web-archive-uk.com


Web directory, archive
Search web-archive-uk.com:


Find domain in archive system:
web-archive-uk.com » UK » H » HOUSEPRICECRASH.CO.UK

Total: 685

Choose link from "Titles, links and description words view":

Or switch to "Titles and links view".
  • Lost Your Password? - House Price Crash forum
    ve lost your password you can use this form to reset it Enter your username or email address in the field below The username or email address is case in sensitive Once you have submitted the form you will receive an email asking for validation of this request to ensure that no malicious use has occurred This email will also contain a link that you must click for further instruction

    Original URL path: http://www.housepricecrash.co.uk/forum/index.php?app=core&module=global§ion=lostpass (2016-02-09)
    Open archived version from archive


  • Search Form - House Price Crash forum
    a specific phrase by enclosing it in quotes Search in section Forums Members Help Files Calendar Match all words any words Search title and content Only search in titles Only search in content Find tags Separate multiple tags with commas Find author Find by date to Result sorting Last Update Time Title Descending Ascending These additional filters can be used to find discussions Find in forum House Prices House prices and the economy Regional House Prices Scotland Northern Ireland Wales England South East England South West England East Midlands England West Midlands England North East England North West England East Anglia England Greater London England Yorkshire Humberside Isle of Man All about renting Flatmate forum Anecdotals All about self build All about buying selling and mortgages Auction results The classics Market psychology Economics House Price Crash photo gallery Current Affairs Current affairs Politics Living overseas Investment Cash ISA s and Savings Accounts Investment in general Financial markets Overseas property investment Gold and other precious metals About housepricecrash co uk housepricecrash co uk in the media About housepricecrash co uk Ideas and Suggestions for Fubra Wiki Discussions Ideas Trolls Troll sub forum Off Topic The off topic forum Display results As

    Original URL path: http://www.housepricecrash.co.uk/forum/index.php?app=core&module=search&do=search&fromMainBar=1 (2016-02-09)
    Open archived version from archive

