Well done special on housing gamblers in Britain. Thanks doom for the link..
HP'ers, you have no idea how bad it's gonna get in England (and Europe). Take Scottsdale, Miami, San Diego and Vegas, add in a dash of Tulip Mania, a scoop of South Sea Bubble, and a pinch of NASDAQ Bubble, and you have the UK Housing Mania.
Remember - their bubble didn't stop at the English Channel. No, it was exported throughout Europe by British housing gamblers buying off-plan (and in many cases sight-unseen) in Bulgaria, Spain, Ireland, France and more.
And then the music stopped.
January 12, 2008
And then even the housing-obsessed Brits, who believed the "housing ladder" only went up, realized it was one big Ponzi Scheme about to collapse
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30 comments:
This video is not a joke, nor are the comments. I live in Switzerland and thankfully the Brits could not come in BUY BUY BUY.
But in the South of France and other places (Spain) the Brits caused the entire markets to spike. And it is annoying to people like my wife and I who were looking to buy in the South of France. We ended up buying something in Canada because the Brits nor Americans could drive up the prices (thank-fully).
Personally I say good riddance Brits I hope you get crushed. Yes harsh, but you REALLY annoyed the locals with your prices.
So, Britons are to Europe as Californians are to the United States??? A little humility is a good thing.
British women speaking in that accent is so sexy!
Can't be. I thought the Europeans were so much smarter than us dumb Yanks. ;)
Always a precursor of a future American Tragedy.
Which is why the US dollar will bounce back. All the shit that happened here is happening there now. Only a year or two later. As their crash accelerates, the pound will be devalued, just like the dollar is being devalued now. And so will the Euro as the Spanish and Irish housing crashes accelerate as well.
I'm glad it happened on this side of the pond first. This means we will recover - eventually, but who knows when - first. And that means we'll have the upper hand again.
It will be fun to watch those "we're so much smarter than Americans, it can't possibly happen here" punks crash and burn.
Cheerie-o, pish posh and all that.
debtisslavery.blogspot.com
Best line,
Oh Yes It Does.
Though he could have added a 'biches' at the end for a little more impact.
You could not pay me enough to even consider living in Europe,
Let alone buying a property there.
IMHO. Europeans aught to pay people to take properties off their hands.
Have you noticed there aren’t any trees in sight around these properties?
Do the trees feel the same as I do?
Its gonna be fun watching the bald headed Dopes across the pond pointing fingers at each others, I think they are going to be pointing guns more then just fingers.
Lots o’ butter with that popcorn please!
definition of amateur landlord:
someone who rents real estate with no positve cash flow.
If you want to know the extent of europe real estate madness, just visit this blog (in portuguese, but has some english translations) and marvel at the ebst of the worst.
http://abarrigadeumarquitecto.blogspot.com/2007/08/geografia-viva-o-estoril-sol-de-gonalo.html
8 million Euros (god nows how many dollars) for 4 bedroom condos on this Tetris game gone bad in a country where average montlhy pay is around 750 euros, ruining Estoril landscape forever. Great ocean view, but not even a balcony to sit and smell the sea.
This is completely out of context with its surroundings. 8 million euros to live in a dark cage? iuk.
Nice to see the bubble is not "geographically challenged".
You can throw Poland and Australia into the bubble basket. Have relatives in both places and the exact same thing happened there.
Gee, you don't think the root cause of all of this is a corrupt western financial system where those who make the rules and control the game knowingly steer economies into bubbles, reap their gains at the right time, and then let it pop? (wash, rinse, repeat)
Nah, that would be a conspiracy and we sheep are taught by the MSM and fellow "police sheep" to say "bahhhh" whenever that word comes up.
You should see what the prices are for concrete bunkers (condos) in Athens, Greece.... arguably the least attractive/backward city of Europe, or the most attractive/advanced of Africa.
SeattleMoose said...
‘Gee, you don't think the root cause of all of this is a corrupt western financial system where those who make the rules and control the game knowingly steer economies into bubbles, reap their gains at the right time, and then let it pop? (wash, rinse, repeat).
Oh, how Christian of you.
Ok, lets see whom else can we blame for our f#$%k ups?
No one held a gun to anyone’s head and forced them to buy anything.
FBers everywhere, are responsible for lying about their incomes, for buying things they could not afford, for being lazy, and expecting to get rich without any effort or planning.
Not everyone is an FBer..
No one died for my sins.
I am responsible for all my actions.
And so are you!
You make the rules of your game, and you control your game!
Shocking eh?
