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The 10 yrs after the Credit crunch thread

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Indie attempt to link 10 yr annivers to their remainer brexit agenda

Ten years after the financial crisis, the UK is facing another huge economic shock in the form of Brexit – this time it's self-inflicted

https://www.independent.co.uk/voices/editorials/financial-crisis-credit-crunch-banks-brexit-recession-a8538106.html

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It’s twenty years since the start of the financial crisis, not ten.

I’d date the start of the crisis, roughly, from the demutualisation of the building societies such as northern rock (1997), Halifax (1997), Alliance and Leicester (1997). 

https://www.bsa.org.uk/information/consumer-factsheets/general/list-of-demutualised-building-societies

Edited by BorrowToLeech

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53 minutes ago, BorrowToLeech said:

It’s twenty years since the start of the financial crisis, not ten.

I’d date the start of the crisis, roughly, from the demutualisation of the building societies such as northern rock (1997), Halifax (1997), Alliance and Leicester (1997). 

https://www.bsa.org.uk/information/consumer-factsheets/general/list-of-demutualised-building-societies

Ten years before that. 😉

https://en.m.wikipedia.org/wiki/Big_Bang_(financial_markets

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10 years.

early 20’s when it happened, just finishing Uni.

was like life was suddenly put on ‘hard mode’. 

would of been much nicer to have had two brutal years of bank collapsing and extremely limited bail-outs, followed by 8 years of solid real growth from young lean debt free companies. 

Instead it’s zombie companies with ancient boomer management, being bailed out by trashed sterling, cheap workers and lack of any unions. 

the ones who really got the shitey end of the stick were the young. the difference in life-styles between me and those just 3 years my senior is stark. 

I’m finally sorting out a home without massive debt and a big deposit, but it’s been a hundred times harder for me to now be in the same position as those 3 years my senior, and taken me 6 years longer due to rising house prices. I’m probably quite lucky that I’m soo bloody single-minded that I have swam as hard as I could and scraped the flesh from my bones climbing up that leaving ship of reasionable leverage for a quality house. 

the rest of my cohort are ******ed, either via massive negative equity via buying poorly build new builds, or through suicide (two friends now), or from just being unable to stomach the very drastic brutal changes required to actually buy a house sensibly any-more, from dumping partners, to delaying kids, to living on peoples sofas, or in vans, or with parents, to masses of overtime, and sacrifices. 

would I do it all again the same way? would I hell, it’s just not worth it. don’t bother with the U.K. housing market. there’s nothing good about it. I don’t know how the average 20-30 year old are ever going to own a home without crazy leverage, instant negative equity schemes etc. the majority are basically at end game capatalism, they will be full on debt monkeys, how are banks or the economy going to expand when you have sucked the young dry?

will they take just enough blood to keep the host alive? 

alteady the perpetual debt cycle is locked in as normal. cars on the tick, credit cards. what a crap way to live. 

home ownership will be heading back to the 1900’s, will that ever be allowed politically? or would it just take another 20 years, and owning a house will be seen as unpopular? as strange? as only what the super rich do? 

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12 hours ago, reddog said:

My take is we haven't actually fully recovered from the 2008 crash.

 

House prices have.... that's ALL that matters.

 

(By house prices 'recovering' I of course mean reached/exceeded the same levels that were previously attained through huge scale fraudulent and irresponsible lending and borrowing... now attained through huge scale govt and BoE help and support for the same borrowers and lenders).

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8 hours ago, jiltedjen said:

10 years.

early 20’s when it happened, just finishing Uni.

was like life was suddenly put on ‘hard mode’. 

would of been much nicer to have had two brutal years of bank collapsing and extremely limited bail-outs, followed by 8 years of solid real growth from young lean debt free companies. 

Instead it’s zombie companies with ancient boomer management, being bailed out by trashed sterling, cheap workers and lack of any unions. 

the ones who really got the shitey end of the stick were the young. the difference in life-styles between me and those just 3 years my senior is stark. 

