Re: Is there a crisis?

Losos, (And to hear Ed Balls saying that the previous government was borrowing excessive amounts to invest in Britain really makes my blood boil, he and Gordon Brown and Alister Darling were borrowing money to hand out in social security and keep people from having to work, that is NOT investment, that is charity.)

My Son is one of these people being kept "on charity" as you put it. He lost his job over a year ago through no fault of his own. He's worked part time while at school and full time since he left school 20 years ago. He applies for so many jobs each week it makes my head spin. He's getting nowhere fast with finding a new one. He said he'd take anything to get back to work. He sold his car to pay the bills, he had his internet & cable tv taken away to save money, he buys the cheapest food he can get just to be able to eat all week. He neither smokes nor drinks and still finds it hard to pay Gas, Electric, Water Rates Bus Fares ect ect AND be able to Eat on Jobseekers Allowence. It's not the easy life some people seem to think living on Benefits is, it's not healthy, easy or good for your state of mind. But he has no choice in the matter.

Re: Is there a crisis?

I`m living on the savings we put away before Jenny got ill/died. My ideal world?-a big jump in the housing market-so I can sell this pile for a few quid followed by an enormous increase in interest rates-cos I will have cash to stash.

Been through the hard times when morgage interest was over 10%-now I`m asset rich but cash just OK.

Anyone want a Grade 2 listed pile?

Re: Is there a crisis?

Oh! what a nice surprise - Its good to hear from you again Old Git. I hope you are getting on OK and taking good care of yourself - I for one have missed your cheeky wit. Keep it rolling

Re: Is there a crisis?

It certainly is! So happy to hear from you again.

Re: Is there a crisis?

This paragraph is so true AB - There is a well known company that advertises on TV a lot (I won't name them but you'll all know who I mean)

They claim to be a furniture retailer, they are NOT, they are a finance company.

If you go into one of their stores and offer to pay cash on the spot for one of their sofas they won't knock a penny of the price, yet they are willing to give you 12 months free credit and a further 36 months to pay of the loan.

The sofas they sell for £1000 probably cost about £100 to manufacture, the differance is the finance which is of course far more profitable than selling furniture.

Why can't people see this??????

Re: Is there a crisis?

Greed!!!

Re: Is there a crisis?

Asset rich and slim on cash is where I am currently at. I certainly can feel the pinch in the current `climate`.

Re: Is there a crisis?

You are right it has become known as 'Sub Prime lending' or lending to NOJAPS (NO Job Assets or ProspectS)

Well as I said above taking a very short term view verges on fraud if you know you can't even make the first repayment It was mostly (wholly?) in America where this was happening and where the NOJAPS term originated.

It's a question of who was responsible, I think there were people in the banks who had expertise but they were being overuled by the sales & marketing people who just wanted to have a bigger loan book than their rivals, so of course the lenders must accept some blame, but so must the borrowers, I reckon it's 50:50

What is most annoying is that whoever of these two parties were to blame it's now people like me who never borrowed anything (apart from a very small mortgage) who are now paying through our savings bringing in less than inflation and thus making us poorer day by day. That ain't fair

So the moral is:-
'Yes, be gullible, naive, stupid, ignorant (borrowers) or be greedy, egotistical, arrogant (bankers) and you will be rewarded by your government'

'Be cautious, careful, caring and you'll pay for the rest of your life'

Re: Is there a crisis?

Does he live with you ?

The point I was trying to make about Ed Balls was that he three times said that the Labour government was borowing such huge amounts to invest in Britain but how can handing out Jobseekers Allowance be investing ???

Charity is a word that might hurt, I didn't intend to hurt you at all, of course you are worried about your son, but how is he, and the millions of others, helping to invest in Britain by picking up a Job Seekers allowance every week.

If you are investing in Britain you are reducing corporation tax, helping top CEO's come to UK, funding R&D (partly or wholly) and helping small firms to buy plant & machinery.

The question of whether someone out of work can live on JSA is a seperate matter all together, nothing to do with investing in Britain as Ed Balls said on the Jeff randal programme Thusday evening. This guy annoyed me 'cos he's always quoted as being a 'super brain' and highly intelligent, I think people must be mistaking him for someone else.

Re: Is there a crisis?

Well, I'm serious. Serious Bob I am. I'm considered below the poverty level by most yet I buy what I want, when I want it and still have no debt. There's the key, no monthly payments dragging down the old budget. If you don't have the cash to buy something, don't buy it. It used to be called "Living within your means" when I was growing up. I live in a nation addicted to credit, not saving. Our banking system didn't get rich by folks saving but on people borrowing. I've actually come to hate bankers more than politicians. That's scary.