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This Is What You're Up Against


Soul Reaver
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I do like to make a distinction between ***** like the unshaven twit in the video with his BTL empire built on sand and older couples who saw the value of their pension schemes being eroded and decided to buy a small property to rent out to boost retirement income. Death to the former, sympathy for the latter. Is Ajay Ahuja still solvent? I do hope not.

Maybe.

I do understand why they would do it, I wish my folks would've done the same.

I just get a bad taste in my mouth when the "have it all" generation feel I should pay for their retirement through rent because I can't afford homes that are being deliberately held out of my reach.

But it certainly aint all boomers, as this turd proves, our lot are even greedier in some cases.

This video shows that the foul taste of property speculation at others expense is still alive and kicking in the UK.

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Not a property tax.

http://en.wikipedia.org/wiki/Property_tax

Look at the entry for the uk

Yes OK you are using the legal definition of property tax and I am talking about taxes raised from property.

I think you will agree the government raises a lot of tax from property (hence its present discomfort). Its a bit like arguing NI is not income tax

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Yes OK you are using the legal definition of property tax and I am talking about taxes raised from property.

I think you will agree the government raises a lot of tax from property (hence its present discomfort). Its a bit like arguing NI is not income tax

I don't agree- the percentage of UK government revenues which have come from property (importantly, land value) have been steadily decreasing long term and have been replaced with punitive and damaging taxes on work and trade. It is the largest part of our present malaise.

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Maybe.

I do understand why they would do it, I wish my folks would've done the same.

I just get a bad taste in my mouth when the "have it all" generation feel I should pay for their retirement through rent because I can't afford homes that are being deliberately held out of my reach.

But it certainly aint all boomers, as this turd proves, our lot are even greedier in some cases.

This video shows that the foul taste of property speculation at others expense is still alive and kicking in the UK.

+1 there have always been idiots in every generation and in every country.

Only thing that has changed is that it used to be possible to work hard, work smart, and elevate yourself above the idiots.

Nowadays I get the feeling that this option has been taken away. :(

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+1 there have always been idiots in every generation and in every country.

Only thing that has changed is that it used to be possible to work hard, work smart, and elevate yourself above the idiots.

Nowadays I get the feeling that this option has been taken away. :(

This is my experience too.

I know of two chaps (both late 30s) who work in a low skill jobs in the NHS. One tried to work as a delivery driver and taxi driver but couldn't manage it.

He owns a number of BTL properties and the other has just put his property on the market for 600K.

It occurred to me that these people had made money on property because they were stupid. They didn't see the risk in what they were doing whereas someone brighter would have been more cautious.

As it happens they got away with it (so far) through good luck but this must be the cause of the resentment so many posters on HPC share.

Edited by dr ray
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This is my experience too.

I know of two chaps (both late 30s) who work in a low skill jobs in the NHS. One tried to work as a delivery driver and taxi driver but couldn't manage it.

He owns a number of BTL properties and the other has just put his property on the market for 600K.

It occurred to me that these people had made money on property because they were stupid. They didn't see the risk in what they were doing whereas someone brighter would have been more cautious.

As it happens they got away with it (so far) through good luck but this must be the cause of the resentment so many posters on HPC share.

Irresponsible, not stupid. They made money because they were irresponsible. Self-reliant people are in general more cautious because they know that noone will bail them out if it goes wrong. You see it with entrepreneurs as well - who tend to have wealthy backgrounds and therefore someone to bail them out - or are very poor and have nothing to lose.

Anyway, is this not illegal? I mean, he seems to run some kind of an investment company, and if this is his professional advice then it is totally outrageous. Would it be illegal if he were advocating the purchase of shares?

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An excerpt from Matthew Parris's column today:

I nipped out of the Labour conference at Brighton yesterday, for a haircut. A few hundred yards up the road from the steel barricades and placard-waving trade unionists I found a no-nonsense-looking place, entered and was shown to a barber’s chair. My head spun with conference talk and conference excitement about whatever was the gollygosh conference news of the hour. Clippers aloft, a calm woman set about my undistinguished locks.

“What do you do?” she asked.

“I’m a journalist, here to report the conference.”

“Conference?”

“You know, the Labour one. The Prime Minister’s speaking this afternoon.”

“Prime Minister?” Er . . . Oh yes . . . Gordon . . . er . . . Brown.” Pause. “Which conference did you say?”

“Labour. You know — the Government.”

“The Government . . . yes. Mm . . . yes. So that’s what it’s all about. Mm . . . isn’t it nice, this sunny September weather . . ?”

Makes you wonder how they remember to breathe in and out! :(

Edited by Young Goat
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It occurred to me that these people had made money on property because they were stupid. They didn't see the risk in what they were doing whereas someone brighter would have been more cautious.

As it happens they got away with it (so far) through good luck but this must be the cause of the resentment so many posters on HPC share.

A larger, more practical and less personal concern is twofold. Firstly, the knowledge that these people in no sense earned what they received by directly or indirectly providing any value to anyone or solving any problem - and secondly, that what they received for doing nothing of value came at the expense of higher productive costs for people who were actually providing value and solving problems. It was a gigantic wealth transfer away from production to total uselessness

Edited by Stars
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Irresponsible, not stupid. They made money because they were irresponsible. Self-reliant people are in general more cautious because they know that noone will bail them out if it goes wrong. You see it with entrepreneurs as well - who tend to have wealthy backgrounds and therefore someone to bail them out - or are very poor and have nothing to lose.

The risk of failure is where it all falls down :(

At the moment you can invest in markets that are distorted so as to minimise the possibility (and consequences) of failure.

Housing is a perfect example of this: people who were irresponsible are being bailed out by the 'self-reliant' and cautious crowd.

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A larger, more practical and less personal concern is twofold. Firstly, the knowledge that these people in no sense earned what they received by directly or indirectly providing any value to anyone or solving any problem - and secondly, that what they received for doing nothing of value came at the expense of higher productive costs for people who were actually providing value and solving problems. It was a gigantic wealth transfer away from production to total uselessness

That is also a serious concern for me.

When you can "earn" more in a year from your house than from hard work, you've effectively destroyed any incentive people might have to do any "productive work".

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