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mrpleasant

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  1. No, they are not good for anyone for a whole raft of reasons well documented on here since 2008, but as with most things, bad economic decisions end up hurting the poor most. A lot of them will have loans they are struggling to pay and which will increase overnight when rates rise. The reason for the comment is the assumption that Jack Monroe had poor people in mind when she made her comments on Twitter. The article doesn't go into detail, but her tweet included several examples of specific staples typically bought by those on lower incomes that had risen in price massively above the published rate of inflation.
  2. I'm sure she meant well, but have the ONS just guaranteed inflation statistics are going to look even worse in future, putting more pressure on the BoE to raise rates? https://www.bbc.co.uk/news/business-60140858
  3. On the BBC website now: https://www.bbc.co.uk/news/business-54897989 "Over the past decade, Diane, who asked for her name to be changed in this article, has struggled with a mortgage at an interest rate of 4.99%" Oh boy. How broken it all is. 8%? 15%? I've paid it all in the past. If a lender had offered me less than 5% I'd have been picking my jaw up off the floor.
  4. Oh no! Does that mean the boss will have to cancel his order for a new Bentley and keep the 'old' one for another year?
  5. A Marxist in No. 10 would solve the nation's problems? (I can't quite read the writing on the wall behind his arm, but it looks very much like Shaft The Future.)
  6. I don't suppose anyone managed to glean what Kam the property genius said?
  7. That's an interesting point. Back in 2007, if you looked hard enough, there were tiny pockets of the press reporting that mortgages were getting harder to get and that Spanish property was looking peaky (I saw an article in The Times in 2006 on that subject), but the vast, vast majority had been brainwashed into believing property was the magic money tree of myth. I visited a friend who ran a tiny mortgage broker business with a friend at Christmas 2007 - a full five months after 'the crunch' and he seemed happily oblivious to the whole thing. I mean, seriously. The silent phone at work was just the Christmas slowdown. This time, we've had a decade of readjustment psychologically. Yes, houses go up, etc, but it's tempered now with a healthy dose of reality. Friends in the south east aren't nearly so excited about what their house is worth these days. It IS incredibly hard to see what this or any government can do about it if the collapse is dramatic, but the depressing effect on the economy of huge falls would be (will be) horrendous. A couple of years of deflation followed by massive inflation? Interesting times.
  8. Isn't it the NW who reverts to 'quarterly rise' headlines when MoM is down? I guess they've still got decades and centuries as a measure when YoY goes negative (horribly).
  9. I really, really think it's time to stop using the word 'market' to describe how property is bought and sold in the UK. F*** knows what it is, but a market it most definitely is not.
  10. Completely agree. I don't think we can blame Osborne for keeping the bubble inflated though the temptation is great and many on here were bitterly disappointed by his tactics post 2010. And there would be no point in me criticising the tunnel-visioned Labour supporters at work if I committed precisely the same folly in blaming only Labour for all our economic woes. There have been many times over the years when I've felt ashamed at my cynicism around politics, but the truth is more often than not events have proved me naive...
  11. I'm aware this thread has taken on a life of its own - and is all the more interesting for it - but I will clarify at risk of dragging the debate back several weeks: Yes, I left school at the age of 18 in 1977 and entered the workplace, but in menial, low-paid and mainly seasonal work for the following four years until an encounter with an old teacher set me on a path to further education (1981-86). Then it was back into the workplace as a teacher. I left teaching in 1991 to go into IT in the manufacturing sector. Not until then did I experience the full effects of the economic cycle and all the uncertainty that comes with it. Very unremarkable and not particularly representative of my 'tribe'. By then, of course, I was 'on the ladder' and although there were many sleepless nights, the roof over my head was, in retrospect, firmly in place. Lucky? Possibly, but at the time it was my neighbours who seemed lucky. Around fifteen years older than me and childless, they had retired from British Gas at 50 years old with astounding pensions and were fully into the dream - long-haul holidays every year, gadgets, ferry to France once or twice a year to fill the boot with wine, kitchen refits, you know the drill. Hard to believe I am in the same bracket, which technically I am. As someone above has pointed out, this forum began life during Brown's phoney boom which grew a housing bubble so monstrous it couldn't be punctured in the time-honoured fashion of simply stepping back and letting the market do its thing. We can debate who or what a boomer is for another 100 pages, but this is the nub of it. Bizarrely, the anti-boomer sentiment where I work appears to ignore this or perhaps is genuinely unaware of it. Because of the inconvenient truth that Labour were in charge?
  12. I wasn't living in Wales at the time, but it's safe to assume people here would still rather buy Satan a pint than her. Haven't looked at that red vs blue map that was all over the news the day after the election, but from memory South Wales is one of the biggest - if not the biggest - blocks of contiguous red seats in the entire UK now the North has turned somewhat mixed. The voters who don't directly remember Thatcher are the children of people who do. It's hard to describe the almost genetic-level hatred of her that abounds here unless you experience it. For many otherwise well-rounded individuals, literally ANY option is preferable to the Tories, anti-semitic Marxists included, and I'd go so far as to say that there's next to no chance of a reasoned debate on the subject. I'm not bringing it up, that's for sure.
  13. Love it! I live in Wales and now I can claim I'm a 'Jones' too! This actually feels right. It's annoying enough to feel blamed for the woes of the younger generation(s), but it's particularly irritating when you look back and find it hard to see the actual cushy times it's claimed you had. Now back to catching up on the rest of this thread...
  14. In a bookshop yesterday and happened to see the cover of this year's Private Eye annual with spoof headline "Fury, as fury erupts!". There's comedy potential even the feedback loop from hell.
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