  • Gordon Brown: "i Called For Global Financial Reform Ten Years Ago" - Politics - House Price Crash forum
    policy Gordon Brown today called for a new global order to deal with the economic crisis as he warned against the protectionist policies of the 1930s In a wide ranging speech on the global economy the prime minister said that a radical step up in global cooperation was necessary to prevent the emergence of financial mercantilism We face a choice We could allow this crisis to start a retreat from globalisation As some want we could close our markets for capital financial services trade and for labour and therefore reduce the risks of globalisation But that would reduce global growth deny us the benefits of global trade and confine millions to global poverty Or we could view the threats and challenges we face today as the difficult birth pangs of a new global order and our task now as nothing less than making the transition through a new internationalism to the benefits of an expanding global society not muddling through as pessimists but making the necessary adjustment to a better future and setting the new rules for this new global order the prime minister said This is the start of a 10 day period when Brown who talked to Barack Obama the new US president on Friday will meet a number of world leaders to discuss preparations for the G20 meeting in London in April The meetings will discuss how Britain can best work internationally on financial reform economic expansion and the creation of jobs in new sectors such as the environment Having held lengthy discussions with European leaders last week Brown will meet the prime ministers of China Korea and Japan in the next week He will also meet the heads the international financial institutions starting with Robert Zoellick the president of the World Bank on Tuesday In his speech this morning Brown said The ability of banks in Britain to operate as we wish depends not only their management at home but on getting regulation right internationally Our banking systems have been shown to be totally interdependent and interconnected No financial institution anywhere can insulate itself from the shock that started in the US mortgage market earlier this decade As banks facing losses retreat to their home markets we have had a loss of lending capacity in every major market And it is in order to fill this gap we put forward last week a package of support for the economy The prime minister argued that the latest rescue package was designed to reduce the uncertainty that banks faced with losses on their historic loans alleviate their capital ratios ensure their funding and most importantly enable and require them in return for this to increase their lending to businesses and families This is the key to preventing a deeper and longer recession than we need to have Brown said The fragility of the global financial system must be addressed internationally If what happens to a bank in one country can within minutes bring potentially devastating effects on banks in a different continent then only a truly international response in policy and governance can be effective If we all coordinate our response there will be a quicker global and therefore British recovery We have not yet seen the same protectionism in trade with beggar thy neighbour policies of the 30s And I will fight hard to ensure we do not But we also need to ensure we do not exercise a new form of financial mercantilism of retreat into domestic lending and domestic financial markets Again no criticism of what he s saying Proof that Brown had repeated IMF OECD BIS warnings over house prices and did nothing Looting The Economic Underworld Of Bankruptcy For Profit The exponential growth of debt and the unsustainability of debt The logic of HPI 10 YoY means your 100k house would be worth 1 38bn in 100 years Paying down my mortgage with money found on the street It s time to sue the Bank of England Federal Reserve for GROSS NEGLIGENCE If DEBT is the problem REPAYMENT is the solution or you default The trouble with the world was that prices were so low that only the rich people could buy and the aim of the Conference was to raise them to a point where it would again be possible for poor people to buy something Northern unemployment is an acceptable price to pay for curbing southern inflation Eddie George former Governor of the Bank of England New digest on the credit crisis and economy Part2 Part 3 Back to top 5 interestrateripoff interestrateripoff Carry on banking Members 55 576 posts Location Ponzi Land Posted 26 January 2009 01 48 PM http www iie com p researchid 244 Preventing Financial Crises The Case for Independent IMF Surveillance by Edward Balls Chief Economic Adviser to the British Treasury Remarks at the Institute for International Economics Washington DC March 6 2003 Introduction These are particularly uncertain global economic times And my argument today as we prepare the IMFC Deputies meeting in London at the end of this month in advance of the Spring IMFC Meeting of Finance Ministers is that it is now urgent that we move forward in both implementing agreed reforms and shaping the next steps on both crisis prevention and crisis resolution The Institute of International Economics and its fellows have played a central role in this debate about reform At the Federal Reserve and US Treasury Ted Truman developed and delivered vital reforms Fred Bergsten Morris Goldstein Michael Mussa and John Williamson to name just a few of the Institute s distinguished fellows helped to set that reform agenda and continue to shape the debate Let me on behalf of the UK pay tribute to the role that the IMF has played over the past six years at the forefront of reforms to the international financial system Michel Camdessus and Stanley Fischer shaped many of the reforms in the period after the Asian crisis of 1998 And I want in particular to pay tribute to the leadership of Horst Kohler and to recognize the great contribution that IMF First Deputy Managing Director Anne Krueger has made with her work leading the debate on crisis resolution and through her strong and compelling arguments for a Sovereign Debt Restructuring Mechanism SDRM We must and will make progress on crisis resolution at the Spring meetings and I will return to that subject later But we must also make progress on crisis prevention And this is my principal topic today I want to look again at the lessons we learned from the 1997 98 global crisis and the effectiveness of the reforms we introduced I will argue that the lessons we learned from the Mexican Asian and Russian crises were the right lessons and that these lessons have been reinforced by recent crises such as in Argentina and Turkey the recent IMF surveillance review and the first report from the new Independent Evaluation Office Our work so far has stressed the fundamental importance of strong credible and transparent macroeconomic frameworks to provide the foundation for stability and growth the need for internationally agreed codes and standards for sound policymaking that can be implemented by all countries the rewards from greater transparency at the national and international level and the need for a stronger focus on key vulnerabilities and risks particularly in the financial sector But there is more to do We must implement fully and deeply the ideas we had back in the late 1990s But learning the lessons from the past including the more recent past demands that we go further and accept the need for a fundamental strengthening of IMF surveillance making it more independent authoritative transparent and accountable The international community has recognized that further reform of IMF surveillance is necessary Last September s IMFC communiqué called for ongoing work to ensure that surveillance in program countries reassesses economic developments and strategy from a fresh perspective The challenge as the UK Chancellor of the Exchequer Gordon Brown said last September is to make the IMF as credible and independent from political influence in its surveillance of economies as an independent central bank should be in the operation of domestic monetary policy So today I want to set out how in implementing this IMFC remit the world community of nations can implement new reforms to build a new system of international economic governance and surveillance which can strengthen our ability to prevent crises and advance our shared objectives of stability development and prosperity This is from 6 years ago continues at the link very long article Proof that Brown had repeated IMF OECD BIS warnings over house prices and did nothing Looting The Economic Underworld Of Bankruptcy For