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Wait & See

No One Forced The General Public

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This is the bottom line. People need to take responsibility for this fecking disaster. All the insecure dirt who wanted that X5 and shitty new build, even though they were basically poor, need to take a look at themselves.

The banks are scum, but, they had a regular supply of fecking idiot punters who were desperate to sign up for that mortgage or loan for a crap kitchen, hoping to look wealthy when really they were all just peasents that the banks laughed at.

This is the truth of the situation. 95% of the western worlds population should be put out of their misery IMO. Fecking grunts that are, now going to be the cannon fodder for the banks.

Oh dear!!

Edited by Wait & See

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All the trinkets - agree.

Housing, many were spooked into making decisions and taking loans they never would have contemplated - buy now or be priced out. Those who ran this scam, funded it, promoted it and enabled it are the ones responsible.

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This is the bottom line. People need to take responsibility for this fecking disaster. All the insecure dirt who wanted that X5 and shitty new build, even though they were basically poor, need to take a look at themselves.

The banks are scum, but, they had a regular supply of fecking idiot punters who were desperate to sign up for that mortgage or loan for a crap kitchen, hoping to look wealth when really they were all just peasents that the banks laughed at.

This is the truth of the situation. 95% of the western worlds population should be put out of their misery IMO. Fecking grunts that are, now going to be the cannon fodder for the banks.

Oh dear!!

Oh dear when the housing bust hits britain indeed, and we all have to pay for the fecklessness of others.

Edited by jammo

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Oh dear when the housing bust hits britain indeed, and we all have to pay for the fecklessness of others.

Let's just see the bastards out on the street shall we jammo. They wanted the dream by talking ****** to the bank manager, now they must face the nightmare IMO.

Feck the bloody lot of them.

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Let's just see the bastards out on the street shall we jammo. They wanted the dream by talking ****** to the bank manager, now they must face the nightmare IMO.

Feck the bloody lot of them.

I'm not far off your ruthless thought line. Many smug, patronising gits of the boom era need to fall on their swords. If only it wouldn't hurt eveyone else along with it. Mortgage liar loan recipients should be taken out, but collateral damage will make it a bitter sweet victory. Ah sod it.. bring it on! She who bought at the peak should suffer, time for the rest of us to have our punt, bring on the crash full throttle ;)

Edit: By punt, personally I mean opportunity to buy a home for myself.

Edited by jammo

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Sorry for sounding like a ranting nutter here ladies and gents but I am totally sick of all this bullsh1t about poor mortgage holders having to be bailed out. F*ck them. They made their bed by buying in during a bubble.

Lets see the free market do it's thing and crush the feckless w4nkers who thought property prices only ever go up. I know this adds up to most of the population but so be it. Get them all too fook, as I'm not paying for their overpriced shitholes. Total fannies, the lot of them.

Edited by Wait & See

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This is the bottom line. People need to take responsibility for this fecking disaster. All the insecure dirt who wanted that X5 and shitty new build, even though they were basically poor, need to take a look at themselves.

The banks are scum, but, they had a regular supply of fecking idiot punters who were desperate to sign up for that mortgage or loan for a crap kitchen, hoping to look wealthy when really they were all just peasents that the banks laughed at.

This is the truth of the situation. 95% of the western worlds population should be put out of their misery IMO. Fecking grunts that are, now going to be the cannon fodder for the banks.

Oh dear!!

I agree with you to some extent, but that's a bit of a sweeping generalisation of all 'boom period' buyers.

What about people who, to some degree, felt they had to buy at peak with liar loans to provide some stability for a starting family? Personally, I wouldn't really want to bring up children in rented accommodation. I would incur significant debt to avoid this, even though I would appreciate the full repercussions of my actions, more than most boom period buyers anyway - although there's another thread that debates that at length. While I think many greedy materialistic boom period buyers are at fault and deserve to suffer financially for their greed and/or lack of judgment, I think you can't despise all boom period buyers for their apparent greed and/or lack of judgment in buying a house at that time.

The blame lies more with greedy bankers and government; and therefore blame and anger at our situation should be predominantly directed at them.

Edited by Unsafe As Houses

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I agree with you to some extent, but that's a bit of a sweeping generalisation of all 'boom period' buyers.

What about people who, to some degree, felt they had to buy at peak with liar loans to provide some stability for a starting family? Personally, I wouldn't really want to bring up children in rented accommodation. I would incur significant debt to avoid this, even though I would appreciate the full repercussions of my actions, more than most boom period buyers anyway - although there's another thread that debates that at length. While I think many greedy materialistic boom period buyers are at fault and deserve to suffer financially for their greed and/or lack of judgment, I think you can't despise all boom period buyers for their apparent greed and/or lack of judgment in buying a house at that time.

The blame lies more with greedy bankers and government; and therefore blame and anger at our situation should be predominantly directed at them.

I have to disagree with you here. You appear to be saying that those that were greedy or who showed poor judgement should suffer, but those that weighed the situation up, realised and accepted the risks, do not deserve the same fate.

