It's only just begun....

moanymoany

This is an article about how 'prime' mortages will be more devastating to the USA economy than 'sub-prime'.

“Subprime was the tip of the iceberg,” said Thomas H. Atteberry, president of First Pacific Advisors, a investment firm in Los Angeles that trades mortgage securities. “Prime will be far bigger in its impact.”

http://www.nytimes.com/2008/08/04/business/04lend.html?_r=2&hp=&oref=slogin&pagewanted=print&oref=slogin

Davesnave

It's only just begun....

Cue Carpenters............God, I used to hate that record! It had a sustained note in it that made the juke box at college vibrate in such an annoying way some of us would leave the common room rather than endure it. I think the middle-aged, 20 year old girls used to put it on just to irritate those of us with 'heavier' leanings.

MrDT

Davesnave wrote: »

I think the middle-aged, 20 year old girls

Hahaha I remember thinking in that way not too long ago

LisbonLaura

moanymoany wrote: »

This is an article about how 'prime' mortages will be more devastating to the USA economy than 'sub-prime'.

“Subprime was the tip of the iceberg,” said Thomas H. Atteberry, president of First Pacific Advisors, a investment firm in Los Angeles that trades mortgage securities. “Prime will be far bigger in its impact.”

http://www.nytimes.com/2008/08/04/business/04lend.html?_r=2&hp=&oref=slogin&pagewanted=print&oref=slogin

More hints of the coming storm that will hit the UK harder than the USA

yet few in the UK have even begun to get their heads around the scale of the event, even if (rarely) its existence has been perceived.

(message to Davesnave. I'm withdrawing the 'Thanks'. Sorry but I decided I don't want to be reminded of that yeuky sugary voice.....gets right under my skin)
Where is the 'Unthank' button?

mewbie_2

LisbonLaura wrote: »

Where is the 'Unthank' button?

It's called Dithering Dad, and will be along shortly.

moanymoany

Just asked dh if we used to like the Carpenters, he pulled a face and said - not desperately!

The story is one of control and starvation followed by death - sad really!

You know, someone somewhere in the various governments must know how bad the coming storm is likely to be. I suppose if they came out and said hang on tight, they would be accused of 'talking' us into recession.

If we knew the worse we could begin to prepare. I'm just going to get into survival mode!

I am also beginning to think that house prices are coming down by 40/50%. The local paper came today and houses that were nudging £400,000 in February/March, are now £350k 'ish - and they are still just sitting there

mewbie_2

moanymoany wrote: »

I am also beginning to think that house prices are coming down by 40/50%. The local paper came today and houses that were nudging £400,000 in February/March, are now £350k 'ish - and they are still just sitting there

Yup. It feels like the little houses have very confidently swum all the way to the deep end of the swimming pool, and are now waiting there, reaching with their toes to feel the bottom and there is nothing there. Their trunks are slipping off, their water wings are deflating and they are desparately looking for Mervyn the friendly lifeguard to help them. They can't keep on treading water, but there is nowhere else to go.

I'll stop with the half baked analogies now to everyone's relief.

I honestly don't know where the bottom is, but all of a sudden, hundreds of thousands of pounds for ordinary houses seems very silly. Emperor's clothes maybe.

Davesnave

LisbonLaura wrote: »

(message to Davesnave. I'm withdrawing the 'Thanks'. Sorry but I decided I don't want to be reminded of that yeuky sugary voice.....gets right under my skin)
Where is the 'Unthank' button?

Hang on, it wasn't me that gave this thread its title! The contrast between the Carpenters sugary sweet image and what was really going on there didn't escape me though. It's scarily like the story of the housing market and the associated 'economic miracle' of the last decade, isn't it? On the surface, everything's fine, then suddenly, 'bang,' Northern Rock hits us like a heart attack. Now, with frightening speed, we're all heading for casualty and the prognosis isn't good...

I hear ministers and 'experts' crooning soothing Karen Carpenter-type lyrics about how this is just a temporary phase; how the 'underlying strength' (?) of the British economy will see us through etc etc, but I don't believe any of it. I'm with moany, neverdespairgirl, Laura, dopester, !!!!!!? and all the others who think this will be one hellava ride down, not just a bit of keyhole surgery and away again.

Like moany, I've been planning to go into survival mode, and I will.....if only I can sell this bl**dy house first!

lynzpower

I think the song does reflect the market - in a way


We've only just begun to live,
White lace and promises
A kiss for luck and we're on our way.
And yes, We've just begun.

Before the rising sun we fly,
So many roads to choose
We start our walking and learn to run.
And yes, We've just begun.

Sharing horizons that are new to us,
Watching the signs along the way,
Talking it over just the two of us,
Working together day to day
Together.

And when the evening comes we smile,
So much of life ahead
We'll find a place where there's room to grow,
And yes, We've just begun.
not sure about smiling in the evening tho, I fear that this is about the 9.15 am when the masses have realised the working day is only just starting and weve a further load of misery to put up with before we can clock out .

LisbonLaura

That is something; an analogy between Gordo's miracle & the Crapenters.

It's good, very good......Inspired even

Pobby

We`ve only just begun to see,
Price drops on property
A point to much and were on our way
And yes, we`ve just begun

Due to the raising rates
So little deals to chose
We stop our mewing and spending fun
And yes, we`ve just begun

Financial problems that are new to us
Struggling with bills along the way
Stressing out madly just the two of us
Working all hours day to day

And when the evening comes, we sigh
So many debts ahead
We`d consolidate but the rates ain`t low
And yes, we`ve only just begun

Soor, I`m outta here!