From: M Holmes 
Newsgroups: uk.politics.misc uk.finance
Subject: Re: "Worst housing market for 30 years" as estate agents admit to "overpricing". House price crash on the way ?
Date: Mon, 9 Jan 2006 17:46:05 +0000 (UTC)

In uk.finance Tumbleweed  wrote:

>> Agreed - but if nobody can get credit 

> ..or if a large asteroid hits us, we'd be in serious trouble as well. Both 
> situations are possible but unlikely. The fact is, the spectrum of who can 
> get credit, and how much, and under what circumstances, is a wide and 
> changing one. Silly (indeed idiotic) 'what ifs' such as "if nobody can get 
> credit" are just, well, idiotic and silly.

How many folks do you reckon were able to get credit to buy stocks by 1932?

If you'd suggested in 1929 that the number would be as near zero as made
no difference, you'd have been laughed at.  Just about everyone could
get loans of 90% of value of the stocks they wanted to buy. 

That wasn't a normal circumstance and it changed very quickly when
things went awry. Everyone being able to get 100% loans on the value of
a house is not historically normal either.

FoFP