Jump to content
House Price Crash Forum
Sign in to follow this  
The Masked Tulip

Work Hard? Play By The Rules? You're A Loser...

Recommended Posts

Maybe this is what Brown wants?

Meanwhile, savers are squeezed from the other side by a government that needs to hold interest rates down in the hope that consumer spending can keep the economy growing. As for those private pensions successive governments have compelled us to take out, the coincidence of poor savings rates and a plunging stock market – a freak combination supposedly – threatens to leave forty- and fiftysomethings with nothing to retire on. More and more will be cast on the mercy of the state.

Among the few beneficiaries of this generalised catastrophe might be first-time homebuyers with a good credit record who could be priced back into a falling housing market. At best, we could be looking at a more sober approach to credit than the one that has prevailed for a decade – and, incidentally, helped fuel those outrageous house prices in the first place. At worst, though, we could be looking at a destructive stand-off between the prudent and the profligate.

Unjust though it might seem to the prudent, a government that still sees credit as a major engine for growth and growth as the sole gauge of economic success, is bound to be in league with the profligate. No British government could accept the level of destitution from foreclosed mortgages that a US government would tolerate. So there will be bail-outs for the improvident or unlucky, including perhaps a right for them to sue their lender for "mis-selling".

And so the infernal cycle will go on: more compensation, more public money, more efforts to restore the credentials of credit – and more calls on those who worked hard and thought they were playing by the rules. Who will join me in Whitehall under my banner?

http://www.independent.co.uk/opinion/comme...ser-797148.html

Share this post


Link to post
Share on other sites

The pain involved in returning to a savings/investment/productive economy from the current borrowing/debt/service-based economy is too great to be embraced by any politician. Instead, it will have to be forced on us by circumstances which will be far more painful in the long run.

Share this post


Link to post
Share on other sites
And so the infernal cycle will go on: more compensation, more public money, more efforts to restore the credentials of credit – and more calls on those who worked hard and thought they were playing by the rules. Who will join me in Whitehall under my banner?

I'll be there! :angry:

Share this post


Link to post
Share on other sites
No British government could accept the level of destitution from foreclosed mortgages that a US government would tolerate. So there will be bail-outs for the improvident or unlucky, including perhaps a right for them to sue their lender for "mis-selling".

Don't worry. The US can't handle this either. Bailouts en-masse are going on there as we speak.. bailouts of the wall street bankers, that is.. :ph34r:

Share this post


Link to post
Share on other sites
I read this on the train to work this morning. Thought it was the new paper version of HPC.co.uk

Yeh I'm currently listening to HPC radio, and tonight I'll watch a little HPC Telly! :o

Share this post


Link to post
Share on other sites
I read this on the train to work this morning. Thought it was the new paper version of HPC.co.uk

I don't normally read the Indie but it has several excellent articles on the crisis today - I thought it was a left of centre paper.

Share this post


Link to post
Share on other sites

Where were commentators like this when Brown removed any component of house prices from the Bank of England's inflation target? Or when regulations were relaxed allowing Northern Rock to go on a highly-risky borrowing and lending binge? Or when Tony Blair accepted his pay-off by joining JP Morgan, as Brown will most certainly follow when he leaves office? The housing bubble is nothing but a con perpetrated by governments and investment banks as a way of increasing taxes and skimming profits off of transactions, and the media has stood by and watched it happen without a peep. All of this "wealth" that has gone to property speculators and older owners who have sold up their family home and moved to Spain has just come straight out of the pockets of young people forced to sell themselves into a lifetime of debt slavery. This has been obvious for the past 5 years but the press has been entirely silent.

How much money has Greenspan accepted from Wall Street through consulting and giving speeches since he left office after creating this mess in the United States, a mess which is being cleaned up through a massive tax payer supported bail out of the very same players on Wall Street who have made billions and billions of dollars over the past 5 years based on the Federal Reserve's largesse. The system is totally corrupt and the media is entirely complicit in that corruption.

Share this post


Link to post
Share on other sites
The pain involved in returning to a savings/investment/productive economy from the current borrowing/debt/service-based economy is too great to be embraced by any politician. Instead, it will have to be forced on us by circumstances which will be far more painful in the long run.

Whilst the pain of doing it deliberately isn't something any party's going to go for, I suspect whoever gets in next will have a very interesting "mandate for change", a la Thatcher in '79. Essentially, the party that follows Labour (ironic naming at its best) will be elected on a "FFS, sort it out!" ticket, and will therefore have a much freer hand when it comes to knocking down the sacred Labour pillars that got us into this mess - horrifically low interest rates, regulation-free banking, and profligate public spending.

Or, to put it in slightly different terms, whoever comes next isn't bound by the shackles of all incumbant governments - those that prevent them from saying "all the stuff we did before was ********".

Share this post


Link to post
Share on other sites
I don't normally read the Indie but it has several excellent articles on the crisis today - I thought it was a left of centre paper.

Yes, the Indy does seem to be getting it. I used to read The Guardian (now that is a left of centre paper!) but got fed up of it*. There's still some good writers there, check out Larry Elliot author of Fantasy Island. Jeremy Warner in the Indy has changed his tune over the last few months: his prvious line was that the credit crunch would blow over, we wouldn't be facing a recession and the economy was in good shape ... looks like he's coming round :) If I do pick up a paper these days it does tend to be the Independent or the FT.

* Largely due to Polly Toynbee sucking Gordon's c0ck week in week out.

Edited by sossij

Share this post


Link to post
Share on other sites
So there will be bail-outs for the improvident or unlucky, including perhaps a right for them to sue their lender for "mis-selling".

If that happens I'm going to be exceedingly angry.

Share this post


Link to post
Share on other sites
If that happens I'm going to be exceedingly angry.

If that happens then financial meltdown is inevitable, Mr Andersen!

Share this post


Link to post
Share on other sites
If that happens then financial meltdown is inevitable, Mr Andersen!

Possible scenario - someone on (Government funded) legal aid suing (Government owned) Northern Rock!

Yes, it could get messy! :lol:

Share this post


Link to post
Share on other sites
If that happens I'm going to be exceedingly angry.

Likewise. I'm a pretty peaceful chap, but that would certainly have me assessing the ballistic properties of the contents of the recycling box...

Share this post


Link to post
Share on other sites
Don't worry. The US can't handle this either. Bailouts en-masse are going on there as we speak.. bailouts of the wall street bankers, that is.. :ph34r:

Actually, bailing out the US banks is quite reasonable, when you consider the following story: http://iaindale.blogspot.com/2008/03/how-p...sed-credit.html

The banks appear to have been blackmailed by activists and the FED into handing out dodgy loans in order to satisfy PC fantasies.

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
Sign in to follow this  

  • Recently Browsing   0 members

    No registered users viewing this page.

  • 297 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%



×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.