Graph of The Day - Mortgage Equity Withdrawals

Posted 3rd July 2009 by Third Uncle

Have a look at this graph from the Bank of England. It shows how much people started using their houses as an ATM machine as more and more people borrowed against the value of their properties, and how quickly this borrowing has fallen back

http://www.citywire.co.uk/personal/-/news/markets-companies-and-funds/content.aspx?ID=348031&re=6075&ea=148984

While it will come back to be positive again in time, I suspect that the days of your property being your personal ATM machine are long gone

Man Utd to boost their medical staff by over 100

Posted 3rd July 2009 by Third Uncle

http://boards.fool.co.uk/Message.asp?mid=11603132

class, posted on The Motley Fool early this morning.

Does anyone think this is a good bit of business ? I am starting to doubt Fergie’s judgement, I can’t see this one working out at all.

And can you imagine the media circus that will go with it when he’s not in the starting line up. He’d be more suited to going to Hull.

Bankster state ?

Posted 1st July 2009 by Third Uncle

The banks run the place ….

http://www.guardian.co.uk/commentisfree/cifamerica/2009/jun/30/congress-financial-reform-banks

But that’s the story in the US, it couldn’t possibly be the same here could it ?

Mervyn King is talking about investment banks needing to be broken up and the sector regulated by the Bank of England. But the government is moving away from regulation again.

Is there a common thread here between this one and mingey’s last post ? Am seeing some kind of pattern

The Gravy (East Coast) Train

Posted 1st July 2009 by Mingey

In the good times, I can just about live with greedy multinationals (a necessary evil?) and stupid politicians / civil servants.

In a recession however, the fact that the latter seem to be handing taxpayers’ money over to the former in wheelbarrows makes my blood boil.

In this case, I think Robert Peston is spot on.

Fat Freddie’s Back

Posted 30th June 2009 by Third Uncle

and set to launch a £60m offer for Newcastle with Shearer lined up as manager

http://newsimg.bbc.co.uk/sport1/hi/football/teams/n/newcastle_united/8125576.stm

Saviour of Newcastle or the final kick in the nuts ????

Benefit payouts to exceed income tax and NI receipts

Posted 28th June 2009 by Third Uncle

Bonkers but true - welfare payments will exceed income tax receipts by almost £25bn in 2009/10

2009/10 Gross income tax receipts projected £140.5bn

2009/10 Social security benefits projected £164.7bn

And interest paid out bon government debt is now exceeding all the amount collected in fuel duties,and growing rapidly.

http://www.telegraph.co.uk/news/uknews/5651825/Benefit-payouts-will-exceed-income-tax-revenue.html

How can we run a country in this way ? This is the real issue, not MPs expenses, not Michael Jackson. This is what the next election should be all about. And how much worse could it get if we lose our AAA rating and international money starts to haemmorage out of the UK ?

Recession over ? Technically it may be, but brace yourselves. It’s going to be a painful next 5 years.

The Downfall Of Agile

Posted 26th June 2009 by Mingey

And the winner …

Posted 26th June 2009 by Mingey

… of the race to be the first out of the traps with a sick Michael Jackson joke is … <opens envelope> …

The Daily Mash!

Pop Quiz

Posted 25th June 2009 by Third Uncle

Something different. Top 20 most played on my ipod includes :

Three tracks from The Jam

Three tracks from The Lightning Seeds

One track from the Rolling Stones

One track from REM

Two tracks from Duran Duran

One track from The Smiths

One track from Take That

One track from Ultravox

And one track from Travis

Care to take a guess at what they are ? CLUE : It was third auntie’s ipod first and she used to listen to theme music from Bridget Jones and Love Actually quite a lot

California To Start Issuing IOUs

Posted 25th June 2009 by Third Uncle

Talking of defecits, have a look at what is happening in California. Having run out of money, the State of California is going to start issuing IOUs to state employees and taxpayers (really !)

http://www.youtube.com/watch?v=YVKMA–nt4I&NR=1