Thursday, February 5, 2009

Come and get youyr ‘free’ money – While stocks last

Rate cut leaves homeowners paying no interest

More news about the Keynesian nightmare unfolding before our eyes. "Lloyds Banking Group, now 43 per cent owned by the taxpayer and also the owner of C&G, said that there was a zero floor to the deal and that because its computer systems could not cope with zero, it would be temporarily charging 0.001 per cent, or 8p a month for a borrower with a £100,000 mortgage. However, that money will be refunded." - Now correct me if I'm wrong but HBOS (halifax - now part of the lloyds tsb group) who announced today that house prices had 'risen' buy 1.9% in a month is also almost half owned by the government, whereas the Nationwide (1.3% fall in the same month) isn't. Curiouser and curiouser !

Posted by shining wit @ 03:24 PM (1134 views)
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8 thoughts on “Come and get youyr ‘free’ money – While stocks last

  • To Mr Blanchflower and the ‘Simple minds’ of MPC
    (to the tune of Danny Boy – The Londonderry air)

    Oh Danny boy, the debts, the debts are mounting
    From York to Bath, and still house prices slide
    The bubble’s burst, and all your fiddling’s pointless
    ‘Tis you, ’tis you must go because we now must save

    But come ye back when printing money’s over
    When the country’s hushed and we’re all on the dole
    For We’ll be eating baked beans in the darkness
    Oh Danny boy, oh Danny boy, we told you so.

    And if you come, when we’ve been made redundent
    When a tenner wont buy a pint of beer
    You’ll come and find the place where I was living
    Has been repo-ed by banks we now own my dear

    And we shall hear the hist’ry books a callin’
    That Keynes was wrong, as wrong can be
    The Japs tried it in the Nin-e-ties
    Now they too are shutting all their factories

    Oh Danny boy, the pensioners are struggelin’
    From Hove to Fife and still you cannot see
    That making all our money worthless
    Is all your R-sing a-bout has achieved

    (c) 2009 shining wit

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  • I called the Halifax the other day about a extremely small roadside 2 bed retirement cottage in North yorkshire. Sold for £46k in 2001
    On their books at the moment for £199,999.00!!!!!

    I got a youngish sounding girl who constantly talked over the top of me, telling me that house prices will definetely be rising again in 2009!! According to Right Move. In the end I just hung up.

    I would welcome a general boycott of the Halifax by all potential FTB’s in the country. Even when prices reach bottom. And subsequently revert back to 2000 prices, we should all still boycott such a company.

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  • This will save the government a lot of money, no mortgage interest to pay for the unemployed

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  • if prices are dropping why arent they really dropping? anyone???

    It is almost as if people dont want to lower prices on houses

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  • mountain goat says:

    So if BoE rate falls further the banks can pay home owners interest for their mortgage.

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  • mark….

    there has been an exponential rise in properties available to let. Almost everyone is trying to rent their proprties hoping they can wait the crash out. On Location, location, location (made last year) last night a property that was marketed at £360k, which the punters Kirsty and Phil were ‘helping’ offered £310k and made further offers up to £330k, which the sellors refused, eventually went for £300k later in the year. Ho ho ho ! It appears that everyone can hold off for a few months, even perhaps a year. They have been in the denial stage of the classic asset bubble denial cycle.

    The whole system is broken. Money will be printed, inflation will rise (for we hardly make anything in the UK anymore) and the ponzi scheme that is the UK property market will tumble. The Japanese have tried this futile policy, they have similar, limited land and a supposed shortage of houses, with pent up demand. There property crash has been going on for nearly 20 years now. Japanese Uncle has described their property bubble in great detail over the past few years.

    Whatever you do, don’t buy any property unless you can negotiate a significant (20-30%) reduction from the marketed price, and even then it may not be enough. Rents are also going to reduce by a similar amount as both sentiment and a glut of lettings combine with the complete lack of confidence that the recession will bring.

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  • Crazyhorse1710 says:

    Why doesn’t everyone, who has savings, take £1000 out on a given day as a protest to how savers are being treated by this irresponsible government? It seems that if you shout load enough something is done, banks, car industry, etc.

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  • @7

    I’d be up for that. In fact I’d happily take all my money out! I’m not earning anything anyway – might as well stuff it in my matress.

    You’d need some serious publicity for it to have any chance of working though.

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