BTL Mortgages 2013

[sasguru]

Scary to think someone who can't understand a loan is supposedly involved in complicated statistical analysis.

"There's only a 1 in 10 million chance this burger could be more than 1% horse. Or is that 1 in 10, all those zeroes are pretty confusing..."

I understand why the financial industry call it a "product". It's so that useful idiots like you can feel all warm and fuzzy thinking you've bought a "product", rather a debt.
So I repeat: what has been produced when you borrow money from the bank, apart from another debtor?
People like you will always be deservedly poor.

[Edit] That's what I mean about the UK. We call loans "products", in Germany products are Mercs, BMWs, Mieles and machine tools they sell for cash to make them rich.

[No2politics]

BTL Mortgages 2013

What about an insurance product?

[sasguru]

What about an insurance product?

What has been produced when you buy insurance? Maybe security and cash flow for the insurance company. Still think "product" is the wrong word to use in a financial instrument context.
It sort of suggests that the financial and manufacturing industry are roughly the same in that they "produce" things and as we have seen in the last 5 years that's not the case.

[sasguru]

In fact I think the banking industry sold a multi-billion/trillion "bailout product" to the government.

[DimPrawn]

In fact I think the banking industry sold a multi-billion/trillion "bailout product" to the government.

And your missus is paying for it with 50% income tax and 10% national insurance, whilst you sit on yer arse and talk bollux.

[sasguru]

And your missus is paying for it with 50% income tax and 10% national insurance, whilst you sit on yer arse and talk bollux.

I compensate for that with my Ltd.
And after all I did very well out of the Labour housing boom, so I don't really care about the bankers bailout

[d000hg]

[Edit] That's what I mean about the UK. We call loans "products", in Germany products are Mercs, BMWs, Mieles and machine tools they sell for cash to make them rich.

You don't think they have mortgages and loans in Germany?

Why don't you stop selling your services, since service industry is so silly, and grub around growing potatoes in your garden?

[sasguru]

You don't think they have mortgages and loans in Germany?

Why don't you stop selling your services, since service industry is so silly, and grub around growing potatoes in your garden?

I'm reasonably sure they're not called or thought of as "products" in Germany.
And that's probably why relatively so few people have mortages and loans in Germany.

Where did I say the service indystry was silly?
You must get tired of the whooshing noise that constantly erupts around your dense noggin.

[vetran]

Handbags away please gents, its sad.


Martin can I have a BTL product in green with go faster stripes please.

In Commerce Its a service, products are tangible and manufactured.
Finance tries to give the illusion of creating something real so no one realises its a pack of cards and a Hurricane is coming.

Plus of course you can 'package a product' whereas you have to create and supply a service.

[d000hg]

Of course a loan is a product. It's surely not a service. I can buy a loan, and sell it to someone, and make a profit in doing so. It's an entity not an ongoing service.