses on top - well no regrets. Broadening it out, I was surprised how meekly the Great British Public (hahaha) accepted the wisdom of the bail outs but reading through various correspondent's postings it doesn't surprise me - the ponzi hegemony is ingrained even in HPCers. If in autumn 2008, the banks had gone to the wall, lil old me would've tried to repay my loan (as I suspect many others would too), the banks would've wound down their loan books thus causing a real estate bust that you could've all taken advantage of as the banks would be nationalized. Sadly, none of this happened and all we've seen is a last desperate attempt to keep the elite ponzi schemers from taking a massive hit at the taxpayer's expense. Seems to me the UK has the worst of all worlds.
  14. I mention the Daily Mail and certain branches of Protestantism as I believe they represent a microcosm of everything that's wrong with Anglo-Saxon society - the wrongs which created a giant Ponzi scheme which cetain posters here are happy to keep afloat with bail outs, bonuses, QE and a continuation of fractional reserve banking - this has been facilitated by one motive, greed. It'd have been great if my venture had worked out and the unsecured loans repaid, it didn't and the bank took that risk with depositer's cash and through the wholesale market. Now they knew perfectly well, if it didn't work out they wouldn't get it back as it wasn't secured or a debenture. Of course the irony of all this is, come the inevitable deflationary collapse of asset prices and for HPCers real estate, you'll go along to the bank with your perfect credit record and STR fund only to be told by the bank that sorry we're not lending as their loan books will necessarily severely deflate as their trillions in losses are realised. If you have 100% cash you'll do very well out of the looming deflation. The banking system may well become more 'French'. Finally, what Mystic Merv has done is create 'moral hazard'....not only for the banksters but also the debtors. Think that's called the rule of unintended consequences.
  15. Well this anecdote has certainly got the lurking Daily Mail (only a slightly more upmarket Sun btw) brigade and/or Calvinists going. Just to clarify a couple of things. I came out of my failed business venture with nothing so it wasn't a question of wilfully not paying while having squirelled thousands away. Sure my parents could have repaid the loan easily but HBOS knew the risk of unsecured loans hence a higher premium on the loan. Banks can lose money you know - Simon Halabi and Paul Kemsley being just 2 who went bust for hundreds of millions but are still eating in top restaurants in Mayfair. Now, if all this happened in say 2005 I'd have worked hard to pay it back however the blank cheque that Mervyn King and Brown (a miserable archetypal Presbytarian) to bail out the bust banks that will run to trillions changed my whole world view and 'moral' compass. Subsequently I'm even more pleased that I didn't pay it back as the banksters award themselves tens of billions in bonuses this year - little heads up guys, that's your money being spent on Cristal and at the Maldives. Perhaps the moral outrage would be better served at the banks; actually some correspondents here remind me of a wife who keeps on getting bashed about by the husband but always makes excuses for them, such as "we had to bail out the banks" er really did we? I know Lenin coined the phrase Useful Idiots, some here are more useless I fear. I'm not looking for absolution, benediction, sympathy or anything as my life is back on track. My main reason was to point out the rules of the game have quite simply changed and for anyone here stressing about unsecured loans and with few assets go along to the Citizen's Advice Bureau and get the ball rolling, they were very helpful. My credit rating is trashed, that's ultimately the bank's only sanction. However, I'm under 30, soon to be living in a great country and debt free while you've got that blank cheque to the banksters. In any 'moral' society, as the critics put it, there would have been popular outrage against the banks and bail outs but it doesn't surprise the British just watched more X Factor. Plus ca change.
  16. Good question, here's the answer. When HBOS realised I was going into a DRO and made the 'full and final settlement' (but with a bad note by my credit rating still) of 6k instead of 15k my mother was desperate to pay it off for me but that was only a few months after the bail outs and QE so I said f*ck em, they knew the risk and went into it "with their eyes wide open" - and lloking at the tens of billions in taxpayer-funded bonuses I don't regret refusing my mum's offer for a second. Now if all this had happened pre '08 I'd have paid it back but the sham of free markets hit me like lightening in '08. Are banks not businsses? Do the bankster apologists here never want them to lose unsecured monies? Funny how deeply ingrained this thinking is. I lost, bank lost but you guys think I lose, bank win. Interesting, most interesting.
  17. How is what I'm doing 'wrong', whatever wrong is? Let's look at it. The bank gave me unsecured loans, they know the risk of someone defaulting on an unsecured debt, that's why the IRs are so much bigger than for a secured debt. Secondly, in early 2009 Debt Relief Orders came into being, all perfectly legal. My point regarding Daily Mail is they represent all that's very worse about the lower-middle classes in this country. As for your parting shot, my 'underlying' problem is gone as the DRO is discharged - so while your money is being paid to shovel billions into bankster's pockets, I'll be looking on amused from sunny Lyon.
