sunonmars
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http://news.bbc.co.uk/1/hi/business/6998228.stm
Last Updated: Monday, 17 September 2007, 09:50 GMT 10:50 UK
Brown in financial crisis talks
Mr Brown wants to reassure the public that the economy is soundThe UK's prime minister and chancellor will meet US Treasury Secretary Hank Paulson to discuss the growing turmoil in world financial markets.The meeting comes as thousands of Northern Rock customers are queuing to withdraw funds from the stricken bank.Brown going to Paulson????????????????????????
I think is again going to add fuel to the fire with people asking why they need to do this, if everything is hunky dory, most of the british sheeple will probably be going uh oh. Might as well stick the massive Dont panic up on news screens again.
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And it's all over for Gordon is the message
Classic line at the end:
I think the writer of that piece has 2 words for Brown and i think its "you're screwed"
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I've had similar conversations this weekend from people who refused to believe anything was wrong months ago and i'd been warning them all for the last 6 months and now i'm getting some "i regret not taking on board what you said", conversations. Unfortunately I said, I'm sorry you didnt listen.
You can lead people to water but you cannot make them drink.
As always it only takes one lemming to pile off the cliff and the rest follow, a la NR. Theres going to be a lot of that soon i think. Once the panic mode kicks in, its very hard to quell and it becomes a self fulfiling prophecy. Watch this space.
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OK so what on earth does this 'no one can be sure' line that keeps getting banded around really mean????
Thats like a person saying 'no one can be sure how much credit card debt I have' only a million times worse since these are financial institutions.
I have a few theories:
a) No one wants to say how bad it really is
Things have gotten so bad that every mortgage lender has 'done an Enron' and the web is so entwined that when it unravels everyone breaksc) Something horrible is happening to the financial computer systems (PGP broken??) and everything keeps going down?
Either way it sounds very much like the military 'battlefield shaping' line from the early naughties (which actually meant blowing up civilian houses) to be good. Any ideas?
It basically means, we get paid huge amounts of money for knowing nothing and quite frankly we have not got a clue.
Thats what it means.
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No, IRs have NOT peaked. Expect 6 or 6.25% by year end or early next year and only up, up and away from there. Plenty of scope for raising IRs in good old blighty!
I don't think they have option but to do this.
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The Fed is likely to cut rates by 25-50 basis points this week. For us Brits:
1. CPI still at or about 2%
2. Northern Rock / Building Soc. fears
3. General credit crunch and fear of contagion from US toxic assets
4. Tories on the bandwagon of accusation against Brown for his irresponsible encouragement of debt over the last decade (i.e. Brown now has a further political incentive to keep the average debt "patient" alive until he has secured 5 more years)
5. BOE has blinked (i.e. by extending help to Northern Rock, the perception is that the Bank will bail out market participants no matter how aggressive or stupid they are).
Sounds to me that rates have peaked. The next move by the BOE will be a cut. This will bring relief to home owners, especially as swap rates are falling (I'm seeing 2 year fixes at 30-40 basis pints below those on offer a few weeks ago).
But when?
I would not bet on it, if anything they will have to go up to protect the pound.
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An old story: Asset rich. Cash and cash flow poor.
Such wealth may prove illusory, and melt away, if/when property prices fall,
leaving behind the debt, and a few memories, and, maybe, alot of bitterness.
("If only I had sold when prices were high...")
EXCERPT:
"The average value of property owned by 25 to 34-year-olds in 2005 was £167,000 – more than double the £65,000 in 1995.
But their average personal debt was £4,600 – almost double the amount it had been a decade earlier.
And, at £94,000, their average mortgage debt had nearly doubled.
The booming property market is also prompting many to rely on their homes in old age rather than a pension."
I SEE: Danger, danger, danger.
Does anyone really think those Pds.167,000 properties are any nicer than the Pds.65,000 properties?
And if property loses 44% of its value, they will be trapped in negative equity, with a cash flow problem,
and no pension. And these are average figures. Many will be struggling with negative equity with a price
drop of far less than 30 or 40%.
Rather foolish IMHO.
£94K, thats nothing compared to the average house debt in London, they are looking at like debts of about at least £200K for a mortgage and 10s of thousands on other kinds of debts. I fully expect London to be the earthquake epicentre when it comes to debt coming crashing down.
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Given current trends, does this mean these people have blown their pensions?
Don't you know, there is no such thing as pension anymore Brownies nicked it all and wants to work us all til we drop, hence no need for pension.
Jesus if we'd nicked the pension fund, we'd be in Strangeways quicker than lightening.