I’m finally sorting out a home without massive debt and a big deposit, but it’s been a hundred times harder for me to now be in the same position as those 3 years my senior, and taken me 6 years longer due to rising house prices. I’m probably quite lucky that I’m soo bloody single-minded that I have swam as hard as I could and scraped the flesh from my bones climbing up that leaving ship of reasionable leverage for a quality house. 

the rest of my cohort are ******ed, either via massive negative equity via buying poorly build new builds, or through suicide (two friends now), or from just being unable to stomach the very drastic brutal changes required to actually buy a house sensibly any-more, from dumping partners, to delaying kids, to living on peoples sofas, or in vans, or with parents, to masses of overtime, and sacrifices. 

would I do it all again the same way? would I hell, it’s just not worth it. don’t bother with the U.K. housing market. there’s nothing good about it. I don’t know how the average 20-30 year old are ever going to own a home without crazy leverage, instant negative equity schemes etc. the majority are basically at end game capatalism, they will be full on debt monkeys, how are banks or the economy going to expand when you have sucked the young dry?

will they take just enough blood to keep the host alive? 

alteady the perpetual debt cycle is locked in as normal. cars on the tick, credit cards. what a crap way to live. 

home ownership will be heading back to the 1900’s, will that ever be allowed politically? or would it just take another 20 years, and owning a house will be seen as unpopular? as strange? as only what the super rich do? 

This is what i've never understood about where we've ended up: like many I'm spending the majority of my income keeping a roof over my head that's money not going on anything else, have none of TPTB realised this? Eventually this is what'll do for all the wests economies or have i missed something?

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2 hours ago, burk said:

This is what i've never understood about where we've ended up: like many I'm spending the majority of my income keeping a roof over my head that's money not going on anything else, have none of TPTB realised this? Eventually this is what'll do for all the wests economies or have i missed something?

Immigration. Immigration. Immigration. That's how they intend to keep the bubble inflated.

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We haven't had the crash yet. The crisis put the patient into a coma/life support. The economy is the equivalent of a patient in a coma being kept alive by a life-support unit. 

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38 minutes ago, zugzwang said:

Immigration. Immigration. Immigration. That's how they intend to keep the bubble inflated.

Thats a reasonable point, was reading this the other day, thought it quite interesting seeing as its author is on the Left politically-speaking and even he can see the problems ahead.

30 minutes ago, Errol said:

We haven't had the crash yet. The crisis put the patient into a coma/life support. The economy is the equivalent of a patient in a coma being kept alive by a life-support unit. 

That's a perfect analogy Errol, it remains to be seen when someones gonna step up and turn the machine off, can't come soon enough imo, although demographics will eventually be bought to bear on this situation in terms of the have-nots (younger gen) outnumbering the haves (older gen). 

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4 hours ago, burk said:

This is what i've never understood about where we've ended up: like many I'm spending the majority of my income keeping a roof over my head that's money not going on anything else, have none of TPTB realised this? Eventually this is what'll do for all the wests economies or have i missed something?

Everyone knows that you spend thousands on the latest iPhone, going out to restaurants, eating avacado and taking 4 holidays a year. That's why you can't afford to buy.

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17 minutes ago, Ah-so said:

Everyone knows that you spend thousands on the latest iPhone, going out to restaurants, eating avacado and taking 4 holidays a year. That's why you can't afford to buy.

Oh yeah i forgot about that :)

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13 hours ago, jiltedjen said:

the ones who really got the shitey end of the stick were the young. the difference in life-styles between me and those just 3 years my senior is stark. 

I find that whenever I try and discuss intergenerational inequality it boils down to this:

- My parents, the baby boomers, had a house and a pension

- Me as a Gen Xer will end up with a house, but no pension

- Millennials are on course to have no house and no pension

All the generations work hard.  What the end up with will be different. That isn't fair. 

This is not me falling for a "divide and conquer" strategy churned out by a Machiavellian elite.  I don't even think it's deliberate long-term planning - it's just where we have ended up from decades of short-term decisions coupled with longer life expectancy and lower interest rates. The financial crisis has if anything just been yet another thing that exacerbated the changes that were already happening (house prices shot up most in 2002, final salary pension schemes mostly closed from 2000-2005, interest rates had been falling for some years, uni tuition fees had been introduced - all well before the financial crisis started).

What it needs really is a rebalancing - however it is impossible to give every generation what the baby boomer generation has had: the point is that they are OVER provided for; they have ended up in the freaky situation of being both richer than their parents AND their children.  The long-term equilibrium is probably for every generation to have something akin to my own Gen X, with the boomers having a bit less, the millennials a bit more.

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1 hour ago, scottbeard said:

 

All the generations work hard.  What the end up with will be different. That isn't fair. 

 

This is not true. having spoken to several boomers all of them say life is a lot harder now than it used to be. No more boozy fridays, real pay is now terrible. The working life is shocking compared to how it used to be 'work is not fun anymore' is often said.

boomers had a hell of a lot more for a hell of a lot less, then pulled up the ladder for all following generation via voting, its basically they are a large selfish generation and will be remembered as such. 

i suppose you could say any large generation would do the same voting in own self interests, but it doesn't make it any less vile. 

