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Hi all

Just feel the need for a Sunday afternoon rant. Reading the Sunday Times Money section (I know - maybe I just shouldn't buy it and save my blood pressure)

A few choice snippets John Varley saying that 'it is possible that free-if-in-credit banking is a structure that has outlived our time' WTF - so you want to charge us for the privilege of risking our money with your organisations now?!

And then just stuff about saving money at Xmas - average parent spend per child £168 (not in this household?!) and most sought after present an IPad at an eye popping £600 each plus schoolstrader listing users buying anything from £3500 for a pony or £550 for a Topper sailing dinghy! Where the fluck do people get the money for this stuff!!

Oh and then NS&I screwing over its savers by transferring maturing bonds automatically (with only 8 days to say no thanks) and then charging you 90 days interest to get it back!

Is it me or am I living in some kind of warped parallel universe? Am getting seriously p**sed off with it all and good on anyone who does something to protest either directly or indirectly

Rant over and feel better for that

Edited by duckwomanloulou

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WTF - so you want to charge us for the privilege of risking our money with your organisations now?!

you already DO pay for it in other ways, mostly by being ripped off for other services

I barely ever use cash machines, people should pay the marginal cost of using them, which I understand is of the order of 10-20p per transacation - why should I pay for this if I don't use it?

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I think most of us were 'seriously pissed off' about 3 years ago. We've moved into 'dangerously pissed off' stage now.

I agree Errol but I'm trying to keep a lid on it otherwise you just end up taking it out on the wrong people or driving yourself insane!

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A few choice snippets John Varley saying that 'it is possible that free-if-in-credit banking is a structure that has outlived our time' WTF - so you want to charge us for the privilege of risking our money with your organisations now?!

They want to charge you for having the privilege for them to make money with your money.

http://www.moneyshow.com/investing/Jubak_Picks_Portfolio.asp?aid=Jubak_Picks-21470

Jubak's Picks

Friday, December 03, 2010

Who's Collecting the Most Free Money?

All of which, plus really low interest rates paid on deposits, has led to a shift by banks to using deposits for funding. Commercial banks in the United States added $88.9 billion in core deposits—checking balances, savings accounts, and CDs of less than $100,000—in the third quarter, bring their total core deposits to $6 trillion, the most stretching back to 1992, according to the Federal Deposit Insurance Corp.

The average interest paid on total core deposits is now just 0.8%, the lowest since 2000. But that’s deceptive. About two-thirds of the $88.9 billion in core deposits added in the third quarter—or almost $60 billion—don’t pay any interest at all.

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I agree Errol but I'm trying to keep a lid on it otherwise you just end up taking it out on the wrong people or driving yourself insane!

It is like a drip torture, each shafting taken alone would be relatively insignificant, but the cumulative effect of the gang rape being perpetrated upon us has destroyed the safety net of even the most prudent. The continued reward and baleout of the feckless and reckless mocks us as we head into oblivion.

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I think most of us were 'seriously pissed off' about 3 years ago. We've moved into 'dangerously pissed off' stage now.

I get annoyed with friends and relatives who leave money in savings accounts, with the value eroding away, and remain fixed in the idea that interest rates will rise one day and that all will be O.K.

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Hi all

Just feel the need for a Sunday afternoon rant. Reading the Sunday Times Money section (I know - maybe I just shouldn't buy it and save my blood pressure)

A few choice snippets John Varley saying that 'it is possible that free-if-in-credit banking is a structure that has outlived our time' WTF - so you want to charge us for the privilege of risking our money with your organisations now?!

And then just stuff about saving money at Xmas - average parent spend per child £168 (not in this household?!) and most sought after present an IPad at an eye popping £600 each plus schoolstrader listing users buying anything from £3500 for a pony or £550 for a Topper sailing dinghy! Where the fluck do people get the money for this stuff!!

Oh and then NS&I screwing over its savers by transferring maturing bonds automatically (with only 8 days to say no thanks) and then charging you 90 days interest to get it back!