Profit The exponential growth of debt and the unsustainability of debt The logic of HPI 10 YoY means your 100k house would be worth 1 38bn in 100 years Paying down my mortgage with money found on the street It s time to sue the Bank of England Federal Reserve for GROSS NEGLIGENCE If DEBT is the problem REPAYMENT is the solution or you default The trouble with the world was that prices were so low that only the rich people could buy and the aim of the Conference was to raise them to a point where it would again be possible for poor people to buy something Northern unemployment is an acceptable price to pay for curbing southern inflation Eddie George former Governor of the Bank of England New digest on the credit crisis and economy Part2 Part 3 Back to top 6 AteMoose AteMoose INTJ No S Members 9 524 posts Location Wu UK Posted 26 January 2009 01 51 PM Just for the record can he or anyone else link the speech which he claims to been making for the last 10 years saying that a stronger international framework is needed Harvard speech For a decade would imply he has said it more than once in which case a few linkies wouldn t be hard to find 2005 4 The FCO supports sustainability through our efforts to promote improved environmental governance and democracy and sustainable natural resource management in priority countries a stronger international framework for sustainable development and climate security and sustainable tourism We lead for the Government on promoting human rights democracy and good governance which are critical for sustainable development and we seek to embed sustainable development principles in all our activities This includes leading by example by managing our estate and corporate activities sustainably 31 The outcome from the 2005 UN World Summit called for much stronger system wide coherence across the various development related agencies funds and programmes of the United Nations In response Kofi Annan launched the High Level Panel HLP on System Wide Coherence SWC to make recommendations on how the United Nations system could work more coherently and effectively in these areas The Chancellor Gordon Brown was the UK s representative on the Panel The Panel s recommendations launched in November 2005 called for reform to the development humanitarian assistance and environmental system of the UN including the UN Environment Programme and UN operations at country level I have bought a newish 5 years house in November 2006 I talked the vendor down 30 off peak 2004 price am am paying less than the 2002 price I feel prices will continue to drop down to the 2001 price but saving for 5 years hopefully means i wont be stung The price i am paying isn t much above the price the vendor paid for the place when it was new in 2000 However some idiot is trying to flog an identical house on my road for 55k above the price i paid one month later The housing market is frothy no one ever knows what the value of a house is the value is what someone is willing to pay make sure you pay alot less than the asking price Free to collect like ebay but you dont pay you just have to collect QUOTE sledgehead If you make a living from something you are a professional something it is your profession You could bake dog turds and flog them as ornaments If that s how you make your living you ARE a professional dog turd baker Period QUOTE Rolling Stone 13th July 2000 The first thing you need to know about Goldman Sachs is that it s everywhere The world s most powerful investment bank is a great vampire squid wrapped around the face of humanity relentlessly jamming its blood funnel into anything that smells like money QUOTE Soon Not a Chain Retailer Aug 30 2009 01 03 AM Society should provide trampolines not safety nets QUOTE GordonBrown Jan 27 2008 warning about the coming inflation if you don t get the skills you wont get a job if you get the skills you will earn ALOT of money Back to top 7 interestrateripoff interestrateripoff Carry on banking Members 55 576 posts Location Ponzi Land Posted 26 January 2009 01 54 PM http archive treas 98 p209 98 html HM Treasury News Release 209 98 15 December 1998 REDISCOVERING PUBLIC PURPOSE IN THE GLOBAL ECONOMY Attached is the text of the lecture that the Chancellor of the Exchequer Gordon Brown will deliver this evening at the Kennedy School Harvard University Tomorrow the Chancellor will be in Washington where he will meet US Treasury Secretary Robert Rubin Chairman of the Federal Reserve Alan Greenspan Managing Director of the IMF Michel Camdessus and on Thursday President of the World Bank Jim Wolfensohn The Chancellor is visiting the United States at the end of the UK Presidency of the G7 to press forward the major reforms needed to strengthen the international financial system Media enquiries Charles Keseru 0171 270 5188 Charlie Whelan 0468 003425 in the US CHANCELLOR OF THE EXCHEQUER S LECTURE AT THE KENNEDY SCHOOL HARVARD UNIVERSITY ON 15TH DECEMBER 1998 REDISCOVERING PUBLIC PURPOSE IN THE GLOBAL ECONOMY INTRODUCTION THERE CAN BE NO MORE APPROPRIATE COUNTRY TO DISCUSS THE CHALLENGES FACING THE NEW GLOBAL ECONOMY THAN THE UNITED STATES OF AMERICA THE PRE EMINENT ARCHITECT OF THE POST WAR GLOBAL SYSTEM THERE CAN BE NO FORUM MORE APPROPRIATE THAN THE KENNEDY SCHOOL NAMED AFTER THE PRESIDENT WHO ON JULY 4th MORE THAN A THIRD OF A CENTURY AGO MATCHED THE DECLARATION OF INDEPENDENCE OF 1776 WITH A NEW DECLARATION OF ECONOMIC INTERDEPENDENCE FOR OUR TIME AND THERE CAN BE NO MORE APPROPRIATE INSTITUTION THAN HARVARD WHERE 50 YEARS AGO THE MARSHALL PLAN THE MOST AMBITIOUS MULTI NATIONAL EFFORT FOR ECONOMIC RECONSTRUCTION THE WORLD HAS SEEN WAS FIRST LAUNCHED MORE THAN HALF A CENTURY AGO LEADERS WHO WERE STILL ENGAGED IN WAR TOOK THE TIME TO PREPARE FOR PEACE IN A BREATHTAKING LEAP INTO A NEW ERA THE WORLD CREATED NOT JUST NEW INTERNATIONAL INSTITUTIONS THE IMF THE WORLD BANK THE GATT AS WELL AS THE UN AND A WHOLE SET OF NEW RULES FOR A NEW INTERNATIONAL ECONOMY BUT GAVE EXPRESSION TO A NEW PUBLIC PURPOSE BASED ON HIGH IDEALS A GENERATION OF LEADERS WHO HAD KNOWN THE GREATEST OF DEPRESSIONS AND THE GREATEST OF WARS KNEW ALSO THAT JUST AS PEACE COULD NOT BE PRESERVED IN ISOLATION PROSPERITY COULD NOT BE MAXIMIZED IN ISOLATION WHAT THEY DID FOR THEIR DAY AND GENERATION WAS SO DRAMATIC THAT DEAN ACHESON SPOKE OF THAT PERIOD AS AKIN TO BEING PRESENT AT THE CREATION Continues at the link all in caps so it appears a bit shouty I think this is what s being referred to Proof that Brown had repeated IMF OECD BIS warnings over house prices and did nothing Looting The Economic Underworld Of Bankruptcy For Profit The exponential growth of debt and the unsustainability of debt The logic of HPI 10 YoY means your 100k house would be worth 1 38bn in 100 years Paying down my mortgage with money found on the street It s time to sue the Bank of England Federal Reserve for GROSS NEGLIGENCE If DEBT is the problem REPAYMENT is the solution or you default The trouble with the world was that prices were so low that only the rich people could buy and the aim of the Conference was to raise them to a point where it would again be possible for poor people to buy something Northern unemployment is an acceptable price to pay for curbing southern inflation Eddie George former Governor of the Bank of England New digest on the credit crisis and economy Part2 Part 3 Back to top 8 deflation deflation HPC Senior Veteran Members 4 215 posts Location Stourbridge Posted 26 January 2009 01 55 PM Give them a chance In the on line world all the papers including the Torygraph are rushing to be first to get a précy of his speech onto the web I expect the editorial comment and so called columnist experts will come later At least I hope so Back to top 9 Concrete Jungle Concrete Jungle HPC Senior Veteran New Members 3 178 posts Location Location Location Posted 26 January 2009 01 58 PM Gordon Brown s Mansion House speech advance with light touch regulation a competitive tax environment stability through a predictable and light touch regulatory environment And just as two years ago we promoted the action plan for liberalising financial services across Europe I can tell you that the Treasury is now working with Charles McCreevy and with you to ensure that the forthcoming European financial services white paper signals a new wave of liberalisation To meet the challenge of global markets we created a single unified FSA In 2003 just at the time of a previous Mansion House speech the Worldcom accounting scandal broke And I will be honest with you many who advised me including not a few newspapers favoured a regulatory crackdown I believe that we were right not to go down that road which in the United States led to

