Friday, June 30, 2006

Another View of the Debt Mountain – Its only 5% (£56m) really – honest Guv’

Debt won’t bring down our house of cards

An article to get you lot chomping at the bit!

Posted by talking rot @ 10:14 PM (639 views)
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14 thoughts on “Another View of the Debt Mountain – Its only 5% (£56m) really – honest Guv’

  • 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.

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  • japanese uncle says:

    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.

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  • 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…

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  • Hi folks,

    This is my first posting.

    Just been looking at the mortgage and house purchasing forum on thisismoney.co.uk.

    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!

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  • bidin'matime says:

    The depth of this man’s 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 it’s 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…

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  • Like England the housing market is destined to crash.

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  • Learned HPC-Colleagues

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

    I’ll say hale mary’s tonight.

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  • 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.

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  • Indiablue19 says:

    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.

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  • devil's advocate says:

    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.

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  • 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”.

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  • 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.

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  • bidin'matime says:

    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.

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  • 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.

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