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Has the Mail Broken Ranks?
https://westlondonchat.com/viewtopic.php?f=1&t=294		 Page 1 of 2
Author:  geezer466 [ Wed Apr 04, 2012 11:08 pm ]
Post subject:  Has the Mail Broken Ranks?
From the Mass Delusion in the rest of the Country?

http://www.dailymail.co.uk/debate/article-2124941/UK-house-prices-Market-heading-crash.html?ito=feeds-newsxml

Quote:
Take cover! The housing market is heading for a bloody and protracted crash
Author:  Westonman [ Wed Apr 04, 2012 11:43 pm ]
Post subject:  Re: Has the Mail Broken Ranks?
This story highlights the problems that many may soon face: http://www.dailymail.co.uk/news/article ... years.html
Quote:
Millions of homeowners (they actually mean home occupiers) will become ‘mortgage prisoners’ next year, ‘trapped’ by loans taken out during the boom years, a report warned yesterday.
Controversial new rules, from the Financial Services Authority, Britain’s financial regulator, which will revolutionise the mortgage market, are expected to come into force next summer.
Quote:
The proposed changes could mean an end to the vast majority of interest only loans, which during the peak of the housing boom accounted for a third of all residential mortgages.
Borrowers hoping for a self-certified loan would also have to meet much stricter conditions, effectively ending that type of mortgage for all but a few people.
Adam Phillips, chairman of the Financial Services Consumer Panel, is concerned how cash-strapped homeowners will cope under the new regime
The shake up of rules, aimed at ending the years of reckless borrowing, puts the onus on lenders to be satisfied people can repay loans from income cash flow without a reliance on future property price appreciation.
Lenders must take account of both the borrower’s committed expenditure, which includes the mortgage payments, and basic household expenditure.
Borrowers would also face an interest rate rise 'stress test' to ensure they can cope with hikes.
All these conditions could mean a perfect storm for those who took advantage of the lax lending during the boom.
Some borrowers on an interest only mortgage, stuck in negative equity while struggling with interest rate rises, face being trapped by their debt.
In truth, these recommendations only represent a return to more rational norms. Even so, some will find these changes hard to face. These measures will place considerable downward pressure on house prices.

Somebody somewhere has finally decided that the time has come to 'normalise' the housing market.
Author:  Jon [ Thu Apr 05, 2012 12:08 am ]
Post subject:  Re: Has the Mail Broken Ranks?
You wonder if the whole purpose from the start wasn't actually to create the crisis and improverish and imprison millions of people in debt and dependency; don't forget at the same time Britain's superb pension provision was willfully destroyed our industries closed down and sold off, cheap labour imported, driving down earnings. The perfect storm is just a little too perfect.
Author:  Westonman [ Thu Apr 05, 2012 10:13 am ]
Post subject:  Re: Has the Mail Broken Ranks?
Jon wrote:
You wonder if the whole purpose from the start wasn't actually to create the crisis and improverish and imprison millions of people in debt and dependency; don't forget at the same time Britain's superb pension provision was willfully destroyed our industries closed down and sold off, cheap labour imported, driving down earnings. The perfect storm is just a little too perfect.
I agree. Several years ago when endowment mortgages suddenly became popular, 100% mortgages, and mortgages based on several multiples of joint incomes; I was convinced the whole exercise was a deliberate plan to create poverty and slavery. It was clear at the outset that a housing market was being built on sand. Now the economic winds and tides are lashing those sandy foundations. I suspect that the huffing and the puffing of the foxy bankers and political elite are going to blow a lot of people into homelessness and unrecoverable indebtedness.

I find it amazing that there are pundits out there who are now actually talking of seeing the green shoots of economic recovery. The debt moutntain hasn't even been addressed yet - let alone resolved.
Author:  jim [ Thu Apr 05, 2012 10:36 am ]
Post subject:  Re: Has the Mail Broken Ranks?
I have never had a higher than average earning job in my life, always lower than average, yet I was able to run my car, had a modest boat, a modest lifestyle, paid my debits, never over extended, now things are comfortable, nothing flash, just comfortable, eat when I am hungry, sleep when I am tired, keep warm when its cold, and dry when its wet, what else could I possibly want? all things are relative, life is a game, and money is just the way we keep score, I dont envy the millionairs, dont pity most of the poor, its them that make the least mistakes. we all control our destiny to a point, I would do any job than be out of work, the world dont owe me a living, (Jims Law) :shock: 8-) ;)
Author:  Westonman [ Thu Apr 05, 2012 1:00 pm ]
Post subject:  Re: Has the Mail Broken Ranks?
jim wrote:
I have never had a higher than average earning job in my life, always lower than average, yet I was able to run my car, had a modest boat, a modest lifestyle, paid my debits, never over extended, now things are comfortable, nothing flash, just comfortable, eat when I am hungry, sleep when I am tired, keep warm when its cold, and dry when its wet, what else could I possibly want? all things are relative, life is a game, and money is just the way we keep score, I dont envy the millionairs, dont pity most of the poor, its them that make the least mistakes. we all control our destiny to a point, I would do any job than be out of work, the world dont owe me a living, (Jims Law) :shock: 8-) ;)
You're right there Jim. Yours, and my generations, tends to have have a different view on life. We know what the essentials are: shelter, food, and clothing: because we have known what real shortages of those essentials really means. More recent generations tend not to have been short of those essentials. An awful lot of them have only ever known instant satisfaction and relative comfort. And if, or when, things do go wrong, the State has been there to pick up the pieces and provide those human rights.

