Friday, Jul 06, 2007
Think Blair, think Iraq, lies, corruption and now debt
Telegraph: Blair's legacy is a nation engulfed by debt
Watching many British consumers en route to a debt crisis has been like observing drivers of cars with faulty brakes, heading confidently towards the edge of a cliff. When alerted to looming disaster, these debtors and motorists kept giving the same reply: "Relax, everything's in control." Then, whooosh!
Posted by uncle chris @ 08:57 PM (123 views) Add Comment
6 Comments
- If you do not have an admin password leave the password field blank.
- If you would like to request a password allowing you to add comments and blog news articles without needing each one approved manually, send an e-mail to the webmaster.
- Your email address is required so we can verify that the comment is genuine. It will not be posted anywhere on the site, will be stored confidentially by us and never given out to any third party.
- Please note that any viewpoints published here as comments are user's views and not the views of HousePriceCrash.co.uk.
- Please adhere to the Guidelines
1. paul said...
"Unfortunately, too few consumers wanted to listen. Those of us who predicted a crash landing were dismissed as Cassandras. We didn't understand the new paradigm. Debt was cool, a financial fashion item. Saving was for wimps. Only fuddy-duddies and stick-in-the-muds didn't have debt."
In a nutshell.
"The outlook is darkening. While some economists believe British rates have peaked, London's financial markets are pricing money two years hence at 6.3 per cent. That is the rate expected by the forces of supply and demand, which, I'm afraid to say, have a habit of being right far more often than City pundits."
Yes, that's also true. When billions of corporate and personal wealth are tied up in the equation, they tend to get it right more often than wrong. That's what hiring good analysts gets you (which the Bank of England don't have).
2. Alan said...
Why does everyone want to spend money at the same rate as footballer's WAGs? If they were happier as result, I could understand.
I've spent time in refugee camps where people are genuinely happy - spending beyond your means won't make you happy! It's like a virus, and the cure is painful....!
3. deepak said...
I have another view. If someone asks you to jump into a well, Would you?
If someone ask you to walk into fire, Would you?
Don't blame others if you wanted to be fooled or wanted to live in the mood that everything was good. Buy now pay later.
Time to blame yourself than blame others
4. Orwell said...
I liked this article when I read it too. The Editorial is also fairly indicting as well.
5. stillthinking said...
In any case, most people in the UK cannot afford to own any property at all.
Posted by Andrew ***** on July 6, 2007 2:35 PM
From the article.
If this is true, then I am genuinely not staying here. I am in the most category. It has the sickening sound of truth. Back to 1910 social division under Labour. What bad timing.
Has anybody noticed that Blair and also Branson's grimace has turned most evil with age, like Bilbo's comment about butter being spread too thin but without starting with a nice personality.
6. semi-detached-from-reality said...
Blair and Branson must both have portraits in the attic.
People with insight see the portrait.
Dorian Blair. Ughh