During a briefing by academics at the London School of Economics on the turmoil on the international markets the Queen asked: "Why did nobody notice it?"


http://www.telegraph.co.uk/news/newstopics/theroyalfamily/3386353/The-Queen-asks-why-no-one-saw-the-credit-crunch-coming.html


We here at creditcrunch.co.uk did! And so did GHPC, and GEI. Online communities, looked down upon by the British press, saw it coming at least half a decade ago.


We did our best effort to get the message out, but even our own politicians ignored us.

The Icesave payout process will start this week for UK depositors in Icesave, the internet retail deposit business of the UK branch of Landsbanki, the Financial Services Compensation Scheme confirmed today. http://www.fscs.org.uk/consumer/ Any Icesave customers who do not receive their first email from FSCS by close of business on Friday should contact FSCS on 0845 7300 131 (Icesave enquiries only). Forward this information to anyone you know that has had money in Icesave.

Latest data confirms that there is no recovery in sight for house prices, as the dramatic large falls continue.





£1000s has been wiped of of the average home in the UK, giving many first time buyers even more reason to hold of buying a property while waiting for the bottom. The long term graph below suggest anyone who wants to buy a property should put that plan on the back burner, as in a few years time they will be able to house their families with larger home, and forget about property mania for a few years.

In fact, we are already back at 2005 prices, and the downward trend appears to be quite strong.

In a round about way, Gordon Brown has delivered on his promise on affordable housing - by crashing the market! LOL.

Many who have bought recently of the back of get rich quick scheme mentality from 'experts' such as Kirsty Allsop , and victims of preditory and profit chasing lending practices by the banking industry have been plunged in to negative equity and severe debt - a lesson to us all to avoid the housing market and not touch it with a barge pole.




There seems to be a general consensus now developing on the internet and public mind , that people should

"Sell now, before they miss the sell to rent boat forever"

It seems that the further house prices fall, the less time you have to jump out - unlock your gains - and jump back in at a lower price, hence making a nice profit.

Unfortunatly, many may have missed this boat already as it may have set sail months ago.

Here is a statement that worries me, on BBC news this evening.


Falling house prices make us feel poorer and we will spend less - anyone who believes this tosh, is an idiot.

Is the UK economy so decrepit, that it is WHOLLY based on how much bad debt the young can be tricked in to taking?

Auntie Pravda (BBC) talk so much rubbish, most of the time.

I see no reason why falling houses should make, as a whole, the country poorer - unless the majority have been lead astray by Brown and tricked in to the UK property ponzi scheme,


Falling house prices mean,
1) More people will be closer to buying in cash, no loans needed.
2) The proportion of Loan/Deposit will be lower.
3) Deposits also will be lower.
4) Paying less for a house, means... more cash in your pocket to go out and slosh around.

If the bbc are referring to spending power by borrowing against your house increase, well... I personally think anyone who thinks they are rich because they are borrowing against their house are plain thick in the head. Only poor people need to borrow. Harsh fact of life there. If you need to borrow to buy something, you can't afford that something. If you are borrowing against that something you could not afford to buy in the first place, then you heading closer to the poor house.

Now, say property falls in price - house prices become more affordable , meaning, you now need a smaller loan, you are heading in the correct direction of affordability of the house.

Say property falls so far, that you can pay for it outright, in about a month... after that, you have no mortgage payments, and think of all that spare cash you could spend on stuff!!

So ask yourself again, falling house prices, do they make you feel richer or poorer?


. Now take these stories on the BBC today, about repossession and negative equity, why do you think those poor bastards now feel - poor? Is it because they bought a nice cheap house, or... is it because they bought an expensive house? If they bought a cheap house they would not have been repossessed.

Repeat after me...

FALLING HOUSE PRICES, (and so cheaper homes), MEANS MORE SPARE CASH & MAKES YOU RICHER!

http://pravda.bbc.co.uk/1/hi/business/7694819.stm

And 1 in 10 properties will be in negative equity.

Clear as mud.

I feel richer every day property prices fall, or at least move further away from poverty and servitude to the banks.

I am also very quickly losing patience with this type of "Education" from tax sourced funding, really, the public should not be given so much rubbish information.

We thought we would thank the now thousands of unique individuals visitors who read this website every month.

The latest stats for October 2008, have broken all previous records and 11,000 of you are credit crunch fans.

If you scroll down to the end of any page of this website, you will see a geovisitors link that looks like this,



It shows you a flag where your nearest access point to the internet is, it could represent 1 person or 100 people. Here is a snap shot of todays activity in the uk,



The UK is covered with people who read this site, you may have a few credit crunchers in your area!

What are you waiting for, join the forum and start communicating! Check back each day to see which parts of the UK are more active.

Who is that in Paris? Bonjour!

Add our facebook application, and share your information with your friends.

