Are we in the middle of a financial meltdown?

1,054 posts in this topic

 

Will this be the end of people in the UK using property as their old age pension?

 

More dire mortgage figures

crumbs. I just signed a new mortgage (was forced to change to a buy to let from an owner occupier) just last week. Was I the last person in Britain to get a mortgage? :ph34r:

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@ Robinson, ISAs are only available to UK residents becuae if their tax status.

 

There is nothing inherently wrong with buying a house in the UK for when you are older.

What the problem has been is people buying houses with money they didn't have aiming to make a short term profit based on the notion that house prices will always rise.

 

It's indicative of the way UK society has devloped over the last few decades, knows the price of eveything but the value of nothing.

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In that respect MT I think this is going to be a highly useful adjustment. Young people were completely priced out of the market and now hopefully there will be a more stable system.

 

It was/is a crash that could only happen as the whole thing was built on greed and complacency.

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what about the young people who have just struggled to get into the housing market and then face looming negative equity?

 

Many of the people caught in that trap in the 90s never recovered economically ever again.

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There will be massive unemployment as a result of this , we are facing straight into the hole here... houses might become a lot cheaper - but v v few will have the cash to buy anything.

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Always winners and losers.

 

I think there will be a lot more winners at the bottom end of the market though. It's called a property ladder and they all but removed the bottom two rungs with the high prices.

 

Once there is stabilisation then the property market will move again but the trick is going to be getting peoples confidence up that prices won't drop further.

 

And I agree with Parnell (Is that a first?) we are looking into a hole. But it had to happen. Prices could not rise the way they were forever.

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WELL DONE, REPUBLICANS!!!

 

Drove the country right into the hole without compromising ONE principle of free markets (except, you know, driving up the deficit with spending!)

 

Bra-VO!! God Bless America! Yes, sirreeeee!

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Wall Street comes crying home to mama:

 

http://www.youtube.com/watch?v=mbD62gNi9WE&NR=1

 

That Congresswoman Kaptur looks interesting, I'm going to read up on her.

 

The housing market was going to face this process sooner or later.

But the people who pinted out there was something seriously wrong going on were slagged off as left wing trouble makers.

You saw the mind set on TT, people who bitched and moaned they couldn't buy groceries on credit and that housing costs weren't rising fast enough.

 

My house is a small modest Victorial terrace, five minutes from the shops and railway station.

There's apark at the end of the street and there is a pub next door.

I think it will hold its value.

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any reports yet of people jumping out the windows?

 

it may be bad for some people, but people will still eat and dress, drive cars, go to games. The soup will never be as hot when it is eaten, than whenit is cooked.

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yeah, just like they did in the thirties. Hundreds of thousands more will lose their livelihoods and any chance to participate in the economy. And mark my words, it will be the poor who lose the most. Just like last time.

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You think so?

 

Pensions. Fucked.

Funds. Fucked.

Property. Fucked.

 

I'd say this is an across the board fucking for everybody.

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Here's the vote break down

 

Democrats Yes vote - 141 No vote - 94

Republicans Yes vote - 67 No vote - 132

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yeah, just like they did in the thirties. Hundreds of thousands more will lose their livelihoods and any chance to participate in the economy. And mark my words, it will be the poor who lose the most. Just like last time.

And what finally did bring the world out of that crisis in the 30s?

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But the Democrats are in the majority, and about 67 Republicans voted in favor of the bill. Are Democrats fit to govern if they cannot pass a bill when in the majority by 30 representatives and additionally garnering significant Republican support for a bill? Yet a Labour Party activist has only a partisan perspective here on a fairly nonpartisan issue.

 

 

WELL DONE, REPUBLICANS!!!

 

Drove the country right into the hole without compromising ONE principle of free markets (except, you know, driving up the deficit with spending!)

 

Bra-VO!! God Bless America! Yes, sirreeeee!

Hmmm, so why did 94 Democrats vote against it, cinzia? Also, the US has had a mixed economy for a long time, so please spare us the leftist demagoguery.

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but people like you and me won't end up on the streets will we Peter. When everyone falls, it is only the ones at the bottom that fall off completely.

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And what finally did bring the world out of that crisis in the 30s?

If I was Iran right now, I'd be flying under the radar. Calling in sick. Taking Fridays off.

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Well I am wondering what our men and women in Iraq and Afganistan are thinking and feeling right now. They have enough to worry about as it is and now they have to worry about the financial stability of their loved ones back home.

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Hmmm, so why did 94 Democrats vote against it, cinzia? Also, the US has had a mixed economy for a long time, so please spare us the leftist demagoguery.

Hmmmm. Bailout bill proposed by the Republican government, shot down by the Republicans. More Democrats voted for the bill than Republicans voted for it. Fewer Democrats voted against the bill than Republicans voted against it.

 

Anybody ELSE see how it's not the Republicans at fault here? Seems Bush hasn't got the political currency to keep his own party in line anymore. Wish this had started happening in, oh, say, 2003.

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