Total_Injustice Posted February 3, 2012 Share Posted February 3, 2012 For years my wife and I both worked hard and saved the best we could. We kept some cash and opened a Personal Equity Plan, (being in the forces I was posted to north Scotland when home was in Devon!). We sold all our shares back when the market was at 6600 pts (late 2007). Why? - Because there was a lot of volatility in the market and I couldn’t stomach the risk being presented to our housing fund. We thought that what ever it is that will ‘correct house prices’ the FTSE will be affected too. So we got into cash and waited. 5 yrs on, yes 5 years, and the FTSE is knocking on the door of 6000pts again. I read that personal insolvencies are down 11% and I believe that all the semi detached 3-beds are still way over priced. So what’s my point? Well I feel like an absolute mug. Years ago I should have been as morally bankrupt as all the other chancers riding the housing market. Instead I let caution lead me down the path of financial buggery delivered by the interest rate dildo. So now I’ve completely had my fill of it, and yet we seem to be heading back to ‘situation normal’. The news has been decidedly lacking on reporting financial issues since Christmas and I am seriously wondering if there has been an orchestrated effort keep the 'people' happy in an effort to turn public sentiment. Problem is the ‘people’ seem happy that things are getting better. So I ask you what are we to do? Or do we just bend over and keep on taking it? Quote Link to comment Share on other sites More sharing options...
200p Posted February 3, 2012 Share Posted February 3, 2012 I think everyone feels like that at some stage, it is what you do next that will be defining. The path to riches is a lonely path. Quote Link to comment Share on other sites More sharing options...
interestrateripoff Posted February 3, 2012 Share Posted February 3, 2012 They have done well to keep the ponzi economy going, so far they have got away with it. Trouble the bust will be even bigger. The problem with corrections is no knows when they will happen just that they will occur at some point. Quote Link to comment Share on other sites More sharing options...
sootys_dirt_box Posted February 3, 2012 Share Posted February 3, 2012 You think that's bad. My wife have been saving and working and doing the right thing only to see our peers lie about their earnings and then end up paying £100 a month in mortgage payments thanks to the ridiculously low interest rates. Now while they're out spending all the money they should be using to pay the mortgage of early, we're taking a big one every month on the interest on our savings. The fact is that this crisis has shown how immensely powerful the media is. After a few more years unless things turn round were going to just move to Germany because at the end of the day it's quality of life that matters and I cant see much of that here. Quote Link to comment Share on other sites More sharing options...
Police Posted February 3, 2012 Share Posted February 3, 2012 Or do we just bend over and keep on taking it? What are your choices again - I think I missed them? Quote Link to comment Share on other sites More sharing options...
Total_Injustice Posted February 3, 2012 Author Share Posted February 3, 2012 I think everyone feels like that at some stage, it is what you do next that will be defining. The path to riches is a lonely path. I hear you. I used to comment on here quite regularly but have just been reading the site over the past 12 months. But today I’ve just had enough of the whole situation and yet we still don’t have a voice. It just feels like the country is board of the financial crisis now, the ‘nothing to see here – move along please’ approach has worked (for now anyway). Of course some will say that the inevitable has just been delayed but who knows any more. There seems to be no level of market support that won’t be stooped to. Quote Link to comment Share on other sites More sharing options...
Norbert Posted February 3, 2012 Share Posted February 3, 2012 Well I completely understand what you are saying. The fact is, it's no longer about markets or reason, it's about the powers that be manipulating the system to hide the real problems for as long as possible. The question is, how long can the smoke and mirrors keep going for? 1 year, 5 years, 10 years? Who knows. All I know it's impossible to know what to do money-wise But anyway, I think "I let caution lead me down the path of financial buggery delivered by the interest rate dildo". is possibly the best quote ever on this site Quote Link to comment Share on other sites More sharing options...
Total_Injustice Posted February 3, 2012 Author Share Posted February 3, 2012 You think that's bad. My wife have been saving and working and doing the right thing only to see our peers lie about their earnings and then end up paying £100 a month in mortgage payments thanks to the ridiculously low interest rates. Now while they're out spending all the money they should be using to pay the mortgage of early, we're taking a big one every month on the interest on our savings. The fact is that this crisis has shown how immensely powerful the media is. After a few more years unless things turn round were going to just move to Germany because at the end of the day it's quality of life that matters and I cant see much of that here. Just had a positive reply to a CV I sent to New Zealand (not got a job yet but have made it through the sifting process). Some how it feels like we are giving in but enough is enough. Quote Link to comment Share on other sites More sharing options...
Total_Injustice Posted February 3, 2012 Author Share Posted February 3, 2012 But anyway, I think "I let caution lead me down the path of financial buggery delivered by the interest rate dildo". is possibly the best quote ever on this site Cheers. Quote Link to comment Share on other sites More sharing options...
