OLDFTB Posted July 16, 2008 Share Posted July 16, 2008 But make no mistake, the asset, and mainly house price bubble is the cause of all the misery we are about to witness. Precisely. An economy based on idiots just selling houses to each other at ever inflated prices was doomed from the start. Now we all reap the whirlwind. Quote Link to comment Share on other sites More sharing options...
OMG Posted July 16, 2008 Share Posted July 16, 2008 I've read the match programme cover to cover, I'm sitting in a seat by the halfway-line, a cold beer and hot meat-pie in my hands and the match is only minutes old. Excellent metaphor Quote Link to comment Share on other sites More sharing options...
uncle rogi Posted July 16, 2008 Share Posted July 16, 2008 but couldnt explain, some people saw it coming and protected themselves years ago. has finally been revealed in its full glory if this "crisis" is expressed in terms of a football match we are at the coin toss stage.IMNSHO hiding the thing from the public central bank policy is responsible primarily, holding together the welfare/warfare state, the public to the insiders are just cattle. inevitable destructive force if the derivatives meltdown ensues a domino effect failure scenario then destruction of the entire global banking and commerce system is a very very real possibilty. The genie is out of the bottle, who was rubbing the lamp and what the lamp is should be your focus, not to mention the fact that djinns are fickle and hard to master.. Quote Link to comment Share on other sites More sharing options...
uptherebels Posted July 16, 2008 Share Posted July 16, 2008 I have 2, actually, but remember my teenage years... I have four, aged 24, 22, 15, and 13. I remember my teenage years too. Started work in 76. People talk about the recession in early eighties (?), and high inflation and so on. At the time, I barely even noticed it. I was young, and it was just something on the news. So what if inflation was 20%, we got pay rises of 21%. I think that what will unfold now over the next few years, will be unlike anything we have seen before. I worry about my children, and what their lives will be like, especially the two younger ones. House prices were (are) a major problem in this country, and they needed to come down by a huge amount. That is happening, and that is good. But the rest of the stuff that will come along with it, is going to be a disaster for the country as a whole. Quote Link to comment Share on other sites More sharing options...
Habeas Domus Posted July 16, 2008 Share Posted July 16, 2008 Detailed figures of the country’s wealth show that the most valuable asset continues to be housing with a total value of £3,915 billion. This is up 10 per cent on the previous year and is equivalent to 60 per cent of the nation’s wealth. http://www.statistics.gov.uk/cci/nugget.asp?id=479 Now if we assume a modest drop of 20% over the next five years that will equate to a drop in price of.. £ 429,041,096 per DAY or £ 17,876,712 Per HOUR or £ 297,945 per MINUTE or £ 4,966 per SECOND Thats about £50 per week for every man woman and child in the country Quote Link to comment Share on other sites More sharing options...
Kurt Barlow Posted July 16, 2008 Share Posted July 16, 2008 the irony is of course, intentional or otherwise that the £5 notes if recovered today are not exchangable for 5 sovereigns, pound coins in the old system...(currently well over £600 for 5) LOL....(the buying power of an old fiver WWII era would be appox £800-£1000 in todays goods and services approx. a mint condition WWII genuine fiver on ebay goes for maybe £50..paper money (at least all in history so far teh average being a human lifespan etc the current dollar system only exsisted since 1971) is ultimatley worth the amount of BTU it will produce when burned. You are Goldfinger! Can I claim my £5 Quote Link to comment Share on other sites More sharing options...
uptherebels Posted July 16, 2008 Share Posted July 16, 2008 Now if we assume a modest drop of 20% over the next five years that will equate to a drop in price of.. Five years? We have seen that in five weeks. Quote Link to comment Share on other sites More sharing options...
Imp Posted July 16, 2008 Share Posted July 16, 2008 +problem solved, edit* you cannot get "dole" if you have over a certain level of savings in bank accounts etc.......hence my "solution" applies to those in fear of job losses *wink wink... + = misery Quote Link to comment Share on other sites More sharing options...
uncle rogi Posted July 16, 2008 Share Posted July 16, 2008 You are Goldfinger!Can I claim my £5 close but no cigar, or £5 of whatever denomination Rogatien Remillard, uncle rogi. http://en.wikipedia.org/wiki/Galactic_Milieu_Series Quote Link to comment Share on other sites More sharing options...
cockrobin Posted July 16, 2008 Share Posted July 16, 2008 The sad thing is, I still know of people that say house prices won't fall and when I tell them they already are they think I don't know what I'm talking about! I'll get the last laugh though!!! Quote Link to comment Share on other sites More sharing options...