QUOTE:

`Systemic risk has become bigger and bigger,'' Roubini said at the Hedge 2008 conference. ``We're seeing the beginning of a run on a big chunk of the hedge funds,'' and ``don't be surprised if policy makers need to close down markets for a week or two in coming days,'
www.bloomberg.com: Roubini Says `Panic' May Force Market Shutdown


QUOTE:

Alan Greenspan has called the recent turmoil in the global financial markets a "once in a century credit tsunami".
bbc.co.uk: Financial crisis 'like a tsunami'

Are you confused my money lingo? Do you want to KNOW what inflation really is? What is Interest? What is really debt? What is the money supply? Do banks really create money out of thin air? This is an eye opener!

Watch This! http://video.google.com/videoplay?docid=7065205277695921912

I really am impressed with the creativity of the public,


Here are a few music videos about the credit crunch I found out there on the interweb...

Some are quite good!

http://www.creditcrunch.co.uk/videos/creditcrunchsongs.php

Is the time right to release a credit crunch album? I think a credit crunch song would beat Mr Blobby hands down! BBC have finally caught up, and are talking about a credit crunch song, good luck to this guy. http://news.bbc.co.uk/2/hi/uk_news/7690698.stm

Here I am tonight, with half my guts on the floor after my sides split upon reading this gem from the timesonline Apparently, Gordon Brown promised "no more TORY boom and bust"!

QUOTE:
On Saturday the results of an encounter between the journalist Allison Pearson and Gordon Brown were published. After a load of the usual stuff about eating cold lamb chops with his children and so forth, they finally get down to business. Pearson asks if the Prime Minister “if he has any regrets about his boast: ‘No more boom and bust'”.

And here is his priceless reply: “I actually said: ‘No more Tory boom and bust'.” Yes, that really was what he told her.

Are you as lost for words as I am? All he needs to do now is to ask his friends at the BBC to get rid of tapes where he says it! And I would not be surprised.


QUOTE:
The old boom and bust consisted of rapid fluctuations, with medium-sized boom followed by medium-sized bust. This time we have had a long period of growth, followed by a bust so bad that it has almost destroyed the financial system.



Nothing like a Labour, Gordon Brown bust to show the Tories how its done. Chuckle chuckle...

And here is a link to a contribution by secret squirrel on how Gordon Brown celebrated and encouraged the risk taking in the city that he was warned by the IMF on SOooooooooooooo many occasions.


http://www.creditcrunch.co.uk/forum/index.php?showtopic=1350


Laugh or cry, I can't choose.

Mandy has a lot of work to do, and painting gordon brown as the saviour of our economy is a very bad joke. We have a duty to vote out this clown and the Labour party at the next election.

Here are some more memorable statements by the clown himself:

"I will not allow house prices to get out of control and put at risk the sustainability of the recovery." Gordon Brown's 1997 Budget Statement

"Under this Government, Britain will not return to the boom and bust of the past." Pre-Budget Report, 9th November 1999

"Britain does not want a return to boom and bust." Budget Statement, 21 March 2000

"So our approach is to reject the old vicious circle of the...the old boom and bust." Pre-Budget Report, 8 November 2000

"Mr Deputy Speaker we will not return to boom and bust." Budget Statement, 7 March 2001

"As I have said before Mr Deputy Speaker: No return to boom and bust." Budget Statement, 22 March 2006

"And we will never return to the old boom and bust." Budget Statement, 21 March 2007

Nationwide data out today confirms the UK house price crash is unstoppable, data shows prices have plummeted for an 11th consecutive month, dropping by 1.7% in September! We are now just shy of 13% year on year falls, what does this mean... over the last year the average property has lost more than £20,000, and thats if you are lucky. Nationwide have stated that the rate of fall will stay the same for some time, to quote "pace of house price falls had stabilised", don't be fooled by their use of the word stable, they just mean that downward slope in the graph next to this writing will be a straight line down for some time. At this rate, we will be at 25% falls this time next year... more than likely much much more. Please continue to use BeerHunters great tool at http://www.property-bee.com, to track property falls in your area. As usual Fionnuala Earley, Nationwides cheif econimist, their top dog... made a complete fool of her self, read the following quote. "Casting back one year, there have been some astonishing and unpredictable developments in the housing and financial markets," UNPREDICTABLE? Look my dear, give up the day job! This forum and the other in our linked section, have put forward data, and sound arguments for the trouble we are experiencing - some of these forums have been around for at least 5 years - and have tried to warn you of your ways. Do you have ANY idea how foolish your comments sound? Other news As the economy and property market is crumbling around us, I was very pleasantly surprised to see the stories in the press today about the public waking up and spreading their investment, i.e dipping their toe in the gold market... A source, who was down at ATS bullion on the strand reported shortages in Gold and queues of people buying gold , this particular source happened to buy the last gold kruggerand in stock. The public are correct not to trust the banks.

P.S.

On the back of this data, don't forget the credit crunch one liners you might want to shove down peoples throats at dinner parties, if you want to shut up people who have tried to pressure you in to buying property in the past.