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| 07:03.38 | j0nr | morning all |
| 07:05.14 | bilarh | morn |
| 07:05.37 | Leeds | afternoon |
| 07:05.56 | j0nr | afternoon Leeds :) |
| 07:06.03 | j0nr | Hong Kong isn't it? |
| 07:06.12 | Leeds | indeedy! |
| 07:06.54 | j0nr | ~34degC ?# |
| 07:06.55 | Leeds | how's Blighty? |
| 07:07.10 | Leeds | nah, only 32C or so today, it's cooled down a bit from last week |
| 07:07.19 | j0nr | oh thats ok then :/ |
| 07:07.29 | j0nr | not so hot here... |
| 07:10.43 | bilarh | 15 degrees in the car this morning |
| 07:13.13 | Leeds | a week from now I'll be in Spain :D |
| 07:30.30 | bilarh | leeds: have you got family in spain? |
| 07:31.14 | Leeds | nope, but sort of... we've got a family holiday place there, and my grandparents had a simple place nearby many years ago |
| 07:32.26 | Leeds | well, it's my parents' place, really - but it's our second family home |
| 07:34.21 | Leeds | ooh, I stand corrected - they've just issued the 'hot weather warning' |
| 08:27.28 | bilarh | ipod touch++ |
| 08:27.39 | bilarh | only problem is, now i want an iphone |
| 08:29.19 | Leeds | I like my Android |
| 08:36.15 | EmleyMoor | Any of you lot handled a Dell Inspiron 15? |
| 08:36.37 | antiphase | Phwoar |
| 09:33.04 | *** join/#gllug issyl0 (n=isabell@wikimedia/Isabell121) |
| 09:34.33 | issyl0 | Hi there. |
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| 10:10.21 | z00dax | hello |
| 10:10.28 | z00dax | welcome to another week |
| 10:10.37 | wethrin | boo at another week |
| 10:10.42 | yaMatt | thank you z00dax |
| 10:10.55 | yaMatt | before now i was feeling distinctly unwelcome to the week |
| 10:11.14 | yaMatt | especially since i had to get up at 3am to drive to gatwick |
| 10:11.24 | wethrin | eww |
| 10:11.33 | z00dax | ouch |
| 10:11.41 | Nafallo | hmm. anyone got any recommendation for good electricians? need someone to do a health check of some 32A feeds. |
| 10:12.08 | z00dax | I need to write a 5000 word article on the basics of i/o tuning, and need to do that in like 4 hrs |
| 10:12.50 | z00dax | wonders if procrastinating for the first hour would be a good way to start things off |
| 10:13.00 | yaMatt | how much have you done so far z00dax? |
| 10:13.28 | z00dax | yaMatt: 4 words 'the basics: i/o tuning' |
| 10:13.56 | yaMatt | youre half way there! |
| 10:14.43 | z00dax | give or take 4990 words |
| 10:15.08 | z00dax | takes an icecream break |
| 10:15.13 | wethrin | z00dax: Procrastinating is *always* a good way of starting things off |
| 10:15.38 | wethrin | Section it down |
| 10:15.44 | wethrin | 1. Why do I/O tuning? |
| 10:16.08 | wethrin | 2. How does it work? |
| 10:16.15 | wethrin | 3. How do you actually do it? |
| 10:18.10 | yaMatt | tuning fork? |
| 10:19.24 | yaMatt | breakfast time |
| 10:19.42 | yaMatt | im thinking toast with scrambled egg, bacon, and sausages topped with cheese |
| 10:19.53 | yaMatt | and after that i believe my heart will stop |
| 10:22.11 | wethrin | mmm, bacon |
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| 12:19.20 | dick_turpin | bilarh: Oi |
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| 12:41.17 | bilarh | oi indeed |
| 12:42.08 | ChoHag | My wife has decided to watch some harry potter tripe. |
| 12:42.14 | dick_turpin | So I see in the news something that will make you smile Nationwide offering 120% mortgages |
| 12:42.30 | bilarh | only if you're in negative equity |
| 12:42.36 | ChoHag | Now I'm going to be unable to concentrate but unwilling to pay the film any attention. |
| 12:42.38 | bilarh | i liked the bbc's take on it |
| 12:42.39 | dick_turpin | bilarh: So they say |
| 12:42.48 | bilarh | "for borrowers trying to escape negative equity" |
| 12:43.06 | bilarh | obviously, the solution is to give the borrowers a loan that will instantly place them in negative equity by definition :D |
| 12:43.13 | bilarh | gotta love the bbc |
| 12:43.26 | ChoHag | "Don't put away your wand, Harry, they might come back." |
| 12:43.35 | bilarh | anyway, house prices are only going one way - down |
| 12:43.41 | bilarh | (from here on) |
| 12:44.01 | antiphase | Do you know something we don't? |
| 12:44.04 | dick_turpin | bilarh: So thats now double negative equity |
| 12:44.31 | bilarh | dick_turpin: i think it's to enable you to move, not to increase your mortgage, really |
| 12:44.54 | bilarh | antiphase: as far as i can tell, etc etc |
| 12:45.00 | dick_turpin | bilarh: Which means the banker will get a bonus for creating an increase |
| 12:46.43 | bilarh | of course, that's the way it works :) |
| 12:50.19 | dick_turpin | bilarh: So let me get this straight, your house is worth bugger all you already have a large debt with no equity to cover that debt so the bank will put you even further in debt with only the insolvency court to cover your bum and nothing for the bank either |
