World Banking Crisis - I Blame Nu Liebour

[Guest happy?]

[right_freds_dead]

and the TORIES for intruducing BTL mortgage lending options in 1996.

without this, there would have been enough homes to have gone around JUST FINE.

nu lab are to blame for not reversing that policy change.

rest's istree.....

[South Lorne]

and the TORIES for intruducing BTL mortgage lending options in 1996.

without this, there would have been enough homes to have gone around JUST FINE.

nu lab are to blame for not reversing that policy change.

rest's istree.....

....BTL was migrated from Australia around this time by the Aussie Bank which owned Clydesdale at the time....nothing to do with the Tories ......especially as they handed over the strongest Economy in Western Europe to Nulabour in '97.....

[bobthe~]

....BTL was migrated from Australia around this time by the Aussie Bank which owned Clydesdale at the time....nothing to do with the Tories ......especially as they handed over the strongest Economy in Western Europe to Nulabour in '97.....

Well since the origination of all these sub prime mortgages was in the Republican USA, I think you can blame the right wing George Bush and his near right ally Gordon Brown both jointly. So since the Lib Dems are in the middle (or at least used to be), we can blame them.

Job done.

Paddy Pantsdown you *******!!!!!

[piece of paper]

....BTL was migrated from Australia around this time by the Aussie Bank which owned Clydesdale at the time....nothing to do with the Tories ......especially as they handed over the strongest Economy in Western Europe to Nulabour in '97.....

That's interesting. Did the same Oz bank also import the concept of securitization of residential mortgages to the UK banking system?

p-o-p

[South Lorne]

....a lot of the loose credit both sides of the pond grew out of a knee jerk reaction to 9/11.....

[newbee]

....BTL was migrated from Australia around this time by the Aussie Bank which owned Clydesdale at the time....nothing to do with the Tories ......especially as they handed over the strongest Economy in Western Europe to Nulabour in '97.....

Spot on. if you look back the same has happened every time labour came in. good economy to bad through mismanagement, overspending, borrowing from BOE and us Muppet's paying higher taxes to the bank to fix it all.

[Not Long Now]

....BTL was migrated from Australia around this time by the Aussie Bank which owned Clydesdale at the time....nothing to do with the Tories ......especially as they handed over the strongest Economy in Western Europe to Nulabour in '97.....

The primary problem has been making the BOE try to hit an inflation target that ignores house prices. Pure and simple. Money has been too cheap for too long, ignoring runaway HPI because it suits the governments agenda.

Nothing to do with BTL mortgages or anything else. If IR's weren't so low, BTL wouldn't have stacked up as a such a viable (short term) proposition.

As an aside, it will be interesting to see if many people that have invested for the "long term" in property, initially based on short term cheap mortgages, are able to sustain their investment into the long term due to huge increases in mortgage costs and the potential for margin calls.

As I mentioned somewhere else on this board today, even if some have genuinely invested for the long term, the banks will make that decision for them with their lending criteria going forward.

(as I write this a friend is chatting to me on MSN Messenger. He is starting his own business as we speak, and has days to run working his notice at his present employer:

Ben says:

and the flippin bank is playing up

Ben says:

cus of this credit crunch malarky

Ben says:

one mintue we got an overdraft next minute we aint

Ben says:

taing the p*ss).

Says it all. Banks make the decisions on credit.....not the individual.

[South Lorne]

That's interesting. Did the same Oz bank also import the concept of securitization of residential mortgages to the UK banking system?

p-o-p

...BTLs are not covered under the FSA mortgage legislation ..only OO mortgages.....I like this one on Securitisation..

Bear Stearns’ strength in this sector arises from its strong analytical skills, which allow them to disseminate mortgage portfolios, and based on its extensive market knowledge and historic performance database, allows an accurate forecast of a portfolio’s future performance. This, in conjunction with understanding current investor appetite and pricing allows them to assess the value of a portfolio to a fine degree.

http://www.mfgonline.co.uk/ccstory/23297/2...uritisation.htm

.....good for a laugh....

