Wednesday, Dec 19, 2007
Magiconomic days are over and blame game has begun
Telegraph: Magiconomic days are over and blame game has begun
Jeff Randall notes "The UK housing market is past its peak and heading south. House prices went up by about 150pc in 10 years, wages by a small fraction of that. An idiot in a hurry could see that the maths didn't work, yet experts kept insisting that demand would force prices ever higher."
Posted by becky @ 08:32 AM (618 views) Add Comment
6 Comments
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1. hpwatcher said...
Good article. At last, someone speaking the truth....well, as I see it anyway!
2. Letthemfall said...
Jeff Randall speaking something that is so obvious that all the VIs can't see it. Good stuff.
3. converted lurker said...
Randall is good, however, he is deeply aligned with the Tories and his paymasters the Barclay Bros. When he NuLab bashes ahead of the thrust of his article he's a bore, but when he's on form he's a cracking read IMHO.
4. Bobsto said...
Strangely the Telegraph was uncritical of Thatcher's "economic miracle" which was created in exactly the same way as Brown's, ie unregulated credit, consumer boom, house price boom, then bang pop etc.
Anyone who doubts this should read Will Hutton's early 90's book "The state we're in".
5. techieman said...
I like this comment from the peeps:
"Oh Jeff how old fashioned of you
Can't spend more than you earn - such a lack of imagination
Don't you know it’s different this time
Calm down, relax - remember Brown and Balls are in charge (Darling who?)
Don't panic - it's just £1,400bn of debt - have you forgotten about all that wealth in our houses that we are going to use for our pension, our holidays, the school fees, the new car, presents and parties
Did you not notice how we wisely invested all that extra housing equity in dodgy extensions, faux farmhouse kitchens, and bidets (whoops did we miss the roof, gutter, damp course, wiring, boiler, - oh well its only structural like this "crisis").
Never mind – if it gets sticky – we can pass the problems to the next sucker when we sell - and there always is a next sucker isn't that right (remember all those Buy-to-let people with their insatiable appetite and a willingness to buy high and rent cheap, so kind of them to subsidise the renting community with their mortgage payments)
Just don't get all “New-media” on me and disappoint at this late stage - so say after me "there always is a next sucker" – “Debt is an illusion – house prices are real” – “Gordon and Ed know best – even if Darling knows nothing” – “Hope will triumph over experience”."
6. Orwell said...
Converted Lurker...
Do you have a problem with the Tories then?