    Original URL path: http://www.housepricecrash.co.uk/forum/index.php?showtopic=102420&hl (2016-02-09)
    Open archived version from archive


  • Looting: The Economic Underworld Of Bankruptcy For Profit - House prices and the economy - House Price Crash forum
    can t be allowed to shop around for the regulatory agency that least understands what they re doing The biggest Wall Street paydays should be held in escrow until it s clear they weren t based on fictional profits Above all as Mr Romer says the federal government needs the power and the will to take over a firm as soon as its potential losses exceed its assets Anything short of that is an invitation to loot Mr Bernanke actually took a step in this direction on Tuesday He said the government needs improved tools to allow the orderly resolution of a systemically important nonbank financial firm In layman s terms he was asking for a clearer legal path to nationalization At a time like this when trust in financial markets is so scant it may be hard to imagine that looting will ever be a problem again But it will be If we don t get rid of the incentive to loot the only question is what form the next round of looting will take Mr Akerlof and Mr Romer finished writing their paper in the early 1990s when the economy was still suffering a hangover from the excesses of the 1980s But Mr Akerlof told Mr Romer a skeptical Mr Romer as he acknowledged with a laugh on Tuesday that the next candidate for looting already seemed to be taking shape It was an obscure little market called credit derivatives Damning article Edited by interestrateripoff 11 March 2009 08 02 PM Proof that Brown had repeated IMF OECD BIS warnings over house prices and did nothing Looting The Economic Underworld Of Bankruptcy For Profit The exponential growth of debt and the unsustainability of debt The logic of HPI 10 YoY means your 100k house would be worth 1 38bn in 100 years Paying down my mortgage with money found on the street It s time to sue the Bank of England Federal Reserve for GROSS NEGLIGENCE If DEBT is the problem REPAYMENT is the solution or you default The trouble with the world was that prices were so low that only the rich people could buy and the aim of the Conference was to raise them to a point where it would again be possible for poor people to buy something Northern unemployment is an acceptable price to pay for curbing southern inflation Eddie George former Governor of the Bank of England New digest on the credit crisis and economy Part2 Part 3 Back to top 2 IMHAL IMHAL HPC Veteran Members 1 813 posts Posted 11 March 2009 01 30 PM I had a boss once who when confronted with someone who thought that they where too important to the business to sack he deliberatley sidelined them and got in resources to replace them This was not an act of getting rid of someone in case they usurped him no he did it so that the business was resiliant He used to say if they are too important to the running of the business then they are too risky to keep All businesses and economies should be run this way Back to top 3 tastingstars tastingstars HPC Poster Members 160 posts Posted 11 March 2009 01 40 PM I had a boss once who when confronted with someone who thought that they where too important to the business to sack he deliberatley sidelined them and got in resources to replace them This was not an act of getting rid of someone in case they usurped him no he did it so that the business was resiliant He used to say if they are too important to the running of the business then they are too risky to keep All businesses and economies should be run this way As an old boss of mine was fond of saying The graveyards are full of men who were indispensible Back to top 4 Angry Rob Angry Rob HPC Poster Members 155 posts Location Edinburgh Posted 11 March 2009 01 44 PM Excellent article people who cry out about the failure of the free market should read this This wasn t a free market as some people weren t exposed to the consequences of their actions and importantly knew they weren t exposed at the time they were making their decisions Back to top 5 interestrateripoff interestrateripoff Carry on banking Members 55 576 posts Location Ponzi Land Posted 11 March 2009 02 32 PM http www jstor org e 2534564 seq 2 If you work for Uni you might get to read it Proof that Brown had repeated IMF OECD BIS warnings over house prices and did nothing Looting The Economic Underworld Of Bankruptcy For Profit The exponential growth of debt and the unsustainability of debt The logic of HPI 10 YoY means your 100k house would be worth 1 38bn in 100 years Paying down my mortgage with money found on the street It s time to sue the Bank of England Federal Reserve for GROSS NEGLIGENCE If DEBT is the problem REPAYMENT is the solution or you default The trouble with the world was that prices were so low that only the rich people could buy and the aim of the Conference was to raise them to a point where it would again be possible for poor people to buy something Northern unemployment is an acceptable price to pay for curbing southern inflation Eddie George former Governor of the Bank of England New digest on the credit crisis and economy Part2 Part 3 Back to top 6 BalancedBear BalancedBear HPC Veteran Members 1 595 posts Posted 11 March 2009 02 45 PM I had a boss once who when confronted with someone who thought that they where too important to the business to sack he deliberatley sidelined them and got in resources to replace them This was not an act of getting rid of someone in case they usurped him no he did it so that the business was resiliant He used to say if they are too important to the running of the business then they are too risky to keep All businesses and economies should be run this way Getting other people to replace someone who is too important to sack may of course backfire the person sidelined ay leave before the others are up to speed on what they are supposed to do It swings both ways If someone is very good and does things better than others but gets sidelined for doing so then the company ends up not utilising the person properly However it is the case that it makes the business more resilient but probably more mediocre Many such good people will ultimately end up running their own business upon which others will depend anyway Risks in business can never be removed only transferred Back to top 7 IMHAL IMHAL HPC Veteran Members 1 813 posts Posted 11 March 2009 02 51 PM Getting other people to replace someone who is too important to sack may of course backfire the person sidelined ay leave before the others are up to speed on what they are supposed to do It swings both ways If someone is very good and does things better than others but gets sidelined for doing so then the company ends up not utilising the person properly However it is the case that it makes the business more resilient but probably more mediocre Many such good people will ultimately end up running their own business upon which others will depend anyway Risks in business can never be removed only transferred It was an illustration that no one company or economy can or should be held hostage to a single point of failure Employees should understand this and so should governments when putting together regulation Back to top 8 richc richc HPC Veteran Members 1 925 posts Location London Posted 11 March 2009 02 55 PM Sadly the looting continues on How much of that 1 7 billion pounds that the Treasury or RBS I meant is going to put into Scottish mortgages is going to go into investments with negative expected returns The majority of high street banks in the UK are no longer lending based on market principles Government funded property loans are nothing but an open invitation to loot the taxpayers Back to top 9 Injin Injin I live on HPC New Members 42 165 posts Posted 11 March 2009 02 56 PM It s worse than this banks are designed to crash the economy It s what they are for My Blog Find the right answer realise you ll never see it in your lifetime and then advocate it anyway because it s the right answer You ve got to settle for second third of fourth best in day to day life more often than not There is no reason to accept anything but the best in your thinking however The only real personal issue is it requires you to completely give up on the idea that you will ever be all that free yourself Accepting you can do nothing to sway tens of millions of people with muddleheaded notions any time soon is the first step to actually fixing stuff properly Ty Shipbuilder Back to top 10 