After last weeks DOOOM related Cressers references I received an email from the Dark Lord himself. He asks me to pass on his regards and remind you that we are still….well…. you know…..

So what do you think then? I’ve started reading the financial pages of late and it would seem that we are all in fact ****ed.

Greece is about to default, with the Euro going into meltdown, triggering a second, even worse, banking crisis that we won’t survive this time. And before you know it we’ll be bartering with chickens, and beating each other to death in the streets with human bones

Does anyone have a more cheery assessment or is this pretty much it….?

i actually don’t really care if thats any help to you.

Yes, we’re going to hell in a bucket, a cheap Chinese plastic one, red probably…..

Some high-up banking dudes told me today that ‘the debt crisis will unwind over the next two years’, after which ‘the levels of debt will be fully known’.

Does that reassure you?

Isn’t the finiancial market putting odds on a Greek default at something ridiculous like 98%, i.e. a dead cert unless Germany Merkel personaly bails them out seeing as their coalitions pretty much splitting up over the issue.

Ohhh, and Italy’s been downgraded by S&P.

MoneyWeek had a 2 page article basicly saying if you own a house you’re about to be f***** by negative equity, and if you rent your moderately less f***** but still in for a bad few years as interest rates go up, buy to let landlords run out of cash and everyone ends up homeless.

I am sure i will end up dead at some stage.

I think Osbourne is a f**king greasy liar.

No other reason than he looks like one and gets others to deliver his bad news.

Oh, and he’s trying to ‘fix’ the recession with quick fix solutions, rather than encouraging organic growth.

And he’s ugly.

Yes, we’re going to hell in a bucket, a cheap Chinese plastic one, red probably…..

If it’s one of these buckets then I don’t think I mind so much.

I think Osbourne is a f**king greasy liar.

That’s no way to talk about Ozzy, he’s a friggin legend.

Next year is 2012….

i dont want to be doomed 🙁

[video]http://www.youtube.com/watch?v=7PsBxG8neok&feature=related[/video]

you’re about to be f***** by negative equity

That won’t happen
Been here 22 years – no intention of going anywhere else, any time soon

I often see mention of Cressers – I assume he’s pre the big hack of 2008 or whenever it was – what was special about him?

Cressers was our resident doom merchant who got banned for some trivial thing (i think)

its good to know he’s still out there predicting the end of the world

Nipples or no nipples, the destination is the same, although finding radio Moscow might be more fun……..

MoneyWeek had a 2 page article basicly saying if you own a house you’re about to be f***** by negative equity

Well only if you have a high LTV I assume. For many on here there would have to be a crash of catastrophic proportions to effect them and if it has got that bad then they will be one of the last to be thrown to the streets to live on spit and grass.

I think Osbourne is a f**king greasy liar.

No other reason than he looks like one and gets others to deliver his bad news.

Oh, and he’s trying to ‘fix’ the recession with quick fix solutions, rather than encouraging organic growth.

And he’s ugly.

No need to give him such an easy ride!

He’s a **** plain and simple and so is Dave – and Michael Gove – and you can see it in their chinless, greedy little smartarse Tory faces.

I was looking at a picture of Silvio Berlusconi earlier and marvelling at how Italy could continue to elect such a blatantly awful man. Then I remembered who is running our country now.

🙁

MoneyWeek had a 2 page article basicly saying if you own a house you’re about to be f***** by negative equity,

I’ll believe that when I see it 🙂

He’s a **** plain and simple and so is Dave – and Michael Gove – and you can see it in their chinless, greedy little smartarse Tory faces.

Yeah, bring back NuLab, they knew what they were doing.

Well only if you have a high LTV I assume. For many on here there would have to be a crash of catastrophic proportions

They had some rather convincing graphs. The inference being that prices plumeted in 2007/8, and since then have been at an artificialy plateau. Which leaves 2 options, either house prices have to rise back up to 2007 levels (hands up who thinks thats a good idea?) or the things suppourting that plateau (low rates, state ownership of banks, etc) are removed and it falls the way it should have done in 2007.

They also pointed at how things are still far worse than they were in the late 80’s. Fewer mortgages being aproved, prices still less afordable compared to income, intrest rates can’t go down, etc.

I don’t think it’ll be as bad as they say it will, but it’s going to be nowhere near as good George and Dave would like us to think.

