Queen of Spades

Bread and circuses - worked very well for the Ancient Romans Welfare state and reality TV - working very well today Vive la revolution!!! - I don't think so - too busy watching Jeremy Kyle thanks!

Great post!

A difficult question to answer as you have to take into account his contribution to this mess as chancellor. His first job should be to accept that his belief, his 'mantra', that economic prosperity can be achieved indefinitely through consumer spending and HPI was not just WRONG but deluded. His second job should be to look at countries such as Norway, (who although not entirely unscathed by the global ramifications are much better placed than us to weather the storm as they were much more financially sensible) and accept that it was not inevitable that we are in such a shocking state, it needn't have been like this! I agree wholeheartedly that he should resign - that should be his third job. An honourable man would. But he is not honourable. He is deluded.

And now for their bad points................

No.....thank YOU RB. One of the many voices of sanity on this site that kept me going over the years. I too thought they might just have pulled it off. Came very close to throwing in the towel and buying but YOUR posts in particular stopped me.

Thanks whoami for the post, much appreciated!

Yes yes, take your point FFS we are where we are. But, cards on the table - this is housepricecrash and I am NOT prepared to wait for the bottom even though we are witnessing the biggest mother of a property crash IF our hard earned HPfund is going to be wiped out. Ironic isn't it - I always thought we'd be in for a straightforward crash like last time. Never reckoned I would have to consider buying in too soon to avoid annilihation of savings!

Thanks for that Sebastian. Wonder what the time lag is between the printing presses starting and devaluation kicking in?

Wish they'd just let it run it's course then. I suppose the question is, is it so big that whatever they do it makes no difference so that it has to run it's course.

So which we do you think we'll go? Argentinian or Japanese?

Really!! So they didn't buck the trend then!

Is it really inevitable that we are ultimately going into a hyperinflationary phase? Didn't Japan print money? They only suffered deflation. I have heard that America is now printing money. My understanding is that we are 'borrowing' money to be paid back at a later date by the tax payer - so, not the same thing, just a horrible financial burden for us all. My questions are:- 1. Will we continue to follow America and start printing money? 2. If we do, will we follow Argentina - hyperinflation or Japan - deflation? I appreciate that this subject is extremely complex, but would be extremely grateful for your thoughts.

Better still, Cameron should let William Hague take over and have Clark as shadow chancellor, then we might have some serious oomph to oust this odious government.

Bread and circuses! Worked for the Ancient Romans

A bull rally is entirely dependent on how the banks respond to this rate cut. If they all follow Lloyds, there will probably be some movement in the market and the media will go to town and declare that the worst is over. If this happens I really don't think it will last very long. Cuts will more than likely only be passed onto existing borrowers. FTB's have still never had it so bad. Most of them are already indebted and now need large deposits, plus, rates are not favourable for them and arrangement fees are large....and let's not forget the biggest problem, house prices are still way too high. It is being stated on some news bulletins that the MPC know just how bad things are going to be in the future which is why they are taking such drastic action. Taking this into consideration, I do not believe the HPC can be stopped. The cuts may momentarily slow things down, but only until the next crisis emerges (which it inevitably will otherwise why the steep cut?) I too have been saving diligently for many years and find it increasingly dispiriting to see the government reward those who choose to borrow and spend recklessly. I overheard the other day a child of about seven claiming that she did not need an education as she was going to be a property developer when she grew up. I could not believe my ears! The mindset of this country needs to change and change fast. Unfortunately the head honcho of this mindset happens to be our great leader, which is why this correction is long overdue and seems to be taking forever.

As discussed on this forum, there seems to be a lot of sellers who think that so far, falling houseprices are just a 'blip' and cutting interest rates will sort everything out and 'things will get back to normal', just like they did when rates were cut August 2005 and HPI was reignited. Also discussed is how surprisingly sticky house prices have been in some areas and the general reluctance from sellers to lower prices unless forced to by repossession etc. They have all been waiting for the government or the BOE to do something to make it all better. Well now they have, theoretically, this 1.5% cut should be the answer to their prayers. A re-run of 2005 x 3. Alternatively, it could transpire that this will make no difference at all (as I believe it won't) and as realisation dawns that cutting rates has not stopped the crash, sellers will accept that the game is up, HPI is dead in the water and capitulate. House prices should then start to fall at a speedier rate. I think this will happen because America has 1% rates and an ongoing crash. Japan in the 90's too. Lending is not going to return to 2007 levels. Game over!!

I wonder for how much longer Krusty will be asked for her 'expert' opinion. All that article reveals to me is her woefully inadequate grasp of the financial situation.

Maybe it's because his website is all about saving money and not speculating with it. If that is the reason then a sub forum is the best place for such a hot potato.

I don't ever speak to anyone - it's all automated, it's all horses for courses I suppose!

I got that letter too on the same day as I received another letter from my favourite charity apologising for having potentially lost 11.2 million in an Icelandic savings account! Alarm bells really should have rung then. However got through this morning on the telephone - no problem - however, it was 4am! Just happened to wake up at 3.55 and thought I'd chance it then instead of 7am. Have yet to see the transaction go through though!

If business is so good why has he/she got the time to right such a long winded reply in the first place?

I believe it's Japanese for 'Hello'!

Another stirling performance FP!! Well done!! p.s. First time I've ever seen you smile on the telly - suits you!!!

After an historical week I have come out of the woodwork to pose a question. There have been comments that house prices are falling faster than at the time of the Great Depression, I found this: http://www.clusterstock.com/2008/9/shiller...reat-depression which suggests that prices fell by 30% during the Depression and that America is already at -20%. Articles in the Telegraph also suggest the same is happening in the UK. http://www.telegraph.co.uk/money/main.jhtm...bcnhouse204.xml My query is: 1. Had property over inflated before the 1930's bust in the same proportion as it has today? (I always thought the bubble was linked to shares not property). 2. As this has been the biggest property bubble ever, and, as we are in unchartered financial waters, surely we must be looking at falls much greater than 30%. Apologies if there is a previous similar thread but your thoughts would be much appreciated.

I was in Cambridge the other weekend and noticed at least one, possibly two estate agents that had ceased to be.