Sunday, September 14, 2008

“stand by for the next leg of the credit crunch”

British banks to start fire sales in commercial property meltdown

" 'A lot of property people thought they were geniuses,' observed one of the industry's best-known tycoons. 'Perhaps they're reassessing that view right now.' " Too many geniuses in this world.

Posted by letthemfall @ 12:02 PM (748 views)
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5 thoughts on ““stand by for the next leg of the credit crunch”

  • planning4acrash says:

    I remember when the term “Credit Crunch” was suddenly put out into the mainstream. One journalist said it, and, within a day, every newspaper was discussing the “Credit Crunch”. I joked and said, what next? A Snap Crackle and Pop? People, remember what we were describing it as before that? As a financial crisis, liquidity crisis, we talked about depressions, recessions, we were able to think for ourselves.

    The fact that all reporters can jump on a term like that so quickly is an illustration about how we don’t have journalism anymore. Journalists are given talking points by the five blokes who own all the newspapers. They sit in a dark, smokey room and discuss talking points with the various vested interests, with advice from scientists who know how to manipulate the masses. It is called newspeak, please read 1984 by George Orwell if you have not already! Credit Crunch is a clever way of deleting all the other sensible discussions from our conversation. If you don’t have the words, you can’t discuss the issue. So, you meet someody in the street, and they go, oh, its the credit crunch, problem solved, innit. As Bresinsky said, the people will become incapable of thinking for themselves and will only be able to repeat what they heard the night before in the news.

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  • Yes but can they control the internet as easily?

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  • Buckle up. Third quarter results will need to be announced soon. The housebuilders who built shoddy apartments and eyesore offices are going to the wall, at last.

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  • quote from the article :-

    “Given the precarious nature of their balance sheets this is a bad situation for banks, but not disastrous so long as the interest on loans continues being paid by tenants. But WHEN tenants default – in other words, go bust – a deeper commercial property downturn will begin.”

    Notice no ‘IF’ here……… Actually Banks are already calling in their commercial debts to support their balance sheets,deleveraging and liquidation. The article does point this out and it’s pretty obvious now that there is a significant ‘cull’ on the way.
    Looks to me like normal economcs are taking over and the manipulation of economics has not made the slightest difference. Political interference in business has only served to ridicule its inventors. Hooray!!!

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  • it_is_going_with_a_bang says:

    The “credit cunch” is a symptom and not the “disease” itself!

    It would be like having pneumonia and people saying you can’t go to work because you have a cough.
    You can’t and don’t just deal with the symptom, rather, you need to fight the real infection…..

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