Saturday, September 6, 2008

Well Said Andy

Credit crunch 'to last into 2010'

The credit crunch is likely to last well into 2010, the head of the UK's largest mortgage provider has warned. HBOS chief Andy Hornby told the BBC it would take 18 months before US house prices started to rise again.

Posted by renting2 @ 09:46 AM (733 views)
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7 thoughts on “Well Said Andy

  • In the same way as the start of the crash could not be predicted accurately in advance, there is no value in this 18 month prediction.

    Particularly when you consider the vested interests of the man making it.

    If he is saying 18 months you can bet it will be longer.

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  • The Capitalist says:

    Fred Harrison proved in his book property cyles are 18 YEARS….

    This non-entity is desperately playing down the severity of the bank’s position (and all other high street banks)….Central Banks’ discount window is firmly shut (ECB and BoE) Credit Crunch II now underway…

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  • Well! This is once again a case of stating the obvious,although at least it has been stated publicly by another high profile individual.
    Darling and Clarke added their weight from inside the leadership and will no doubt get crucified for their efforts.
    The whole thing is a guessing game now,in terms of severity and timelines.
    What I do know is : It is now costing me at least 50% more to live than it was exactly two years ago. My personal wealth has diminished by around the same percentage. (Property,pension,investment,savings)
    For this to happen in such a short space of time is nothing short of devastating. My ability to ride out this circumstance is also diminishing by the day. I am not a rich man, I have no mortgage or debt,but I still have to live.
    I honestly cannot imagine how people with significant debt are going to cope,other than by being young (time on their side, health too). This is just a delaying factor.
    Therefore IMO if this is an ever-expanding problem,the only remedy is a complete write-off of this debt(a collapse of this system).
    The introduction of a new currency (perhaps this is the motive for a World Currency) and thus a fresh beginning,having learned the lessons of the past. Alternatively war would have the same effect.
    Let us hope Mr Hornby is correct in his timing!

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  • @Plato.. Sorry to hear of your concerns and possible circumstance.

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  • I thought this 6 months ago… hence my nametag.

    I am beginning to think I was a bit optimistic.

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  • Andy (I can see the future, that’s why the company I’m in charge of is in such good shape) Hornby.

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  • Japanese are still wainting for price to rise…they were promised every 2 years that will rise. After 30 years they are still waiting…

    Well, you kow what..when delevering is unfolding then what happenz…one or two decade to reach te equilibrium.

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