Yup me too. I worked in the property industry for 15 years at a reasonably high level, when all doom and gloom was predicted it simply contracted a little and new Sales fell off, but the base level remained static, people just stopped moving for movings sake and climbing that age old ladder..

When Banks decide to lend at 100% again to new buyers (very close to it) we’ll all be back on track, just need to manage the debt, not write it off.

[Brian Blessed voice]

Cressers is ALIIIIIIIIVE!

[/Brian Blessed voice]

They had some rather convincing graphs. The inference being that prices plumeted in 2007/8, and since then have been at an artificialy plateau. Which leaves 2 options, either house prices have to rise back up to 2007 levels (hands up who thinks thats a good idea?) or the things suppourting that plateau (low rates, state ownership of banks, etc) are removed and it falls the way it should have done in 2007.

They also pointed at how things are still far worse than they were in the late 80’s. Fewer mortgages being aproved, prices still less afordable compared to income, intrest rates can’t go down, etc.
But what I mean is that unless the LTV is artificially high (and the price of the property falls below the outstanding loan) and you need to sell then for many on here it won’t be a problem – many on here talk about no mortgages or just having <50% mortgaged against *current* home value. I can’t see many homes dropping in value by such a large amount.

A friend of ours has just been made redundant 3 months after taking out a massive mortgage on a £500k home. And his wife is pregnant with their third child. Those are the sort of people who are exposed to risk.

UK banks exposure to Greeks national debt is £2billion?

Whats the UK Governments exposure to Greek debt? Minimal.

Whats the French and Germany’s exposure to Greek debt? MASSIVE.

Are we in the Euro?

No.

I see more opportunities to pick up the ball in European than weaknesses.

UK banks exposure to Greeks national debt is £2billion?

Whats the UK Governments exposure to Greek debt? Minimal.

Whats the French and Germany’s exposure to Greek debt? MASSIVE.

Are we in the Euro?

No.

I see more opportunities to pick up the ball in European than weaknesses.

This particular photo scares me.

what kinda effect will this have on potential first time buyers oh financial guardians of STW?

Hora – Isn’t the point we learnt a couple of years ago is that the banking system is so interlinked that nobody really knows what their exposure is. Not even the banks themselves.

Just because the British banks are saying they’re not exposed, doesn’t mean they’re not. Its not like they were exactly straight with us last time, is it? I think that’s a genuine reason for concern

Is there a choirboy on his knees just out of that shot? 😯

i dont want to be doomed

Have five Cougar Points for the Invader Zim reference.

Is there a choirboy on his knees just out of that shot?

I was wondering if the black railings were the school gates… 😐

I think we know where Fred the Shred’s hiding. 🙂

He’s a **** plain and simple and so is Dave – and Michael Gove – and you can see it in their chinless, greedy little smartarse Tory faces.

😆

what kinda effect will this have on potential first time buyers oh financial guardians of STW?

I would hope that it will mean that homes finally become affordable for the majority again.

I look at my situation. I bought (by myself) a modest 2 bed terrace when I was 29 and a middleweight designer working for someone else.

That very same house came on the market last year and my wife and I were some way off being able to afford to buy it if we were first time buyers – and that was on two full time salaries (mine as the owner of my own business).

It is about time we went back to circa. 1996 home values v average earnings.

hmmm i’m hoping it’ll knock house prices down to a point where 2 adults working full time can afford to buy in the area that they work (with decent deposit of course)

thank you cougar, must dash though.. gotta save an old man thats got a bad case of head pigeons.

phil – your post ^^^ perfectly reflects my experience and opinion.

I dont think UK housing is the real issue at all. Hard to see prices rising much but rates arent going up any time soon and despite the doom and gloom unemployment isnt spiking. The technicals (ie good old supply and demand) are super supportive in the UK…..we just dont build enough of the homes that people want, too many Northern city centre flats sold to buy-to-let investors that got what was coming to them.

Greece is going to default though, have run out of time. Tin helmets on.

Of course they are going to default. They don’t have a **** clue. It seems they are more intent on striking and protesting against cuts than actually waking up to their governments spending beyond its means.

Even after three or four more bailouts it’d still essentially be a Euro parasitical state. Harsh but bloody true.

What baffles me is that if none of the Greeks bother with the frightful inconvenience of paying tax, why isn’t there a mega buoyant private sector?

Imagine owning a bike shop if no-one on here was paying tax!! Imagine what we’d all be riding!! 😯