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Realistbear

S K Y : Miracle Economy In Worse Shape Than U S Economy

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Just picked it up on SKY. They are reading tomorrow's advance copies and an article in the Telegraph quotes Big Al stating that the UK economy is in worse shape than the US.

Been saying this for sometime now. When you consider the much higher debt levels and the fact that the vast majority of our mortgages are subprime or dodgy SI, IO, 125%, 5 X income etc. According to the Worldbank we owe 10 trillion $ compared with the US at 11.8 trillion $. On a per capita basis the US is far behind us debt-wise. Our monthly deficit is now over 4 billion pounds and growing whereas the US deficits continue to shrink. Our private debt ratio is 1.67 compared with the US at around 1.42. And worse, out HPI has been double that of the US with house prices also double and on wages that are less after taxes. Add all of that together and you begin to see that Big Al is not far off the mark.

Good old Gordon, he has dropped us right in it and the world is waking up to that fact. He will soon become known as Britain's worst chancellor ever and a lucky man to be rewarded for his efforts with No. 10.

Its taken a long time but the world has just woken up to the fact that the miracle economy of HPI-MEW-BTL was just a debt ridden bubble. "No more boom and bust".................. :lol:

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Just picked it up on SKY. They are reading tomorrow's advance copies and an article in the Telegraph quotes Big Al stating that the UK economy is in worse shape than the US.

Been saying this for sometime now. When you consider the much higher debt levels and the fact that the vast majority of our mortgages are subprime or dodgy SI, IO, 125%, 5 X income etc. According to the Worldbank we owe 10 trillion $ compared with the US at 11.8 trillion $. On a per capita basis the US is far behind us debt-wise. Our monthly deficit is now over 4 billion pounds and growing whereas the US deficits continue to shrink. Our private debt ratio is 1.67 compared with the US at around 1.42. And worse, out HPI has been double that of the US with house prices also double and on wages that are less after taxes. Add all of that together and you begin to see that Big Al is not far off the mark.

Good old Gordon, he has dropped us right in it and the world is waking up to that fact. He will soon become known as Britain's worst chancellor ever and a lucky man to be rewarded for his efforts with No. 10.

Its taken a long time but the world has just woken up to the fact that the miracle economy of HPI-MEW-BTL was just a debt ridden bubble. "No more boom and bust".................. :lol:

Wondered where you were RB - have you just woken up with a really bad tummy from all that bear food on Friday? You must have put on 3 stones just in the one day.

Best take up some exercise before you explode this week :lol:

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New car anyone ?

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Wondered where you were RB - have you just woken up with a really bad tummy from all that bear food on Friday? You must have put on 3 stones just in the one day.

Best take up some exercise before you explode this week :lol:

I am kinda hoping that The Sun go for it and print "CRASH" on their front page. It would be nice to have it official in the sheeple press!

Next week should be very interesting. My bet is NR will go under and people will start withdrawing money from the next two in line: B&B and A&L.

Expecting sterling down below 2.00 too.

I think Ben will hold although he may drop the discount rate 50 basis points to help the banks. The US economy is strong and they will just have to weather a 300- 400 point drop on the DOW in dissappointment.

The turnaround has been very sudden and we may even see some of the notorious Neithers switch sides this week also. It must be getting embarassing sitting on the fence now.

I think we may even see one of the big VI mortage companies admit the market will drop even though Nationwide are going for slightly better than a soft landing with 3% "growth" in 2008 (in their dreams).

But the big event will be the "C" word in The Sun.

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New car anyone ?

Northern Rock to the rescue...........

Need a loan for a used or new car? Whether you're looking for something classic or brand spanking new, a low rate loan is a competitive alternative to car finance.

Only 7.4% APR typical on loans from £1,000 to £25,000 with a fixed interest rate unsecured loan so you know what your monthly payments will be. Our loan can help you get the car you want, make home improvements, consolidate your debts or take a special holiday.

You have the flexibility to spread your repayments over one to ten years.

Timely. What is is like to live in a financial world where every stone that is overturned reveals another turd lying in wait?

http://business.timesonline.co.uk/tol/busi...icle2469491.ece

From The Times

September 17, 2007

Mortgage crisis spreads to sub-prime car loan market

Suzy Jagger in New York

Fears are mounting that the sub-prime mortgage crisis is beginning to infect America’s $300 billion (£150 billion) car loan market as evidence emerges of a surge in the numbers of US motorists in arrears.

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What I want to know is how long before we see Carol Vorderman advertising loans from the IMF allowing us to consolidate all our £1.3 trillion of debt into one manageable monthly payment?

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Guest AuntJess

Bin 'avin' a think. :lol: Howzabout 'cattle' instead of 'sheeple'. After all sheep don't stampede and the run on NR - and what I suspect may follow with other banks - is looking summat like a stampede to me! :lol::lol:

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