Diddad

Refreshingly honest perhaps. But missing arguably the biggest economic news story of the decade suggests he's not much of a journalist.

I wrote last night that the BBC's lack of acknowledgement of the Eddie George news just confirmed for me that they are a propoganda machine and the fact they have leapt on the "Bank voted 8-1 to freeze UK rates" story just confirms it. I don't know what pressure they are under, internal or external but they are not independent. I wrote to the Jeremy Vine show about the Eddie George news and I'm going to write to anyone at the BBC that I feel appropriate. I think others should do the same. It won't make a huge difference but the BBC need to know that people know what is going on and want to know why the BBC are taking the stance they are. Come on folks, we're the ones paying their salaries at the end of the day. Get your money's worth!!!

I am stunned by this news and doubly stunned by the fact the BBC aren't reporting it. It's not even buried on their 'Your Money' page and surely there cannot be a more relevant story relating to people's money this decade. Funny really, on one had we have Eddie confirming what many already knew and the BBC not reporting it is simply confirming what many know about them too. What a day!!! When this news gets out, and I am sure it will, there is going to be a stampede to the EAs. They may even be hiring, anyone interested?.........Nope, thought not!!!!!!!

Yes, that pesky world ecomony. It's just one factor which could well **** everything up in the West for the next decade or so. Best to ignore it really. What's that phrase about an 'elephant in the room'???

Yes people should be more responsible in their lending and should avoid going overdrawn whenever they can (especially without asking first). However, banks are not entitled to make the rules up as they go along. Obviously they've tried to and been caught out. Good, I hope they lose millions. Yes, they'll try and claw it back in other ways and it's up to consumers to try and ensure they don't get away with it. Come on people, the banks are the ******* enemy. Just cos they've got nice branches on nearly every street doesn't mean they're not here on earth to do Beelzebub's bidding. If they're so concerned about losing a few quid they should start lending it a bit more responsibly.

If the regime in this country gets so bad that we have to start worrying about having signed a petition on a Government website, then the day will have come when individuals either take to the streets and fight or stay at home and take what's coming.

There always seems to be someone on Homes Under The Hammer (et al) who buys without a survey. (Sometimes they buy without even seeing the property).

You know what gets me? Apart from the Citizens Advice Bureau, charities helping those in financial difficulties and bears on this board no-one seems to be taking the matter of debt in this country seriously. I mean, at some point this debt merry-go-round will have to stop and when it does house prices and consumer spending are going to go through the floor and at the levels we're currently at, with very little sign of any end to the spending, it's going to take the whole economy down with it. So what's up then? It is simply so out of control now that the government have just closed their eyes, put their heads between their knees and are now kissing their asses goodbye?

I don't see how anyone, other than a small few, will be able to afford to move up the ladder anymore. As HPI outstrips earnings inflation year after year the gaps in the ladder are becoming increasingly wider. Therefore without a major injection of cash (lottery, inheritance etc) or telling lies to your mortgage provider the vast majority aren't going to be able to bridge the gaps in the ladder. Additionally, so many first time buyers will have bought new build properties and there is every likelihood, with the way they are thrown up nowadays, that they're going to be getting an increasingly bad time over the coming years. Anyone interested in the problems of new build should read this thread, it's a real eye opener, especially the post at the bottom of the page from 'rickpoker'. I've never seen anything like it - http://www.housepricecrash.co.uk/forum/ind...2206&st=180

I have to agree. This country is f****d. I can't think of anything particularly positive about rampant HPI. It's got the majority of people in this country focussed on one thing - the price increase in their home and huge numbers MEWing the 'proceeds'. It's got a huge minority trying to keep up and spending far more money than they can repay with an explosion in debt and a load more people who have given up on ever owning their own home. All assuming that prices will never go down. Meanwhile, as everyone is so wrapped up in their own personal battle to keep up with the Joneses the government are squandering billions a year, allowing pension funds to be demolished, selling off our gold at the bottom of the market, taking us into an illegal war, etc etc etc. I just wish people could see that this party CANNOT go on for ever. Gordon Brown will not vanquish 'boom and bust'. If it was as simple as he thinks it would have been done decades ago. When the party ends this country is going to have a hangover which will be off the scale of suffering. And every month that the boom continues the bust will equally be more damaging.

All of those factors were in place prior to the last crash and the crash still happened. Sentiment is a big factor. The process will play out the same as last time too, the cracks start to appear, the scales tip and instead of the phrase on everyone's lips being 'you'd be a mug not to buy property now', it becomes 'you'd be a mug to buy property now'.

Sorry, that was a typo. I meant to say 'conflict in Iran' rather then Iraq.

I agree that it is starting to feel different this time, especially when you look at the statistics but instinct is important too. The whole economy/housing market is on a knife edge and the bears on this site know it and instinctively know it's a dangerous time to buy a property. None of us know which combination of triggers could cause prices to start sliding but as I say, things are on a knife edge. It might not happen at all or it might happen very very quickly. Sure GB thinks he's got everything under control and the British public on the whole seem to be so preoccupied with celebrity, shopping and HPI that they've not noticed the cracks appearing. But more and more people daily are finding out what's really going on. Add onto the scales the possibility of anything coming from leftfield AT ANY TIME - major terrorist activity, conflict in Iraq, China, an earthquake in Tokyo (overdue apparently), even bird flu, who knows what. As someone just said "The calm before the storm". It really feels like that to me. Is that instinct kicking in again? We'll have to wait and see but it's times like this that the nasty surprise that no-one accounted for can happen. As for GB, I feel that the cliche regarding the best laid plans of mice and men seems appropriate. In-depth analysis of historic statistical data etc has it's place and is very important but it's not my bag. We all know there is something very wrong with the current housing/lending/earning situation in the UK and this will be corrected.

So, presumably the CML have NO IDEA how many FTBs there actually are. In which case the BBC headline "First-time home buyers stretched" is misleading. For all we know the majority of FTBs could be anything but. Especially at the moment.

I think that depends on the size of the tax owed. I'm no expert but say you inherit a million pound estate, you owe 40% of everything above £285,000 which equals £286,000. So, you're going to have to find £28,500 per year for 10 years to pay the taxman. Obviously not every inheritance is worth a million but halve it and an individual is still going to owe £86,000 or nearly £10,000 'spare' per year. Not easy in this day and age. And with house price inflation FAR out-stripping income inflation............