IMHAL IMHAL HPC Veteran Members 1 813 posts Posted 11 March 2009 03 06 PM It s worse than this banks are designed to crash the economy It s what they are for I thought that they where designed to ensure the efficient allocation of capital Seems they took a wrong turn somewhere maybe old Greenspan can tell us where Back to top 11 Sledgehead Sledgehead nothing special Members 11 064 posts Location Most definately here despite what that wicked prankster Libitina says Posted 11 March 2009 03 09 PM Agood article but I simply hate the way journos fail to separate the concepts of ownership and operational control For instance Think about the so called liars loans from recent years like those Texas real estate loans from the 1980s they never had a chance of paying off Sure they would deliver big profits for a while so long as the bubble kept inflating But when they inevitably imploded the losses would overwhelm the gains As Gretchen Morgenson has reported Merrill Lynch s losses from the last two years wiped out its profits from the previous decade And yet he blames investors for looting How can investors benefit if the company they own performs so badly Rather it is employees who benefit It is they who secure the jobs predicated on fraudulent businesses concocted by fraudulent employed management If equity investment is ever to recover investors must have greater redress not less They must be able to sue management for wrecking their investments and ultimately deprive them of all their remuneration and freedom much as management have currently deprived investors in lloyds Bubble Thinking The Wisdom of the Property Bulls click the pink arrow to see it in full QUOTE BTLlondon Jun 13 2005 You have missed the HMS good time to buy boat Now is a good time to buy QUOTE nodumsunreader Aug 10 2005 03 48 PM if your wished for HPC actually happened The only winners will be those who own property QUOTE TheLittleGuy Aug 13 2005 02 16 PM I think that the market will eventually have a proper crash I used to be an HPC believer but that was a long time ago Back to top 12 Peter Hun Peter Hun HPC Veteran Members 2 579 posts Location London UK Posted 11 March 2009 03 23 PM The behaviour of banks has been very well know since 1929 Looting is what they do The government is therefore supposed to regulate it and protect us failing to do so is the cause of this crisis and all blame should rest with the government regulators Part of the reason why they failed to regulate is because a large amount of the looting was from China and the ME sovereign funds Back to top 13 interestrateripoff interestrateripoff Carry on banking Members 55 576 posts Location Ponzi Land Posted 11 March 2009 08 01 PM DURING THE 1980s a number of unusual financial crises occurred In Chile for example the financial sector collapsed leaving the govern ment with responsibility for extensive foreign debts In the United States large numbers of government insured savings and loans became insolvent and the government picked up the tab In Dallas Texas real estate prices and construction continued to boom even after vacancies had skyrocketed and then suffered a dramatic collapse Also in the United States the junk bond market which fueled the takeover wave had a similar boom and bust In this paper we use simple theory and direct evidence to highlight a common thread that runs through these four episodes The theory suggests that this common thread may be relevant to other cases in which countries took on excessive foreign debt governments had to bail out insolvent financial institutions real estate prices increased dramatically and then fell or new financial markets experienced a boom and bust We describe the evidence however only for the cases of financial crisis in Chile the thrift crisis in the United States Dallas real estate and thrifts and junk bonds Our theoretical analysis shows that an economic underground can come to life if firms have an incentive to go broke for profit at society s expense to loot instead of to go for broke to gamble on success Bankruptcy for profit will occur if poor accounting lax regulation or low penalties for abuse give owners an incentive to pay themselves more than their firms are worth and then default on their debt obligations Bankruptcy for profit occurs most commonly when a government guarantees a firm s debt obligations The most obvious such guarantee is deposit insurance but governments also implicitly or explicitly guarantee the policies of insurance companies the pension obligations of private firms virtually all the obligations of large banks student loans mortgage finance of subsidized housing and the general obligations of large or influential firms These arrangements can create a web of companies that operate under soft budget constraints To enforce discipline and to limit opportunism by shareholders governments make continued access to the guarantees contingent on meeting specific targets for an accounting measure of net worth However because net worth is typically a small fraction of total assets for the insured institutions this after all is why they demand and receive the government guarantees bankruptcy for profit can easily become a more attractive strategy for the owners than maximizing true economic values If so the normal economics of maximizing economic value is re placed by the topsy turvy economics of maximizing current extractable value which tends to drive the firm s economic net worth deeply nega tive Once owners have decided that they can extract more from a firm by maximizing their present take any action that allows them to extract more currently will be attractive even if it causes a large reduction in the true economic net worth of the firm A dollar in increased dividends today is worth a dollar to owners but a dollar in increased future earn ings of the firm is worth nothing because future payments accrue to the creditors who will be left holding the bag As a result bankruptcy for profit can cause social losses that dwarf the transfers from creditors that the shareholders can induce Because of this disparity between what the owners can capture and the losses that they create we refer to bank ruptcy for profit as looting Unfortunately firms covered by government guarantees are not the only ones that face severely distorted incentives Looting can spread symbiotically to other markets bringing to life a whole economic under world with perverse incentives The looters in the sector covered by the government guarantees will make trades with unaffiliated firms outside this sector causing them to produce in a way that helps maximize the looters current extractions with no regard for future losses Rather than looking for business partners who will honor their contracts the looters look for partners who will sign contracts that appear to have high current value if fulfilled but that will not and could not be honored We start with an abstract model that identifies the conditions under which looting takes place In subsequent sections we describe the cir cumstances surrounding the financial crisis in Chile and the thrift crisis in the United States paying special attention to the regulatory and ac counting details that are at the heart of our story We then turn to an analysis of the real estate boom in Dallas the center of activity for Texas thrifts We construct a rational expectations model of the market for land in which investors infer economic fundamentals from market prices We then show how the introduction of even a relatively small number of looters can have a large effect on market prices In the last section we examine the possible role of looting at savings and loans and insurance companies in manipulating the prices in the newly emerging junk bond market during the 1980s In contrast to the Dallas land market where the movements in prices appear to have been an unintended side effect of individual looting strategies we argue that in the junk bond market outsiders could have and may have coordinated the actions of some looters in a deliberate attempt to manipulate prices Evidence suggests that this opportunity was understood and exploited by market participants By keeping interest rates on junk bonds artificially low this strategy could have significantly increased the fraction of firms that could profitably be taken over through a debt financed acquisition Before turning to the theoretical model we will place this paper within the context of the large literature that bears on the issues we ad dress The literature on the thrift crisis has

