Friday, Jun 30, 2006

Another View of the Debt Mountain - Its only 5% (56m) really - honest Guv'

Times Online: Debt wont bring down our house of cards

An article to get you lot chomping at the bit!

Posted by talking rot @ 10:14 PM (611 views)
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1. denzil said...

Sorry TR you won't have me chomping at the bit. I saw Smith's face at the top of the article and read no farther. The guy is a grade A chump.

Saturday, July 1, 2006 08:16AM Report Comment

2. japanese uncle said...

This face is hardly identifiable with the usual photo on the Times. Must have overfed himself with the money pinched from the ignorant for the last few years.

Saturday, July 1, 2006 09:33AM Report Comment

3. uncle tom said...

Note some stats - 41% of households have unsecured debt, and there's over 190bn of it out there.

That comes to an average of about 18,000 per household, most of whom have below average income.

For an average, that's a mighty figure - and a lot of interest to pay...

Saturday, July 1, 2006 10:52AM Report Comment

4. This comment has been removed as it was found to be in breach of our Blog Policies.


5. Flintster said...

Hi folks,

This is my first posting.

Just been looking at the mortgage and house purchasing forum on

I must say its a real eye opener. It just goes to show the mentality of the general house buying public.

It gives me great confidence that these utter amateurs are in for a massive shock in the near future!

Saturday, July 1, 2006 03:23PM Report Comment

6. bidin'matime said...

The depth of this mans understanding of the subject is given away by the following extract:-

Credit cards .. have saved consumers more than 12 billion annually in interest (the interest-free period between transaction and payment).

So just where does he think that saving has come from? Father Christmas?? Of course the consumer has not saved 12bn someone has to pay for the credit and its the people who accept payment by credit card (which is now almost every shop), who pay a percentage to the card companies to cover it. And how do the shops recover that cost? Well there is only one way - through the price of the goods, of course!

Sorry Rot, but this man is.. well, talking rot

Saturday, July 1, 2006 07:52PM Report Comment

7. Leedel20 said...

Like England the housing market is destined to crash.

Saturday, July 1, 2006 07:56PM Report Comment

8. talking rot said...

Learned HPC-Colleagues

I am almost embarrassed by this posting - it is an admission of reading the Times Online. Even worse, of reading Mr Smiths articles. I thank you for returning me to my senses.

Ill say hale marys tonight.

Saturday, July 1, 2006 10:18PM Report Comment

9. Paul said...

David Smith is lost in a brogues and braces Gordon Gekko bullish fantasy.

And has been ever since they were in fashion some twenty years ago.

Saturday, July 1, 2006 10:39PM Report Comment

10. Indiablue19 said...

Dear TR,

Not to pour water on a drowning compadre, but that's "hail," as in "greetings," not "hale," as in "hearty." Just in a case it makes a difference in gaining absolution.

Sunday, July 2, 2006 01:02AM Report Comment

11. devil's advocate said...

Yet another article that doesn't fit in with the HPC agenda, I know lets just dismiss it,

It's becoming far too common on the forum. The more I logon to this site the more I think your all deluding each other and feeding each others twisted reality.

Sunday, July 2, 2006 09:10AM Report Comment

12. harold said...

I'm sorry DA, but this is a transparent eulogy for the CC industry, not objective journalism (surely even you can see that?).

Ironic that Smith should name-drop Howe into the piece - a man who contributed so much to the last HPC, sorry "blip".

Sunday, July 2, 2006 10:35AM Report Comment

13. inbreda said...

I agree - the reason I like to visit HPC and agree with many of the comments is that when any article is published, the members of HPC look beyond the lazy journalism, bias and spin, and try to get the truth from the figures.

If it all seems a bit one-sided, then you should be blaming the fact that the vast majority of published articles are pushed by VIs.

Quite often the bias and spin is quite subtle and is treated as such. Every once in a while an article is posted that is complete nonsense, and here we see it treated as such.

Sunday, July 2, 2006 11:28AM Report Comment

14. bidin'matime said...

Sorry, DA, but if you don't understand why the extract I have quoted is rubbish, you perhaps ought to be a bit more careful with your own comments. However, if you would like to enter into serious discussion about the point, please do tell me why you think he is right.

Sunday, July 2, 2006 10:00PM Report Comment

15. denzil said...

TR, there is nothing wrong with the Times. I find them a bit bullish which is why I use it to get a balanced view.

Smith however is a total fool. Whilst everybody was talking about rate hikes Smith writes an article stating that it was not yet time for a calming rate cut. Also he was stating about 9 month ago that all would be well when oil returned to $40 a barrel. For a number of years I used to enjoy his section in the Sunday Times business section but as time went by I started to realise that he was consistently wrong.

Monday, July 3, 2006 09:23AM Report Comment

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