Wednesday, Mar 21, 2007
Front page
Daily Express: COST OF HOME LOANS TO SOAR
Its what we want to hear in the mainstream press. Mentions Eddie Georges statement from yesterday, although in diluted form. They will still keep buying houses though, warnings appear to do nothing even if they are explicit. People are stupid and greedy and they need to be forced to stop paying monopoly money for property. It will go on unless a stinging 0.5% rise is factored in.
Posted by geed @ 10:19 AM (168 views) Add Comment
5 Comments
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1. geed said...
Just posted this complaint on the BBC website
"Why did the BBC choose to ignore the alarming comments made by former Bank of England chairman Eddie George yesterday?
(http://news.sky.com/skynews/article/0,,30400-1256664,00.html/)
- But appear to have pounced on the fact that the BoE committee chose to keep interest rates at 5.25% with a majority vote of 8-1. Essentially Eddie George has explained how the BoE have manipulated interest rates over the last 10 years to encourage people to take on debt thereby boosting spending, creating a huge housing bubble and delaying a recession.
I do wonder sometimes if the BBC is truly independent or are the BBC directors worried about their Buy To Let portfolios?"
2. waitingfor hpc said...
he says the crash has not happened yet... but in the article explains why not? how daft, if we had the recession in 2003 house prices would have crashed!
the guy is a very clever liar, trying to manipulate events
3. Shipbuilder said...
The comments at the end of this article are very revealing - 1st bloke homed straight in on Eddie George's comments and the 2nd claims her neighbour's home has been on sale for 2 years. Sentiment is turning - as the mainstream media report more of this stuff, people are beginning to register the yawning gap between their own reality and the low inflation/booming housing market/economy lies that are being spouted. Another big headline intrest rate rise should seal the deal.
4. Wyldman100 said...
I fear this is one of the headlines that will just encourage more idiots to spend whatever it costs to get on the property ladder before the "costs of home loans soar"
5. japanese uncle said...
This whole story reminds me of the nastry child hunter in the film "Chitty chitty bang bang". He yells "Children! Sweets for free today!" Then after the sweet but stupid kids climbed onto the sweets wagon, suddenly it will turn into a cage and now they are trapped and doomed.
"Mortgage is cheap, now. And the house price will be running away. It's now or never, Why don't you jump on the wagon" says banks and BSs.
Then after the honest but stupid()FTBs), and the vicious and stupid (BTLers) climbed on the wagon, suddenly IR goes up and their mortgage repayments skyrocket! Now they are trapped in the properties whose value is falling like a stone, but there is nothing they can do about it. They are doomed. I am afraind no flying car will come to their rescure this time.