    Original URL path: http://www.housepricecrash.co.uk/forum/index.php?showtopic=107715 (2016-02-09)
    Open archived version from archive

  • Us Debt, Ir's And Sustainability - House prices and the economy - House Price Crash forum
    to sue the Bank of England Federal Reserve for GROSS NEGLIGENCE If DEBT is the problem REPAYMENT is the solution or you default The trouble with the world was that prices were so low that only the rich people could buy and the aim of the Conference was to raise them to a point where it would again be possible for poor people to buy something Northern unemployment is an acceptable price to pay for curbing southern inflation Eddie George former Governor of the Bank of England New digest on the credit crisis and economy Part2 Part 3 Back to top 6 joconme joconme HPC Poster New Members 69 posts Posted 17 March 2009 10 29 AM The Outstanding Public Debt as of 17 Mar 2009 at 09 56 27 AM GMT is 10 996 741 662 061 05 I don t mind admitting that I couldn t have read this figure 3 months ago now I can absorb it as quickly as I could 1 50 that worries me a lot Back to top 7 kilroy kilroy HPC Veteran Members 2 398 posts Location Welsh Londoner Posted 17 March 2009 10 37 AM To pay for it you need inflation how ever with inflation you need higher interest rates in current economic thinking this causes the need for higher inflation to meet the debt repayments which in turn generates the need for larger inflation meaning higher interest rates Catch 22 my friend This is the economic apocalypse Debt is a killer there is no way the economy can be productive enough to pay the debt hence you ll end up with debt destruction which will either cause deflation or hyperinflation both of which will cause demand destruction I can t think of any other outcome Even stagnation wouldn t help We have hit the mathematical brick wall Exponential growth is impossible china will tell us to p ss off long before this Interest rates can go up without inflation you need to look through to basic supply and demand for gov debt This is what happened in the bond crash in the thirties and caused the depression not the stock market crash of 1929 Back to top 8 interestrateripoff interestrateripoff Carry on banking Members 55 576 posts Location Ponzi Land Posted 17 March 2009 10 47 AM china will tell us to p ss off long before this Interest rates can go up without inflation you need to look through to basic supply and demand for gov debt This is what happened in the bond crash in the thirties and caused the depression not the stock market crash of 1929 What I m arguing is that there will be no way this money can be repaid back Even at 1 the US needs 110bn a year just to service the debt Lets say interest rates hit 10 that would be 1 1tr in taxes collected just to service US debt Do you think that is possible Obama has already proposed a budget of 3 6tr http news yahoo co ap obama budget Assuming IR s hit 10 that would mean 1 3 of that budget is needed just to service the debt and that s not paying any of it off Also consider this was Obama opening shot the budget will probably get reduced to 2tr now that s over 50 of your tax revenue just going on debt servicing and doing nothing productive in the economy Debt is going to constrict the economy for decades IR s are for me the ultimate stealth tax ensuring productive money gets sucked out of the economy Proof that Brown had repeated IMF OECD BIS warnings over house prices and did nothing Looting The Economic Underworld Of Bankruptcy For Profit The exponential growth of debt and the unsustainability of debt The logic of HPI 10 YoY means your 100k house would be worth 1 38bn in 100 years Paying down my mortgage with money found on the street It s time to sue the Bank of England Federal Reserve for GROSS NEGLIGENCE If DEBT is the problem REPAYMENT is the solution or you default The trouble with the world was that prices were so low that only the rich people could buy and the aim of the Conference was to raise them to a point where it would again be possible for poor people to buy something Northern unemployment is an acceptable price to pay for curbing southern inflation Eddie George former Governor of the Bank of England New digest on the credit crisis and economy Part2 Part 3 Back to top 9 interestrateripoff interestrateripoff Carry on banking Members 55 576 posts Location Ponzi Land Posted 17 March 2009 07 44 PM 2 growth 1 1 02 1 0404 1 061208 1 08243216 1 104080803 1 126162419 1 148685668 1 171659381 1 195092569 1 21899442 1 243374308 1 268241795 1 29360663 1 319478763 1 345868338 1 372785705 1 400241419 1 428246248 1 456811173 1 485947396 1 515666344 1 545979671 1 576899264 1 608437249 1 640605994 1 673418114 1 706886477 1 741024206 1 77584469 1 811361584 1 847588816 1 884540592 1 922231404 1 960676032 1 999889553 2 039887344 This takes 36 years Proof that Brown had repeated IMF OECD BIS warnings over house prices and did nothing Looting The Economic Underworld Of Bankruptcy For Profit The exponential growth of debt and the unsustainability of debt The logic of HPI 10 YoY means your 100k house would be worth 1 38bn in 100 years Paying down my mortgage with money found on the street It s time to sue the Bank of England Federal Reserve for GROSS NEGLIGENCE If DEBT is the problem REPAYMENT is the solution or you default The trouble with the world was that prices were so low that only the rich people could buy and the aim of the Conference was to raise them to a point where it would again be possible for poor people to buy something Northern

    Original URL path: http://www.housepricecrash.co.uk/forum/index.php?showtopic=108292 (2016-02-09)
    Open archived version from archive

