Ah. At last. So now I finally get why over the years I've seen people around me getting seemingly richer and richer - while I've struggled on in at the same level of poverty. Not when I couldn't see the UK making much of anything - (isn't nearly everything in the world made in China now?) - even 'Brit pop' is a distant memory. We don't even have Saddam Hussein to sell arms and devices of torture to anymore. So apparently most people have been living off credit from them borrowing against their vastly over-valued houses. Which they're paying for - with a mortgage - but, but isn't a mortgage a type of loan in itself? Surely no one really actually owns their home until they've paid that off do they? Oh. So in fact they're borrowing against something they're already borrowing to pay for something they don't yet own...
Human beings are f*c*ing morons aren't they?
You see, I've lived through recession after recession through the Thatcher boom-bust-boom-bust years - and I've always secretly preferred the recessions because they've been the periods when people have behaved a lot less stupidly than they normally do. For the past decade or more I've seen the general population behave very stupidly like they've never done before. It's been frightening.
Repossession Repossession Repossession
Bursting the House Price Bubble
UK borrowing is worst in 10 years.
UK sees decline in factory output.
Bleak prospects for UK job market.
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