Saturday, Mar 15, 2008
Bush says accept house price crash
Yahoo Biz: Avoid Overcorrecting Economy, Bush Warns
"Many young couples trying to buy their first home have been priced out of the market because of inflated prices," the president said. "The market now is in the process of correcting itself, and delaying that correction would only prolong the problem."
Posted by happyrenterz @ 07:31 PM (700 views) Add Comment
10 Comments
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1. Ilejustwait said...
at this present moment i would rather have £100.000 in cash than a house i paid £100.000 thats for sure !!!!!
2. Bearfacts said...
Who'd have thought that George W would be one of the very few, if any, politicians to realise and say the painful for some but bleedin obvious truth that the market needs to be allowed to correct. And who'd of thought he'd be thinking of first time buyers instead of looking out for his super-rich buddies - will wonders never cease - George W I salute you.
3. iguana said...
It is a reasonable assumption that Dubbya has no idea how to correct the 'problem', except that he intends to sit at the wheel of a crashing car staring at the horizon. (give up?)
The concept that the presidency can dissociate itself from capitol hill on the basis that they have ideas is in itself disturbing, or is it in reality that capitol hill have already occupied the driving seat of the crashing car, staring at the horizon, and they have merely offered Dubbya a front seat to watch the action?
Is this surreal or just dada.
4. harold said...
Thanks for letting us know George. Super, that's really great - well done.
5. planning4acrash said...
Could we see a dollar revival?
6. japanese uncle said...
The man just pronouced as he was instructed by the voice from his device hidden in his back. Nonsense..
7. alan said...
Dubya was primed for this one - like a puppet.
Too serious and the voters will panic. - Too casual and the voters think he's missed the bus.
As he said, he has handed the task to professionals and these people are dealing with unusual problems. Well, he can say that again!
The interesting part is that the man in the street is now an expert on SIVs, CDOs and swaps. There is less chance that the mess can be hidden. As it comes to light, the voters realise they've been suckered.
8. stillthinking said...
Maybe you are being unfair about our betters. Wealthy is relative. Who wants to be rich in Zimbabwe? Nobody. Perhaps they are reacting to events and realise that things have gone too far now and there is no bail out.
Far better to be wealthy when even the peasants themselves are well off.
9. it_is_going_with_a_bang said...
Whilst I admire anyone who freely admits the truth at their own expense. He was only part way there on this one. I can't help but feel that he is saying this because he knows the game is up and he's played all his cards.
What he should have gone on to say is that the current house price levels were unrealistically achieved through fraud and mis-guided expectations.
Gordon once said he would never again allow house prices to get out of control and threaten the stability of the economy. What a load of tosh that turned out to be.
The US is no different.
I would be surprised if Gordon went as far as to say this stuff though. At least George can blame others whereas Gordon only has himself to blame!
10. Last_days_of_disco said...
@ it_is_going_with_a_bang
I think we should give George Bush a little more credit. He isn't trying to fool everyone into thinking everything is Rosy.
I don't buy this idea that Bush is a complete idiot and a puppet. He beat first McCain and then Al Gore (however he did it, its politics for goodness sake)
first time round and he managed to stay on the job.
People forget when he came to power the all singing all dancing Bill Clinton which all liberals worship and adore had just produced the dot com crash, so that
crew doesn't have the answers either.
If you look at the things Gordon says, he is still in cloud cuckoo land in comparison. It all probably reflects the fact that the US is leading the trend. Things are bad in America and getting worse and the Americans can see it. In the UK we are still floating along like nothing happened.