An analogy to this is that I notice my savings are getting a poor return in the banks, eroding my family's wealth and the ability of my children to go to university. I judge the pros and cons of different investment scenarios, evaluate the risks, acknowledge the implications of each worst case scenario, and decide to buy lots of shares. The market crashes. I lose everything. I was not being greedy, nor did I have a lack of judgment. Can I have a bail-out?

Thought not.

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What if this is no accident?

I was talking with a Nigerian student the other day about the third world debt trap. He said Nigeria had all but cleared their debt with oil money until the pliant Nigerian leaders were persuaded to take out fresh loans for "development". Ah says i, the same shit we got except where our leaders wouldn't take the loans so they circumvented them, laid out a big fat load of candy in front of the children, the children stuffed themselves and are now puking the debt liability back on the state. Different path, same end result. It was a financial Coup d'état, we've been had. Blaming people for taking the candy is IMO less urgent than working out who stands to benefit from this. Who gains power from our weakened position?

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What if this is no accident?

I was talking with a Nigerian student the other day about the third world debt trap. He said Nigeria had all but cleared their debt with oil money until the pliant Nigerian leaders were persuaded to take out fresh loans for "development". Ah says i, the same shit we got except where our leaders wouldn't take the loans so they circumvented them, laid out a big fat load of candy in front of the children, the children stuffed themselves and are now puking the debt liability back on the state. Different path, same end result. It was a financial Coup d'état, we've been had. Blaming people for taking the candy is IMO less urgent than working out who stands to benefit from this. Who gains power from our weakened position?

Dangerous game to play. You could trigger a revolution and those that think they will benefit end up on a lamppost.

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Dangerous game to play. You could trigger a revolution and those that think they will benefit end up on a lamppost.

Pretty safe if no one knows we've been had, or who or where they are. The children will no doubt string up the wrong party while the bad guys ride in as our saviours.

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I love how people think that if it collapses somehow they won't suffer.

Everything is interlinked.

Groovy - so I must have benefited big time during the boom.

Please explain how because I didn't notice what it was.

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Groovy - so I must have benefited big time during the boom.

Please explain how because I didn't notice what it was.

Endless money for public services, easy jobs availability in the debt boom economy, happy smiling ignorant faces to look at. What more could you want.

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Endless money for public services, easy jobs availability in the debt boom economy, happy smiling ignorant faces to look at. What more could you want.

plus the credit money sloshing round the economy inevitably has to find its way into the companies everyone works in and thus their salary or even the job itself and thus savings levels built up, and the stockmarket levels if you have a pension, even if final salary it would likely be massively underfunded without the debt boom and if people think income tax/ni would still be at their current levels without the boom money they are dreaming, probably youve been mugged and burgled a few less times than would have happened, of course most may have lost out on here on a net basis but clearly the boom effects every aspect of peoples lives and the economy, just as the bust will

Edited by Tamara De Lempicka

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This is the bottom line. People need to take responsibility for this fecking disaster. All the insecure dirt who wanted that X5 and shitty new build, even though they were basically poor, need to take a look at themselves.

The banks are scum, but, they had a regular supply of fecking idiot punters who were desperate to sign up for that mortgage or loan for a crap kitchen, hoping to look wealthy when really they were all just peasents that the banks laughed at.

This is the truth of the situation. 95% of the western worlds population should be put out of their misery IMO. Fecking grunts that are, now going to be the cannon fodder for the banks.

Oh dear!!

Cant really disagree with this

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Its a bankers JOB to sell loans.

they were 20% of the economy.

they LIED about how the money was available.

It was a WALL OF MONEY from far Eastern Investors. It was Pension Funds investing in Property. It was Clever Financiers eeking out the last 1/10th of a penny on trillion pound deals, needing somewhere to reinvest.

High Streets FULL of banks, Building Societies with large posters selling teaser deals, it was Constant TV advertising, ramping and pushing the "dont miss out" message.

People were AFRAID that they were missing out. And to prove it all, the inexorable rise in prices was PROOF that indeed, they would have to buy now or forever be a second class citizen.

MSE in particular, encouraged people to get cheaper and cheaper mortgages, and at the same time, encourage people to pay as little as possible for goods...forcing suppliers to outsource to cheaper places in the search for profit.

At the height of the credit boom, things were never cheaper, houses a sure fire thing, the MINDSET of the majority was CHANGED to debt is good debt is an investment, and you couldnt fail...HAIL the NULAB Golden Rules...Prudence?? yes thats what they said, but Prudence was dead and buried.

We have had the credit feast... the Government are trying to serve coffee and biscuits, but not telling us that they cost £50 per portion, not the £4.50 it says on the menu. The lights are dimming and we have no energy to walk to the door, waiting and demanding the staff carry us home.

Boy, the Hangover is going to hurt.

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This is the bottom line. People need to take responsibility for this fecking disaster. All the insecure dirt who wanted that X5 and shitty new build, even though they were basically poor, need to take a look at themselves.

The banks are scum, but, they had a regular supply of fecking idiot punters who were desperate to sign up for that mortgage or loan for a crap kitchen, hoping to look wealthy when really they were all just peasents that the banks laughed at.

