Again, you report the situation as inevitable, that there was no alternative, nothing we could do to prevent the situation that now leads to millions of people unable to enjoy the basic security that we elders enjoy.
I'm suggesting that people should not have been allowed to take out mortgages beyond the scope of what they could afford to repay and repayments lasting longer than when they were, in normal circumstances, expected to retire and live on a pension. Isn't that just common sense? Would it have been so awful to deny this elasticity to people who were always going to struggle to repay their mortgage, or at least be tied to it well into retirement when we have simply created a situation where many young people simply don't have the slightest chance of such security even though they have good jobs? Seems hugely stacked in favour of us baby boomers again.
We are of course back to the winners and losers narrative that have engulfed us since 1979 .
The Thatcher years were possibly a 50 / 50 split across the UK as to who won and who lost .
As times rolled on the winners as a percentage seem to be dropping significantly and it's fair to say that we are entering a period where our kids won't be as wealthy as we are .
The winners are becoming more wealthy and this is the thing , wealthy enough at the very top end to command massive influence and power to keep things as they are thank you very much .
If trickle down economics worked then our kids would be as wealthy as we are at a minimum but as we know that is the biggest con trick ever played .
Back to basics Raging , house prices need a one off correction by building more social housing , seems pretty straightforward to me .
.It's looking like the best Labour can do is achieve a minority Government .
Meanwhile Nigel Farage insists the claims he made about the Tories offering jobs to some of his Brexit Party candidates is " fact " and also says Politics is " corrupted ".....lol.
Jennifer Arcuri sounds like a woman scorned because Boris won't answer her phone calls or cuts her off and won't speak to her...lol
Politics eh.......
Last edited by CASPER-64-FRANK; 17-11-2019 at 11:07 PM.
My posts have been entirely silent upon whether the current situation was inevitable. I was merely pointing out that it has nothing to do with lenders offering higher multiples and longer terms on mortgages.
I’m not sure that there was ever a significant amount of reckless lending and borrowing in the UK mortgage market and the risk of it happening has been greatly reduced by the imposition of affordability rules by the FSC. My point was and is that higher multiples and longer terms were a response to rising house prices and not the cause.
There has always been a 'winners and losers narrative'. It's called human nature. If you want to see real inequalities in wealth and power, you generally need to look no further than the Socialist states that have grown up and then generally collapsed in misery for all the during the last century. Orwell was right.
Every generation meets different opportunities and challenges. It’s undoubtedly true that our generation has had it pretty good from a financial perspective. A couple of years ago, you yourself told Tykes Mad that you were sitting on wealth with which you intend to retire to Spain. As a good Socialist, shouldn’t you be voluntarily redistributing that to those in need, or is it the case that you are a standard Socialist and believe that it is only other people’s wealth that should be redistributed?
I’m not convinced that creating new council estates is the answer to our current problems or that saddling future generations with vast amounts of interest payments on additional government borrowing is something that they will thank us for.
Last edited by KerrAvon; 18-11-2019 at 07:11 AM.