Jump to content
House Price Crash Forum

Captain Coma

  • Posts

  • Joined

  • Last visited

Everything posted by Captain Coma

  1. OK, now it's obvious that the financial system is skirting meltdown, to be smartly followed by the rest of the economy, and that NewLabour is helplessly imploding, Cameron could act as follows: 1 - Announce that the next Conservative administration will be an emergency government to deal forcefully and drastically with the apocalyptic horlicks of the New Labour years. 2 - Announce that the Libdems will be both consulted and represented in a cabinet that is the equivalent of a wartime coalition - pointedly excluding NewLabour traitors from it. Chiefly, the Libdem presence would be signalled by a special cabinet position for Vincent Cable. This will have the effect of virtually wiping out the surviving NewLabour vote by transferring it to the Libdems. It would also stuff Clegg and not reduce the Conservative vote in any notable constituency. The losses would all be NewLabour's. NewLabour would be utterly atomised, hopefully never to darken the doorstep of our once-great land ever again. Worth a punt.
  2. You should look at the fantasy budget she (?) fills in on that thread. House cost £147,000 and the repayments are £490 per month ... That's an IO mortgage at 4% (so what's going to happen when that resets?). PLUS, best of all, she lists in her asset column the house as £147K as an offset to her debts! Not a penny of equity. Cloud cuckoo land. Two dogs, though (bet they're Afghan hounds).
  3. Indeed, crashes undershoot the long-term norm, and if a crash is bad enough then a phenomenon that Henry C. K. Liu calls "credit revulsion" can occur, in which people simply steer clear of taking on debt. Liu thinks that it can last up to a generation if things were bad enough!
  4. Dear Remorsefulbroker Welcome and thanks for an informative, indeed eye-opening piece. I think it is well-written and that you should try selling it to one of the broadsheets. Tell them they can see it on here and ask if they'd like you to expand it or if they want a series of pieces. Worth a try - the sort of topical, well-informed and discussion-provoking thing they would pay for (roughly £500/1000 words, or at least it used to be).
  5. 2.5 to 3 x salary as crashes always undershoot at the trough (and the bigger the bubble the deeper they undershoot). In other words, as Reaper said above. Boy, I'm feeling bearish to-nite!
  6. That's right, and no, it's not the one in the main parade near La Brocca, it's at the top of West End Lane just before Finchley Road (next door to the deli).
  7. They could do a special offer: three boobs for the price of two.
  8. In case Conway's article makes you despair, take a mo' to read the comments below it, where he gets utterly (and intelligently) roasted. I wanted to post meself, but the Telegraph button to register wouldn't respond. Ahoy hoy.
  9. If all the above occurs there won't be any interbank lending, so I guess LIBOR will go to infinity.
  10. My wife had an appointment with her dentist this morning. Until recently it was a two-man practice but the other partner - a rising root-canal star, apparently - has gone to work in Harley Street. She asked the dentist if he was going to get anybody in to fill the spare surgery, and he said not. He added that this was the quietest he had known it in 30 years of dentisting. Important to add that this practice is quite expensive and I don't think it does NHS work (in fact I am sure that's so - NHS dentists rare as hens' teeth around 'ere), so business from relatively well-heeled patients has dropped away. To put it in context, although this is not a super-rich area, it's quite flush AT THE MOMENT. E.g. Emma Thompson and her mum live round the corner, and I passed Patsy Kensit on the street this morning while I was pushing the pram. Best of all, Bert Kwok is a local. Anyway, thirty years. Chew on it.
  11. ... his new housing rescue plans, what would your answer be? I think mine would be "Of course, he would be most welcome, as long as I have a guarantee that it's going out live".
  12. I know I'm being stupid (so don't feel you have to tell me), but am I correct in assuming these mortage approval figures refer only to brand new loans to fund the purchase of new properties, and exclude re-mortgages? And if so, what are the levels for re-mortgaging for all those people whose low-rate fixed-term loans are now ending, and where can we find them? Many thanks
  13. Mr Parry, I know exactly what you mean. It's cool.