This is the truth of the situation. 95% of the western worlds population should be put out of their misery IMO. Fecking grunts that are, now going to be the cannon fodder for the banks.

Oh dear!!

So..

- If I buy a tin of beans from the supermarket and it turns out to be full of water, it's my fault for trusting the supermarket?

- If I hire a plumber who ends up flooding my house and bu**ering off, it's my fault for believing he was a plumber?

- If I go to a (private) hospital and the doctor, instead of merely taking my appendix out also take half my other organs out to flog on the black market, is it my fault?

- If the bank I get a mortgage from fails to point out that since we are in a vast credit bubble (surely they should know this, what with being ultra-high-paid masters of the universe and all), and therefore I should either stump up a huge deposit [Note: 2006] or not bother buying, and I should not get an interest only loan with no means to repay it, does this make everything my fault?

If we are to live in a world where 'buyer beware' is stuck on every transaction, then we end up stopping people from specializing, therefore rolling back the progress of capitalism.

Try to bear in mind that the vast majority of the population was NOT mewing for the latest BMW.

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snnip

- If the bank I get a mortgage from fails to point out that since we are in a vast credit bubble (surely they should know this, what with being ultra-high-paid masters of the universe and all), and therefore I should either stump up a huge deposit [Note: 2006] or not bother buying, and I should not get an interest only loan with no means to repay it, does this make everything my fault?

snip

Ill answer this one.

DID your bank have loan criteria?

DID your broker look the other way when you filled in £50,000 in the salary line when you only earned £13,000.

WERE YOU assured it didnt matter as the bank in question MADE NO CHECKS...GUARANTEED.

Were you sure you could make the payments?

Or did you continue to deal with the clearly bent money broker?

In defence of your position, yes, the spiv had certificates on his wall..he is an expert. Yes, he was ACCREDITED by the BANK, a trusted and sober INSTITUTION.

TV and Press bolstered the view that it was as safe as houses to do this deal.

Yes there is responsibility on the borrower, but at the same time, the 15 year CAMPAIGN to push this down our throats, aided by "Light Touch" Government regulation, and the whole lot was bound to blow.

SO, at the end of the day, no-one is to blame, no-one is doing fraud, and its all too big to prosecute....so the exact same players say...then again, of course they would, wouldnt they.

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So..

- If I buy a tin of beans from the supermarket and it turns out to be full of water, it's my fault for trusting the supermarket?

- If I hire a plumber who ends up flooding my house and bu**ering off, it's my fault for believing he was a plumber?

- If I go to a (private) hospital and the doctor, instead of merely taking my appendix out also take half my other organs out to flog on the black market, is it my fault?

- If the bank I get a mortgage from fails to point out that since we are in a vast credit bubble (surely they should know this, what with being ultra-high-paid masters of the universe and all), and therefore I should either stump up a huge deposit [Note: 2006] or not bother buying, and I should not get an interest only loan with no means to repay it, does this make everything my fault?

If we are to live in a world where 'buyer beware' is stuck on every transaction, then we end up stopping people from specializing, therefore rolling back the progress of capitalism.

Try to bear in mind that the vast majority of the population was NOT mewing for the latest BMW.

If you spend or borrow money, you can't do it by proxy through an expert in the same way you might mend your broken pipes through a plumber. The point about specialisation is valid - unfortunately in a economy dominated by real estate, just about the only 'skill' worth having is skimming from real estate

I have a question that comes from a slightly different angle, though. Why are people so keen to cast special blame on the people who lost in real estate or the people who couldn't afford their housing? People who won or could afford their losses, caused just as much economic damage (if not more) by investing 'prudently'. Actually, the group that won is the group metaphorically holding the bloated liabilities that the rest of us now find unpayable.

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This is the bottom line. People need to take responsibility for this fecking disaster. All the insecure dirt who wanted that X5 and shitty new build, even though they were basically poor, need to take a look at themselves.

The banks are scum, but, they had a regular supply of fecking idiot punters who were desperate to sign up for that mortgage or loan for a crap kitchen, hoping to look wealthy when really they were all just peasents that the banks laughed at.

This is the truth of the situation. 95% of the western worlds population should be put out of their misery IMO. Fecking grunts that are, now going to be the cannon fodder for the banks.

Oh dear!!

People didn't want 5x mortgages, they have happily paid 50p for a 4-bedroomed detached house. The overstretched were strectehd by the people selling them the houses, the previous occupants, all the banks, government did was egg it on, they didn't physically force Mr. Smith to whack on an extra 20K to the asking price because that's what the house down the road went for. So in the end, yeah, it's the people to blame, but not just the buyers, and morally, less their blame than others.

Hmm, let me guess though, *feels psychic aura*... you consider yourself to be one of the 5% that shouldn't be liquidated? This despite the fact it appears you weren't incisive enough to get in before the bubble and fleece the grunts? No, no, hang on, this is HPC of course, you'd have refused to capitalise on someone over-paying for your house and sold it for what you paid for it originally. Huzzah!

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  • 152 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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