  18. No, I don't sufficient money to buy a place in France but my parents do - big difference. I'd have a small degree of sympathy with the bankster apologists if I wasted the money on holidays, designer gear, restaurants, plasma TVs et al but I came out of it with nothing, literally. Bread and circuses should be a good read for some of you guys - just update it with banksters, useful idiots and the mass media.
  19. Oh get over yourself with your righteous indignation - you probably read the Daily Mail too. My main reason for posting the anecdote was as a guide to others here who have unsecured loans and are worried that they can't pay them back - there is very little the lender can do apart from trash your credit rating (which if you've defaulted they'll do regardless). Actually, you very neatly encapsulate the problem with Anglo-Saxon Britain, especially amongst the lower-middle classes; a non-questioning faith in 'the system', whether it be banks or any type of authority. Anyway, thank goodness I'm leaving this country behind as my parents are giving me an advance on my inheritance and so I'm buying a place in Lyon - mortgage free to allay the oh-so-boring posters kvetching about credit ratings, mortgage refusals etc. How interesting to note there are still many on here who seek to excuse the banksters, bail outs and taxpayer funded bonuses.......or are they too busy harrumphing into their Daily Mails.
  20. 3 years ago I took out a personal loan with HBOS of 15k and a few grand on a (platinum haha) credit card for a new business venture that went under; my fault nothing to do with the great recession, so hold my hands up. Anyway, I was initially determined to pay every last penny of the loans back as I was very much from that old school of 'neither a borrower nor a lender be'. Add to this the endless phone calls, threatening letters and (in house) solicitor's contacts. Anyway, that whole attitude changed in the Autumn of 2008 when the banks went bust and people (property developers many of them) walked away from Hbos, RBS, Lloyds oweing tens of milliions and they themselves were bailed out to the tune of trillions by the taxpayer. It should be added, before this I was very much a Conservative free market disciple but that's been proven to be a sham by the banksters. So I managed to bring the outstanding amount below 15k and went into a Debt Relief Order as I had negligible assets and no regular income - everyone's creative with the criteria just don't take the mickey. When I said to Hbos that I wouldn't be paying back the money and was thinking about entering a DRO, they suddenly became very friendly and offered me substantial discounts as a 'full and final' offer. Then it dawned on me, besides firing off empty threat letters and making my life hell by constantly ringing, they couldn't really do much as my debt was UNSECURED. They then said my credit rating would be severely damaged....er it's already on a par with a banana republic now so it can't get much worse I told them. So there we are. Not especially proud of it but look what the banksters (and their useful idiots in government) have done to every one of you reading this forum with their compulsary bailouts and endless QE. So if you have unsecured debts and are struggling, you're actually in an OK position but if you're secured they'll get you. This is genuine by the way.
  21. Depends what you mean by 'double dip'? If you mean when will we next have a quarter of negative growth, then I think Q3 2011 due to data lag and QE. But as I keep saying to HPCers and everyone I chat to about the economy - THIS IS NOT A 'NORMAL' RECESSION. It's a deflationary depression that will not seem as bad as say 73-75 or 90-92 but will drag on for far longer and there'll be many false dawns in the 'recovery'. I know, I know, I'm banging my head against a brick wall as virtually everyone here sees inflation lurking everywhere. I'll believe them when I see wage increases....until then, no way.
  22. You wish. It's following the Japanese deflation model to a T. Mind you, they say over-use of steroids shrinks the brain to the size of a peanut so you're excused.
  23. Well, I presume if IRs are to rise sharply then wages will also be incresingly sharply? Exactly. I predict more quantitative easing and deflation.
  24. Funny, I was chatting to my dad (born 1941) the other week about the 60s. He reckons all this hype about the 60s being rock 'n roll, swinging etc is just that, hype. However he noticed a big difference when he returned to London in 1975 after leaving to go to France in 1968. Bowler hats in the City were dying out, accents had got worse, there was a drugs scene and the Arabs had replaced the Jews (of which he was one) as the big spenders in restaurants, casinos* and then of course when the Shah of Iran got booted out, Persians piled into London property but even the 70s property boom was OK because WAGES WERE INCREASING. * Told me he went to Crockfords in the late 70s and Heikh Yamani had a wad of 50s so big he couldn't fold them and was giving the doorman tenners.
  25. How does gold perform when there's deflation!!? I'm staggered at how many HPCers see inflation lurking around every 0.nothing rise in the CPI or whatever. The FED have pumped trillions into the system and they're seeing deflation; doesn't this tell you something? I'm thinking of starting a deflation crash website - seriously.
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