Bloo Loo Posted September 28, 2007 Share Posted September 28, 2007 ...do you not get the BBC in East Anglia....?..... I was thinking that all BBC executives appear to think we all earn 50,000 PA and our houses are all 350,000-this would imply they tend to live in London! mon ami Quote Link to comment Share on other sites More sharing options...
apom Posted September 28, 2007 Share Posted September 28, 2007 I know someone who works for Lloyds TSB in Devon and she can only speak about her cluster, which is essentially east devon. She knows of not one single first time buyer mortgage of the last few years. That’s most of a county and they haven’t leant once to a first time buyer in several years. Where would you have your savings, there or at Northern Rock? Quote Link to comment Share on other sites More sharing options...
apom Posted September 28, 2007 Share Posted September 28, 2007 I was thinking that all BBC executives appear to think we all earn 50,000 PA and our houses are all 350,000-this would imply they tend to live in London! mon ami that would be a 7 times salart mortage. and in london the average wage at Canary Wharf is £50,000 and what does that get you? Quote Link to comment Share on other sites More sharing options...
munro Posted September 28, 2007 Share Posted September 28, 2007 tell it to the f*cking dodos Being a complex adaptive mechanism doesn't mean you will succeed, or necessarily survive. As Applegarth and the board of Northern Rock demonstrates. Quote Link to comment Share on other sites More sharing options...
erranta Posted September 28, 2007 Share Posted September 28, 2007 The better than average City guys are good in their particular little corner of the market they operate in, but have little or no clue about macroeconomics. Sounds like a new definition of 'Pidgin' 'English' to me! (This species live 'up North' by the way - Columba livia!) Quote Link to comment Share on other sites More sharing options...
stormymonday_2011 Posted September 28, 2007 Share Posted September 28, 2007 Signs that it's a load of c0ck1ng t0ss:- Gratuitous use of latin Order Ab Chao is apparently some sort of masonic motto. I knew that lot were behind it all. Crinkly hand shakes all round. Quote Link to comment Share on other sites More sharing options...
FTBagain Posted September 28, 2007 Share Posted September 28, 2007 A team mate of mine who plays football with me on a Thursday evening is a sub prime mortgage broker. He's a pretty sensible bloke and very untypical of a perceived mortgage broker. Over the last couple of years when I have imagined that things might be taking a turn for the worst, he has always said that business was very busy. He is aware I am a bear and last week stunned me by saying in the aftermath of the Northern Rock saga that business had fallen off a cliff. Suddenly last week Monday it came to an absolutle stop! He is worried obviously about his own job but this is stark evidence that genuine sub prime is in serious trouble. Now this is a really telling anecdote for me. This suggests that people have been scared off taking a gamble on property! If this is the case then not only are the banks tighening lending criteria, but borrower sentiment may have changed significantly and suddenly. This would indicate that demand is being hit twice, loss of credit supply (enabler) and loss of desire (driver). In short sellers will be getting squeezed from both sides. Meat in a sandwich, a toastie sandwich. Quote Link to comment Share on other sites More sharing options...
Wayo Posted September 28, 2007 Share Posted September 28, 2007 "No disrespect to you, but these guys in the sector know what they are talking about, people who have worked at the BoE, the Treasury, worked in real economics all their lives" That would be what? All four years since they left Oxbridge? How many traders in the City today were even at University on Black Wednesday, let alone around to see the Iran Oil Crisis? Most people don't expect anything to derail the 'economic miracle' because it is all they have known during the last 12 or so years. Quote Link to comment Share on other sites More sharing options...
Goldfinger Posted September 28, 2007 Share Posted September 28, 2007 Most people don't expect anything to derail the 'economic miracle' because it is all they have known during the last 12 or so years. Yep. And they've all forgotten what gold is really about. Quote Link to comment Share on other sites More sharing options...
stormymonday_2011 Posted September 28, 2007 Share Posted September 28, 2007 That would be what? All four years since they left Oxbridge?How many traders in the City today were even at University on Black Wednesday, let alone around to see the Iran Oil Crisis? Most people don't expect anything to derail the 'economic miracle' because it is all they have known during the last 12 or so years. In fact you would have to go back to the early 1970s to get a banking crisis in any way comparable to Northern Rock. To be honest only the tiny number of greybeards who still survive in the odd corner of the City have any clue as to what is happening. Most of the current bunch of 'experts' were not even around at the time of the last property crash. One of the bizarre results of the financial sectors endless purges of its work force over the years is that it builds no cultural memory and so repeats the same old mistakes over and over again in slightly different formats. Quote Link to comment Share on other sites More sharing options...
South Lorne Posted September 28, 2007 Share Posted September 28, 2007 I was thinking that all BBC executives appear to think we all earn 50,000 PA and our houses are all 350,000-this would imply they tend to live in London! mon ami ...350,000 is not a London figure ....even I as a simple country boy is aware of that.... Quote Link to comment Share on other sites More sharing options...
Moo Posted September 28, 2007 Share Posted September 28, 2007 That would be what? All four years since they left Oxbridge?How many traders in the City today were even at University on Black Wednesday, let alone around to see the Iran Oil Crisis? Most people don't expect anything to derail the 'economic miracle' because it is all they have known during the last 12 or so years. Big salute to that Wayo. I'm also very much of the opinion that one of the most dangerous aspects of the current situation is the sheer number of people, in all areas of the market (from those in the city, to a 20something with a credit card), who've no experience of anything other than "good" times, and no experience of the real killer - change. Quote Link to comment Share on other sites More sharing options...
South Lorne Posted September 28, 2007 Share Posted September 28, 2007 Big salute to that Wayo. I'm also very much of the opinion that one of the most dangerous aspects of the current situation is the sheer number of people, in all areas of the market (from those in the city, to a 20something with a credit card), who've no experience of anything other than "good" times, and no experience of the real killer - change. ...profound...what confuses me is...do they teach trading at Uni and even Oxbridge..?........ Quote Link to comment Share on other sites More sharing options...
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