Jimmy James Posted March 7, 2006 Share Posted March 7, 2006 "What is to be done? On the regulatory front there should be a tightening up on non-income verified mortgages" "it is recklessly irresponsible of some banks to be lending at six times peoples' incomes in an environment where there are significant downside risks to the economy and bad debts are growing." "There are millions, mainly older people, sitting on substantial property and pension fund assets while younger people are straining to service debt and maintain positive equity. A continued growth in unemployment and a slowdown in income growth could imperil the latter without touching the former. " "It is an irony that Gordon Brown's reputation for economic soundness rests not on prudence and thrift but on consumer self-indulgence and debt. That reputation may not survive much longer." http://portal.telegraph.co.uk/money/main.j.../07/ixcoms.html Quote Link to comment Share on other sites More sharing options...
non-FTBer Posted March 7, 2006 Share Posted March 7, 2006 "It is an irony that Gordon Brown's reputation for economic soundness rests not on prudence and thrift but on consumer self-indulgence and debt. That reputation may not survive much longer." Good lad. My sentiments exactly. Quote Link to comment Share on other sites More sharing options...
red Posted March 7, 2006 Share Posted March 7, 2006 "What is to be done? On the regulatory front there should be a tightening up on non-income verified mortgages" "it is recklessly irresponsible of some banks to be lending at six times peoples' incomes in an environment where there are significant downside risks to the economy and bad debts are growing." "There are millions, mainly older people, sitting on substantial property and pension fund assets while younger people are straining to service debt and maintain positive equity. A continued growth in unemployment and a slowdown in income growth could imperil the latter without touching the former. " "It is an irony that Gordon Brown's reputation for economic soundness rests not on prudence and thrift but on consumer self-indulgence and debt. That reputation may not survive much longer." http://portal.telegraph.co.uk/money/main.j.../07/ixcoms.html great article - the last sentence really sums it all up. Bravo! Quote Link to comment Share on other sites More sharing options...
karhu Posted March 7, 2006 Share Posted March 7, 2006 great article - the last sentence really sums it all up. Bravo! The telegraph have really been laying into UK economic policy recently. Good on them! Quote Link to comment Share on other sites More sharing options...
Flash Posted March 7, 2006 Share Posted March 7, 2006 Until now politicians have seemed reluctant to address the consumer debt problem. Perhaps, this will become a key part of the Lib Dem's campaign going forward - it could capture the votes of the younger apathetic non-voters and could get support from the richer, older people who see their children struggling with debt. Quote Link to comment Share on other sites More sharing options...
Mr Blek Posted March 7, 2006 Share Posted March 7, 2006 (edited) Good article, albeit a little late. The HPC has started and nothing can prevent it. Edited March 7, 2006 by Mr Blek Quote Link to comment Share on other sites More sharing options...
Guest Guy_Montag Posted March 7, 2006 Share Posted March 7, 2006 Crikey, could have been written for us. I wonder if he lurks. Quote Link to comment Share on other sites More sharing options...
Guest Riser Posted March 7, 2006 Share Posted March 7, 2006 Can't wait for Brown to become PM we will start to see mch more of this sort of reporting. A further argument is that there is no household solvency problem since assets are - roughly - three times the value of liabilities. However, a large part of the assets base rests on the boom in house prices which some believe to be an inflated bubble which could painfully burst Quote Link to comment Share on other sites More sharing options...
Realistbear Posted March 7, 2006 Share Posted March 7, 2006 (edited) HPI has been a plague on this country. The Sheeple are going to eventually realise it and start to look for someone to blame. Mr. Gordon "Miracle Economy" Brown is his name and hyperhouse inflation is his claim to fame and things just ain't the same, this man is just lame. This sums up the Realist view of the Telegraph: A further argument is that there is no household solvency problem since assets are - roughly - three times the value of liabilities. However, a large part of the assets base rests on the boom in house prices which some believe to be an inflated bubble which could painfully burst . It is an irony that Gordon Brown's reputation for economic soundness rests not on prudence and thrift but on consumer self-indulgence and debt. That reputation may not survive much longer . If David "Scotty"* Cameron can put together a viable team and draw up a radical plan to rebuild this country on sound economic principle he may be given a shot. LibDems are still a little "purple shirt" to be elected yet--IMHO. _____________________________________ *http://en.wikipedia.org/wiki/Cameron Edited March 7, 2006 by Realistbear Quote Link to comment Share on other sites More sharing options...
karhu Posted March 7, 2006 Share Posted March 7, 2006 Until now politicians have seemed reluctant to address the consumer debt problem. Perhaps, this will become a key part of the Lib Dem's campaign going forward - it could capture the votes of the younger apathetic non-voters and could get support from the richer, older people who see their children struggling with debt. Yes. It's a great strategic position. Staunch labour supporters are hardly going to vote conservative, but they may vote Lib Dem. I've heard so many people I know who have voted labour all their life say that they will not vote labour at the next electon. I think they're going to take a troucing at the next elections and my feeling is that a lot of votes could go LAB -> LIB. Quote Link to comment Share on other sites More sharing options...
Guest Riser Posted March 7, 2006 Share Posted March 7, 2006 Yes. It's a great strategic position. Staunch labour supporters are hardly going to vote conservative, but they may vote Lib Dem. I've heard so many people I know who have voted labour all their life say that they will not vote labour at the next electon. I think they're going to take a troucing at the next elections and my feeling is that a lot of votes could go LAB -> LIB. Problem is that Ming is so close to Brown that it will be a wasted vote, Labour will still pull the strings. Quote Link to comment Share on other sites More sharing options...