[Roman Abramovitch]

The poster isn't the only one who blames Nu Liebour

The March ICM poll for the Guardian, just out gives the following shares with changes on the survey that appeared yesterday - CON 42% (+2): LAB 29% (-2): LD 21% (+1)

Looks like Gord is on the way out at last

[South Lorne]

The poster isn't the only one who blames Nu Liebour

The March ICM poll for the Guardian, just out gives the following shares with changes on the survey that appeared yesterday - CON 42% (+2): LAB 29% (-2): LD 21% (+1)

Looks like Gord is on the way out at last

.....he was never voted in ....but when can he go...is it 2010....?.....

[eric pebble]

That's interesting. Did the same Oz bank also import the concept of securitization of residential mortgages LIAR LOANS to the UK banking system?

p :angry: -o-p

Edited March 17, 2008 by eric pebble

[Sourman]

It amazes me how so many here denigrate the sheeple for being stupid yet continue to use poll results from those very same sheep to justify their ludicrous rants!!!

You are all so fickle...

[South Lorne]

It amazes me how so many here denigrate the sheeple for being stupid yet continue to use poll results from those very same sheep to justify their ludicrous rants!!!

You are all so fickle...

...better having sheeple being polled than the apathy of 'don't knows'..that's when when the anarchists and extemists would takeover....better being ludicrous to some than silent ......

[Sourman]

....BTL was migrated from Australia around this time by the Aussie Bank which owned Clydesdale at the time....nothing to do with the Tories ......especially as they handed over the strongest Economy in Western Europe to Nulabour in '97.....

The 1988 Housing Act abolished security of tenure for tenants. Landlords gained the power to evict problem tenants more easily, and so the prospect of becoming a landlord is more attractive than previously. The housing crash between 1989 and 1994 saw an increase in the number of tenants, as people lost their homes and were repossessed.

Buy-to-let as a term was coined in 1995 as a marketing badge for a finance initiative launched by the Association of Residential Letting Agents (ARLA), although this type of lending had existed for many years.

Wikipedia

So there you have it gasp horror!! BTL came about as a result of the 1988 housing act which came about because someone thought that tenants had far too many rights and landlords could not cash in their properties to make a killing in the housing boom of the late 80's!!

I am not sure which government that was, but I will leave no stone unturned until I find out....

[Nickolarge]

and the TORIES for intruducing BTL mortgage lending options in 1996.

without this, there would have been enough homes to have gone around JUST FINE.

nu lab are to blame for not reversing that policy change.

rest's istree.....

The politicians are controled by the bankers, not the other way round.

I blame the banks for Nu Labour and the Tories. :angry:

[South Lorne]

The politicians are controled by the bankers, not the other way round.

I blame the banks for Nu Labour and the Tories. :angry:

.....I would venture many politicians did not even know what a BTL was in '96......

[Timm]

It amazes me how so many here denigrate the sheeple for being stupid yet continue to use poll results from those very same sheep to justify their ludicrous rants!!!

You are all so fickle...

The "sheeple" are the market. They drove it up, and they'll drive it down again.

[Nickolarge]

Spot on. if you look back the same has happened every time labour came in. good economy to bad through mismanagement, overspending, borrowing from BOE and us Muppet's paying higher taxes to the bank to fix it all.

It could be because the Tories have held power for about 75% of the last century, but all of the truly quantifiable political or financial disasters that have befallen this country have happened on their watch. Piece of Paper gets his nom de plume from one such disaster.

[dances with sheeple]

...BTLs are not covered under the FSA mortgage legislation ..only OO mortgages.....I like this one on Securitisation..

http://www.mfgonline.co.uk/ccstory/23297/2...uritisation.htm

.....good for a laugh....

When and if this mess is cleared up, sh*tespeake like that will be banned from financial literature.

[Rain'ard]

....BTL was migrated from Australia around this time by the Aussie Bank which owned Clydesdale at the time....nothing to do with the Tories ......especially as they handed over the strongest Economy in Western Europe to Nulabour in '97.....