steve99 Posted July 16, 2008 Share Posted July 16, 2008 You've Got What You've Hoped And Prayed For, ....but is it all an anti-climax? When half the shops are boarded up, up and coming areas have fked off back to where they came from, unemployment is 15%, when the kids are asking 'Daddy? what was Christmas?', the banks wont lend to anyone at all, half the cars are off the road, the middle classes are burning mattresses in the front yard, we have the conservatives back in telling us we are a lazy bunch of cnts etc etc, and house prices are half what they are now, then we will be in anti climax territory. (sort of like 1982) or Next year maybe? Quote Link to comment Share on other sites More sharing options...
piece of paper Posted July 16, 2008 Share Posted July 16, 2008 Nope, I'm loving it. Every. Single. Day.My assets are in safety (I think!) and my employment is secure enough and paying well. I've read the match programme cover to cover, I'm sitting in a seat by the halfway-line, a cold beer and hot meat-pie in my hands and the match is only minutes old. Was Mr Paddles in the debenture stands at Lords on Monday? p-o-p Quote Link to comment Share on other sites More sharing options...
Smedge Posted July 16, 2008 Share Posted July 16, 2008 (edited) All I've ever dared hope for is a modest house to live in, perhaps even with a garden. A garden flat even, or just a flat, just something that belongs to me and the person I live with, and that we don't have to starve to pay for. I have no desire to win any arguments, prove anybody wrong, feel superior... anything like that. I'd just like to be able to do all those things that people dream of, you know, like change the wallpaper in my home if I feel like it, or store things in a loft, or put shelves up - all those crazy, head-in-the-clouds pipe dreams that we all have in our idle moments. I most certainly did not ask to be hurled headlong into a nightmare-ish financial maelstrom that gives me trouble sleeping. So I hoped for affordable housing - which I definitely haven't got yet - and got yet another reason to think that humanity will end in tears. Edited July 16, 2008 by jmoid Quote Link to comment Share on other sites More sharing options...
The XYY Man Posted July 16, 2008 Share Posted July 16, 2008 I do wonder how many STR's that have been crowing over falls in house prices will end up burning through their funds whilst on the dole queue I already have - best 5 months of my life. Ah well, back to work now and, at 43, not too old for another ride on the roller-coaster... XYY Quote Link to comment Share on other sites More sharing options...
BoomBoom Posted July 16, 2008 Share Posted July 16, 2008 You've hoped and prayed for HPC for many years now.Now that it's finally happening, do you feel a sense of anti-climax? Did you think HPC was going to make you feel better than currently do? Is it a bit like chasing that girl/boy you fancy - once she/he succumbs, well it's just a bit dull. Is living for the chase the exciting part? Nope. Can't wait to see the UK erupt into fire and violence. Quote Link to comment Share on other sites More sharing options...
Kurt Barlow Posted July 16, 2008 Share Posted July 16, 2008 I already have - best 5 months of my life.Ah well, back to work now and, at 43, not too old for another ride on the roller-coaster... XYY That comment has a certain George Best ring to it Quote Link to comment Share on other sites More sharing options...
Mr. Gruff Posted July 16, 2008 Share Posted July 16, 2008 You've Got What You've Hoped And Prayed For Is a crash what we all hoped and prayed for, or is it more that we hoped and prayed for an end to the false housing boom? Unfortunately our dear leader decided to gamble the whole economy on continually rising house prices, and so now we have more than we wanted. I digress. Is it an anticlimax? A little. Quote Link to comment Share on other sites More sharing options...
leftiebeard Posted July 16, 2008 Share Posted July 16, 2008 Its time to dig in, get those barricades up, clean your shot-guns; this is going to get messy. This rotten, greedy, joke of a country is going to start the long road to recovery; but not before a Parisian 1789 re-run. Hold tight. Quote Link to comment Share on other sites More sharing options...
Injin Posted July 16, 2008 Share Posted July 16, 2008 All I've ever dared hope for is a modest house to live in, perhaps even with a garden. A garden flat even, or just a flat, just something that belongs to me and the person I live with, and that we don't have to starve to pay for. I have no desire to win any arguments, prove anybody wrong, feel superior... anything like that. I'd just like to be able to do all those things that people dream of, you know, like change the wallpaper in my home if I feel like it, or store things in a loft, or put shelves up - all those crazy, head-in-the-clouds pipe dreams that we all have in our idle moments.I most certainly did not ask to be hurled headlong into a nightmare-ish financial maelstrom that gives me trouble sleeping. So I hoped for affordable housing - which I definitely haven't got yet - and got yet another reason to think that humanity will end in tears. Post of the week! -------------------------- I ain't got what I hope and dream of. Yet. Not too botheed though because one Ben "oh god not him" Bernanke is going to send the bankers straight to hell for me, probably just before eating a bullet himself. Quote Link to comment Share on other sites More sharing options...
