Credit Crunch

Went out for a brief walk today and took my crutches in case of need. Boy, did I need. I’m obviously not as good as I thought I was.

Reading all the stuff on the mortgage/credit crunch makes sad reading. How banks and building societies were allowed to lend so much is beyond my comprehension. I was allowed to borrow 2 and a half times my annual salary plus 1 and a half times my wife’s. I can remember building society spokesmen on TV stressing that they kept to these rules but even in 1984 they were being two faced and opening a back door. In my case I failed to meet that criteria on a particular house we wanted by a rotten £2000 but the woman I was talking to in the Halifax told me that if I spoke to a particular man at the Rotherham Branch he would be able to help. I did, and he could, but I would have to have taken out a huge endowment policy so we didn’t. The door has since got so wide I’ve even heard of 120% mortgages. Crazy banks. The result now of course is that the very thing that is needed to help resolve the crisis, more houses, can’t be done. But that’s the err… market err…economy for you..

It’s hilarious. Sarah Palin the prospective Vice President, McCairn’s running mate in the coming USA elections, has a pregnant 17-year-old unmarried daughter. Yes it does happen, but Palin has stopped money being spent on sex education for teenagers. McCairn is in agreement. You couldn’t make this up. I can’t recommend Huffington Post enough for all things American. Linked on the left. If you need a laugh, count on the Americans.