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Cameron takes on "huge mortgage" for 2nd home in Cornwall

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I imagine it would be a good opportunity for Theresa May to get some revenge on DC (he and George Osborne have not made life easy for her since she took office). Taxes on second homes to follow? :-)

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Second homes? <_<

http://labourlist.org/2009/05/cameron-i-dont-know-how-many-houses-ive-got/

Quote

So how many properties do you own? “I own a house in North Kensington which you’ve been to and my house in the constituency in Oxfordshire and that is, as far as I know, all I have.”

A house in Cornwall? “No, that is, Samantha used to have a timeshare in South Devon but she doesn’t any more.” And there isn’t a fourth? “I don’t think so – not that I can think of.” Please don’t say, “Not that I can think of.” “You might be… Samantha owns a field in Scunthorpe but she doesn’t own a house…”

The rest of the interview was punctuated with Cameron’s nagging anxiety about how this exchange was going to make him sound: “I was wondering how that will come across as a soundbite”; “‘Not that I can think of’ makes me sound… I am really worried about that…”; “I am still thinking about this house thing”; and his parting shot was: “Do not make me sound like a prat for not knowing how many houses I’ve got.”

 

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11 hours ago, dgul said:

This is signalling the opposite -- those close to the system are loading up on debt as they intend to inflate it away.

that is my biggest worry 

 

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11 hours ago, dgul said:

This is signalling the opposite -- those close to the system are loading up on debt as they intend to inflate it away.

I reckon it's a public show of climbing into the same leaky lifeboat as everyone else.  Getting on the right side of public anger before it materializes.

He's got an offshore powerboat to save him when it inevitably goes down.

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12 hours ago, dgul said:

This is signalling the opposite -- those close to the system are loading up on debt as they intend to inflate it away.

How are they going to painlessly inflate it away though? We can't afford to trash our currency as we import so much. There is no chance of significant wage inflation so any inflation would be very painful, especially to those on lower incomes for whom things like food, energy and clothes (largely imported) make up a large proportion of expenditure. It's a right mess.

Personally, I do not think a Tory government would accept high inflation. We now have interest rate rises because Carney had been given the nod. They know they need a crash and it looks like they are going for it!

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5 minutes ago, oatbake said:

How are they going to painlessly inflate it away though? We can't afford to trash our currency as we import so much. There is no chance of significant wage inflation so any inflation would be very painful, especially to those on lower incomes for whom things like food, energy and clothes (largely imported) make up a large proportion of expenditure. It's a right mess.

Personally, I do not think a Tory government would accept high inflation. We now have interest rate rises because Carney had been given the nod. They know they need a crash and it looks like they are going for it!

And the highest ukgov liabilities - unfunded pensions - are indexed linked.

Theres no painfree way out of the current mess. Public sector spend has to be reduced, debts will be defaulted on.

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1 hour ago, Bricks n' mortar said:

I reckon it's a public show of climbing into the same leaky lifeboat as everyone else.  Getting on the right side of public anger before it materializes.

I think he would only make that calculation were he seriously pursuing popular politics again - and thought he had a chance at the top job once more. However, he's already been there and now he is permanently spoiled goods: there is no intangible benefit to put on the other side of the risk he is taking. His only real connection with politics now is reaping the delayed rewards from whatever people or organizations he has been corruptly influenced by in the past. That doesn't need any popular appreciation; it's just a payout.

Instead, I think he must genuinely believe that inflation is the way things will end, and he wants to hold solid assets as a means to preserve his wealth, and (perhaps) to create debts which he can benefit from being inflated away. The assets that have served the upper classes for centuries are British lands, and as zugzwang notes amusingly above, he has form in that area of acquisitiveness already.

1 hour ago, oatbake said:

How are they going to painlessly inflate it away though? We can't afford to trash our currency as we import so much. There is no chance of significant wage inflation so any inflation would be very painful, especially to those on lower incomes for whom things like food, energy and clothes (largely imported) make up a large proportion of expenditure.

Cameron couldn't give two hoots about any suffering of the rest of the population; he'll just be thinking of himself and his friends. That's why his decision worries me.

The hope must be that he has made a miscalculation; that if the financial world and his political connections have decided that they will aim for inflation, and somehow believe that after 17 years they can now achieve this, then they are overestimating their control.

I think durhamborn paints a very plausible picture of what will happen next, namely that the reflation to come will be preceded by a devastating debt deflation. If so, that will perhaps catch Mr Cameron by surprise.

Whether he sinks or triumphs, let's hope the rebalancing, however it happens, gives those who have been trampled on hitherto some new opportunities and genuine hope.

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14 hours ago, dgul said:

This is signalling the opposite -- those close to the system are loading up on debt as they intend to inflate it away.