For many today, a hardship means not having the latest gadget, or even iPad game at the instant they want it. The latest all luxury kitchen is taken as a given; when in truth, anywhere to prepare food and cook was one-time a luxury; when not knowing where the next meal was coming from.

Central heating is accepted as a human right today. Some of us can remember waiting in coal queues with Dad for a few knobs of precious coal with which to cook over, maybe produce some hot water from; and certainly no heating for the whole home – a home that for many was often little more than a couple of rooms in a tenement block – or worse.

Today we consider ourselves deprived if we don't have a TV in every room and hundreds of channels to choose from. We take it for granted that childhood deaths are a rarity: when our generations knew the deaths of some of our peers through common childhood illness. There was no automatic State provided councilling then to enable us to live with the normal consequences of life.

But at least we could walk the streets at night without the fear of being mugged or killed by our own kind. We didn't need to bolt the doors and windows– assuming we had them to close – for fear that we would be robbed of the the few crude possessions we did have.

Debt today has largely been driven by the lust for instant satisfaction. We are constantly bombarded with TV adverts telling us we have failed if we don't have the latest luxury gimmick. Our children are deprived if we can't give them everything they want when they demand it. “No”, has become the equivalent of a four letter word to many of today's children. The more they are given, it seems the more they demand.

I've just returned from shopping at the local Aldi. We passed a long queue of cars; mainly large luxury cars, containing a woman driver and several children in each vehicle; all waiting to get into the child amusement/entertainment centre. It seems that children today have to be constantly entertained; otherwise they are deprived. The chances are, a lot of those family units will be subsidised, or even funded, out of taxpayer funds.

I don't resent people having the goods things of life. I do think we have lost the concept of working and saving for what we need. If the State won't provide for our wants, then there is the loan that will enable instant gratification for our wants. And when even our loans backfire on us – we simply declare ourselves bankrupt and start all over again.
Author:  jim [ Thu Apr 05, 2012 1:30 pm ]
Post subject:  Re: Has the Mail Broken Ranks?
Westonman wrote:
we simply declare ourselves bankrupt and start all over again.

So so true, and how many kids of today react if given a slap for misbehaving, probably hire a lawyer and and take out a summons, or collect horse droppings deposited on the road for the tomato plants, the trouble does not lay with them, it lays with our kids who were spared what we had to do, like we were spared by our parents not having to do early morning starts cutting cabbages, or going down the coal mines, that's progress, but with me unlike politicians, look forward and try and predict the likely outcome if we carry on along this rout, something has to change, and it just don't help when we can not install any of our discipline as it would be breaking some law or another, with the nanny state who have not the foresight to see, or the balls to act, we have been brainwashed into submission by Lilly liver-ed socialism and reaping the consequence in today's world GOD HELP US IF EVER THEY DO GET ANOTHER CHANCE. :o ;)
Author:  Westonman [ Thu Apr 05, 2012 1:35 pm ]
Post subject:  Re: Has the Mail Broken Ranks?
jim wrote:
...and how many kids of today react if given a slap for misbehaving, probably hire a lawyer and and take out a summons,
I've just noticed this article:
http://www.dailymail.co.uk/news/article ... ehave.html

It really does highlight a large part of the problem.
Author:  jim [ Thu Apr 05, 2012 2:00 pm ]
Post subject:  Re: Has the Mail Broken Ranks?
I was a bigger lad than my dad quite a bit bigger, I could drive his lorry when very young around 13 14 maybe and when I was 16 took his lorry and went joy riding while he and mum went to the cinema, I knocked down a gate post when putting it back in the garage, of coarse the game was up when they got home, dad said no more that get up to bed, I will be up to see you later ! well I knew he never ever made a promise he did not keep, and lay in bed knowing he would be up with his belt and I would be punished, I lay there in a tremble, the thought had occurred I could stand up to him, or climb out the window and abscond, in the end I settled for pretending to be asleep when he comes up and knowing full well he would be up, and true to his word I had to roll over and lay on my front, the jam jars came down and three of the heftiest slaps with a leather strap came down on my rump all I could do was bite my bottom lip, and try and stop any tears running down my face, then say thank you, for making me a better person I guess, it was later after he was dead my mum told me when we were chatting one day about that incident, the reason he waited so long was he would never strike out in temper, and the time I laid in bed trembling he was having a bit of supper, while cooling down and getting his head right. they dont make dads like that nowadays. :) :)
Author:  Westonman [ Thu Apr 05, 2012 4:16 pm ]
Post subject:  Re: Has the Mail Broken Ranks?
jim wrote:
...the reason he waited so long was he would never strike out in temper, and the time I laid in bed trembling he was having a bit of supper, while cooling down and getting his head right. they dont make dads like that nowadays. :) :)
I was 16 the last time my Dad hit me. My crime was arriving home after the 10:30 pm deadline; I had missed the bus. Some days I still miss him.
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