  • Exponential House Price Growth 10% Yoy - House prices and the economy - House Price Crash forum
    over the long term yet many I suspect where over extending to borrow money because house prices can only ever go up and they ll keep going up at the same rate Economically impossible And yes apply the same logic to the money supply and you really do have a huge problem You can also apply the same logic to those funds that offer a guaranteed rate of return of 10 this is what some investors are looking for The system is completely illogical it makes no economic sense but everyone wants growth and everyone wants big returns We can no longer breathe we can only ever inflate because to deflate ends the illusionary game Proof that Brown had repeated IMF OECD BIS warnings over house prices and did nothing Looting The Economic Underworld Of Bankruptcy For Profit The exponential growth of debt and the unsustainability of debt The logic of HPI 10 YoY means your 100k house would be worth 1 38bn in 100 years Paying down my mortgage with money found on the street It s time to sue the Bank of England Federal Reserve for GROSS NEGLIGENCE If DEBT is the problem REPAYMENT is the solution or you default The trouble with the world was that prices were so low that only the rich people could buy and the aim of the Conference was to raise them to a point where it would again be possible for poor people to buy something Northern unemployment is an acceptable price to pay for curbing southern inflation Eddie George former Governor of the Bank of England New digest on the credit crisis and economy Part2 Part 3 Back to top 7 Mikhail Liebenstein Mikhail Liebenstein HPC Guru Members 6 337 posts Location Dorking Posted 05 March 2009 08 08 AM My dear old Mum and Dad paid 2 500 for their first house in 1968 The same house was on the market last year for 110 000 Can you work out the annual rate of monetary inflation err I mean appreciation in value Yes use logs 2 500 x 1 r 100 2008 1968 110 000 Simplifies to 2 500 x 1 r 100 40 110 000 and then again to 1 r 100 40 44 Now take logs of both sides 40 log 1 r 100 log 44 then simplfy Log 1 r 100 log 44 40 Log 1 r 100 0 04108631 now reverse the logs 1 r 100 10 0 04108631 then solve for r r 100 10 0 04108631 1 So r 9 9 Just to test 2 500 x 1 099 40 109 105 so just about there without using more decimal places Back to top 8 robo1968 robo1968 HPC Veteran Members 2 065 posts Location under Bournemouth Pier About Me Going fast and surviving Posted 05 March 2009 08 10 AM My dear old Mum and Dad paid 2 500 for their first house in 1968 The same house was on the market last year for 110 000 Can you work out the annual rate of monetary inflation err I mean appreciation in value Approx 9 9224 YOY Back to top 9 daniel stallion daniel stallion HPC Veteran New Members 1 742 posts Posted 05 March 2009 08 11 AM I just thought I d post how damaging and unrealistic continued HPI of 10 is Completely unsustainable over the long term yet many I suspect where over extending to borrow money because house prices can only ever go up and they ll keep going up at the same rate Economically impossible And yes apply the same logic to the money supply and you really do have a huge problem You can also apply the same logic to those funds that offer a guaranteed rate of return of 10 this is what some investors are looking for The system is completely illogical it makes no economic sense but everyone wants growth and everyone wants big returns We can no longer breathe we can only ever inflate because to deflate ends the illusionary game So more of a our system is based upon Alice in Wonderland politics magically delicious economic reasoning and is masterminded by a Wizard of OZ esque seemingly all knowing but ultimately pathetic entirely disappointing soul destroying weak willed maniac anything is possible once the strong smell of coffee pervades amongst the masses rather than a mathematical hypothesis of proof Now it makes sense Edited by daniel stallion 05 March 2009 08 12 AM Back to top 10 grumpy old man returns grumpy old man returns HPC Senior Veteran Members 3 627 posts Location Wakefield Posted 05 March 2009 08 13 AM So more of a our system is based upon Alice in Wonderland politics magically delicious economic reasoning and is masterminded by a Wizard of OZ esque seemingly all knowing but ultimately pathetic weak willed maniac anything is possible once the strong smell of coffee pervades amongst the masses rather than a mathematical hypothesis of proof Now it makes sense yep sentiment power greed drives financial markets nothing else it s not scientific in the slightest they just want YOU to believe that it is Back to top 11 Dave Spart Dave Spart HPC Senior Veteran New Members 3 831 posts Location Pottersville Posted 05 March 2009 08 16 AM Or just 110 000 2500 1 40 1 Any bull using this info should bear in mind the rampant general inflation of the 70 s which kept HPI in line with non HPI Over the last ten years the opposite happened and that s why house prices still have a long way to fall Edited by Dave Spart 05 March 2009 08 16 AM It is not the critic who counts not the man who points out how the strong man stumbles or where the doer of deeds could have done them better The credit belongs to the man who is actually in the arena whose face is marred by dust and

    Original URL path: http://www.housepricecrash.co.uk/forum/index.php?showtopic=106930&st=0 (2016-02-09)
    Open archived version from archive