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That would sort of imply to me THAT THEY HAVE NO MONEY then
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If i see the McCann Tour de force on one more fecking front page, i'm liable to scream, sick to the back teeth of it. Made out to be bloody martyrs when they could conceivably been responsible for it.
I think the economy going to shit is far more important. Sorry i needed to rant. These papers need a good dirty slap across the chops.
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Yes, begs the question is always an interesting point, live through it or read about it, and come out financially laughing.
Just dont make yourself look a right Charlie when they go down.
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OM F G, that is amazing - £700!! Nearly fell off my chair. If that was in the UK i couldn't afford it!!!
if there was any moral compass, the american govt should be buying these ridiculously cheap places and giving them to homeless families.
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Its ridiculous, i sold my 3 bedroom flat in London for £400,000 and bought a huge 3 Bedroom flat by the beach in Bodrum with pool for £40,000, go figure. i mean just shows you what shit the Uk is really in.
The rest of the money i have stashed in different banks here and there but especially here as they pay you 20% interest on it and yes you heard me right.
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as typical fashion, the sun, mirror and express all go with the fecking mccanns. Never mind the country is falling down round us and theres panic in the air. A Nuclear war could start and that lot would still put cuddle cat on the front page.
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well, we all know the knock on effect, if multiples drop to only 2x or 3x salaries, all those big house prices will come tumbling down quicker than wh^res drawers at a business convention and it wont be just a little drop, it will be a great big massive whoosh amount.
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The media still is oblivious. Sky news top of the hour has been on for 7 minutes and its all on this womans funeral, hell who knew theres a massive banking situation and economy in trouble.
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A summary
1. Destroyed the best pension system in the world and condemned generations to a poorer retiral
2. Sold our gold reserves at the bottom
3. Allowed the country and its people to become the most indebted on the planet
4. Presided over rampant HPI
5. Precipitated the HPC that will destroy one of the last assets of value in the majority's hands
6. Presided over the regime that has led to the first bank run in living memory
7. Taxed us till the pips squeek
If this goes the way i think it will, GB could be one of the shortest PM's in history once the sheeple call him out and the govt collapses.
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Straw? I think this is more of a rather large boulder...a geordie one at that! The camel is looking a bit flat to me right now.
I feel like phoning up and estate agent and making some offers at 50% to see what happens
you may indeed be right, a great big effing boulder it may be.
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Have none of these idiots actually realised, when news programmes flash up big screens of DON'T PANIC, it usually has the opposite effect, the numpties will do just that PANIC.
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It's as if Brown believes his miracle economy due to the amount of times he has said it. Thing is - this rubs off onto the general public. I was talking to someone at work the other day - saying that the economy is in a bit of a mess. The response was something along the lines of "this is the most stable economy we've ever had, high house prices, good jobs, etc". You can't argue with these people because what you are telling them is that they don't have a single grasp of what is really happening. In essence you are calling them ignorant and uneducated on the matter.
Oh well, they will soon see the light!
See the light as in there forehead smacking of the front headbeam of a 40 ton juggernaut.
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time to resurrect this, christ it just went into major nosedive -2.3%
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He is the worst chancellor by a mile. I hate him sincerely. He should resign.
By the way anyone watching the FTSE, its suddenly dropped in 2 mins from -1.5 to -1.9. Down like a stone.
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Yes indeed, this indeed could be the straw that gives the UK populace a short sharp WAKEY WAKEY. They may have just suddenly seen what a ride they have been taken on and confidence is now in a rather steep nose dive.
Anyone get the feeling that people are going to start hoard and not spend. A few people i have spoken to today have had a sudden realisation along the lines of "this is way serious than i realised, we're fecked"
The world needs a rather large kick in the balls to sort this nonsense out.
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love this quote
House prices fell for the first time in nearly two years in the three months to August, according to data from the Royal Institution of Chartered Surveyors.
Melanie Bien added: "Some people may find it harder to get mortgages as lenders reassess risk and look at who they lend to even more carefully.
"We saw Norwich & Peterborough reduce maximum LTVs (loan to value) this week and, if other lenders follow suit, first-time buyers with little or no deposit may find it harder to get a mortgage."
Huh, duh, if you have little or no deposit YOU SHOULD NOT BE PURCHASING, is it that hard to work out. Jesus.
Reuters: Northern Rock Could Mark Watershed For Brown
in House prices and the economy
Posted
Except that what Brown has done is exactly that but on a much larger scale. You couldnt write this sh^t honestly, the crap heading for Brownie is gonna make his head spin like Linda Blair in the Exorcist.