  14. As to "Nasty, brutish and short", Hobbes was talking about a state of nature (anarchy) nearer to the frantic free-for-all of unfettered desire and aggrandisation we have been living through. It brutalises people and denudes them of essential humanity. I am no bleeding heart liberal, believe me ("good fences make good neighbours", etc), but the way that chasing material ends can lead to a demented relationship with the world indicates that less is indeed more, both for peace of mind and tranquility of relationships with loved ones and friends. ("Getting and spending we lay waste our powers; Nothing there is in nature that is ours"*) So, fewer (useless and excess) material goods: more tolerance, less violence. More time. Talk. Read books. Relax. Watch sunset. Etc. Hate to sound soft. Am a hard b*astard really. Eat yer liver I will! Mr Parry: "Thank you Captain, you restore my faith." Solidarity, brother! *Wordsworth, innit.
  15. You're absolutely right , of course. I have been trying to do this throughout the insane Nulab bubble and have occasionally felt like an outcast, although I do feel a sense of relief and satisfaction that the insanity is beginning to pass. Could the cheaper, simpler, more humane life be about to return?
  16. Alistair Darling assassin (already fired first bullet), GB target, AD propelled by Eeyore Jack Straw and supported on the flank by David Monkey Boy Milliband, with soft half-promises of support from cowardy-custard members of the cabinet from "Jacquie" (little heart over the "i") homsec, through Blears to everybody else, who will run to the other side of the field if they see the alpha sheep turn thus. Basically (as I have argued - to be honest, not really argued but asserted - elsewhere), Brown can't launch his economic miracle thingy this week to a background of loud raspberries from the Treasury. He has to sack Darling quickly now, and if he chooses to ignore the Treasury noises then he will be a laughing stock to the umptieth degree and that will be that.
  17. This will be very interesting if Darling stands his ground. I suspect he has found an ally in Mervyn King, and has Jack Straw in the background as stiletto-wielding assassin. Plainly, Darling has calculated that he has nothing left to lose. He has decided to call Brown's bluff, which is fascinating considering that they are allegedly such long-standing friends. It may be irrelevant whether Darling is considering his career first or the fate of the country (in the face of Brown's oncoming scorched earth policy). If he thinks they are cosanguinious - he is destroyed along with the UK economy - then there may be survival mileage in making himself an obvious opponent to the mad bull PM as he goes down raging in his blood. I remain convinced that we are witnesses at an assassination. Contrary views welcome.
  18. Exactly. This troll person is not an LL but is in a position where to survive he needs the interest of LLs. In other words he is an estate agent (hence his fingertip adeptness at calling up properties on rightmove to prove his points etc etc). Leave it! Ee ain't worf it!
  19. You can't have your chancellor, in the very week that our beloved PM is about to relaunch himself with an economic recovery plan, come on telly saying that we're all doomed and it's back to the 1930s. Darling has just challenged Brown to sack him. As far as I can see, Brown has no other option, and he has to do it immediately or he'll look like a complete twunt when he rolls out his genius masterplan to what is effectively a chorus of raspberries from the Treasury. Now, if Brown sacks Darling, who else might (as previously arranged) walk out in support of him? Eeyore Straw and Monkey Boy Milliband to name but two. Brown couldn't survive that. Definitely assassination time, and astutely done. Check mate, Gordon, old pal. Pay the nurse on your way out.
  20. Who thinks this is the official start of the assassination of Brown (and the Brownites)?
  21. Funny you should say that, Elizabeth. The flat I rent (two-bed 1930s mansion flat, very nice architecturally, but hey!) was bought in 1999 for £115K, and I thought then that it was overpriced. The identical (mirror-image) flat next door sold for £250k in 2006. This is London. I believe that before too long our flat will be worth its true value (adjusted for inflation or not, we will wait and see ...) of about £85K-£95K. That's 1997-98 prices. And I still wouldn't buy it. Don't like leasehold and service charges (landlord's problem). £75k-£80k then maybe I'd consider it. Maybe. I was utterly unmoved by the house price bubble, thought it was insane, and always knew it would end in tears and snotters. 50% falls? Forget it. I'm expecting 70% plus and not just in new builds. And even then I will remain unimpressed.
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.