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I swear I never believed it possible that we would return to the point where we made the same drastic mistakes only a decade ago by basically the same people or type of people, lets hope a few get jailed this time. I see this time because I am as close to certain as possible we are going to get hit harder this time, part of me though does not think it's a case of "this time" but this is a continuation from 2008 where we thought we could have a recession without feeling like we were having a recession, nope! sorry

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12 minutes ago, inbruges said:

I swear I never believed it possible that we would return to the point where we made the same drastic mistakes only a decade ago by basically the same people or type of people, lets hope a few get jailed this time. I see this time because I am as close to certain as possible we are going to get hit harder this time, part of me though does not think it's a case of "this time" but this is a continuation from 2008 where we thought we could have a recession without feeling like we were having a recession, nope! sorry

I think the next time around when the SHTF and theres the slightest hint of another bail out for bankers is when you'll see them getting lynched in the street. Plus the 'civil war' so many old duffers i've met tell me this country needs may very well come to pass, only problem is it'll be them getting slaughtered.........................

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IMO, Britain and the USA economically imploded permanently around 2007/8, with things stagnating or growing incrementally worse (with the tech giants and banks blowing it at the top) before things get drastically reformed or tip over into open civil war...

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21 hours ago, jiltedjen said:

Would I do it all again the same way? would I hell, it’s just not worth it. don’t bother with the U.K. housing market. there’s nothing good about it. I don’t know how the average 20-30 year old are ever going to own a home without crazy leverage, instant negative equity schemes etc. the majority are basically at end game capatalism

Sure you'd do it again. Where in the world could you genuinely be confident it would be significantly better?

I don't doubt it's got worse in the UK and clearly we're in a mess. But at least it's my country, and that makes idiot house prices tolerable while I hope for the day they come down. 

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Heroic Gordon saved the banks from bankruptcy and the socialist reforms that could have followed so enabled them to carry on fleecing the public without any consequences.

Genuine socialists must be delighted with New Labour's historic achievements.

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Early start this morning job in Saffron Walden today 🙂 

I had a quick peep at the morning press as I had my coffee and eggs, and as much as I have been p***ed off how long this ramped up housing market has been going on it stood out like a sore thumb this morning how the plate spinning is coming to an abrupt end. As I type I am trying to work out what was the one single article that made me think that and I cannot. It is just an overwhelming feeling that the taxpaying electorate has been squeezed dry as they try and pacify us with heartwarming stories of beautiful spoilt Meghan looking wistfully into the eyes of Harry or helping the downtrodden in her designer clobber, it just is not working.

Brexit, world trade, the railway, government turning on each other, everything is just that little more expensive, Gina Miller entering politics. Great big dark clouds are on the horizon and I am starting to take in that old saying "be careful what you wish for", because this is going to be unpleasant for a lot of people

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1 hour ago, inbruges said:

Early start this morning job in Saffron Walden today 🙂 

I had a quick peep at the morning press as I had my coffee and eggs, and as much as I have been p***ed off how long this ramped up housing market has been going on it stood out like a sore thumb this morning how the plate spinning is coming to an abrupt end. As I type I am trying to work out what was the one single article that made me think that and I cannot. It is just an overwhelming feeling that the taxpaying electorate has been squeezed dry as they try and pacify us with heartwarming stories of beautiful spoilt Meghan looking wistfully into the eyes of Harry or helping the downtrodden in her designer clobber, it just is not working.

Brexit, world trade, the railway, government turning on each other, everything is just that little more expensive, Gina Miller entering politics. Great big dark clouds are on the horizon and I am starting to take in that old saying "be careful what you wish for", because this is going to be unpleasant for a lot of people

As someone who's job is linked to the construction industry (carpenter/joiner) i'm massively conflicted. OTOH I want property to drop 75 /80% but when and if this happens i'm absolutely ****** i know many in my line of work my age who find themselves thinking similar thoughts.

But on the plus side seeing so many smug BTL w***ers get their come uppence leaves me feeling all warm and fuzzy so there is that.

While i'm here does anyone else think Teresa May looks like a hostage reading out the gangs demands everytime shes on the box? To say she looks haunted / scared  is putting it mildly............. they must know just how f***ed the UK is, yep clouds certainly are gathering.

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Crash or no crash, BREXIT or not....over the last 20 years, nobody has been able to explain to me why a serviced pile of bricks and mortar located on a very modestly sized piece of land in the UK should be worth such a significant slice of the worlds wealth.

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  • 145 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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