| 12:50.57 | bilarh | the bank gets bailed out by the tax payer |
| 12:50.58 | antiphase | You already borrowed the same amount of money; it's just more than 100% of the current market value of the house you're in |
| 12:51.15 | bilarh | it's only to move house |
| 12:51.19 | bilarh | not to increase your current debt |
| 12:51.39 | bilarh | if you're in negative equity, the bank can refuse to let you sell your current home to move to anohter one |
| 12:51.56 | bilarh | as the mortgage is secured on the property,which you'd no longer own if you were to sell it |
| 12:54.32 | dick_turpin | Its still rubbish and another example of banks pushing you to take on more debt when you cant afford the debt you've already got. House hopping is just stupid people do it because they've been brain washed into thinking they have to every 3 or 4 years |
| 12:55.33 | dick_turpin | I bet if most took a step back and really thought about it they'd think "actually do we need that 5 bed roomed house?" |
| 12:55.38 | bilarh | the banks are not pushing anything at all |
| 12:55.48 | antiphase | You're not taking on more debt though; you're just borrowing more than the value of the house you want to move to in order to absorb the depreciation on your previous place |
| 12:55.51 | bilarh | it's people overstretching, don't blame the banks |
| 12:56.15 | dick_turpin | antiphase: yeah your right |
| 12:56.36 | dick_turpin | bilarh: But I do they they shouldn't offer it in the first place |
| 12:56.53 | antiphase | It still sucks that people get fucked, but if you need somewhere to live and you can afford the repayments, you have to eat the shit |
| 12:57.37 | dick_turpin | bilarh: I have no sympathy for banks, they offer you stuff you cant afford then bitch when you cant pay it |
| 12:57.58 | bilarh | dick_turpin: nobody forced the borrowers to borrow the money |
| 12:58.43 | dick_turpin | bilarh: Yes they did, society, tv etc etc did banks jump in and give you the means for it |
| 12:59.01 | antiphase | Capitalist pigs! |
| 12:59.09 | dick_turpin | antiphase: lol |
| 12:59.13 | bilarh | i used to be in loads of debt, due to various circumstances |
| 12:59.24 | bilarh | such as "needing" to buy an expensive car because all my friends had one etc |
| 12:59.37 | bilarh | and then "needing" another car etc |
| 12:59.38 | antiphase | Willpower fail |
| 12:59.50 | bilarh | the fact that i was in debt was *my* fault |
| 12:59.54 | bilarh | not that of my peers |
| 13:00.12 | dick_turpin | bilarh: Sort of, stuff like "Why cant we have, why cant we go, other people can" |
| 13:00.45 | bilarh | yes, but it's surely up the individual to take out a debt for something |
| 13:00.52 | bilarh | it was my decision in the end to buy the cars |
| 13:01.15 | bilarh | if i had lost my job at the time, i would have been utterly fscked |
| 13:01.27 | bilarh | but it wouldnt' have been subaru's fault |
| 13:01.35 | bilarh | because *I* signed the dotted line |
| 13:01.39 | ChoHag | "And then everything went cold as if the happiness had gone from the world" |
| 13:01.47 | ChoHag | What kind of writing is that? |
| 13:02.15 | dick_turpin | bilarh: Yes it would it shouldn't have offered you a good time. If it hadn't you wouldn't have bought it |
| 13:03.20 | bilarh | i think we'll have to agree to disagree on this one |
| 13:04.23 | dick_turpin | bilarh: Actually I do agree with you, if you sign yet cant afford it yes its your fault however you should never have been allowed to sign in the first place thats all I'm saying |
| 13:04.44 | bilarh | hmm, i can sort of see your point |
| 13:05.07 | bilarh | but then that's going down even more "government control" than there already is |
| 13:05.18 | bilarh | and that, on the whole, i don't like :) |
| 13:05.22 | bilarh | so... nerr :P |
| 13:05.34 | dick_turpin | bilarh: So it stands that given half the chance a high proportion will sign, get the money and say "Stuff em" |
| 13:05.34 | bilarh | sticks his fingers in his ears |
| 13:05.54 | bilarh | what pisses me off is that the tax payer has to bail out the banks |
| 13:06.19 | bilarh | see, without stupid governnment intervention, the banks that made bad loans would have gone to the wall |
| 13:06.22 | antiphase | You'd prefer the entire country to fail and turn into a rioting free-for-all where your family get robbed and raped at night |
| 13:06.29 | bilarh | the ones who didn't would have been stronger for it |
| 13:06.50 | dick_turpin | bilarh: Well its their own fault for taking bankers money for their election campaigns, and we all know it goes on |
| 13:06.53 | bilarh | antiphase: why should failure be rewarded? |
| 13:07.03 | bilarh | antiphase: fine, guarantee deposits, but let the banks fail |
