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MrWallace

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About MrWallace

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  1. Don't be silly, billionaires, oligarchs, mafia bosses and third world dictators and their families only live in the posh parts of London. And there is NO WAY the police would have let rioters loot and burn in Nottinghill and the City of Westminister.
  2. If you bought in London in 2008 you'd most likely be mortgaged up to the hit on a property that's price could fall through the floor at any minute. Unless you had a buyer lined up right now.
  3. I think you misunderstand, I actually agree with you, I believe that people with no assets and very little income after essentials have no other option, it's just funny the way the official tune has changed when suggestions that telling the creditors to go to hell or published on the BBC.
  4. Quote from that article you quoted... "Charities say that, on the positive side, the DRO figures show that people are doing something about their financial problems. " That made me chuckle, yeah they're doing something positive and showing that they're serious about their financial problems, they're defaulting. It's like someone saying: "I have finally decided I'm going to be responsible and take my debt problems seriously... I'm telling my creditors to go whistle for it." I'm still laughing, it's just so surreal. It used to be that the responsible thing to do was look seriously at your sp
  5. I get what you're saying, but it doesn't seem like an equal relationship to me. On the one hand we've got the general population, and on the other hand there are sophisticated banking operations out to get their debt claws into them and make money from money with everything from unsecured personal loans and credit cards to pawn shops and pay day loans. And they spend millions on slick PR gurus to tell them the best techniques to do it too, the PR gurus are constantly refining their ways to come up with the best techniques to manipulate people. They constantly bombard our media with advert
  6. Oh I don't know, it's not the first time this has been done. As far as I can see the western world started out on this generation long credit binge when those who were old enough to remember the roaring 1920's and the terrible pain that came afterwards started dying out
  7. In your opinion, is that a bad thing? Should people be ashamed of being bankrupt or in debt? People no doubt made a lot of bad decisions out of the desire to have everything now now now without having to save or even actually be able to afford the things they wanted, but how much of the blame should really rest on the debtor? The banks were supposed to be the sophisticated investors looking after everything with all their risk management models etc... But they just kept on lending the money out to almost anyone who wanted it. A guy at work told me about one of his sons friends who was
  8. If we had the US laws where you could walk away from a mortgage and be free of it simply by handing the keys back to the bank it would certainly help us get the housing crash so many on here want to see, as it is in the UK we will probably see the housing bubble take just as long to deflate as it took to inflate. US style mortgage laws here would lance the boil and get it over and done with a lot quicker as home owners in negative equity wouldn't be holding on. Saying that, the USA's laws would make the bubbles upside worse too. I mean, if house prices are rocketing and you have 'no job no
  9. So, have you seem the teacher again yet?
  10. From where I'm sitting it looks like house prices are crashing, just slowly. In other words the bubble seems to be deflating as quickly as it inflated, or not to far from it. I had a look on aspc.co.uk and it looks like many homes are now fixed priced at under the valuation on the home report, it used to be offers over the valuation on the home report with 10% - 30% over the valuation price not being uncommon. So what do people think? How long did the bubble take to inflate and don't some bubbles, particularly bubbles in pretty illiquid assets, take as long to deflate as they took to infla
  11. Exactly, nicest country I've ever worked in (or visited for that matter) is Norway, not only is it a lovely place with a great benefits system, there is low unemployment and the people there are rich. But as the size of the economy goes they're probably fairly low on the list because they don't have a large population. So Norway have very little clout on the world stage, but that doesn't seem to bother the people there who just want to live nice lives. Saying that, France has a population around about the size of the UK's it it wasn't until the financial crisis that the UK fell behind France
  12. I don't mean to sound rude but I really think you and your primary school teacher mate are wasting your time favouring one of the mainstream parties over the other. They're all the same really, politicians gave their power over to 'the markets' long ago, and they plan to keep it that way too. If Labour were in power unemployment would be like it is now as they wouldn't be able to do much to force private enterprises to create jobs either. All the cuts would be happening too and they would have raised VAT as well. Their promises don't mean anything. Labour are owned by exactly the same gro
  13. I don't think most wanna be home owners are really all that sophisticated as investors to be honest, and I doubt all that many of them aren't buying because they're holding out for further falls either to be honest. Some no doubt are, but I don't think it's as many as we might think. I think most FTBers couldn't really afford homes in 2006 and they still can't now, the difference seems to be that it didn't matter if you couldn't really afford a home in 2006 the bank would just lend you the money anyway while now they won't. I know someone who hates renting and really wants to buy but they h
  14. The deposit is still the single biggest reason first time buyers aren't buying as they simply don't have tens of thousands of pounds of savings. They didn't during the boom times either mind you, but the lenders didn't seem to mind then.
  15. Like I say, it's a bit like a lottery ticket. A jackpot isn't that likely, but it doesn't hurt too much when you're wrong... Lets see... If there was, say, a 90% chance of them going under and a 10% chance of survival and a return to profitability; with the loss being £300 if they went under and the gain being £10,000 if they survived I'd take that bet. I'd rather do that than spend over a thousand pounds on a 1oz gold coin that's probably not going to go any where and has pretty much no chance of ever generating any kind of yield ever. PS. For the record, I DO NOT advocate buying shares i
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