Total_Injustice Posted February 3, 2012 Author Share Posted February 3, 2012 They have done well to keep the ponzi economy going, so far they have got away with it. Trouble the bust will be even bigger. The problem with corrections is no knows when they will happen just that they will occur at some point. I have read your posts on here for years now (my profile says I joined in 2009 but I actually joined back in 2006). I have no idea how you keep going. If I read too much, or get too involved I get really pi$$ed off. I just can't believe the plates have been kept spinning for so long (the power of QE, IRs etc is a force to be reckoned with). Quote Link to comment Share on other sites More sharing options...
zebbedee Posted February 3, 2012 Share Posted February 3, 2012 I feel your pain, holding out for years, first knew something was wrong with the economy and house prices back in about '04 so I'm a little more p!ssed off than you. I didn't think they could keep the illusion up this long, but keep seeing overpriced sh!t boxes for sale, we have about 75% deposit which HMG/BoE is doing thier damndest to destroy, so if one of us has a permanent job this year (I'm just about to become unemployed, she's on contract) we're going to say fluck it. So give it to the end of the year and the market will tank all props having been removed a couple of nano seconds after we buy :angry: Quote Link to comment Share on other sites More sharing options...
interestrateripoff Posted February 3, 2012 Share Posted February 3, 2012 I have read your posts on here for years now (my profile says I joined in 2009 but I actually joined back in 2006). I have no idea how you keep going. If I read too much, or get too involved I get really pi$$ed off. I just can't believe the plates have been kept spinning for so long (the power of QE, IRs etc is a force to be reckoned with). This is a bit of stress relief for me. I'd probably explode if I couldn't post. I have to say I'm impressed with how they've managed to hold it all together, but the stresses are growing medicare and medicaid are mathematically impossible to fund, reality is slowly creeping up the sensible action is to admit it now. However that of course won't happen, especially as the magic printing press has been discovered. Quote Link to comment Share on other sites More sharing options...
Spot Posted February 3, 2012 Share Posted February 3, 2012 Life's sh1t, and then you die.... Quote Link to comment Share on other sites More sharing options...
Shotoflight Posted February 3, 2012 Share Posted February 3, 2012 Well I completely understand what you are saying. The fact is, it's no longer about markets or reason, it's about the powers that be manipulating the system to hide the real problems for as long as possible. The question is, how long can the smoke and mirrors keep going for? 1 year, 5 years, 10 years? Who knows. All I know it's impossible to know what to do money-wise But anyway, I think "I let caution lead me down the path of financial buggery delivered by the interest rate dildo". is possibly the best quote ever on this site Not only that but the batteries are Duracell But you know what - even Duracell batteries can't last forever. Quote Link to comment Share on other sites More sharing options...
Total_Injustice Posted February 3, 2012 Author Share Posted February 3, 2012 We have about 75% deposit which HMG/BoE is doing thier damndest to destroy... +1 .. give it to the end of the year and the market will tank all props having been removed a couple of nano seconds after we buy… This is exactly the same for us. I just know that as soon as I yield they'll start playing a different game, and yet again we'll be buggered. Quote Link to comment Share on other sites More sharing options...
AC44 Posted February 3, 2012 Share Posted February 3, 2012 same here. But have decided that I wont buy. As long as i can save enough on a monthly basis i am ok with this status. If BOE/MPC continue the ZIRP policy I might open a $ account, since at least they have industry compared to us. If unemployed, we are thinking about Scandinavia, Canada or Aus/NZ. However, the problem is that BOE has really devalued pound quite well the last 2-3 years so would not like to change my savings to different currency (Would not be suprised if the £ goes further down).. Quote Link to comment Share on other sites More sharing options...
Sir Sidney Ruff-Diamond Posted February 3, 2012 Share Posted February 3, 2012 I have read your posts on here for years now (my profile says I joined in 2009 but I actually joined back in 2006). I have no idea how you keep going. If I read too much, or get too involved I get really pi$ed off. I just can't believe the plates have been kept spinning for so long (the power of QE, IRs etc is a force to be reckoned with). I too have been here since ummm ... perhaps 2004 or 2005. I grit my teeth when I n hear stories like yours because its wrong on so many levels that prudence has been such a little rewarded and often penalised path in recent years. I watched the credit boom unfolding here, noticed the rallying on HPC here against the credit boom and how destructive it would ultimately be and yet our great and good could not or simply refused to see the problem. If you ever want to confirm just how deluded politicians and central bankers were about the credit boom, google "Gordon Brown Mansion House Speech 2006" - the Prime Ministers annual address to financiers where he basically pats them on the head and says what a marvellous job they are doing and how they have eliminated systemic risk. Idiots. Meanwhile people on this very forum posted about how wrong they were back then in 2005 and how it would ruin the economy in the end. They were proved right. More alarmingly, radical views expressed on this forum only a few years back about the banking ponzi scheme and the end of the Euro have more often than not proven to be truer than the more moderate views expressed by others at the time which I more readily accepted. This is double face palm time for the long stayers here. We have hoped that we would get our comeuppance but in fact all that has happened is that the goalposts have been moved and the pitch re-levelled in the reckless' favour by those with the power to do so. It seems unsustainable and bizarre that the reckless have been rewarded - the solution to too much cheap money is ... more cheap money - but that is the received wisdom and Correct Solution. Absurdity. The loonies have most certainly taken over the asylum. QE is the ultimate insult to savers - its the ultimate redesign of the pitch and rewriting of the rulebook. So. Pile in to debt for that is actually the more prudent option - you will be seen as a passive resource in the game that is being played out here where debt is good and prudence is to be exploited. Buy that house. Overstretch yourself. Do what is good for you and your family. Ultimately the reckless shall inherit the earth. The meek and prudent will just get to whinge lots on forums like this while their savings are gently tapped up by the central bank in endless bouts of inflation, QE and absurdly and unprecedentedly low interest rates. Quote Link to comment Share on other sites More sharing options...
