Gordon Brown found on Andrew Marr show

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Gordon proposes a lot more talk and reviews on every subject that we want action on. Gordon seems to believe that taking action means setting up reviews.

Interestingly he says he will not stand down even if it means the Labour party will not suffer such a large defeat at the next General Election.

Give the party back to the party members. Give the country back to the people.

Let's celebrate - Gordon hits another rock bottom

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Can my day get any better? PB are reporting a Telegraph poll showing

CON 40(+1) LD 25 (+5)LAB 22(-6)

At last Labour hit third place in the HoP voting

Happy days - off to crack open the Whiskey.

I'm camping in the garden with the kids so I needed a tonic.

Disaster poll for Gordon Brown

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From the Times

Tory 41 up 2
Labour 21 down 5
Lib Dems 15 down 2


European elections
Tory 30
UKIP 19
Labour 16
Lib Dems 12
Greens 10
BNP 5

Nationwide May housing data - reporting a rise!!

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Nationwide have released their May data report today here.

The data shows a rise of 1.2% for the month with an annual change of -11.3%. House prices are now down from their peak in October 2007 of £186,044 by £32,028 or -17%.

Nationwide report this as a surprise bounce and expect a continuation of monthly rises and falls.

During the last housing market crash between 1989 and 1995, there were 24 +ve months and 48-ve months.

I agree with Nationwide's assessment that we are entering a phase of volatile house price data before settling at the end of this year and entering a subdued growth period.

McNulty pays back dodgy mortgage claims

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Under cover of the Telegraph campaign against these troughing turds, it appears McNulty has repaid some mortgage interest and council tax that he was not allowed to claim.

Why are these Fckers still ministers?

Darling charges me for tax advice

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Unbelievable - Alistair Darling is in charge of such a complicated tax system left by Gordon Brown, that he has to charge us the tax payer for advice from his accountant on how best to claim his tax free allowances.

For the love of GOD let us have a General Election and we can decide which of this filth to sweep away.

Gordon Brown acts on expenses - sort of

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At today's Press Conference Gordon Brown took decisive action on the expenses scandal by announcing that he is publishing a consultation document on setting up a committee to look at MPs expenses.

Get that? No action now on tackling expenses now. Another fking consultation period with no doubt an independent review after that.

Why can this useless turd not make any decisions? Why can he not act now? And why are McNulty, Smith and Blears still in their jobs?

2nd Labour MP claims for non-mortgage

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Just in.

Labour MP David Chaytor has claimed £13000 for a mortgage that has been repaid.

Possible criminal enquiry.

More to follow.

Tory expenses now being published online

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The Tory expenses are now being published online as they are claimed here. A step in the right direction.

I wonder if Gordon Brown dare publish his MPs expenses anytime soon. I think it is probably time for another review from Gordon.

Hello Gordon? Leadership please! Hello, Hello anyone there?

Shahid Malik and his massage chair

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Shahid Malik appearing on SKY News has come up with a legendary car crash of an interview. The highlight is the massage chair.

Watch him here and see him squirm.

Even newer poll low for Gordon Brown

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A new You Gov poll in the Sun has Labour down on 22%. Yes 22%. Tories on 41% and Lib dems on 19%.

Can Gordon drag Labour any lower. Oh yes he can!!

Vote No to Gordon Brown

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Having watched this dreadful Labour election video I thought I would adapt it to represent my views.

This is the original video. My version is beneath this video.



here it is

Balls/Cooper injunction?

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Please God let this be true. Guido is reporting that he has not received an injunction from Blinky Balls and his Mrs Yvette Cooper, but there are rumours going around about an injunction in the offing.

This will so be the final nail in those troughing Scumbags if this is true. At least Andrew MacKay has jumped before being pushed.

Did I hear SKY saying that the Tories were all going to be put up for reselection by their constituencies?

Liar Loans - are the FSA about to do something?

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Discovered by the BBC in 2003 and blogged about by myself here in 2008, the FSA may finally be doing something about this.

The BBC has this here.

An incredible 45% of all mortgages in 2007 had no proof of income on the file!!

Cameron - sack and fine these troughers now

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OK to be fair they can't be sacked, but an example has to be made of people who followed the rules, but clearly did not use the expenses system for the purpose it was intended. Withdraw the whip,

Oh Cameron just on SKY news - he is really pi$$ed about this. Quite right too.

It is obvious Gordon Brown is going to do nothing about his troughers. I think The Tory troughers are going to have a bad day.

How the Tories can finish Labour off over expenses

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The Telegraph are due to publish the expenses of the Tories in the next few days. I still think that delaying the publication is part of a greater plot.

Personally I don't care about claims for Kit Kats and home furnishings. I care about property flipping. Designating and re-designating different properties so you can claim more expenses is bang out of order.

I also care about second homes being designated when the MP's family is living there. Again it is a scam. I don't care if it within any rules it is fraud.

So when the Tories have their role call of shame, I expect and hope Cameron will come out and say that abuse of second home designation and property flipping is such an error of judgement, that he will discipline that MP. Either by removing the whip, a fine to pay back the funds or kicking out of the shadow cabinet.

Gordon Brown has now taken 2 days to do absolutely nothing to his abusers. The list is too long, but J Smith, McNulty and Blears spring to mind.

Cameron can at last put a line under his leadership ability and show what he could do as PM.