Like Fred I've always thought what he says above is correct, and I still do. I also can't see the total blame for the mess we are in now is directly to do with Labour. I was once during the late nineties and at the turn of the new century working as a cartaker of a large complex of 2 bed flats. Out of all the property gouls that came around, flippers, BTLers by a flat for my spoilt kiders ever stuck me as being Labour. In fact most I got to know were out and out Tories and like many hated Blair and Brown. I can't number the times I had to stand and listen to these guys come out chapter and verse with all the old s**t and battle cries which most bears on here tret with contemt You cant loose with property ect.

[laurejon]

Like Fred I've always thought what he says above is correct, and I still do. I also can't see the total blame for the mess we are in now is directly to do with Labour. I was once during the late nineties and at the turn of the new century working as a cartaker of a large complex of 2 bed flats. Out of all the property gouls that came around, flippers, BTLers by a flat for my spoilt kiders ever stuck me as being Labour. In fact most I got to know were out and out Tories and like many hated Blair and Brown. I can't number the times I had to stand and listen to these guys come out chapter and verse with all the old s**t and battle cries which most bears on here tret with contemt You cant loose with property ect.

The people you describe are working class made good wannabe Tories. Just like those who purchased their council house, sold it off and "Moved away from the Riff Raff".

Real Tories are those that made real sacrifices to keep this nation afloat during the last recession, those people were working class people who paid with their jobs, and many paid with their marriages.

The idea that tories are those sitting on the boards of large corporations is just antiquated and laughable. CEO's and Company Execs love New Labour, along with those who preside over our public services. Inflation busting payrises, bonus's running into billions have made them friends of New Labour.

Be under no illusion, being a Tory is a philosophy of how to live your life, keep what you earn, and treat others in a manner you would wish to be treated yourself. New Labour are about destroying communities, destroying families, then the final nail in the coffin, destroy the nation in favour of a European Superstate with Tony Blair and the rest of the corrupt failed politicians who inhabit it at the helm of our daily lives.

[Rain'ard]

The people you describe are working class made good wannabe Tories. Just like those who purchased their council house, sold it off and "Moved away from the Riff Raff".

Real Tories are those that made real sacrifices to keep this nation afloat during the last recession, those people were working class people who paid with their jobs, and many paid with their marriages.

The idea that tories are those sitting on the boards of large corporations is just antiquated and laughable. CEO's and Company Execs love New Labour, along with those who preside over our public services. Inflation busting payrises, bonus's running into billions have made them friends of New Labour.

Be under no illusion, being a Tory is a philosophy of how to live your life, keep what you earn, and treat others in a manner you would wish to be treated yourself. New Labour are about destroying communities, destroying families, then the final nail in the coffin, destroy the nation in favour of a European Superstate with Tony Blair and the rest of the corrupt failed politicians who inhabit it at the helm of our daily lives.

One was a banker, another was a dentist, and another was a lawyer another was an insurance man and none of them paid with their jobs. I understand there are working class Tories as much as I know my Labour MP is a buy to BTLer. treating others how you would like to etc etc is a Judaic and Christian concept with no common association with Conservatism.

[laurejon]

Conservatism is a term used to describe political philosophies that favor tradition and gradual change, where tradition refers to religious, cultural, or nationally defined beliefs and customs. The term is derived from the Latin, com servare, to preserve; "to protect from loss or harm". Since different cultures have different established values, conservatives in different cultures have differing goals. Some conservatives seek to preserve the status quo or to reform society slowly, while others seek to return to the values of an earlier time, the status quo ante.

