I'm 29 Years Old With Nearly $1,000,000 In Debt

[scooterscot]

First the banking crisis... and if you're in any doubt you should now realise a full blown debt crisis is about to explode in our faces. It is exactly this that'll cause a slump on spending & asset prices.


The interviewers expressions are priceless.

[vetran]

living with their parents on $310k owing $1,000,000.


Flipping heck

[GreenMirror]

In 2008 there was a debt crisis. Solution - more debt.

Sooner the bubble bursts the better - lets get house prices down.

[GreenMirror]

I see Pooper deleted his nonsense post.

However, looking at Financial crisis of 2007–2008 - Wikipedia

The US Financial Crisis Inquiry Commission reported its findings in January 2011.[52] It concluded that:

... the crisis was avoidable and was caused by:

widespread failures in financial regulation, including the Federal Reserve's failure to stem the tide of toxic mortgages;
dramatic breakdowns in corporate governance including too many financial firms acting recklessly and taking on too much risk;
an explosive mix of excessive borrowing and risk by households and Wall Street that put the financial system on a collision course with crisis;
key policy makers ill prepared for the crisis, lacking a full understanding of the financial system they oversaw;
and systemic breaches in accountability and ethics at all levels.
— Financial Crisis Inquiry Commission – Press Release – January 27, 2011

[NigelJK]

I see Pooper deleted his nonsense post.

However, looking at Financial crisis of 2007–2008 - Wikipedia

The US Financial Crisis Inquiry Commission reported its findings in January 2011.[52] It concluded that:

... the crisis was avoidable and was caused by:

widespread failures in financial regulation, including the Federal Reserve's failure to stem the tide of toxic mortgages;
dramatic breakdowns in corporate governance including too many financial firms acting recklessly and taking on too much risk;
an explosive mix of excessive borrowing and risk by households and Wall Street that put the financial system on a collision course with crisis;
key policy makers ill prepared for the crisis, lacking a full understanding of the financial system they oversaw;
and systemic breaches in accountability and ethics at all levels.
— Financial Crisis Inquiry Commission – Press Release – January 27, 2011

I always thought the light blue touch paper moment was when Clinton observed that people on lower incomes were rarely offered mortgages, so he regulated to encourage lending to them. This ultimately became the toxic debt.

[GreenMirror]

I always thought the light blue touch paper moment was when Clinton observed that people on lower incomes were rarely offered mortgages, so he regulated to encourage lending to them. This ultimately became the toxic debt.

Indeed. Teaser rates they could afford. Once that ended they were stuffed.

Also playing a part was mortgage securitization. And the reuniting of retail and investment banks.

I heard of someone at Lehman. £4m house. £4m mortgage. Secured on Lehman shares. So when Lehman went, he ended up with his parents.

[scooterscot]

I see Pooper deleted his nonsense post.

What nonsense post? You've lost the plot...

[scooterscot]

However, looking at Financial crisis of 2007–2008 - Wikipedia

It wasn't a financial crisis, it was a banking crisis.

A financial crisis is still to come. The financial crisis is the collapse of FIAT currencies from emerging markets, which will eventually flow into the US, UK and even may collapse the derivatives market. It is already begun with the selling of US debt. The US will be forced to increase interest rates to compensate. In so doing it'll ignite the debt crisis.

The debt crisis is something else entirely. Entitled Westerners believing they should have it all and accumulating massive debts in the process. New monied Chinese are falling into the same trap. When the consumers decide not to spend anymore the stock markets will pullback.

After all those crisis are showing signs of receding I'll consider converting my gold back into FIAT. Perhaps buy a Pied-à-terre in Chelsea to save me using awful Heathrow airport hotels.

[Jog On]

I remember those seminars on how to become a property millionaire starting by putting down a deposit on a credit card.....

[GreenMirror]

I remember those seminars on how to become a property millionaire starting by putting down a deposit on a credit card.....

The ones you were invited to by a taxi driver who had done the same?