Doomed (yet again, really this time...)

[sasguru]

sasguru in "if it didn't effect me, it doesn't matter" mode

It did affect me. I was made redundant from my first grad job. That's what I mean about perpective - not thinking you matter in the great scheme of things

[Bagpuss]

sasguru in "if it didn't effect me, it doesn't matter" mode

Yes, the point is this, it did effect millions, in so much as drastically increased payments with the knock on effect to the economy house repossessed or not. If we believe this could never happen again this must mean Nu Labour are better at managing the economy than the Tories and human nature has significantly altered.

Hmmm

[sasguru]

Yes, the point is this, it did effect millions, in so much as drastically increased payments with the knock on effect to the economy house repossessed or not. If we believe this could never happen again this must mean Nu Labour are better at managing the economy than the Tories and human nature has significantly altered.

Hmmm

I think we're moving away from the point here. There was pain to a significant minority of people in the country. And nowhere have I said that it isn't likely to happen again. In fact I think it will.
My only point is that there'll be a majority of people for whom it won't matter and quite a few who will welcome it as an opportunity.

[Bagpuss]

You're the one off on a pedantic tangent as usual. My point is, last time there was a crash it took several years to get back to where it was pre crash, OK if you bought several years before yes, but many people bought just before and were sat on piles of negative equity that they increasingly couldn't afford. Everything is lined up for this to happen again.

There is a belief that negative equity will never rear it's ugly head again, I beg to differ. There are people pilling into property with little caution, or knowledge of fairly recent history, which is IMHO a dangerous thing, or rather (according to latest sales stats) was.

[rootsnall]

I think we're moving away from the point here. There was pain to a significant minority of people in the country. And nowhere have I said that it isn't likely to happen again. In fact I think it will.
My only point is that there'll be a majority of people for whom it won't matter and quite a few who will welcome it as an opportunity.

I suspect bigger pain for more people this time, credit has been a lot easier to come by than in the late 80s and the debt hasn't been eaten away by inflation to anything like the same extent. Buying in a falling market is only for the very brave, it might not pan out like last time, look at Japan.

[sasguru]

You're the one off on a pedantic tangent as usual. .

One man's pedantic tangent is another's need for accuracy. I hate spin of any kind. You are New Labour and I claim my 5 new taxes.

[wendigo100]

Many people could be worse off this time because of the higher income multiples being borrowed for special low-rate deals that are coming to an end.

[Bagpuss]

One man's pedantic tangent is another's need for accuracy. I hate spin of any kind. You are New Labour and I claim my 5 new taxes.

All we have proven is it was 7 years + before the next boom
When you said 5 and I said 10


What does that mean?

A/ you were slightly closer.
B/ I was general making a point about house price bubbles
C/ You win a completely different argument.


We should be told

[wendigo100]

I suspect bigger pain for more people this time, credit has been a lot easier to come by than in the late 80s and the debt hasn't been eaten away by inflation to anything like the same extent. Buying in a falling market is only for the very brave, it might not pan out like last time, look at Japan.

That is a very good point. The Japs were suckers for debt as well, and still haven't fully recovered after 15 years.

[alreadypacked]

You are New Labour and I claim my 5 new taxes.