One interesting thing about the coming collapse in the UK is that it will force their hand on joining the euro.
Things will get complicated in Europe, but I expect protectionism is going to return world wide.
New Zealand's up the same creek without a paddle. The funny money cashed up neckless wonder brits bought up large here pushing working locals out of the market.
They'll find sympathy for them will already be in negative equity when their property 'portfolios' suck them into the vortex. Might even have to get real jobs instead of expecting endless capital gains and rents like lard leaches.
Seems the Brits in the MSM are being a bit more frank and upfront about the prospects.
Here the blogs are the only beacon of truth.
I love the "it's differant this time" slant by that auctioneer rep right at the end. Looks like being deluded and brain dead isn't an American exclusive.
OK, what is it about English speaking countries that they enjoy screwing up the global economy for everybody else. Maybe the French, Germans, Czechs, Poles and Spaniards don't have any word or phrase in their language that translates to "Ponzi scheme" and therefore don't know how to participate in one.
shtove said...
‘One interesting thing about the coming collapse in the UK is that it will force their hand on joining the euro.’
I think just the oposite, Britain is going to try to avoid being dragged down with the rest of the EU.
The Euro as a common currency has no future.
Blogger SerpentMage said...
This video is not a joke, nor are the comments. I live in Switzerland and thankfully the Brits could not come in BUY BUY BUY.
But in the South of France and other places (Spain) the Brits caused the entire markets to spike. And it is annoying to people like my wife and I who were looking to buy in the South of France. We ended up buying something in Canada because the Brits nor Americans could drive up the prices (thank-fully).
Personally I say good riddance Brits I hope you get crushed. Yes harsh, but you REALLY annoyed the locals with your prices.
At what point in time did it ever seem like a good idea to buy "investment" property 1,000's of miles from your home?
Yet another sign of the moronic global speculative frenzy. Oh, yeah: aside from the tulip bubble, the South Seas Trading bubble, etc. etc., it should be clear that Europeans NEVER fall for such nonsense, right?
And as much as you're deriding the British for buying elsewhere, what exactly did YOU do y buying property in Canada? Uh-huh. It's not just the Brits buying elsewhere, but ALL Europeans.
Realize Canadians are wishing the same fate for you, as they've experienced EXACTLY the same "annoying" bubble effect. And if you thought Canadian real estate was somehow immune, then I suspect you don't really own anything in Canada: the bubble effect is well-known.
If I time it just right, then I can make a killing? The casino analogy sure fits. It's a house, people. Buy it to live in and all will be well.
Hey,
How come the EU gets to have separate votes for each of its states in the UN, and the US only gets 1 vote?
Which is why the US dollar will bounce back.
It will bounce back against the Euro and Pound, but how about other more important currencies like the Yen and Yuan? However, the most important currency is the barrel of oil.
If you don't use tinyurl for your links, nobody can get to them
is it just me or does a 7 becomes a 9 when you add a British accent to her?
Yummy yummy.
Looks like Channel 5 sensationalist crap...
When Panorama is reporting on this then we'll know we've gone mainstream.
Having said that, UK 'buy-to-let' aka negative cash flow investing is in big trouble...
Anonymous said...
shtove said...
‘One interesting thing about the coming collapse in the UK is that it will force their hand on joining the euro.’
I think just the oposite, Britain is going to try to avoid being dragged down with the rest of the EU.
The Euro as a common currency has no future.
------------
Well, the euro has some future. Question is - will the pound sterling survive as long?
And I expect a reverse of your "dragged down" scenario - the UK is the basket case, not the eurozone:
"UK banks 'face a £1.5 trillion funding gap'
Hemscott, 11/01/08 08:29
"Arguing that their uncovered and off-balance-sheet lending liabilities exceed British annual GDP, Morgan Stanley slashes estimates across the board for the banking sector"
http://tinyurl.com/22gdv3
The eurozone does have bubbly areas, but it will survive that crisis of collapse. The bloatedness of the UK bubble is eye-popping, but only becomes a core problem for the eurozone when the ECB chooses to liquidate UK plc and put some manners on a freakish, predatory economy.
Because the EU is not a country.
VanGuy said...
Looks like Channel 5 sensationalist crap...
-
Er, no - the Tonight programme is the flagship popular current affairs programme on ITV. Do you know the UK at all ?
"Maybe the [... Poles [...] don't have any word or phrase in their language that translates to "Ponzi scheme" and therefore don't know how to participate in one."
Here in Poland we call it "piramida finansowa" /financial pyramid/
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