Is it me or am I living in some kind of warped parallel universe? Am getting seriously p**sed off with it all and good on anyone who does something to protest either directly or indirectly

Rant over and feel better for that

Yeah it bugs me as well, I am no scrooge, and enjoy myself , but people who are on pretty average incomes spending money like water, while all the time not being aware of just how insecure their income due an illness or just a job loss, racking up debt, with no backup plan if things go wrong. Buying endless clothes and crap for the children.

It could put you off having kids, your pretty much chained to a job with kids, and endless competition to buy the latest crap.

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Yeah it bugs me as well, I am no scrooge, and enjoy myself , but people who are on pretty average incomes spending money like water, while all the time not being aware of just how insecure their income due an illness or just a job loss, racking up debt, with no backup plan if things go wrong. Buying endless clothes and crap for the children.

It could put you off having kids, your pretty much chained to a job with kids, and endless competition to buy the latest crap.

I would argue that you are more chained to a job if you take out a jumbo mortgage than if you have kids.

House prices in this country are so high that every over cost of living expense is dwarfed in comparison.

For example. If house prices dropped 30% then the buyer of a 400,000 pound home would instantly get enough money to put their kid through private school.

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Hi all

Just feel the need for a Sunday afternoon rant. Reading the Sunday Times Money section (I know - maybe I just shouldn't buy it and save my blood pressure)

A few choice snippets John Varley saying that 'it is possible that free-if-in-credit banking is a structure that has outlived our time' WTF - so you want to charge us for the privilege of risking our money with your organisations now?!

And then just stuff about saving money at Xmas - average parent spend per child £168 (not in this household?!) and most sought after present an IPad at an eye popping £600 each plus schoolstrader listing users buying anything from £3500 for a pony or £550 for a Topper sailing dinghy! Where the fluck do people get the money for this stuff!!

Oh and then NS&I screwing over its savers by transferring maturing bonds automatically (with only 8 days to say no thanks) and then charging you 90 days interest to get it back!

Is it me or am I living in some kind of warped parallel universe? Am getting seriously p**sed off with it all and good on anyone who does something to protest either directly or indirectly

Rant over and feel better for that

I haven't bothered checking but you just know IPADs are much cheaper in the US or anywhere else and the ROB mark-up has been added.

Boycott IPADs. What idiots pay £600 for those?

Edited by pl1

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I haven't bothered checking but you just know IPADs are much cheaper in the US or anywhere else and the ROB mark-up has been added.

Boycott IPADs. What idiots pay £600 for those?

Haven't bought one yet but want to buy one. Waiting for the next model to come out. :blink:

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I agree Errol but I'm trying to keep a lid on it otherwise you just end up taking it out on the wrong people or driving yourself insane!

Yes, keep a lid on it but engage in non-violent protest - such as the global bank run (7/12/10) or crashJPmorganbuysilver (Max Keiser).

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you already DO pay for it in other ways, mostly by being ripped off for other services

I barely ever use cash machines, people should pay the marginal cost of using them, which I understand is of the order of 10-20p per transacation - why should I pay for this if I don't use it?

because the record keeping in assessing a charge of 10p per time is going to cost much more than that.

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Yes, keep a lid on it but engage in non-violent protest - such as the global bank run (7/12/10) or crashJPmorganbuysilver (Max Keiser).

Have done Errol, been doing a bank 'walk' for the last 2 weeks and have 20 new 2011 britannias in my possession - I've decided that an escalation of my already TFH self-preservation tactics is the only way forward in protecting my family and my sanity

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Haven't bought one yet but want to buy one. Waiting for the next model to come out. :blink:

..I'm waiting for the model after that......knowing that if I wait long enough something better always comes along. ;)

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I get annoyed with friends and relatives who leave money in savings accounts, with the value eroding away, and remain fixed in the idea that interest rates will rise one day and that all will be O.K.

So where are they supposed to put it.

All the alternatives are medium to high risk of losing capital and if, like me, you don't want to take that risk you make the very very sensible decision to lose a tiny percentage per year insteaed of risking losing 50% in one year.

tim

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because the record keeping in assessing a charge of 10p per time is going to cost much more than that.

b*llocks it will (said by former building soc developer I should know)

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Yes, keep a lid on it but engage in non-violent protest - such as the global bank run (7/12/10) or crashJPmorganbuysilver (Max Keiser).

