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Captain Coma

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Everything posted by Captain Coma

  1. This was interesting. A large bungalow (double garage) on what looks like a very pleasant street - no bids at all? Bought in 2000 for 60K so no neg equity (unless mewed to Kingdom Come) - for sale by mortgagee - that's the bank, right? What's the story behind this one? Any ideas/guesses?
  2. European Commission President José Manuel Barroso on News 24 right now explaining that 1.5% of the EU budget will be spent on LOWERING TAXES and INVESTING. The complete antipodes of Labour's "strategy" and, au fond, the obviously correct thing to do. BROWN. IS. TOAST.
  3. Ooh, I didn't realise the repo figures are only for those people who haven't MEWed. Must be a much higher percentage for those that have!
  4. Debt collection agency (DCA): Is Mr X there? You: Do you want Mr X? DCA: Yes You: Why? DCA: Money is owed etc. You: This is a murder scene and you are saying that the deceased owed you money? What is your name and address? DCA: What? You: This is Detective Chief Inspector Y and you clearly know the name of the deceased and are demanding money from him. When was the last time you saw him? DCA: Don't know him, guv, nothing to do with me. You: We can trace this call so don't hang up. DCA: I'm just doing my job. You: You are a material witness in a criminal investigation and we need to interview you immediately. What is the adress you are calling from? An officer will be with you in a few minutes. *click*
  5. Well, didn't work with me. My attitude to Obama/McCain has been "a plague on both their houses", but I actually watched a speech by Obama the other day for the first time, and my feeling was "My God, what a windbag". Then I had the uncomfortable thought (unbudgeable now) that it was really like listening to Neil Kinnock: after he's finally shut up you realise you've got drool on your collar.
  6. So who pays the coupon on the suspended loans? Not the banks, that's for sure. In other words, the Spanish gov - meaning inevitable higher taxes for those still in work. No such thing as free money, I'm afraid.
  7. Yes, jingle mail - but there are a couple of important codas. There is a divide between "recourse" and "non-recourse" loans in the USA (whether the lien is against the borrower or the property alone). Different States have different laws. This post from Ticker Forum is informative: http://www.tickerforum.org/cgi-ticker/akcs...9363&page=3 I believe that in every State, any second loan (i.e. MEW/HELOC) automatically renders the amount owed "recourse", so even if you bought in Florida, if you borrowed against your house to buy a car or holiday, the bank can come after you for the full debt forever ...
  8. Interesting. I just looked up on houseprices.co.uk the house that my parents bought (their first), when I was two years old in 1967. It was in BR6 (Orpington) and cost £7,000 - a new, three-bedroom terraced house. My dad was on about £2500 a year (working in the West End as a theatrical manager at that time), and the p/e ratio was therefore around 3. That property last changed hands in Sept 2003 for £216,000, and the current p/e in BR6 is 11.47 (average current value is £339,700 and average salary £29,610). Inflation is basically stripped out of this way of looking at it, and explains to me how they could afford a house in which to bring up a young family, and I cannot, even at comfortably above average earnings.
  9. 11.82 I can't believe it. I can believe it. (London NW2)
  10. Will rate cuts make a difference? Well, it'll make mortgages more expensive. The pound will fall, making imports dearer - including the imported foreign money needed to be borrowed for gov spending, in turn making real interest rates - the ones the banks charge - higher.
  11. AllSeeingEye - very good point well made. They always say neg equity doesn't matter if you dont have to move. Bloody does though if interest rates go sky high, as they will if you-know-who goes on his drunken sailor spending spree as he threatens. Then you can't afford the mortgage payments, and can't sell at a fraction of the debt owed. Bankruptcy does then look the painless choice. I know I would (thank God I won't have to as I rent). All this is coming down the pike no matter what the BBC says.
  12. I posted this last november on a different thread, but I think if anything what I talked about has become more urgent for the brewing industry since then:
  13. House prices should go up, interest rates should come down. Debt got us into this mess, and by God, debt's going to get us out of it, too. That's the BBC (and the gov) - nary a brain cell between them.
  14. Yeah, the trouble with pubs is that they serve alcohol. Don't worry, I am sure NuLab will soon sort that one out.
  15. I won't shoot you down in flames - it's an excellent question. The government depends on investors lending it money, and these investors will demand a premium for risk (especially with that moron Brown in charge and promising to spend, spend, spend). To get the new gilt issues away, the gov will need to increase premiums (discount, coupon) again and again - the rate to investors/holders of gilts will rise as the UK debt rises. In other words interest rates must rise the longer Labour's spending strategy is pursued; the pound will meanwhile grow weaker leading to inflationary rises and a need for more borrowing and therefore more expensive money. Can't remember where I read it, but my mantra for this week is: THE GOVERNMENT DOESN'T SET INTEREST RATES, PEOPLE WITH MONEY DO.
