meanwhile.......Exxon Mobil made $18bn in profits in the past three months. Shell and Chevron each made nearly $12bn. Those are all record numbers.
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meanwhile.......Exxon Mobil made $18bn in profits in the past three months. Shell and Chevron each made nearly $12bn. Those are all record numbers.
The rich get richer and the poor get poorer. Beautiful capitalismOriginally Posted by Citizen's Nephew
Unfortunately a lot of truth in that.
Think they all made hefty losses through covid times but it’s madness to put all our bills up so much, we don’t even buy gas from the Russians ffs….I know the price is set regardless but it’s crazy
Absolutley the economy is unpredictable but I gave up on politics of any colour years ago because of the vacuous empty promises that they would trot out in manifestos and subsequent speeches that must have been signed off by Walt Disney
The reality is politicians in the main are in it for themselves and no one else and a % are getting extremely rich off the majorities misery and they are only concerned with self preservation
There is no integrity transparency or legitimacy in politics anymore
The common theme is right wing economics.
It's a Worldwide problem of high inflation caused by locking the World down for two years, global supply issues, and of couse the war in Ukraine and the high energy costs, it's a tough time but we've been through a lot worse.
I don't know why people keep bringing up this interest rate nonsense. House prices were a fraction of what they are today so it's irrelevant.
Boomers when they were the same age as millenials had about 30% of the countries wealth, millenials have about 4%..
With interest rates 20 times higher than they are today it is not irrelevant. Where I agree with you is that house prices now are probably 10x higher than they were in the 1970's. Perhaps a better yardstick is to look at mortgage repayments in relation to house prices and salaries.
That's a silly remark
Houses were cheaper but so were wages lower and then you could only borrow 2.5 x salary for a mortage, plus interest rates were a lot higher. Interest rates of 11% were not unusual.
As an example when I got married in 1972 I had the opportunity to buy a 4 bedroom house for just over £10,000.00 but although I was on a good wages I couldn't afford the repayments. That same house today is worth over £1/4 million.
So people then were using a much larger percentage of their disposable income to buy a house than you have ever experienced. But as you have never known any difference you expect it to last for ever. It doesn't sadly. We all wish it would.
In 1990 Interest rates were 15%. We were paying near 17% - plus an endowment[remember those], which was taking up over half our combined salaries - something like £1000 per month.
In addition to this income tax basic rate was 33% in 1978 reducing to 30% in '79 and allowances were a couple of grand a year depending on how many kids you had.
I was working for the council at the time, working the same van with a guy, he couldnt afford to sell his house ( negative equity ) and used to every Friday ( pay day ) borrow £50 from me, would pay it back over the week and then go again, I asked him where the extra money was coming from in bits and pieces, he said " selling stuff , maybe a few hours doing private work "
we have had it good for a long time, I feel almost spoilt by the low interest rates for some long
If that house was £10,000 in 1972-it would be worth £500,000 now. House price inflation has priced young people out of the market. As Doucas infers it was easier getting on the housing ladder 40 years ago than it is now. Thats allowing for much higher interests back then too. If you disagree how do you explain why so many more from our generation were on he housing ladder back then compared to millennials today.
If you keep printing money, eventually inflation will come. Capitalism and not so much corporatism is the way forward out this mess.
You're so so close to getting it.
It was far easier to buy a house in the 1970s than it is now, I don't know how this can be denied? I'm still waiting for someone to address the glaring white elephant in the room that boomers at the same age owned 7x more wealth than millenials at the same age. I don't know why people are ignoring this fact and just denying that financially selfish older generations have ****ed younger ones over big time.
source- https://www.marketwatch.com/story/th...ers-2019-12-04
There is no argument that house/flat prices to salary ratios have grown steadily over the past 40 years. It has doubled for first time buyers. Private sector rents have also risen massively in real terms.
https://www.economicshelp.org/blog/5...affordability/
For a start thats America?
The facts look way out too!
Seriously you want to forget about this sort of jelousy, you can't help when you are born, but you can decide if you want to make the most out of your life, or constaly moan that life would have been better if this or that had happened.
Spend less time on here moaning about the torries and get on with your career, crying on here is not going to change anything!
On a phone so correcting some of the typos!
For a start that’s America?
The facts look way out too!
Seriously you want to forget about this sort of jealousy, you can't help when you are born, but you can decide if you want to make the most out of your life, or constantly moan that life would have been better if this or that had happened.
Spend less time on here moaning about the Tories and get on with your career, crying on here is not going to change anything.
How the heck do you know ? You can buy a new 2 bed just outside Cardiff for £250k A 90% mortgage will cost you £1100. You can get mortgages from practically everywhere - the Govt. will even chip in. I had to do odd jobs, save for 3 years with one of only 3 or 4 places you could get a mortgage - then once I'd saved up with them I had an 'interview' . No furniture/carpets, no white good. I had F. all. In those days you just went out and got on with it. Not a penny from my folks, and I didn't expect it either..
These youngsters could always buy a house up the valleys if they really wanted to get on the ladder,plenty going for less £100,000. And these youngsters can afford it just get rid of their Netflix, top mobile phone contract, Sky, holidays etc. etc but they would rather moan than actually do any of the above.
Is Netflix, at what 8.99 a month actually deemed a luxury these days? It’s less than 2 pints in a pub…..some saving if you ditch it, that £100 a year….
Don’t know mate I’m old and don’t have Netflix, nor a £30+per month phone contract or Sky at what £60 plus , you see how it all adds up
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