CityCyclingEdinburgh was launched on the 27th of October 2009 as "an experiment".
IT’S TRUE!
CCE is 15years old!
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It soon became useful and entertaining. There are regular posters, people who add useful info occasionally and plenty more who drop by to watch. That's fine. If you want to add news/comments it's easy to register and become a member.
RULES No personal insults. No swearing.
http://www.bbc.co.uk/news/uk-politics-15810966
If you stop and think for a second, this really is a mad situation. If people can't afford to get enough debt to buy housing, the solution is surely not to underwrite that debt, since that either means:
- they end up in more debt than they can afford, although they manage not to go bankrupt or,
- they go bust and the rest of us have to pay to meet the gap.
Sigh.
Yeah I read about that on the Daily Mash <try again>(www readability com/articles/k7r4deom) site before I read the BBC. Sadly the Mash makes more sense than the BBC as often happens
(This post brought to you - or maybe not - by the generosity of the spam fritter)
"Slow down you move too fast"
This is the INTERWEBS! It's SUPPOSED to be FAST!
It's fine. If it looks like people are going to default, you just bundle up all those risky debts and create a secondary market where financial institutions trade in those debts, speculating on their future value. I've even got a name ready for it - "the not prime market" but maybe someone will come up with a better, more catchy name.
The Sub-dermal-hydrating-oxy-action-with-Head-and-Shoulders-here-comes-the-science-bit market
....Or, we could just let the market adjust downward to the long term average house price of 3 X Average Salary + 10%, rather than trying to artificially prop it up to pre-bust levels! Then people maybe wouldn't need to over borrow to buy a house, remember a house for living in, not generating a fictitious amount of free cash, or 'equity'.
Not sure about that Baldcyclist - I have seen many televisional programmes and it seems to me a house is for buying cheap and blind while beating all the rivals at auction then throwing in a new kitchen and bathroom then flogging (or more recently renting) it for as much of a profit as possible
I tried to read that article on a number of occasions but can't quite get it to make any sense!
I'm still puzzled by "the social housing market." I take it there is also an antisocial housing market as well and that is the one I assume that I'm "meant" to be aspiring to?
Okay I listened to the bit on Radio 4 this evening and now I understand it to be Government-underwritten sub prime mortgages?
Like all those other sub prime mortgages now that the banks have been bailed out...
"I understand it to be Government-underwritten sub prime mortgages?"
Government = David and George's own funds?
I was half-joking about the sub-prime part of it. Shelter had a pretty good take on it, if I can paraphrase and elaborate.
It's too small to solve the problem of an acute shortage of affordable housing (for sale or rent) and without affordability tests that can assess on the assumption of rising interest rates, it risks taking people out of social renting where they are reasonably well protected from further economic downturn and exposes them to bankruptcy. Mainly to help out house builders and overcome the timidity of the banks. And also because Dave's desperately trying to introduce a Plan B, without calling it Plan B.
Good documentary on Radio 4 just there about history of squatting in UK.
Ending thought - there are estimated 700,000 empty properties and plots of housing land in UK.
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