Northern Rock

[Eyetee]

Poetry in motion

[Shep]

"Even at the height of the ruinous US housing boom, US banks weren't offering 125% mortgages on nine times your earnings to people earning as little as £18,000 a year. Yet that is what British high rollers such as Alliance and Leicester and Northern Rock have been doing. They have been "helping" first-time buyers get on to the "housing ladder" by offering interest-only mortgages over 40 years - mortgages so good you don't even get to own the house after you've paid for it.
Irresponsible lending in Britain has prolonged the craziest housing bubble in the world. In America, house prices peaked 18 months ago at an average of $267,000 dollars; that's only about £140,000 for a pretty substantial house. Here, that sum wouldn't buy you a basement in Edinburgh.

What the credit crunch is telling us is that the inflated asset values that underpin the debt economy are no longer sustainable. House prices must come down to earth, either by raising the cost of borrowing or by allowing inflation to rip and erode asset values by debasing the currency. Inflation is the weakest and sneakiest way of re-pricing inflated assets - it ruins savings and the livelihoods of people on fixed incomes - so it's a slam-dunk certainty that this is what the government will do".

I have got a far better solution LET THE FUC*&RS BURN !!!!!

[Sharribee]

I have merged these 2 posts as they are about the same thing


Sharri
xxx

[Chad]

dont worry me i aint got no dosh if you have get it out quick