Total_Injustice Posted February 3, 2012 Author Share Posted February 3, 2012 ... pile in to debt for that is actually the more prudent option - you will be seen as a passive resource in the game that is being played out here where debt is good and prudence is to be exploited. Buy that house. Overstretch yourself. Do what is good for you and your family. Ultimately the reckless shall inherit the earth. The meek and prudent will just get to whinge lots on forums like this while their savings are gently tapped up by the central bank in endless bouts of inflation, QE and absurdly and unprecedentedly low interest rates. I fear you are right and capitulation is the only option. As I said before: "...I let caution lead me down the path of financial buggery delivered by the interest rate dildo." Thing is it's really smarting now. Quote Link to comment Share on other sites More sharing options...
josesbicycle Posted February 3, 2012 Share Posted February 3, 2012 Don't wait for ever but don't put your money into a house just yet. You will get your chance. It is true that there has been a lack of "crisis" news in the bought and paid for media. You can find it if you look deeper, try the keiser report for example. Quote Link to comment Share on other sites More sharing options...
Lambie Posted February 3, 2012 Share Posted February 3, 2012 debt = control nobody is truly free, but we are freer than most. Quote Link to comment Share on other sites More sharing options...
concerned_money Posted February 3, 2012 Share Posted February 3, 2012 Life's sh1t, and then you die.... yes but you forgot REVENGE, scores must be settled right ? Justice is a dish best served as soon as possible who are the enemy who are the players what are the politics how can you hurt them how can movements be started where's the rot I know do you ? I bet if you started posting the answers to these questions plod would be knocking at the door before the rtn key returned to position. I bet the mods would "correct" the post to protect those advertising revenues. hell you may get crucified for even thinking this stuff Quote Link to comment Share on other sites More sharing options...
brickwall Posted February 3, 2012 Share Posted February 3, 2012 isn't printing money the same as imagining something you haven't got and if so whats the point Quote Link to comment Share on other sites More sharing options...
Sir Sidney Ruff-Diamond Posted February 3, 2012 Share Posted February 3, 2012 I fear you are right and capitulation is the only option. As I said before: "...I let caution lead me down the path of financial buggery delivered by the interest rate dildo." Thing is it's really smarting now. Don't think of it as capitulation - seriously - life's too short to think there are long term winners and losers like that. No-one is interested in protecting the interests of the prudent. The over-indebted or over-leveraged? Well they have to be accommodated, pacified and even allowed to flourish. Do what seems to be best for your and your family's long term interests because the great and good are not looking after them. They will talk the talk but won't walk the walk when it comes to equanimity and economic/social justice. Also be wary of newcomers here - johnny-come-latelys don't get how long we've been here banging on this drum of ours. Quote Link to comment Share on other sites More sharing options...
Total_Injustice Posted February 3, 2012 Author Share Posted February 3, 2012 yes but you forgot REVENGE, scores must be settled right ? Justice is a dish best served as soon as possible who are the enemy who are the players what are the politics how can you hurt them how can movements be started where's the rot I know do you ? I bet if you started posting the answers to these questions plod would be knocking at the door before the rtn key returned to position. I bet the mods would "correct" the post to protect those advertising revenues. hell you may get crucified for even thinking this stuff Is this from V for Vendetta, or are we talking about the thought police? Scary thing is it's too close to reality. I'd be happy with a well organised, supported and covered demonstration - but it wouldn't get the air time for fear of spoiling Emmerdale. Quote Link to comment Share on other sites More sharing options...
josesbicycle Posted February 3, 2012 Share Posted February 3, 2012 I think Sir Sydney Ruff-diamond puts it well, they never saw the problems coming although people on this forum and elsewhere did. It frustrates me no end to hear the much used phrase " nobody could have seen this crisis coming " , it is of course absolute nonsense to suggest that no-one saw it coming. But.... we now have the same people "who didn't see it coming" planning our escape. Sadly they wont see that what they are doing now with low interest rates and QE is wrong either. However.... Bet against everything they tell you will happen and you'll win most of the time. "Greece won't leave the euro" . bet that it will. "inflation will go back to 2% this year". bet against it. "we will not go back into recession" . bet that we will. "house prices will stabilize". say no more. Quote Link to comment Share on other sites More sharing options...
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