  • Just Paid £1 Off My Mortgage With 2p I've Found On The Floor - House prices and the economy - House Price Crash forum
    I m a bit insane and I don t think she d take the pennies into the bank Over the lifetime of the mortgage I expect to pay off several hundred pounds this way There s a twelve step programme for you here http forums moneys splay html f 98 Back to top 5 dr ray dr ray HPC Veteran Members 2 586 posts About Me Personal finance Work Work Posted 04 July 2009 01 19 PM I m currently putting all the money I find on the street in a jar and paying it off my mortgage Today was the first time I ve got  1 in 2p so I ve been and paid it off along with 80p in 10p So far I d paid off  3 50 in pound coins and 50ps Although that was really  3 52 as I found another 2p on the way to the bank to pay it in Not filled the 1p bag yet and I m probably about  3 short of 5ps Obviously I m also overpaying by larger amounts but every penny counts Over the length of the mortgage all of these pennies will add up Although the wife does think I m a bit insane and I don t think she d take the pennies into the bank Over the lifetime of the mortgage I expect to pay off several hundred pounds this way Look under park benches and underneath where they chain up the supermarket trolleys I ve often found  1 there Also worth dredging ornamental pools in public places as people seem to throw coins in them for some reason Take the kids with you with a fishing net and pretend you don t realise they are doing it The cost of the net will pay for itself in minutes and the kids will think you are a great dad for buying it for them I was a guinea pig he wrote in May 1967 The victim of a totally unsighted and ludicrous experiment in education the result of which was to harm materially and mentally the guinea pigs Gordon Brown Back to top 6 Dopamine Dopamine HPC Regular Members 670 posts Posted 04 July 2009 01 26 PM Look under park benches and underneath where they chain up the supermarket trolleys I ve often found  1 there Also worth dredging ornamental pools in public places as people seem to throw coins in them for some reason Take the kids with you with a fishing net and pretend you don t realise they are doing it The cost of the net will pay for itself in minutes and the kids will think you are a great dad for buying it for them No offence but do you do rounds Back to top 7 Steppenpig Steppenpig HPC Veteran Members 2 491 posts Posted 04 July 2009 02 08 PM You should start a video blog featuring all the interesting places you have found coins In the coming dark days ahead you may become a national celebrity and an inspiration to millions of others Back to top 8 hotairmail hotairmail Tired of life Members 33 979 posts Posted 04 July 2009 02 18 PM http www telegraph man freed html Hotairmail s limited trading advice Always remember it is until it isn t Things can turn on a sixpence And don t try to will the impossible line It will frazzle your brain and you ll make mistakes Things aren t what they seem How on earth can you know You certainly can t time reactions using macro But you can use macro to decide on overall conditions and trade accordingly Back to top 9 crashologist crashologist HPC Regular Members 442 posts Posted 04 July 2009 02 35 PM Just keep your eyes open for them undated 20p pieces and your mortgage will be paid off in no time Back to top 10 Guest happy Guest happy Guests Posted 04 July 2009 03 27 PM Just keep your eyes open for them undated 20p pieces and your mortgage will be paid off in no time Bizarrely there s one on eBay for  100 000 those in the know will get an EF one for about  25  30 When the bidding goes beyond  200 you know you re dealing with idiots Mules are common asses herd on eBay Back to top 11 interestrateripoff interestrateripoff Carry on banking Members 55 576 posts Location Ponzi Land Posted 04 July 2009 03 36 PM http www telegraph man freed html Excellent I ll have to flog the golf balls at a car boot Just keep your eyes open for them undated 20p pieces and your mortgage will be paid off in no time I wonder how many of them are sat in banks It could sort out there need for capital They could even rig an auction on ebay and get the bidding up to  100m for a coin and then claim all coins are worth said out suddenly they have all the capital they need for regulation requirements Proof that Brown had repeated IMF OECD BIS warnings over house prices and did nothing Looting The Economic Underworld Of Bankruptcy For Profit The exponential growth of debt and the unsustainability of debt The logic of HPI 10 YoY means your 100k house would be worth 1 38bn in 100 years Paying down my mortgage with money found on the street It s time to sue the Bank of England Federal Reserve for GROSS NEGLIGENCE If DEBT is the problem REPAYMENT is the solution or you default The trouble with the world was that prices were so low that only the rich people could buy and the aim of the Conference was to raise them to a point where it would again be possible for poor people to buy something Northern unemployment is an acceptable price to pay for curbing southern inflation Eddie

    Original URL path: http://www.housepricecrash.co.uk/forum/index.php?showtopic=119054 (2016-02-09)
    Open archived version from archive

  • House Price Crash forum
    17 Dec 2015 Economics A sub forum specifically for discussion about economics 508 topics 7 015 replies Economics Books That You Ha By 999house 22 Jan 2016 House Price Crash photo gallery Add your House Price Crash photos here 40 topics 223 replies Somebody Has Brought This By wherebee 05 Jun 2015 Toggle Current Affairs Current Affairs Forum Stats Last Post Info Current affairs More serious subjects for debate 134 topics 22 431 replies The Rise Of The Russian Bea By Executive Sadman Today 10 02 PM Politics Discuss Politics in general but no party political broadcasts 643 topics 22 463 replies Alistair Carmichael Guilty By CyberNat Today 06 15 PM Living overseas Information about living abroad 66 topics 1 869 replies Calling All Expat Hpc e By ccc 21 Jan 2016 Toggle Investment Investment Forum Stats Last Post Info Cash ISA s and Savings Accounts Discuss anything to do with Cash ISA s and Savings Accounts 766 topics 5 758 replies Implications Of The New 1 By MattW 05 Feb 2016 Investment in general Where to invest that sell to rent fund 1 697 topics 11 995 replies Ethereum The New Bubbly B By adamLancs 27 Jan 2016 Financial markets To discuss FTSE DOW Jones Nikkei etc 835 topics 27 394 replies If Anyone s Interested By R K 03 Feb 2016 Overseas property investment Discuss anything to do with overseas property investment 897 topics 12 541 replies Buying A Property In Berlin By Steppenpig 31 Jan 2016 Gold and other precious metals Gold Silver Platinum etc 1 457 topics 32 160 replies Ever Bought Palladium Or Pl By chronyx 15 Jan 2016 Toggle About housepricecrash co uk About housepricecrash co uk Forum Stats Last Post Info housepricecrash co uk in the media Let us know if you see us mentioned in the press 162 topics 4 397 replies This Is Money Daily Mail Ho By hp72 21 Aug 2015 About housepricecrash co uk Please use this forum for any discussion or suggestions about this website 1 149 topics 16 456 replies If It s All Booming So By Bland Unsight 02 Feb 2016 Ideas and Suggestions for Fubra Use this forum for any ideas suggestions questions and comments that you have for Fubra 101 topics 213 replies Likes System By sPinwheel 10 Jan 2016 Wiki Discussions Ideas Use this forum to discuss new Wiki section ideas or any comments related to the Wiki 9 topics 78 replies Wiki Comes To Hpc By SE20 10 Jul 2009 Toggle Trolls Trolls Forum Stats Last Post Info Troll sub forum This is where troll threads are moved to 171 topics 4 176 replies Btl Why The Hatred By Venger 16 Dec 2015 Toggle Off Topic Off Topic Forum Stats Last Post Info The off topic forum Please use this forum for anything that is off topic 29 917 topics 767 142 replies Sunday Roast By Economic Exile Today 10 02 PM February 2016 S M T W T F S 1

    Original URL path: http://www.housepricecrash.co.uk/forum/index.php? (2016-02-09)
    Open archived version from archive





web-archive-uk.com, 2018-01-20