Or put cheese into the pockets of clothes in Philip Green's shops.

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Or put cheese into the pockets of clothes in Philip Green's shops.

But that's the thing isn't it ordinary hard working people are - oh I know I'm preaching to the converted - but it really is enough to make you want to go out and hang a politician/banker/creative accountant (in the case of Philip Green)

*goes off to take another deep breath*

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Hi all

Just feel the need for a Sunday afternoon rant. Reading the Sunday Times Money section (I know - maybe I just shouldn't buy it and save my blood pressure)

A few choice snippets John Varley saying that 'it is possible that free-if-in-credit banking is a structure that has outlived our time' WTF - so you want to charge us for the privilege of risking our money with your organisations now?!

And then just stuff about saving money at Xmas - average parent spend per child £168 (not in this household?!) and most sought after present an IPad at an eye popping £600 each plus schoolstrader listing users buying anything from £3500 for a pony or £550 for a Topper sailing dinghy! Where the fluck do people get the money for this stuff!!

Oh and then NS&I screwing over its savers by transferring maturing bonds automatically (with only 8 days to say no thanks) and then charging you 90 days interest to get it back!

Is it me or am I living in some kind of warped parallel universe? Am getting seriously p**sed off with it all and good on anyone who does something to protest either directly or indirectly

Rant over and feel better for that

The Sunday Times is a joke. It's just p1ss poor-Posh-4x4-mum-living-in-a-bubble-in-Notting-Hill-centric twaddle. I know cos my Dad still gets it every Sunday and I have the occasionally read just to mock it when I pop round.

The other month the money section was saying what a great time it was to get back in to BTL. The following week it was roundly announced in the media that house prices had seen their biggest monthly drop since records began at 3.6%!

Useless tw@ts, but at least their incompetence means I can feel exceptionally bullish when they're also reporting gold is in a bubble. :lol:

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It's the darkside of no longer being the consumer of last resort.

The UK spent hundreds of years fleecing everyone else. You can be sure, now that the time has come, that a spoilt nation will learn a valid lesson.

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The Sunday Times is a joke. It's just p1ss poor-Posh-4x4-mum-living-in-a-bubble-in-Notting-Hill-centric twaddle. I know cos my Dad still gets it every Sunday and I have the occasionally read just to mock it when I pop round.

The other month the money section was saying what a great time it was to get back in to BTL. The following week it was roundly announced in the media that house prices had seen their biggest monthly drop since records began at 3.6%!

Useless tw@ts, but at least their incompetence means I can feel exceptionally bullish when they're also reporting gold is in a bubble. :lol:

Agreed and I think a positive NYE decision will be to give it up for good

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A few choice snippets John Varley saying that 'it is possible that free-if-in-credit banking is a structure that has outlived our time' WTF - so you want to charge us for the privilege of risking our money with your organisations now?!

Then don't keep it in a bank, or use one of the banks that remains free (which we know there will be). You want the banks to keep offering a service for free, while wanting them to decrease the risk/return they take. Surely it's pretty obvious that they are unlikely to want to shrink their margins.

I move virtually everything out of my account just after I get paid. my average balance is probably around £300. Lent at 5% my bank would make £15 per year (assuming no costs, no losses etc). I, in return, expect a reliable and high quality service (I have found smile to be excellent). I doubt smile make any money out of me.

Halifax (my joint account) has £1000 put into it each month, and the balance averages around £600. They pay £5 per month in interest. They'd need to make £60 lending the money, with no costs etc, just to make back what they give me.

Given the above, is it really a shock that they'd like to people onto pay to bank services?

I'll keep going for the best accounts I can find. I wouldn't be outraged if more banks decided that offering free accounts wasn't worthwhile. In fact, maybe there is a market for people who'd rather pay to bank if the banks took less risk? Personally, I doubt it's a big market though.

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  • 276 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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