No let up in Doom till at least 2010

[daviejones]

2010? So we have a couple of hours yet then? I finish at 4 so will be home just in time for the end of the doom.

I am so glad, I have had enough doom today

[Xenophon]

Sir James Crosby, former chief executive of HBOS, who is carrying out the review for the Treasury, said that the "shortage of mortgage finance will persist throughout 2008, 2009 and 2010, and I suspect that current forecasts for new mortgage lending during this period will prove optimistic."

The former CEO of a bank, eh? What the fork do they know?

[snaw]

So people can't get mortgages - that mean they'll all be looking to rent, or are our streets going to be choca with the homeless?

[snaw]

The former CEO of a bank, eh? What the fork do they know?

Umm, actually considering how many of them have posted fooking huge losses I'd say not that much actually ...

[Xenophon]

Umm, actually considering how many of them have posted fooking huge losses I'd say not that much actually ...

...and I'd agree.

So they do a review and now Sir James Crosby has a crystal-ball-type view of the next 3 years, does he?

Bollocks.

[milanbenes]

everyone seems to be forgetting (and somewhat naively), that yes,

. when you switch off the credit taps house prices fall

but

. as soon as the credit taps are switched back on, whenever that is, house prices are going to rocket back to where they were

sellers will know everyone can get credit and will be able to say no until buyers will pay the inflated prices again,

just think about what a massive wall of buyers there will be once credit is turned on again,

my prediction, the next boom will be even bigger

Milan.

[DimPrawn]

everyone seems to be forgetting (and somewhat naively), that yes,

. when you switch off the credit taps house prices fall

but

. as soon as the credit taps are switched back on, whenever that is, house prices are going to rocket back to where they were

sellers will know everyone can get credit and will be able to say no until buyers will pay the inflated prices again,

just think about what a massive wall of buyers there will be once credit is turned on again,

my prediction, the next boom will be even bigger

Milan.

There's no pulling the wool over your eyes is there Milan?

Boomed!

[rootsnall]

everyone seems to be forgetting (and somewhat naively), that yes,

. when you switch off the credit taps house prices fall

but

. as soon as the credit taps are switched back on, whenever that is, house prices are going to rocket back to where they were

sellers will know everyone can get credit and will be able to say no until buyers will pay the inflated prices again,

just think about what a massive wall of buyers there will be once credit is turned on again,

my prediction, the next boom will be even bigger

Milan.

We haven't had the crash yet, the massive wall of buyers was about half an inch high in 1995.

[milanbenes]

Dim,

please show the flaw in my argument.

Of course if you turn off credit and stop the majority from borrowing then of course no one has money and house prices will fall to a level where buyers are

but

as soon as you give credit again to the majority, then of course, the sellers are not going to hold the prices at the depressed artificially low prices which were representative of a market with no cash flow,

no,

the prices will imediately jump up back near where they were and I predict there will be such a rush that the prices will rise again like a rocket

Milan.

[sasguru]

Dim,

please show the flaw in my argument.

Of course if you turn off credit and stop the majority from borrowing then of course no one has money and house prices will fall to a level where buyers are

but

as soon as you give credit again to the majority, then of course, the sellers are not going to hold the prices at the depressed artificially low prices which were representative of a market with no cash flow,

no,

the prices will imediately jump up back near where they were and I predict there will be such a rush that the prices will rise again like a rocket

Milan.

Milan did you win the Nobel prize once? With an intellect like that you should be finding a cure for cancer ....