Really really gloomy article from Robert Peston this morning

BlondeHeadOn

I know he's not renowned for his laugh-a-minute stand-up comedy, but even for 'our Rob' this is gloomier than usual.....

http://www.bbc.co.uk/blogs/thereporters/robertpeston/

Maybe it's true, we are all doomed....

wintersunshine

BlondeHeadOn wrote: »

Maybe it's true, we are all doomed....:o

But you HPCers got what you wanted - cheap houses





Unfortunately, it comes with a price tag....your job, or your partner's job, or your sister's job, or your friend's job...and then they lose their house.

No I'm not bitter that the HPCers have cheered this recession on...:rolleyes:

mewbie_2

wintersunshine wrote: »

But you HPCers got what you wanted - cheap houses...
...No I'm not bitter that the HPCers have cheered this recession on...:rolleyes:

This is a completely unfair and misleading comment. There were some people who foresaw the coming problems, and still more who watched while house prices were pumped ever higher by crazy and reckless borrowing. It is a cause for celebration that perhaps our children will one day be able to afford a place of their own to live in. It is not our fault that those who pumped the bubble ever higher have effectively caused these problems.

I do not celebrate the recession, loss of jobs, etc. Nor do I take the blame for it. I watched the madness and did not profit from it. If you want to see anger, then those people who have saved sensibly, worked hard and waited, have the most right to be angry - as the foolish gamblers seem to have screwed the entire world.

Cannon_Fodder

Its was the HPIers demanding cheap credit, and a Government and Financial Industry too greedy/scared/incompetent to say "no, that's not sustainable" that were the real problem.

But they all had their fingers in their ears chanting "la la la la la la la la"...

BlondeHeadOn

I didn't cheer on the HPC or any of this mess! I just worried a lot about what looked like a property industry - and economy - built on a house of cards. I take no pleasure at all in the mess we are in now, nor do I profit from it.

I'm just upset it's all gone t*ts up in such a big way, as so many people will be affected.

There should be a dark cloud smiley....

drbeat

wintersunshine wrote: »

But you HPCers got what you wanted - cheap houses





Unfortunately, it comes with a price tag....your job, or your partner's job, or your sister's job, or your friend's job...and then they lose their house.

No I'm not bitter that the HPCers have cheered this recession on...:rolleyes:

So there is no such thing as affordable house prices/high employment? Or will it be the speculation that you'll miss? The ability to make money by...well...doing nothing?

wintersunshine

mewbie wrote: »

This is a completely unfair and misleading comment. There were some people who foresaw the coming problems, and still more who watched while house prices were pumped ever higher by crazy and reckless borrowing. It is a cause for celebration that perhaps our children will one day be able to afford a place of their own to live in. It is not our fault that those who pumped the bubble ever higher have effectively caused these problems.

I do not celebrate the recession, loss of jobs, etc. Nor do I take the blame for it. I watched the madness and did not profit from it. If you want to see anger, then those people who have saved sensibly, worked hard and waited, have the most right to be angry - as the foolish gamblers seem to have screwed the entire world.

My comment is neither unfair or misleading. The HPCers did cheer when houses prices started to fall, they did act as if it was something great, they did act as if they would be immune to the fall out.

It is not a cause of celebration if your children can afford a house but haven't got a job. It's not a cause for celebration if their career choices are limited because the economy is smashed to bits. It is not a cause for celebration if we can nolonger afford a decent public sector so your children can nolonger access high quality education, NHS services, etc because we no longer have the taxes to pay for it.

You have what you wished for.

wintersunshine

Cannon_Fodder wrote: »

Its was the HPIers demanding cheap credit, and a Government and Financial Industry too greedy/scared/incompetent to say "no, that's not sustainable" that were the real problem.

But they all had their fingers in their ears chanting "la la la la la la la la"...

Unlike the HPCers who had their fingers in their's going "oh HP crashes are great I'm immune, I'm immune...."

wintersunshine

BlondeHeadOn wrote: »

I didn't cheer on the HPC or any of this mess! I just worried a lot about what looked like a property industry - and economy - built on a house of cards. I take no pleasure at all in the mess we are in now, nor do I profit from it.

I'm just upset it's all gone t*ts up in such a big way, as so many people will be affected.

There should be a dark cloud smiley....

House prices were high because we had full employment. We have never had full employement before. The only thing that was ever going to bring house prices down was a recession and they are ugly. And this one is going to be really ugly.

tradetime

Originally Posted by wintersunshine
But you HPCers got what you wanted - cheap houses...
...No I'm not bitter that the HPCers have cheered this recession on...:rolleyes:

mewbie wrote: »

This is a completely unfair and misleading comment.

Actually I'm not sure it is either unfair or misleading, rather depends how you interpret it. "HPCers" as the poster calls them, to me are an extreme group, much like those who cheered on the ever increasing bubble as they bragged about how much their property/ies had increased. They do not form the bulk of either house owners or wouldbe house owners.
There are those who clearly took great pleasure in announcing the highest figures they could find for projected downside, decorated with much smiley faces, and "can't wait for more pain" comments. I suspect some of these are people who desperately wanted to own a home but could not afford it, and felt it was the fault of anybody who could and was willing to buy and support the ever increasing prices, which I understand to some degree. Also there were those who were simply elated because they had been "predicting it" for years, and finally they were to have their day and now it was their turn to bask.

Personally I have suggested in the past that some people should be careful what they wish for, not because they annoy me, nor because I thought they would cause the crash, the seeds for that were already sown and a market's future movements are to some degree a function of its past movements, ie huge bubble sooner or later leads to huge crash, but rather I felt that the elation of being right would sooner or later (usually much sooner) lose its shine, and those who felt injustice at being left out would find a new injustice to replace high property prices. A large magnitude crash in any market will likely have far reaching knock on implications for all other markets. People rarely see the big picture as they are usually focused on the bit they think most relates to them, just like those who cheered ever increasing valuations gave no thought to the big picture implications of a housing market so big in money terms because they were only looking at their house(s)

tradetime

BlondeHeadOn wrote: »

I didn't cheer on the HPC or any of this mess! I just worried a lot about what looked like a property industry - and economy - built on a house of cards. I take no pleasure at all in the mess we are in now, nor do I profit from it.

I'm just upset it's all gone t*ts up in such a big way, as so many people will be affected.

There should be a dark cloud smiley....

Exactly, and you would represent the bulk of sane people, to somehow attempt to blame people like yourself for this mess would be as absurd, if not more absurd than allowing the mess to occur in the first place.