Reply to: Government bribing electorate

[PAH]

What's her pins like?

Probably not much to write about as she doesn't get them out much according to google images.

Strange how there's not even any of the usual fake images with safe search off. There's a gap in the market there for someone with photoshop skills.

[TimberWolf]

Saw that too. Everyone but the CBI bloke saying it was a bad idea to encourage more personal debt while house prices are coming down (a great way to get caught in negative equity straight away ) and jobs are feeling less secure.

The biggest shock was seeing Merryn Somerset Webb in the intro piece, with the gaps in her teeth and looking rather bedraggled. Previously thought she was in the same class as Susanna Reid for dirty-thirty-something sexy intellectual totty.

Didn't see that bit, or indeed most of the rest of Newsnight. However based on a cursory Google image browse, I would:



What's her pins like?

[PAH]

housing minister got a bit of a roasting on Newsnight over this tulip

Saw that too. Everyone but the CBI bloke saying it was a bad idea to encourage more personal debt while house prices are coming down (a great way to get caught in negative equity straight away ) and jobs are feeling less secure.

The biggest shock was seeing Merryn Somerset Webb in the intro piece, with the gaps in her teeth and looking rather bedraggled. Previously thought she was in the same class as Susanna Reid for dirty-thirty-something sexy intellectual totty.

[TimberWolf]

Gordon Br... sorry, the LIbLabCon housing minister got a bit of a roasting on Newsnight over this tulip, save for support from the CBI director General, who thinks it's really great idea that the tax payer underwrite house builders like the banks get away with, it was even their (the CBI's) idea. All of his chums at the CBI agree with him too apparently.

[PAH]

Can I just remind you my overpriced BTL is mortgaged at 0.49% + base.

Where can a new buyer get that rate now?

From what I've seen (not looked for a month or two as I'm holding off buying till at least next year) the minimum typical rate is around 4% and BTL rates will be a bit more than that.

So we have people being encouraged to pay top whack for a house, and probably stretching themselves financially to 'get on the ladder' while simultaneously paying almost 4% over base.

What happens when the base rate goes up, or do only house prices rise?

Hopefully people will be more wary of government help following the shared equity scheme bollocks.

[Churchill]

Is that because he's a Scot or because he lives in Germany ?

(or because he's normally a bit of a cock ?)

All three.

[russell]

Number10gov: #housingstrategy: any buyer of a new home - not just 1st time buyers - can apply to borrow up to 95% of the value. New strategy to deliver homes and strengthen the economy - Corporate - Department for Communities and Local Government
Original Tweet: Twitter / UK Prime Minister: #housingstrategy: any buye ...

BOOMED BTL empire here I come!

[TestMangler]

You live in Germany, you're a Scot, so **** you, your opinion doesn't count.

Is that because he's a Scot or because he lives in Germany ?

(or because he's normally a bit of a cock ?)

[Churchill]

The problem, thicko, is I had to work for my first deposit allowing me get my foot in the door and find a product I could afford.

Now we have:

Bankers: David, this eurozone are threatening to take away all our tricks with this tobin tax, we've got all this risk in our portfolios, we'd like to stay in London but... - what can you do to help?

mmm

David: Idea! I'll transfer this toxic risk over to the one part of society who can't do anything about it.

This is scandalous. No measure on any scale can be found to highlight the grottiest legislation proposed here. A massive transfer of risk from the wealthily over to the poor.

It's outrageous. What a corrupt state the blind support with the promise of a few cookies.

You live in Germany, you're a Scot, so **** you, your opinion doesn't count.

[doomage]

Moral Hazard in action

As you all know, one of the major concerns with bailouts & 'mechanisms' like quantitative easing is the concept of moral hazard.

Essentially, if businesses and individuals are protected from the downsides of their mistakes, then they are likely not learn from these errors and repeat them.

So this looks to me like an actual example of not learning from previous mistakes. Allowing people to borrow more than they can afford to pay back is just wrong, not just because it encourages fiscal idiocy, but it affects the market, in that prices will go up accordingly and you are back to square one. Prices going up will encourage the speculators again, but these price gains will only be an illusion as they are covered by the taxpayer, hence a bubble.

Also this latest action adds weight to the theory that the housing market is a pyramid scheme, with all growth reliant on new recruits at the bottom of the structure. It will eventually fail, and fail big. The fact that these measures seem necessary to the govt in an era of long term incredibly low interest rates suggest that there is neither appetite for lending nor borrowing in the property economy. The dead horse is being well and truly flogged.

[scooterscot]

I think it is certainly a risk, but I cannot think of any other way to stimulate business in the UK at the moment.

That's the thinking of a follower, unable incapable retired and soon to be obsolete.

[scooterscot]

And then they would spend and the economy would recover, people could afford the deposit and mortgage payments and house prices would be sustained.

Giving their wealthy house builder friends tax payers money to make huge profits is morally wrong. They'll pocket a huge profit (registered offshore no doubt) and people will spend all their incomes paying for a house, with nothing left to spend on goods and services. The economy will continue to dive.

WHS - Did they even consider what happened in Ireland?

[scooterscot]

It's using tax income to help build new houses.

What's the problem?

The problem, thicko, is I had to work for my first deposit allowing me get my foot in the door and find a product I could afford.

Now we have:

Bankers: David, this eurozone are threatening to take away all our tricks with this tobin tax, we've got all this risk in our portfolios, we'd like to stay in London but... - what can you do to help?

mmm

David: Idea! I'll transfer this toxic risk over to the one part of society who can't do anything about it.

This is scandalous. No measure on any scale can be found to highlight the grottiest legislation proposed here. A massive transfer of risk from the wealthily over to the poor.

It's outrageous. What a corrupt state the blind support with the promise of a few cookies.

[DodgyAgent]

The Mash sums it up nicely

The Daily Mash - Housing market is pretty much all we have left, admits Cameron

I hate to admit this but it was Thatcher that destroyed much of UK Industry

[DodgyAgent]

I have similar reservations over this Boris Island.

I can see how a huge undertaking of this nature would generate jobs but what I don't understand is this claim that this new airport will be a major communications hub for the whole of Europe.

If I want to get a plane to London I will go to Heathrow, if I want to go to Amsteradm I will fly into Schipol, if I want to fly into Italy I will take the aeroplane to Ciampino.

This notion that you can have an airport which serves as a hub for the whole of Europe, or for any other region for that matter, is a complete nonsense in my opinion. You get the plane to the country you want to go to.

Not an airport that is in a neighbouring country.

I think you will find that in order to pay for this Heathrow will have to be closed and sold to developers. So if you turn up looking for a flight to antigua you might just be lucky enough to get a bus to Slough, which lets be honest is more or less the right direction.