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The Debt Myths by Osbourne


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There will always be people who don't stand by their word, which is the only time that can happen. Oh, are these the people Tony meant by "tory"?

 

Are you saying that if you owned something that you thought was worth X and someone said they'd give you X+10 for it you'd still sell at X? For example I may think my house is worth 200k but will advertise it at 225k.. am I wrong in accepting an offer of 215k? After all the buyer is happy to pay that as he thinks he's haggled me down...and I've done better than stand by my word, I've actually dropped the price..

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Are you saying that if you owned something that you thought was worth X and someone said they'd give you X+10 for it you'd still sell at X?
We were talking about houses. But yes, and I have. I have also offered people over their asking price, because it was still good value to me.

 

Sorry to break all your stereotypes

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Nor the tories for the previous 18 years and who deregulated the banks in the first place?

 

As you know very well the banks were deregulated to open up competition and get rid of the old boy network of conservative and risk averse financiers. Everything was fine until Labour got in and then.......

 

Labour deregulated the regulators. Genius.

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I wouldn't describe them as good times at all. I was one of few who was highly critical of what was happening. On other forums like Money Saving Expert for years I argued the point that lending was out of control and that house prices were unsustainable. People called me a nutcase, house prices could only ever go up you see. I expect many of those were Tories who enjoyed the rise in house prices as much as anybody else and arguably stood to gain most in the most affluent constituencies. You see, I'm not the one who is the hypocrite.

 

Neither would I, but millions do and I agree with you and was just pointing out that the banking collapse was the inevitable consequence of the easy cheap money that gave people the artificial good times. I don’t just blame the banks though, I blame the people that borrowed and spent more than they could afford, the government that sat back and watched it happen and claimed to have created an indefinite boom that would never bust.

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