  16. If Brown is thinking of jumping aboard the euro he'd better be quick about it because it ain't gonna be there much longer. We need Red Adair to cap this flamer: 15% interest rates immediately, then drop by 1% per week until some stability is re-established. Dropping IRs is like throwing a bucket of water at a drowning man. You gotta drain the pool. Apols for mixed metaphors.
  17. I realise that I am physically incapable of listening to that awful man. I have to turn off the TV and radio whenever I hear his voice. The reason being that he is the personification of boredom. Now, as Saul Bellow pointed out, boring people is aggressive - in fact it's worse than that: it is a murderous impulse. All the evil dictators of the 20th century specialised in the terror of boredom: Stalin would force his underlings to spend boring evenings with him, while they trembled with fear lest a stray remark would catch them out and earn them their nine grams of lead. Hitler was an Olympic bore, forcing everybody to listen to his drivelling light opera records and discuss vegetarianism all night long; Castro could bore for the whole of communism with his week-long speeches - but you'd better stay awake and cheer at the end. But more to the point, the great philosopher Quentin Crisp believed to his dying day that "Nothing is boring except a lie," and in that he captures Gordon Brown to a tee. Brown is a black hole iof personality. Time bends as it approaches his mouth, slows down and becomes warped - hence the strange sounds that escape his lips. Gordon Brown lies, his every word is a lie. When he says hello, he is lying. He may not realise it but this does not excuse it. He is a bore. He is killing the economy, and he will try his damndest to kill you, too. It's in his nature, see?
  18. This is worth reading in full ... The £5 billion reason Rothschild knifed his friend George in the back Keith Dovkants 23.10.08 http://www.thisislondon.co.uk/standard/art...back/article.do
  19. I think by a rough show of hands that Ken Clarke has it. They are talking about making Hague shadow Chancellor, but that won't quite do it. Hague is fine, but Clarke has been Chancellor ("No time for novices") and handed over to Brown a thriving economy that has now been utterly trashed. The simple symbolism and theatrics of that fact when Clarke stands up to denounce Brown in the House would be priceless and damning. Plus, Clarke is witty and imperturbable, and will sh!t on Brown from a great height. I can't wait. Edit: Clarke (sorry, Ken)
  20. Haven't posted on your "Classic Auctions" series before, tommyboy, but just like to say many thanks for your magnificent efforts - seriously, there should be a large EU grant for the service you're providing. I must say the properties up today on this auction and the other were almost all perfectly grotty, and I speak as one who is familar with two-up-two-downs (parents lived in one in their retirement, in Walsall - spent all their earnings bringing up us kids! - bought for £39K mid-eighties and sold for £105K in 2006 to buy a lovely bungalow by the sea in Lincolnshire for £125K, paradise by comparison). The 25-30K offered and rejected for these types of property still seem over-generous to my mind. The housing stock of this country is bloody awful a lot of the time, ain't it? Anyhow, many thanks again and keep up the good work. My prediction? Back to 1995 prices before long on much of the stock. We haven't even begun yet. Ahoy hoy!
  21. It would serve NuLab right if the Tories retired Osbourne temporarily to the back benches during the emergency and appointed a proper "war time consiglieri" in the shape of Ken Clark as shadow Chancellor. That would put the fear of God into Brown and Darling. I know Clark's problem is that he is pro-EU, but at the moment that is unimportant: they need somebody who can blow Brown out of the water. Also, Clark is after the Speaker's job, where he can happily go after the election. Ahoy hoy!
  22. On second thoughts, it's of course obvious why we don't hear more of him on the telly. Silly me.
  23. Just read the Harrison piece linked to by the OP. Very impressive - cool, clear, considered and utterly up-to-date. Then I noticed it was written three years ago! Good question why Harrison is not seen and heard more often on the news media.
  24. Nationwide, being a Mutual, operates under strict rules about how it can lend (only on the basis of deposits - not fractional or leveraged, and that's why mutuals are allegedly so secure). Problem is, that means it can quickly get "full up" with funds, because there aren't enough eligible people to lend all the new deposits to quickly enough under current conditions. Mutuals cannot grow that quickly. Your money might be safe at the Nationwide, but if they can't lend out the funds in your ISA to secure a return for you, then they can't pay you any interest. Cheaper for them if you stick it under your matress (and as somebody on the forum pointed out, in a deflationary scenario, your matress pays you interest anyway!). At least, that's how I understand it. Ahoy hoy
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