Jenx
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- 27 Sep 2007
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Thanks Dan ...
I have to say, I agree with you 100%
When I started out married life ( 1985 ), the bank would give me
3x my wages or 2.5x the combined pay of me & the missus.
to the tune of a 95% Mortgage. - maximum over 25 yrs
We've now heard of 100 year mortgages, for 125% or more of the value &
as you say 7 or more times the annual income,
and people buying property between 4 or more individuals.
-- Absolute lunacy, and the main reason we have stayed put for so long.
Seems to me that the economy in recent years has been entirely based on credit, large debt and borrowing that was difficult if not impossible to sustain in the medium to longer term.
We only have to look at the TV, -- we have television advertising now, almost encouraging people to go down the route of IVA's and other insolvency agreements etc ... it almost borders on encouraging people to get into real financial difficulties, and not to worry a toss about doing so, because there's an easy "escape-route"... the TV says so !
This to me seems utterly irresponsible.. but I'm not sure on who's part this irresponsibility is ? Government ? Financial Services Industry ? perhaps a bit of both.. and a few more besides.
I'm not a particularly political animal, but it seems to me that we have oscillated between the "right" ... who's very name 'conservative' is derived from the verb 'to conserve' or in other words, to 'save', and the left, who have had perhaps much more of a tendency to throw caution to the wind.
Neither appears to "work", and after years of one, we almost need to then endure years of the other just to maintain a 'swinging pendulum' of what we perhaps recognise as the boom-to-bust and back to boom economy that the country has experienced certainly in my lifetime ( I'm 44 ), and I would guess well beyond.
Depending on when an individual arrives on this earth during this cyclical swapping from right to left, gives rise to how that individual's life will unfold and how easy or otherwise he/she will find it to provide himself with a nice place to live for him and his family, once that all arrives.
We've allowed ourselves to become a culture of greed, of irresponsible risk-taking, of 'have it now and worry about how to fund it, tomorrow'
Perhaps there is no other way... perhaps we have to exist in this cycle of boom & bust.. I'm not sure.
It doesn't appear to work, in the long term though.
Will we 'learn' from this latest chaos ? One would hope so.. but cynicism does make me doubt that in the 'long term' ( 20+ years lets say ), we'll avoid finding ourselves in a similar type of situation. Perhaps not the best legacy to leave our kids or grandkids..
But lets hope not.
You've given me some food for thought there.. an extension !
that may well be a very viable route to go down for us too....
Cheers !
[/i]
I have to say, I agree with you 100%
When I started out married life ( 1985 ), the bank would give me
3x my wages or 2.5x the combined pay of me & the missus.
to the tune of a 95% Mortgage. - maximum over 25 yrs
We've now heard of 100 year mortgages, for 125% or more of the value &
as you say 7 or more times the annual income,
and people buying property between 4 or more individuals.
-- Absolute lunacy, and the main reason we have stayed put for so long.
Seems to me that the economy in recent years has been entirely based on credit, large debt and borrowing that was difficult if not impossible to sustain in the medium to longer term.
We only have to look at the TV, -- we have television advertising now, almost encouraging people to go down the route of IVA's and other insolvency agreements etc ... it almost borders on encouraging people to get into real financial difficulties, and not to worry a toss about doing so, because there's an easy "escape-route"... the TV says so !
This to me seems utterly irresponsible.. but I'm not sure on who's part this irresponsibility is ? Government ? Financial Services Industry ? perhaps a bit of both.. and a few more besides.
I'm not a particularly political animal, but it seems to me that we have oscillated between the "right" ... who's very name 'conservative' is derived from the verb 'to conserve' or in other words, to 'save', and the left, who have had perhaps much more of a tendency to throw caution to the wind.
Neither appears to "work", and after years of one, we almost need to then endure years of the other just to maintain a 'swinging pendulum' of what we perhaps recognise as the boom-to-bust and back to boom economy that the country has experienced certainly in my lifetime ( I'm 44 ), and I would guess well beyond.
Depending on when an individual arrives on this earth during this cyclical swapping from right to left, gives rise to how that individual's life will unfold and how easy or otherwise he/she will find it to provide himself with a nice place to live for him and his family, once that all arrives.
We've allowed ourselves to become a culture of greed, of irresponsible risk-taking, of 'have it now and worry about how to fund it, tomorrow'
Perhaps there is no other way... perhaps we have to exist in this cycle of boom & bust.. I'm not sure.
It doesn't appear to work, in the long term though.
Will we 'learn' from this latest chaos ? One would hope so.. but cynicism does make me doubt that in the 'long term' ( 20+ years lets say ), we'll avoid finding ourselves in a similar type of situation. Perhaps not the best legacy to leave our kids or grandkids..
But lets hope not.
You've given me some food for thought there.. an extension !
that may well be a very viable route to go down for us too....
Cheers !
[/i]
