What will Mervyns excuse be this time?

AD9898_2

RenovationMan wrote: »

I unselect the 'Show your signature' tickbox often, especially if my post is short, otherwise the post is shorter than the blurb in my sig.

If I remember RM when you first joined, I believe you admitted that the purchase of the house in your sig was a fair risk (high joint multiples etc), now I've no idea what your household income is and wouldn't want to pry. I do not wish for people like yourself to lose your house, far from it, however......

You've taken a gamble, a gamble that might not pay off, all that I'm saying is that if things don't work out and things go t!ts up, I wouldn't particularly want you to get bailed out at the expense of the the following generation.

Rightly or wrongly I feel that this is what is happening all over the country, IR's have been kept low and bailed out these gamblers, preventing equilibrium in the market returning and allowing the next generation of housebuyers to get a value for money deal, which is what most of the people got before 2001.

Don't take this personally, as I've said I wouldn't want anyone to lose their home, but of course when they sign on the dotted line, they must take responsibility for it, it isn't for others to do so.

RenovationMan

AD9898 wrote: »

If I remember RM when you first joined, I believe you admitted that the purchase of the house in your sig was a fair risk (high joint multiples etc), now I've no idea what your household income is and wouldn't want to pry. I do not wish for people like yourself to lose your house, far from it, however......

You've taken a gamble, a gamble that might not pay off, all that I'm saying is that if things don't work out and things go t!ts up, I wouldn't particularly want you to get bailed out at the expense of the the following generation.

Rightly or wrongly I feel that this is what is happening all over the country, IR's have been kept low and bailed out these gamblers, preventing equilibrium in the market returning and allowing the next generation of housebuyers to get a value for money deal, which is what most of the people got before 2001.

Don't take this personally, as I've said I wouldn't want anyone to lose their home, but of course when they sign on the dotted line, they must take responsibility for it, it isn't for others to do so.

I didnt take any of our earlier conversation personally, I have significant reserves of cash invested as well as the usual redundancy protections, etc.

I have no problems with people wanting interest rate rises to cause a housing crash so they can afford a house (although I do think they are mistaken and that it wont have that much of an impact). I also dont have a problem with people moaning about reckless people walking away from their debts by going bankrupt, etc. etc.

However, I do have a bit of a problem when it appears that certain people want interest rate rises for no other reason than so that other people lose their homes in order to teach them a lesson for getting over-leveraged.

Its all panto really I guess because things are so one dimensional on this board. A good example is where certain posters say they want middle aged, middle income people who have gained from the housing boom to lose their houses, so that the young people can profit. I cant imagine a more improbable circumstance. The people least likely to get repossessed are middle class, middle income people with 10 years of equity gains. The people more likely to get repossessed are young people with low income jobs and zero equity.

Much of the ranting that goes on, and some of your rhetoric is mired in Daily Mail style analysis where the streets are filled with people mewing equity in order to buy BMW's and shoes. I'm sure this happens but not in the numbers many people on here believe.

The reality is that the people who will struggle are the people who always struggle. The poorly paid who are trying to scratch out some sort of living for themselves and their families. Many of which are running up debts not to buy designer gear but just to house, feed and clothe themselves and their kids.

When you guys rail on about 'teaching people a lesson', these are the people who are your targets, not people like me. Hence why I dont take these sorts of comments personally, but just because they are not aimed at me doesnt mean I dont think there not offensive.

Anyway, I hope that gives some sort of insight into where I'm 'at' right now. Your aiming at reckless gamblers, yet your targets are invariably ordinary hardworking people.

Pobby

I am an oldie. Stocks and shares. Savings. I am still perplexed how in the world have we got to these silly house prices. Pensions at a low, so after years of us contributing we will get very little. Jobs are very unsure.

Was an idea to move to Spain for retirement. Total grief there I hear from friends. Don`t wish to be a downer but it seems that we are enjoying a right mess. Kids in my family buying homes that they really need to keep highly paid jobs to service. I think that hpi has nothing but negative effects for the economy.

Owning a very small business , I have seen my turnover slashed. Still keep on plodding on.