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Rich No More: 700,000 Wealthy People Wiped Out By The Credit Crunch

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Around 700,000 people have seen their fortunes wiped out by the recession, a shocking study revealed today.

The report, from the research firm Datamonitor, reveals for the first time the number of 'rich' people - who are no longer rich.

It highlights the crippling impact of the recession which has hit the value of people's savings and investments which may take decades to recover their value.

Read more: http://www.dailymail.co.uk/news/article-1306144/The-number-affluent-people-UK-dropped-dramatically-credit-crunch.html#ixzz0xeX4LtjJ

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Was out & about to day, while a lot have gone many remain..............stendfasty hanging on to their ex-lease hire BMW. Oh how i pray for peek oil!!!!

I think the real result will arrive when "Normal" market forces make Merv put rates back up to 4 then 6 then7 then 8....then 12 %. 20% vat kicks in as does LOTS of inflation & may be some peek oil.....................can't wait! ;)

mike

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Was out & about to day, while a lot have gone many remain..............stendfasty hanging on to their ex-lease hire BMW. Oh how i pray for peek oil!!!!

I think the real result will arrive when "Normal" market forces make Merv put rates back up to 4 then 6 then7 then 8....then 12 %. 20% vat kicks in as does LOTS of inflation & may be some peek oil.....................can't wait! ;)

mike

Yes, interest rates will be a killer for many hundreds of '000s hanging on to the good old days (pre '08) via ZIRP, while savers suffer.

But beware of what you ask for; peak oil could be a major cluster **** for the world, and for us as our conventional oil and gas output are falling off a cliff.

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...

I think the real result will arrive when "Normal" market forces make Merv put rates back up to 4 then 6 then7 then 8....then 12 %. 20%

...

er, how are market forces supposed to return if we're still having interest rates imposed on us by a soviet style planning board in Threadneedle St?

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"The average person lost £11,300, equal to £22,600 for a couple, according to the Institute for Fiscal Studies."

Wow, that's really helpful. After all, it's pretty tricky, multiplying by two.

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Bunch of ********.

First this is DM ********. Then, assuming that the DM has got its investigation correct, the number of "affluent" people has dropped from 7.9m to 7.2m. Small drop really, when you consider the term "affluence" according to the article.

Why can't the DM try to link this with FTB prices / mortgages and have a little bit more of angle as to why having £30k in liquid assets isn't really affluent because of the stupid HP. Bonkers.

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Bunch of ********.

First this is DM ********. Then, assuming that the DM has got its investigation correct, the number of "affluent" people has dropped from 7.9m to 7.2m. Small drop really, when you consider the term "affluence" according to the article.

Why can't the DM try to link this with FTB prices / mortgages and have a little bit more of angle as to why having £30k in liquid assets isn't really affluent because of the stupid HP. Bonkers.

Yes, these were similar to my thoughts. Apparently, not even having enough cash for a deposit on a ftb home, under current lending conditions, is affluent - interesting.

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Yes, these were similar to my thoughts. Apparently, not even having enough cash for a deposit on a ftb home, under current lending conditions, is affluent - interesting.

Yeah , and on the other side of the coin, because the definition excludes property and pensions, someone with a £2m house with no mortgage and another £2m in a pension fund would not be classed as affluent if they had no investments outside the pension and less than 30k in the bank. Doh.

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Was out & about to day, while a lot have gone many remain..............spendfasty hanging on to their ex-lease hire BMW. Oh how i pray for peek oil!!!!

I think the real result will arrive when "Normal" market forces make Merv put rates back up to 4 then 6 then7 then 8....then 12 %. 20% vat kicks in as does LOTS of inflation & may be some peek oil.....................can't wait! ;)

mike

edited for you...

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Tragic really.

When people write displaying their envy toward others do they not realise that they too will "suffer".

Peak oil is a load of balony in our lifetime. But should I be wrong, you won't have to worry about 4x4's you'll be more concerned about how to pay for your food.

All food production requires crude oil products from diesel, fertiliser, pesticide, electricity for drying grain, shrink rap, distribution you name it.

I do wish the idealists on this forum would engage brain a little more before typing the first nonsense which comes into their heads.

Anyway if peak oil comes along the good news is the countryside will be saved. No need for housing all over agricultural land - no work here, no means of transport.

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Tragic really.

When people write displaying their envy toward others do they not realise that they too will "suffer".

Peak oil is a load of balony in our lifetime. But should I be wrong, you won't have to worry about 4x4's you'll be more concerned about how to pay for your food.

All food production requires crude oil products from diesel, fertiliser, pesticide, electricity for drying grain, shrink rap, distribution you name it.

I do wish the idealists on this forum would engage brain a little more before typing the first nonsense which comes into their heads.

Anyway if peak oil comes along the good news is the countryside will be saved. No need for housing all over agricultural land - no work here, no means of transport.

Our forefathers managed with horses, bicycles, and rubbish low speed cars, you just loose out on any kind of decent lifestyle/choice/travel as we know it. I would still be happy with beer, a bike, and someone to dance with :).

Maybe they do not see that world as a place they would suffer in?

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Yes, interest rates will be a killer for many hundreds of '000s hanging on to the good old days (pre '08) via ZIRP, while savers suffer.

But beware of what you ask for; peak oil could be a major cluster **** for the world, and for us as our conventional oil and gas output are falling off a cliff.

It's the banks again! People don't seem to remember that they are 'rebuilding' their balance sheets simply by paying savers almost nothing, but still charging 3-6% for mortgages. The biggest margins in history. It's virtual...no actual theft from savers.

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Our forefathers managed with horses, bicycles, and rubbish low speed cars, you just loose out on any kind of decent lifestyle/choice/travel as we know it. I would still be happy with beer, a bike, and someone to dance with :).

Maybe they do not see that world as a place they would suffer in?

There were a lot less of them though.

Didn't David Attenborough say that the world population has doubled since he started broadcasting?

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Tragic really.

When people write displaying their envy toward others do they not realise that they too will "suffer".

Peak oil is a load of balony in our lifetime. But should I be wrong, you won't have to worry about 4x4's you'll be more concerned about how to pay for your food.

All food production requires crude oil products from diesel, fertiliser, pesticide, electricity for drying grain, shrink rap, distribution you name it.

I do wish the idealists on this forum would engage brain a little more before typing the first nonsense which comes into their heads.

Anyway if peak oil comes along the good news is the countryside will be saved. No need for housing all over agricultural land - no work here, no means of transport.

Tragic really. I do wish idealists who bang on about protecting 'rural England' would engage their brains a little before typing!

I love the way the sentence about there being no oil to produce food proceeds one about there being no need to build housing on precious agricultural land. Can you not see the contradiction?

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There were a lot less of them though.

Didn't David Attenborough say that the world population has doubled since he started broadcasting?

Thus we use up even more oil.

Its a bit odd talking about pensioners invested in stocks to cover living costs! I thought there are heavy taxes on income and savings, to go over those bands is to get hit by the loss of Council tax reduction, home care support, and state pension benefits? Even with 30k your better off having 25k off the radar, a different story for the truly rich.

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  • 245 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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