Sunday, Jul 20, 2008
Treasure ex HBOS chief executive, to publish an assessment of the situation this week. Oh what an expert!
Times: Housing market action held back to autumn
Don't panic, don't panic - I know what I am doing. Just look at my former company HBOS!!!!!!!!! THE Treasury is ready to come forward with a package of measures to stabilise the housing market, but no action is expected until the autumn. A Treasury-commissioned report by Sir James Crosby, the former HBOS chief executive, is set to be published this week but officials have indicated that it will be only an assessment of the situation. Treasury officials have indicated their willingness to consider a range of options to deal with the crisis, including a stamp-duty holiday and action to help kickstart the market in new mortgage-backed securities. Stamp duty is always a factor when people buy houses. Have they been taking advice from that silly girl?
7 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. Stevo said...
I think the housing market and the credit crises should be left to ride its own course now. to mutch water has gone under the bridge, economic fundamentals, is the only way out of this mess, the goverment ,and other interested parties, are acting like, hitler and his cronies, in the last days of the war, running round like headless chikens,in the bunker.They encouraged this credit party like the yanks,did,look if you give, a load of thick people cheap booze they soon start doing stupid things, and its the same when you give them, a load of easy money?, so lets just sit back and watch the dummies who drank to mutch at the credit party have there hangovers
2. letthemfall said...
The Govt loves its hoary old metaphors. In this case the motorbike one is apt, although not in the way they use it. No kickstarting is needed. The motorbike was ridden recklessly at high speed without a crash helmet; now that it is crashing, bits flying everywhere, there is no point attempting to put the rider back on: it takes time to repair a wreck. As for the CML - I don't think it is too strong to say they sound like a bunch of fools.
3. denzil said...
A stamp duty holiday! Oh that's really fair isn't it, especially on the people that are buying now who would be have to pay stamp duty.
4. plato said...
How about a Buying a Property Holiday, say for about 18 months. That should do the trick.
5. inbreda said...
Talk of a stamp duty holiday will put off people who were considering buying, which will make prices drop, which will make those people who held off buying until the stamp duty holiday comes into effect think twice about buying at all. Which will lead to further falls. Which will make it very very hard indeed for the government to re-instate stamp duty. In fact, if people know that stamp duty is going to be reintroduced, and that it will make the market stall again, and prices drop - why would they buy now?
This is brilliant news for us. The less meddling the government did in years gone by, the bigger the bubble became. The more meddling they do now, the harder and faster the bubble will pop.
6. paul said...
This is incompetence exemplified!
As inbreda points out, this will be just like the FSA's hastily rushed in "initiative" to prevent short trading of banking shares. Because the market is scharacterized by imperfect information, the net effect was to make the bets open, so even more brokers piled in to place bets on banking shares falling, thus having completely the opposite of the intended effect.
You really do have to wonder when over a few bottles of £300 quid wine after a Treasury lunch (courtesy of the taxpayer) at some west end restaurant, these people come up with these ideas and the people with them actually take them seriously. Well, they can go ahead and try it, but no sensible buyer will wade in right now, so as inbreda says, this will drive the market lower, more quickly.
Idiots. Staggering.
7. paul said...
I notice David Smith has deleted all of the comments too! How funny.