Cruch to last at LEAST another 18 mnths

leftieM

How can we be expected to heed the HBOS chief exec anyway? If he's so clued up how come he didn't see the crunch coming? How come he sanctioned the lending of high income multiples and 100% mortgages which led to the bubble in the housing market?
I heard some of his interview on the Beeb and thought, this guy is just pulling figures out of a hat. I don't trust what he says.

lostinrates

ultra10 wrote: »

Crunch even

I read the title phonetically,and thought, that I certainly hope so. (Cruch for crotch)

WTF?_2

leftieM wrote: »

How can we be expected to heed the HBOS chief exec anyway? If he's so clued up how come he didn't see the crunch coming? How come he sanctioned the lending of high income multiples and 100% mortgages which led to the bubble in the housing market?
I heard some of his interview on the Beeb and thought, this guy is just pulling figures out of a hat. I don't trust what he says.

It's quite simple - this lot (the whole financial sector) stood to make huge amounts of money on a corporate and personal level by making risky, stupid bets.

They did so in the knowledge that if the bets went really badly wrong, they'd get bailouts from the government.

I think most of us would have done the same. People were being rewarded for making bad decisions and, to some extent, punished if they didn't (no bonus, overlooked for promotion etc.). The longer the bubble went on, the more prevalent this behaviour became.

Works for houses too - really, who in their right minds would pay the sorts of prices being asked for ordinary houses in 2006/2007? Especially when doing so meant borrowing absolutely massive amounts of money? Yet because 'everyone was doing it' and it had gone on for such a long time that it appeared to be normal, lots of people did the insanely dumb thing.

brightonman123

so, who is benefitting, from the downturn?

Dithering_Dad

repo men, bailiffs, etc.

rizla01

brightonman123 wrote: »

so, who is benefitting, from the downturn?

Well the owners of PropertySnake.com for starters.

I bet their revenues from the increased hits has doubled.:)

leftieM

brightonman123 wrote: »

so, who is benefitting, from the downturn?

If it's any consolation, really great music seems to come out during recessions, so there's that to look forward to :cool:.

tomstickland

There are some of us who regard a recession as a necessary thing, even if negatively affects our own lives.

Maybe the MSE forum could have an automated "ying-yang balancing" mode, whereby the negativity of a post is estimate and a balancing phrase is added to the end of the post.

So if I wrote "house prices are crashing, a new report today confirms" it might then write
"tell a total stranger that you love them today".

Dithering_Dad

tomstickland wrote: »

There are some of us who regard a recession as a necessary thing, even if negatively affects our own lives.

Could I ask why?

As a father and sole wage earner, I could not conceive of a reason why I would want my family to be negatively impacted financially. I'd be interested to know your reasoning.

(I am actually seriously interested, this isn't a prelude to some sort of 'aggro').

Debt_Free_Chick

lostinrates wrote: »

I read the title phonetically,and thought, that I certainly hope so. (Cruch for crotch)

Christ - I'm only 47 but I hope my cruch lasts for more than the next 18 months!!!!!! :eek: :eek:

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