A Political Thread pt. 2

[Bada-Bing!]

For raising them at all.

I'm not an expert, but from experts I was listening to when the BOE were first raising them it was fairly obvious that in the particular context of the problem, raising interest rates wasn't the answer.

But that was before food and energy prices were stripped out and it was a supply side issue. Core inflation is still way above 2.5% target.

Either increase taxes (which BOE can't do) or increase interest rates, which is the only thing they can do - how fast and and by how much.

 

[pagliaccio_euforico]

Not as confused as Truss and Kwarteng.

Can't claim to be an expert but have just read that over 90% of the US subprime mortgages associated with the 2008 financial crash were variable rate. If fixed rules the day stateside I guess that's the price of being seen as a bad risk.

There were some bad mortgages going around before the crash. Lots of zero down/variable rate deals that people would never have been able to pay off.

 

[Vieux Talonneur]

It is, but it sounds like that and the risk of death is made very clear on the disclaimer that passengers had to sign. Not sure that makes it much better, but if people are fully informed on the risks then it's up to them whether they choose to accept them.



Horrendous, hard to imagine anything worse. You hope for a rescue but if that's not to be you hope that these banging noises are red herrings and there was actually a catastrophic incident that happened so fast they knew nothing about it.

Debris field found. Scant details so far but clear inference that it may have been some form of catastrophe - horrible though that would have been, has to be better has to be better than just sitting there waiting.

 

[Vieux Talonneur]

Think the housing market is too far gone, now - House prices are going to need an almighty correction to get to anywhere near sensible levels again, the kind of correction that would crash the entire economy

I had a look at the new builds around me and a two bed mid terrace, no driveway/parking, starts at £270k, two bed semi (parking, no garage) starts at £295k. Unreal - I'd need a three figure deposit for the kind of thing that a decade ago would be considered a starter home - this is in the West Midlands, so traditionally a cheaper area to live

It's mad. I live in Surrey, so probably don't need to say too much more.

Our road is mixed - detached, flats, terrace etc. An old boy died recently and his place went up for £325K. Pokey 2 bedroom mid terrace, average garden and a tiny garage at the back of it. Thing is that the entire place needed gutting - it was disgusting, so literally every room needed ripping out and starting from scratch, so in reality you're looking at over £400k. It's off the market now so I'd guess a builder's probably bought it as a quick buck project.

One of the kids is looking at a new build semi in a village a couple of miles away. Good sized if not huge and very nicely done, but they're looking for £725k. They're extremely fortunate to be able to afford that at a bit of a stretch, but when people are having to borrow hundreds of thousands the impact of interest rate rises can be horrendous.

 

[Bada-Bing!]

Good to see Fox News humiliate him.

 

[Ragey Erasmus]

House prices have been a ticking time bomb for years. People have just flat out refused to recognise that we needed a little pain before to correct things but, as usual in this ******* country, we have kicked the can down the road and are now looking at a combined problem of mass repossessions due to soaring interest rates and then either a housing crash way larger than what we would have had previously or the ultra wealthy coming in and snapping up the properties causing an even more accelerated transfer of wealth from the non-wealthy to the wealthy.

The fact the government and BoE can quite blatantly be driving this country towards a recession faster and faster as a means to resolve inflation is just ******* ridiculous.

 

[Bada-Bing!]

Debris field found. Scant details so far but clear inference that it may have been some form of catastrophe - horrible though that would have been, has to be better has to be better than just sitting there waiting.

Titan sub debris field: Parts of missing sub's cover found, expert says

Debris found in the search includes a landing frame and a rear cover from the submersible.

www.bbc.co.uk

Yep, pretty much confirmed. I think this puts to bed any future tourist expeditions down there.

 

[Yulia]

Yep, pretty much confirmed. I think this puts to bed any future tourist expeditions down there

I don't think so,to be honest. Will attract there even more "tourists" now, I suspect (and "companies" offering such an expedition). Another thing is that "Títanic" being a symbol of a huge tragedy..not a good thing to make it a "tourist water attraction"

 

[Vieux Talonneur]

.

Titan sub debris field: Parts of missing sub's cover found, expert says

Debris found in the search includes a landing frame and a rear cover from the submersible.

www.bbc.co.uk

Yep, pretty much confirmed. I think this puts to bed any future tourist expeditions down there.

Yep, it's been found, seen and artefacts have been recovered, but ultimately it's a deep water grave. The fascination will remain, but let it be.

Hard to believe that OceanGate can stay in business after this. Credibility destroyed and if those disclaimers weren't drafted by the best lawyer who ever drew breath, you've got to think that there will be large lawsuits coming their way.

 

[TRF_Olyy]

30ms!

 

[Bada-Bing!]

I can't believe there'd be much of a market now to be stuck in tin can with the threat for the can to implode and to have to sign away any liability.

 

[McTallshort]

I don't think so,to be honest. Will attract there even more "tourists" now, I suspect (and "companies" offering such an expedition). Another thing is that "Títanic" being a symbol of a huge tragedy..not a good thing to make it a "tourist water attraction"

You have to be careful visiting wrecks as many are classed as graves. Unless they recover the squashed can I doubt people will be allowed to visit the site

 

[Bada-Bing!]

So sad that the 19 year old didn't want to even go, just ended up going as a bonding experience with his dad. And it all happened on Father's Day.

Edit: Reading that each seat in that capsule cost $250,000 each for a carbon fibre can with no certified safety certificate. So an experimental tourist excursion only for the very rich.

The cause of the ***an's implosion has not been determined, but Cameron (James) said he presumes the critics were correct in warning that a carbon fibre and ***anium hull would enable delamination and microscopic water ingress, leading to progressive failure over time.

Other experts in the industry and a whistleblowing employee raised alarms in 2018, criticising OceanGate for opting against seeking certification and operating as an experimental vessel.

In 2019, OceanGate said it was concerned that the certification process could slow down development and act as a drag on innovation. "Bringing an outside entity up to speed on every innovation before it is put into real-world testing is anathema to rapid innovation," it said.

Source: The Guardian.

 

[Which Tyler]

 

[Gavin]

 

[Which Tyler]

 

[Bada-Bing!]

You have to be careful visiting wrecks as many are classed as graves. Unless they recover the squashed can I doubt people will be allowed to visit the site

The squashed can would just be debris, which the ROV/coast guard would pick up just to find out what exactly how it happened. But likely down to the engineering as per pic below.

It would have just disintegrated into pieces as shown in the twitter posted by Olyy; they wouldn't even have been aware of it thankfully. Unlike those migrants who drowned trying to get to Greece.

But yes, why would anyone want to go down there is beyond me especially after this and risk of getting crushed/imploded like that. This has just caught one company who thought they could make a fortune charging a few rich people with more money than sense but without being regulated. The US authorities will likely clamp down on that now.

There are enough free videos of the wreck on YouTube if peeps are that interested without risking their lives. But I know what @Yulia was referring to something about ***anic appeals in a ghoulish way to some. Presumably something to do with our mortality.

 

[Bada-Bing!]

Titan sub CEO dismissed safety warnings as 'baseless cries', emails show

Warnings over the sub's safety were dismissed by OceanGate's CEO, emails seen by the BBC show.

www.bbc.co.uk

What a knob!

 

[BrokenWing]

In a way it's a shame he can't go to prison.

 

[Ragey Erasmus]

Ladies and gentlemen, the mental spaghetti of some of the Brexit voters...