| 13:07.17 | antiphase | It shouldn't, but there was little choice when the largest lenders in the country are about to fail and take the rest with them |
| 13:07.34 | antiphase | Since they're not independent |
| 13:07.49 | bilarh | as it is now, the banks who didn't make risky loans made less "profit' in the good times, and now they're being penalised *again* by not getting any tax payer money when the competition is |
| 13:08.22 | bilarh | antiphase: well if the biggest lenders failed, there'd be a good opportunity for the survivors to grow into that area |
| 13:08.22 | antiphase | It's not just a free giveaway |
| 13:08.24 | bilarh | or even new players |
| 13:08.37 | antiphase | Where would the money come from? |
| 13:09.01 | bilarh | where does it come from now? it's almost all money created from thin air via fractional reserve banking anywya |
| 13:09.19 | bilarh | it only exists as a number of bits on a hard drive somewhere |
| 13:09.29 | antiphase | The reserves still have to be there though |
| 13:09.40 | bilarh | yeah about 1% or thereabouts |
| 13:09.55 | antiphase | If Joe Bloggs sets up a mortgage company with 100 quid in the bank, he can lend 10000 then |
| 13:10.24 | antiphase | Once all the lenders have folded, no-one can lend apart from the Government by borrowing from abroad |
| 13:10.40 | antiphase | Then we turn into the new Africa |
| 13:10.52 | Nafallo | Africa \o/ |
| 13:11.09 | Nafallo | goes to look for lions on the tube |
| 13:11.12 | bilarh | but with shit weather :) |
| 13:11.14 | dick_turpin | President for life dick_turpin |
| 13:11.22 | z00dax | The land of opportunity, free markets, a proper democracy and abundant natural reserves ? |
| 13:12.20 | bilarh | http://en.wikipedia.org/wiki/Reserve_requirement |
| 13:12.26 | bilarh | the uk has no reserve ratio requirement |
| 13:12.38 | bilarh | and a cash reserve requirement of 3.1% |
| 13:12.58 | z00dax | so where does the other 96 odd % come from ? |
| 13:13.00 | antiphase | aka a fuck load of readies |
| 13:13.09 | bilarh | z00dax: it's issued as debt |
| 13:13.20 | bilarh | or rather, the money is issued, and then debt is linked to it |
| 13:13.20 | z00dax | bilarh: ah., but against whom ? |
| 13:13.32 | bilarh | the borrower, who else? :) |
| 13:13.32 | z00dax | ouch, almost unlimited tender |
| 13:13.40 | bilarh | the debt has to be repaid with interest |
| 13:13.56 | z00dax | 'has to be' is interesting :) |
| 13:14.11 | bilarh | which means that money supply *must* keep growing, otherwise someone will have to default |
| 13:15.19 | antiphase | Or your lender makes money to cover the losses through other business |
| 13:15.32 | bilarh | which increases the money supply on that side instead |
| 13:19.10 | dick_turpin | We should go back to the days of no credit cards and a proper bank manager "Ah bilarh could you pop in this week to discuss your account we have some concerns" |
| 13:19.50 | bilarh | bring it on :D |
| 13:21.44 | dick_turpin | bilarh: "You seem to have some large outgoings for a car? Perhaps we can give you a loan, Ooh and insurance O and health cover, fuel card? What about breakdown we do that too" |
| 13:22.34 | bilarh | No thank you, mr bank manager |
| 13:22.39 | bilarh | see how easy that was :) |
| 13:23.08 | bilarh | if you get bored of the simple "no thank you", you can spice it up like "no thank you, you sodding profit grabbing parasite" |
| 13:23.11 | bilarh | etc :) |
| 13:23.48 | bilarh-wife | Oi when are you taking me to see my mum, the front room needs decorating. We need a new washing machine |
| 13:24.45 | bilarh | sod off :P |
| 13:25.02 | bilarh | can't you see i'm busy taking the saab cylinder head apart? |
| 13:25.11 | bilarh-wife | bilarh The TV is on the blink, why don't you earn enough |
| 13:25.37 | bilarh | what does that even mean? :) |
| 13:26.01 | antiphase | It means you're a pathetic excuse for a man and she'll be shagging someone else behind your back |
| 13:26.07 | bilarh-wife | Other wive get to have their hair done every month, what kind of husband are you |
| 13:26.17 | bilarh-wife | antiphase: rotflmao |
| 13:26.32 | bilarh | someone hand me a noose |
| 13:27.04 | bilarh-wife | antiphase: Now thats funny |
| 13:27.26 | bilarh-wife | I'm off to shag bilarh's brother |
| 13:27.34 | bilarh | wtf he's only 17 :) |
| 13:27.43 | bilarh | you sick pervert |
| 13:27.58 | bilarh-wife | bilarh He's got more going for him than you you skin flint |
| 13:29.04 | bilarh-wife | Course if I had a new cooker well maybe I'd be happy |
| 13:29.27 | bilarh | ah the old black mail :) |
| 13:29.41 | bilarh-wife | Curry's are doing a good deal buy now pay when the aliens land |
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| 16:27.33 | wethrin | ROAR |
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