Monday, June 30, 2008

Sub-Prime UK , a painful article

Hadrian's Town Becomes `Slum' as Subprime Infects North England

Paul Quinn stands among furniture piled in a second-hand store in Wallsend, a town in northeast England where about half of mortgages are subprime. Demand for the chipped tables and cupboards is accelerating, he says. ``One time you couldn't sell, and now they're all buying,'' said Quinn, 57, who minds the shop for Alan Booth Clearances, the local removals company..."

Posted by alan @ 07:13 PM (1405 views)
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8 thoughts on “Sub-Prime UK , a painful article

  • waiting for the crash says:

    Says a lot about Labours economic boom over the lat 10 years. It was a sham of debt!

    With debts of 10-30k just how are people going to repay that?

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  • I wonder if this constituency will vote labour next time around? This is a flavour of things to come, a tragedy of epic proportions. A message to readers, stock up on tinned provisions (fruit meat & vegetables), instant noodles, tea, coffee, chocolate bars & tobacco. These will all come in handy as currency. Other suggestions are “dried egg powder”, breeding rabbits & chickens.

    I truly hope I am wrong, but I’ve been saying this for over 10 months now, and I think my prediction may come true. You can’t eat a flat screen TV or a chair.

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  • Of course the poorer and most indebted areas will suffer the most once again. Their faith and trust in nulab'(not that they have a realistic choice when it comes to voting anyway) has been paid back in full. It’s almost as if they ‘Sold Their Souls To The Devil’ and even got done then.

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  • stevie dee…. I misread that as “you can’t eat a chav” – bet they taste just like chicken!

    No surprise to see areas like Wallsend plunge first. There are no jobs to support house prices or indeed anything else in that part of the country. The shipbuilding industry is dead (Newcastle, Belfast), the ports are dead (Liverpool), mining is dead (Sheffield, Co Durham), manufacturing is dead (Midlands). The only thing supporting much of the midlands and north appears to have been the credit bubble. It’s as if the south is playing a cruel joke on the north.

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  • New Labour Credit Bubble Economy, nuff said.

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  • musn't grumble says:

    @drewster – as someone who works in Birkenhead Docks, I have to correct your statement and say that docks on Merseyside are busier than they have been in a long while. They seem to be a major hub for scrap metal making its way to China and timber arriving. See following link for relatively recent confirmation.

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  • Thanks for the info, musn’t grumble. I wasn’t aware of this recent news.

    My point was more about the technological changes which radically improved the productivity of the docks – specifically containerised shipping – which meant fewer men were needed to load and unload the ships. Similar story in the mining sector, technology meant fewer men needed. The following graph shows that the amount of coal produced remained high while the number of miners fell dramatically:
    Coal production and mining over time
    (Note: this graph actually shows coal output in America’s Appalachian mountains, but the UK story is very similar)

    Unfortunately unemployment in areas like Wallsend still hasn’t recovered.

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  • landofconfusion says:

    > 3. plato said…
    >
    > Of course the poorer and most indebted areas will suffer the most once again. Their faith and trust in nulab'(not that they have a realistic choice when it comes to voting anyway)

    Speaking from where I live most don’t bother to vote. Also, IIRC Liebour got around 35% in the last general election. Democracy anyone?

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