Frankly if specuvestors get hurt in a property crash, I for one will be rolling in the aisles. This is what happens when you force the price of a basic human requirement to increase dramatically beyond the reach of the normal family. Whats next, medical monopolies?
Others are getting hurt, and in large numbers too.
Participants that we've been listening to smirking while they lauded themselves on becoming the new "landlord class" over the last few years, while contributing to the market in a very real way. Now the shoe is on the other foot, and they can expect no sympathy from me. They can expect a few belly laughs however. I wouldn't mind seeing a few bankers strung up as well, not to mention politicians and EAs.
Okay, so we actually have employment in excess of full employment - my apologies, but it amounts to the same thing anyway.
Is this really the case? What you've got to take into consideration is that most home purchases are made by working couples, thus, the average home (380K?) is less than 6 times average salary (33K?).
People buying their homes to live in, first time buyers trying to put a roof over their heads, I think thats great. I support that fully. Scouring the future of the nation to line your own pockets, well that gets me a bit irritable.All that anger
Looks like HotdogsFolks was correct about one or two people
Well, enlighten us, who is getting hurt?
The fact that you need to ask these questions means you need a serious enlightening. What about young couple who have traded away the next 35 years of their lives to live in a rattletrap? Assuming they could even get into a home of their own, which in a country with 275,000+ empty homes lying around is inexcusable. And what, another 90,000 built this year? And of course thats assuming again that interest rate rises don't force them out onto the street with a hundred grand in debts and nothing to show for it. All of which can be laid squarely at the door of speculators and banks. If either of these groups take a hammering, I won't be contributing to the fund for bankrupt investors.
Wow.
More crack smokery. Thats 10 to 12 times average wages.
Indeed, but that is full employment according to many economists - there's always a few people out there who don't work out of choice.
Indeed a little error on my part, but Callina understood my point.
And why did they purchase this 'rattletrap', was it the auld gun to their head trick those heartless developers often use?
Yeah thats wise. I wouldn't undervalue the usefulness of government intervention, however; solid regulatory slaps for the banks combined with far higher taxes for second and subsequent properties should cool their heels a bit.
There is an incredible amount of gormless, shocking ignorance about how the world/economy actually operates. People, particularly the 50+ age group, genuinely believe that the last 10+yrs somehow irrefutably proves that pyramid schemes work and that we've somehow 'magic-ed' wealth out of thin air? It reminds me of the child who thinks "money" comes from the "bank machine"