Conservatism as a political philosophy is difficult to define, encompassing numerous movements, and conservatives sometimes disagree about which parts of a culture are most worthy of preservation. Thus religious conservatives may be at odds with nationalist conservatives. Today, conservatives are considered right-wing, that is, anti-communist, may sometimes be contradictions between alternative conceptions of conservatism as the ideology of preserving the past, and the contemporary worldwide conception of conservatism as a right-wing political stance. But Martin Blinkhorn asks the question, "who are the 'conservatives' in today's Russia? Are they the unreconstructed Stalinists, or the reformers who have adopted the right-wing views of modern conservatives such as Margaret Thatcher?"[1]

Samuel Francis defined authentic conservatism as “the survival and enhancement of a particular people and its institutionalized cultural expressions”[2]; Roger Scruton defines conservatism as the “maintenance of the social ecology” and “the politics of delay, the purpose of which is to maintain in being, for as long as possible, the life and health of a social organism”[3]; and Russell Kirk considered conservatism "the negation of ideology".[4]

Fiscal conservatism

Fiscal conservatism is the economic philosophy of prudence in government spending and debt. Edmund Burke, in his 'Reflections on the Revolution in France', articulated its principles:

...t is to the property of the citizen, and not to the demands of the creditor of the state, that the first and original faith of civil society is pledged. The claim of the citizen is prior in time, paramount in title, superior in equity. The fortunes of individuals, whether possessed by acquisition or by descent or in virtue of a participation in the goods of some community, were no part of the creditor's security, expressed or implied...[T]he public, whether represented by a monarch or by a senate, can pledge nothing but the public estate; and it can have no public estate except in what it derives from a just and proportioned imposition upon the citizens at large.

In other words, a government does not have the right to run up large debts and then throw the burden on the taxpayer; the taxpayers' right not to be taxed oppressively takes precedence even over paying back debts a government may have imprudently undertaken

[Rain'ard]

Conservatism is a term used to describe political philosophies that favor tradition and gradual change, where tradition refers to religious, cultural, or nationally defined beliefs and customs. The term is derived from the Latin, com servare, to preserve; "to protect from loss or harm". Since different cultures have different established values, conservatives in different cultures have differing goals. Some conservatives seek to preserve the status quo or to reform society slowly, while others seek to return to the values of an earlier time, the status quo ante.

Conservatism as a political philosophy is difficult to define, encompassing numerous movements, and conservatives sometimes disagree about which parts of a culture are most worthy of preservation. Thus religious conservatives may be at odds with nationalist conservatives. Today, conservatives are considered right-wing, that is, anti-communist, may sometimes be contradictions between alternative conceptions of conservatism as the ideology of preserving the past, and the contemporary worldwide conception of conservatism as a right-wing political stance. But Martin Blinkhorn asks the question, "who are the 'conservatives' in today's Russia? Are they the unreconstructed Stalinists, or the reformers who have adopted the right-wing views of modern conservatives such as Margaret Thatcher?"[1]

Samuel Francis defined authentic conservatism as "the survival and enhancement of a particular people and its institutionalized cultural expressions"[2]; Roger Scruton defines conservatism as the "maintenance of the social ecology" and "the politics of delay, the purpose of which is to maintain in being, for as long as possible, the life and health of a social organism"[3]; and Russell Kirk considered conservatism "the negation of ideology".[4]

Fiscal conservatism

Fiscal conservatism is the economic philosophy of prudence in government spending and debt. Edmund Burke, in his 'Reflections on the Revolution in France', articulated its principles:

...t is to the property of the citizen, and not to the demands of the creditor of the state, that the first and original faith of civil society is pledged. The claim of the citizen is prior in time, paramount in title, superior in equity. The fortunes of individuals, whether possessed by acquisition or by descent or in virtue of a participation in the goods of some community, were no part of the creditor's security, expressed or implied...[T]he public, whether represented by a monarch or by a senate, can pledge nothing but the public estate; and it can have no public estate except in what it derives from a just and proportioned imposition upon the citizens at large.

In other words, a government does not have the right to run up large debts and then throw the burden on the taxpayer; the taxpayers' right not to be taxed oppressively takes precedence even over paying back debts a government may have imprudently undertaken

Thank you for taking the trouble telling me that L J very enlightening, but they still manage to F*** up though, don't they?

Edited March 18, 2008 by wheresmyfoxhole