They make such a big deal of him having a big mortgage, makes me think he bought it for cash.

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3 hours ago, longgone said:

that is my biggest worry 

 

I wouldn’t worry the gormless t**** hasn’t a gut feel bone in his body - referendum anyone ?

For every 1%er loading up on debt there is another furiously liquidating and balancing their portfolio which would include property

With the recent minuscule IR rise you will soon be able to get 1.6 or 7 % in safe deposit accounts if you can get a mortgage for less than that and put the money elsewhere why wouldn’t you?

ultimately I suspect a PR stunt he could well afford the House cash just doesn’t want to publise the fact 

Edited by Greg Bowman

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11 minutes ago, Greg Bowman said:

ultimately I suspect a PR stunt he could well afford the House cash just doesn’t want to publise the fact 

i am sure he could when you earn 150k for a 10 minute speech. 

considering his track record i still cannot understand why anyone would listen to the twit. 

don`t get me started on osborne and Htb. 

the base rate does have an effect on savings rates but banks still don`t need your money It`s the FLS that killed rates.  i was still getting 3% when the base rate was 0.5%

I am sure the fluckers would love massive inflation  debt solved and savers wiped out , fresh earnings and more lending. 

the only inflation we need is wage inflation and debt at sensible multiples 3-4x salary, so no knock on effect. 

 

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2 hours ago, oatbake said:

How are they going to painlessly inflate it away though? We can't afford to trash our currency as we import so much. There is no chance of significant wage inflation so any inflation would be very painful, especially to those on lower incomes for whom things like food, energy and clothes (largely imported) make up a large proportion of expenditure. It's a right mess.

Personally, I do not think a Tory government would accept high inflation. We now have interest rate rises because Carney had been given the nod. They know they need a crash and it looks like they are going for it!

+1

Wages will go nowhere, just like they are right now. Attempt to simply Inflate the debt away and the tories will be unelectable for a decade or more.

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50% LVT, to borrow at 1.5% when inflation is at 3%, why would you pay all in cash?

If you had the other 50% available, you should be able to invest it at greater than 1.5% anyway. Win win whatever.

Might still be able to structure a tax offset on the interest payments for a little while longer ;).

Edited by DarkHorseWaits-NoMore
typo's

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3 hours ago, Bsmf said:

They make such a big deal of him having a big mortgage, makes me think he bought it for cash.

Yes, a quick google indicates his net worth was 10mil in 2009, what is it now?  Who would think twice about buying a holiday home for less than 20% your current worth.  It would be like buying a car to a well off middle class person.

His book isn't his only means is it ?  I'm sure he has made loads from public appearances and dinner speeches at £10,000's a time.   The headline smacks of just appear to the public he is genuinely "working" for it.

IMHO his thoughts on there the future economics is; is irrelevant in the decision making process.

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fat fingered :wacko::huh:

Edited by DarkHorseWaits-NoMore

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1 hour ago, Maynardgravy said:

Attempt to simply Inflate the debt away and the tories will be unelectable for a decade or more.

*dons tin-foil hat* - What if they know that, Corbyn knows that, their evil masters know that, and the plan is a government change before the whole thing kicks off?

*takes off tin-foil hat* - But the tories just might fancy a go at reflation.  It looks like, no deal on brexit, cuts off the supply of imported labour.  Tariffs on imports and exports, mean UK production is refocused on domestic demands.  Then the government shakes the magic money tree and produces cash for council houses, roads, hospitals, schools, and anything else they can think of.  UK businesses find there's plenty of demand, but a shortage of labour.  They can profit,  if only they can get the labour.  Next thing you know, one of them offers a higher rate - and Robert's yer mither's brither.  Tories go to the next election with the asset crash in the past, and rising wages, and a promise of continued recovery if you just put your x in the box for them.

 

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This is worrying. The elites loading up on debt will ensure this forum remains live and well for another decade. We'll all be here in 2027, and we'll all have had much of our net worth eroded away. 

The only way is to get your money out of the UK into foreign assets and currency.

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4 hours ago, Odin said:

Yes, a quick google indicates his net worth was 10mil in 2009, what is it now?  Who would think twice about buying a holiday home for less than 20% your current worth.  It would be like buying a car to a well off middle class person.

His book isn't his only means is it ?  I'm sure he has made loads from public appearances and dinner speeches at £10,000's a time.   The headline smacks of just appear to the public he is genuinely "working" for it.

IMHO his thoughts on there the future economics is; is irrelevant in the decision making process.

I think it's just to buy good pr, appear as a working man as you say. Then if they do collapse he can't play the victim too.

Him and his children still live over here and dont want to become the next Blair.

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  • 406 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% +
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      • up 5%



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