DaviNomics: The verdict on Brown

Interesting street fight is taking place in one of David Smith's blogs. The topic is "great achievements by Gordon" but the discussion quickly moves to BoE, MPC and house prices. This is proof, IMHO, that the market is becoming indefensible, and that even David has to keep saying to himself in the mirror that all is ok. David shows some figures of mortgage approvals that clearly show that the market was going south before the rate cut of August 2005, but the problem was not so much the 0.25% cut, but the fact that the IR was kept at the low level for the 12 previous months. However, read for yourself and post comments if you wish....