Sunday, Aug 10, 2008
There is no plan for the housing market
Guardian: So what's the big idea, Chancellor?
Starts off talking about how bad the economy is but then quickly equates "economy" with "housing market". She throws around some rather fanciful ideas on what to do about the housing market (because something really "needs to be done") and then moves on.
Posted by paul @ 03:01 PM (1085 views) Add Comment
11 Comments
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1. Eternal Sceptic said...
Putting any sort of spin on the propellers of the economy will undoubtedly throw a bearing, and we all know the outcome of that when the great aeroplane of state is cruising at 30,000feet. Must be time to cut the waffle and create a carefully crafted game plan.
2. alan said...
The plan all along seems: do whatever you have to do to stay in power. Giving the population a better life is just smoke & mirrors.
"HSBC's Karen Ward says a raft of costly measures - which will eventually have to be paid for through taxation - could undermine investor confidence. 'At the end of the day, there's a consequence for the future. The real danger is that people look at the UK and start to question whether it's a good investment prospect: that's the real risk.'
I think this comment is a shot across the bows of the chancellor grabbing money from "windfall taxes". So, the only place left to grab cash from is our pensions..... MMmnn...desparate people do desparate things....!
3. Will said...
I know what we could do !
Bury our heads in the sand.
4. stillthinking said...
The only way the buffoons Brown and Darling could be in worse poop would be if anybody made the connection between the substantial lowering of capital gains tax while the whole country is guessing the top, thereby immediately flooding the market and causing a switch in price direction. B&D probably genuinely thought that they would be releasing more properties to a house crazy public, shame nobody else viewed it like that.
5. Whostolemyendowment said...
The housing market will fix itself, as prices drop to affordable and fundable levels......there will be pain for those that bought at the top. In the long run we will all be in more affordable housing...once it is realised once again that a house is a home not an investment!
6. icarus said...
Will @3. The govt could do a lot worse than bury its head in the sand. Why did the Great Depression last so long? Because the US government (i.e. key banks and the corporations they controlled) stepped in to try to ensure that corporations (i.e. big corporations) made cost plus a "fair" profit and eliminated "cutthroat" and "wasteful" competition, to institute price controls and to dream up boondoggles to absorb some of the unemployed. In other words, markets were unable to correct themselves.
7. paranoia blue said...
Icarus,
Never a truer word spoken! Please do not take any imminent flying lessons!!
We need your objective input!
Perhaps a truly relevant lesson – metaphorically – to clipping one’s wings!!
ATB
8. mytimeisnigh said...
We already have a huge budget deficit and people are taxed to the hilt. Tax cannot be cut as the revenue is desperately needed to prop up the welfare / public sector bubble, which employs thousands, some employees are useful and others not so. Huge profit margins have been created in the private sector when providing care services and Local Authorities struggle to manage large budgets in any efficient way. Inflation is rising so interest rates can't me slashed, so the consumer has to stop spending and this brings gloom to the high street and the dole queue grows. The government ministers have rendered themselves useless to fight this downturn in any effective way. In the same way as they did nothing to regulate the boom, they will have to watch the bust unfold and blow apart the proganda they have enjoyed peddling for so long. Housing is over priced and needs to come down, but why was it allowed to reach multilples of six or seven times people's salary in the first place, because it worked as smoke and mirrors for the financial illusion of perceived wealth. Guess what, Gordon Brown is not a financial genius and the New Labour Project did not find a third way. I always knew it would all end in tears, but for me they will be tears of joy.
9. nooneo said...
mytimeisnigh @ 8
Succintcy and accurately put ol' boy. There is absolutely nothing to add to your astute observations.
10. mytimeisnigh said...
Noone, thanks, but it's ol' girl.
11. nooneo said...
sorry ol' (you're probably not that old either) girl !