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Dear idiots...

…please stop trying to shore up the property market. Don’t you realise that your previous form on this is one of the reasons that we’re here in the first place?

It would be much appreciated by all of us with an eye on the long term.

Thank you.

Published on 2008/10/10 at 12:03 by Toby, tags , , , ,

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    by Toby 2008/10/10 at 14:24

    To give credit to Mark it was one of his commentators that said ‘feckless and irresponsible’ and that was about not taking up MPPI (the taking up of which or not is effectively a risk position depending on the size of the mortgage in terms of percentage of earnings, your earnings and job safety).

    My position on this is (as you know) that everyone is at fault – politicians for encouraging the bankers and manipulating the property market (yes, Gordon, that means YOU on both counts) for political gain, bankers for allowing greed to colour their judgement as well agreeing to the pressure from the politicians and the public for allowing greed to colour their judgement and jumping into mortgages and loans that they couldn’t afford.

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    by Ben 2008/10/10 at 14:04

    On Mark Wadsworth’s post: agree with the sentiment that shoring up house prices is not very helpful. Disagree that the people who will lose their jobs are feckless and irresponsible. That does not follow as employees are at the mercy of their employers (who are at the mercy of ‘the market’, so they will say). I don’t think mortgage lenders really enjoy reposessing very much. Perhaps they’d like to make relatively generous time allowances for struggling mortgage payers instead?

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