23% !!!

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Latest poll Labour on 23%.

Message to Labour MPs

For Fs sake stop troughing and kick out your useless leader.

We all deserve better.

Andy Burnham - troughing excuses

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Now this wound me up. Andy Burnham defends his expenses claims by saying

I wish to make clear to you in the strongest possible terms that I resent any suggestion that I have knowingly misused public funds as the public record shows that, in the last five years, I have under-claimed on my ACA by around £40,000.

Under claimed??

You are supposed to be claiming for expenses! You are not 'Under claiming' if you do not claim up to the limit. These fuckers do not even understand the concept of claiming expenses.

Gordon Brown - aren't expenses brilliant

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Here is the marvellous Fast Show and Paul Whitehouse doing their 'brilliant' sketch.


Here is mine




No matter how much I use software to alter my voice and impersonate Paul Whitehouse, it's a million miles away. No matter, the thought is there.

Watch Gordon Brown miss the bullying joke here

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Poor old Gordon Brown misses the joke again at PMQs. I actually wish the Tory backbenchers had asked some serious questions over policy, even though they will not get an answer. Questioning like this just makes you look like you are at the same low level as the Government.

Leave the teasing to the media.

Time to buy index for April 2009

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In April the index stands at 189 unadjusted(U) and 265 adjusted(A)

This gives a guide that house prices are around 19% over valued and that market sentiment pushes that to 26% over valued. DO NOT BUY

That is not to say that house prices will fall by either, but it gives an idea of the direction.

The last few months have had conflicting data from Nationwide and Halifax with positive and negative months of house price data. Halifax are back with the trend now with a -1.7% fall. During the last house price crash there were 26 positive months during the 74 month downturn.

House prices have fallen this month, which has improved affordability this month as mortgage rates have remained level.

Although Bank of England rates have fallen, new mortgage deals are being priced at pre-cut levels.

The price to average earnings ratio has also fallen slightly this month and is still indicating house prices are 10% above trend on this indicator.

Most buy to let deals have been withdrawn now and those that remain have seen a lowering of the Loan to Value needed. There exists only one 95% LTV first time buyer deal in the market and this requires a charge on the parents house, so a 90% LTV is the best on offer. Credit remains tight.

The unadjusted index is now down from it's peak of 645 in July 2007

PREDICTION

House prices to continue falling with the Halifax index bottoming at £140,000 in Q4 2009.

In my opinion mortgage lending criteria has tightened more than usual with a larger deposit required than in the past, however lenders are still lending above average multipliers and mortgage rates have again fallen to below the longer term normal level.

The end of irresponsible lending means that lenders will never be returning to the days of lending with no deposit or waiving income checks.

House prices are still suspended about 20% above the level of finance that the banks are willing to give out. Interestingly the £xx billions in extra lending that RBS and Northern Rock have blagged to Gordon Brown is a total farce. The lenders have the money to lend but are applying their new stricter criteria to borrowers. The money will not be lent out any time soon, because many borrowers do not meet the criteria.

Buy to let as one of the key drivers of house prices still does not makes economic sense at current rates. This sector will most likely never return to the heady days of 2007 as the age of irresponsible lending is over.

First time buyers are the main driver of the bottom of the housing market. First time buyers have rightly taken the view that it is best to wait out this drop before entering the market.

Halifax data out for April 2009

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They report house prices down 1.7% or £2,604 for the month or down 17.7% annually, but they calculate this using this quarter against the quarter a year ago.

The true yearly drop is actually the same this month a drop of 17.7% on a seasonally adjusted basis. House prices peaked in August 2007 at £199,612 against £154,716 for April 2009. A drop of £44,896 or a fall of 22.5%.

The last 12 months has seen the biggest falls ever from the Halifax. The previous biggest 12 month fall was in October 1992 of -8.5%

House prices have fallen 22.5% from the peak in August 2007 20 months ago. It took from May 1989 to July 1995 for house price to fall 13.21% that is 74 months and the bottom of the last housing slump.

This housing crash is now almost twice the scale of the 89-95 housing crash and we are probably just over half way through the duration now.

The last time house prices were at this level was April 2004.

Crown prediction is still house prices to continue falling with the Halifax index bottoming at £140,000 in Q4 2009. A fall of 30% or £59,600 from the peak in August 2007. That would be house prices returning to levels last seen in Q4 2003.

SKY NEWS - the end of buy to let

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Interesting article on the SKY News website today.

Buy to let mortgage deals have almost disappeared. Those that remain are requiring a deposit or equity of 25%, a higher multiple of rent than previous and a rate that has not dropped much since June 2008.

I have said before and I will say again, the housing market problems have still not really kicked in. The interest rate cut has postponed a large slice of the problem. But the probem is only delayed not cancelled.

As the old buy to let deals finish, these borrowers will be unable to get a new deal elsewhere or even with their existing lender. Not a problem short term as they will move onto a base +% tracker around 2.5%.

It has long been my opinion that interest rates have been cut way too low. A rate of around 3% as it is in Australia would be more than sufficient to stimulate the economy. But the muppets at the BOE led by Gordon Brown have cut to a level so low, that it will generate huge inflationary pressures in the months to come.

As rates increase back up to a more sustainable level of 4%, the buy to let mortgages will move towards a rate of 6/7% and that is when the second squeeze will come.