The Ginger Winger Posted July 16, 2008 Share Posted July 16, 2008 You've hoped and prayed for HPC for many years now.Now that it's finally happening, do you feel a sense of anti-climax? Did you think HPC was going to make you feel better than currently do? Is it a bit like chasing that girl/boy you fancy - once she/he succumbs, well it's just a bit dull. Is living for the chase the exciting part? I want house prices to revert to their mean value. Widespread home ownership is something I feel is generally a good thing for the economy PROVIDED there are checks and balances in place to ensure it does not get out of hand. A housing market needs, like a steam engine, a regulator to calm it down when it shows signs of overheating. I believe that if house prices had been in the calculation of inflation then interest rates would have risen earlier and reduced some of the heat in the market I am concerned for my children that the severity of the HPC will have a long lasting effect on the economy and therefore worry about their future. The social implications of a very severe recession/depression would have unwelcome ramifications for all of us. The greed and excitement created by gearing alienates those who are not buying and is then matched by their glee about repossessions and pay back time for BTL investors. This shows the aggression in our society that we feel towards one another. What I hope is that if we do have a severe recession/depression we just may start to look at life slightly differently and gain pleasures from cheaper and more simple way of life and possibly appreciating there is no direct correlation between happiness and spending money on luxury items. A possible green shoot is that garden centres are experiencing increase demand from people who wish to grow their own vegetables and fruit, allotments are also on the increase. I am sure some of it is due to necessatity but I am sure many just want the fun and enjoyment of growing items and being in touch with nature. After all we were put on this planet to grow, make and nurture things and when we are doing that we are probably happier than upgrading our houses and cars because in that arena it draws out competitiveness and therefore envy in others so we never really feel content with our new staus for very long Quote Link to comment Share on other sites More sharing options...
Habeas Domus Posted July 16, 2008 Share Posted July 16, 2008 Five years? We have seen that in five weeks. Well in that case it becomes £ 446,917,808 HOUR £ 7,448,630 MINUTE £ 124,144 SECOND or £178 per day per person, I feel richer already Quote Link to comment Share on other sites More sharing options...
tara747 Posted July 16, 2008 Share Posted July 16, 2008 In answer to the OP: in Northern Ireland, house prices have fallen 20% in a year according to Halifax and Nationwide (so must be even more), nothing is selling, there is effectively a FTB strike, it is fantastic! So no, I am not bored yet, there is a lot further to go. Shame the HPC is slower in the rest of the UK. We had the stupidest boom, now we are having the scariest crash!!! This is a nice quote, also totally agree with jmoid. What I hope is that if we do have a severe recession/depression we just may start to look at life slightly differently and gain pleasures from cheaper and more simple way of life and possibly appreciating there is no direct correlation between happiness and spending money on luxury items. A possible green shoot is that garden centres are experiencing increase demand from people who wish to grow their own vegetables and fruit, allotments are also on the increase. I am sure some of it is due to necessatity but I am sure many just want the fun and enjoyment of growing items and being in touch with nature. After all we were put on this planet to grow, make and nurture things and when we are doing that we are probably happier than upgrading our houses and cars because in that arena it draws out competitiveness and therefore envy in others so we never really feel content with our new staus for very long Quote Link to comment Share on other sites More sharing options...
Freeholder Posted July 16, 2008 Share Posted July 16, 2008 You've Got What You've Hoped And Prayed For, ....but is it all an anti-climax?When half the shops are boarded up, up and coming areas have fked off back to where they came from, unemployment is 15%, when the kids are asking 'Daddy? what was Christmas?', the banks wont lend to anyone at all, half the cars are off the road, the middle classes are burning mattresses in the front yard, we have the conservatives back in telling us we are a lazy bunch of cnts etc etc, and house prices are half what they are now, then we will be in anti climax territory. (sort of like 1982) or Next year maybe? Half what they are now? That would be far too expensive. Quote Link to comment Share on other sites More sharing options...
Downtraded Posted July 16, 2008 Share Posted July 16, 2008 Nope. Can't wait to see the UK erupt into fire and violence. I wonder if you'd change your mind if your mother, father, brother, sister, wife or children were the first to be affected. :angry: Quote Link to comment Share on other sites More sharing options...
Qplate Posted July 16, 2008 Share Posted July 16, 2008 Anti climax, fuk no it's terrifying even with my saved cash, turns out the girl was not dull but a flaming psycho. I know that girl feels like shes chasing me now Quote Link to comment Share on other sites More sharing options...
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