Mr Blek Posted March 7, 2006 Share Posted March 7, 2006 Yes. It's a great strategic position. Staunch labour supporters are hardly going to vote conservative, but they may vote Lib Dem. I've heard so many people I know who have voted labour all their life say that they will not vote labour at the next electon. I think they're going to take a troucing at the next elections and my feeling is that a lot of votes could go LAB -> LIB. I have to disagree. I know so many people that said the same about Labour over the Iraq war and then they still went and voted Labour. The only way it will be different is if these people start feeling the pinch. Would you trust the lib dems with the economy? Quote Link to comment Share on other sites More sharing options...
karhu Posted March 7, 2006 Share Posted March 7, 2006 I have to disagree. I know so many people that said the same about Labour over the Iraq war and then they still went and voted Labour. The only way it will be different is if these people start feeling the pinch. Would you trust the lib dems with the economy? I want this government to finally fear being removed from office and start listening to the population of the UK. Quote Link to comment Share on other sites More sharing options...
Pete95 Posted March 7, 2006 Share Posted March 7, 2006 Good to hear, sounds like hes in touch with the public - is he really an MP? He mentions tightening up on silly income-muliples for mortgages, but this alone would not be enough, and may simply lead to a situation where more FTB's are forced into renting. A tightening of income multiple lending along with a tax on BTL would be a winner. Quote Link to comment Share on other sites More sharing options...
Fancypants Posted March 7, 2006 Share Posted March 7, 2006 yup - thumbs up for Vince. This particular FTB2B won't forget this Quote Link to comment Share on other sites More sharing options...
BillyShears Posted March 7, 2006 Share Posted March 7, 2006 A further argument is that there is no household solvency problem since assets are - roughly - three times the value of liabilities. However, a large part of the assets base rests on the boom in house prices which some believe to be an inflated bubble which could painfully burst <recent BTL mode> What? Are you saying that if house prices go down, the amount owed on the mortgage doesn't go down as well? </recent BTL mode> Billy Shears Quote Link to comment Share on other sites More sharing options...
right_freds_dead Posted March 7, 2006 Share Posted March 7, 2006 would this be a good time to mention ID cards ? Quote Link to comment Share on other sites More sharing options...
OnlyMe Posted March 7, 2006 Share Posted March 7, 2006 (edited) An MP with consistency and a belief that sometimes saying the things that people might not want to hear is the right thing to do, quite amazing, he also seems to have a grasp that the long term inconsistencies in earnings/wealth between generations may some some serious repercussions. I think he is right. Vince Cable was the only politician highlighting the perilous state of finances of a large swathe of the population before the last election. I thought that maybe once the election was out of the way he would slink back into the shadows. How wrong I was. Edited March 7, 2006 by OnlyMe Quote Link to comment Share on other sites More sharing options...
sam Posted March 7, 2006 Share Posted March 7, 2006 Come on Guys, the bloke is a Liberal Democrat, who the f*** is going to listen to him, i know he means well but you could ask 10,000 people and you would be lucky if one had read this story. Sam Quote Link to comment Share on other sites More sharing options...
pyewackitt Posted March 7, 2006 Share Posted March 7, 2006 I have to disagree. I know so many people that said the same about Labour over the Iraq war and then they still went and voted Labour. The only way it will be different is if these people start feeling the pinch. Would you trust the lib dems with the economy? The Lib Dems won't get it - but they could get enough votes to be taken more seriously and I think thats the better option for right now. Lib Dems have number of reasonable propositions i.e. Proportioanl Representation etc. but are unlikely to win any election outright. But if enough votes go their way then who knows how much influence the Lib Dem policies might have. - Pye Quote Link to comment Share on other sites More sharing options...
jackalope Posted March 7, 2006 Share Posted March 7, 2006 I have to disagree. I know so many people that said the same about Labour over the Iraq war and then they still went and voted Labour. The only way it will be different is if these people start feeling the pinch. Would you trust the lib dems with the economy? There are far more LAB-CON marginals than LAB-LIB so a big swing to the Lib Dems will result in a Conservative government. Quote Link to comment Share on other sites More sharing options...
Warwick-Watcher Posted March 7, 2006 Share Posted March 7, 2006 Crikey, could have been written for us. I wonder if he lurks. Seems like all Lib Dems lurk in one sense or another ! Quote Link to comment Share on other sites More sharing options...
North London Rent Girl Posted March 7, 2006 Share Posted March 7, 2006 I have to disagree. I know so many people that said the same about Labour over the Iraq war and then they still went and voted Labour. The only way it will be different is if these people start feeling the pinch. Would you trust the lib dems with the economy? The alternatives being?!! Nulabor and the conservatives have both presided over ruinous credit booms in the past 20 years. Would you trust either of them? The lib dems seem like a grown-up alternative. Just hope Ming doesn't renege on the 50% over 100 grand tax rate, which it looks like he might. He's a pretty welcome addition to the political landscape, if you ask me - will make the blair/cameron twins look like a right couple of teenage lightweights, which of course they are. Quote Link to comment Share on other sites More sharing options...
BillyShears Posted March 7, 2006 Share Posted March 7, 2006 I have to disagree. I know so many people that said the same about Labour over the Iraq war and then they still went and voted Labour. The only way it will be different is if these people start feeling the pinch. Would you trust the lib dems with the economy? I voted Labour all my life up until the last election. Last time I voted Lib Dem. Billy Shears Quote Link to comment Share on other sites More sharing options...
Sarah Beeny! Posted March 7, 2006 Share Posted March 7, 2006 Vince Cable has been talking like this for some years now, I guess he's previously been ignored by the masses because it's not on their radar. I think he used to be the CEO of Shell/BP, or similar? Quote Link to comment Share on other sites More sharing options...
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