Sunday, Sep 21, 2008
They may have "known" of it, but it was too convenient for them to do anything about it
BBC News: Ministers knew of housing bubble
The government knew there was a "bubble" in house prices but was not tempted to take control of interest rates, the City minister has said. Kitty Ussher said the Bank of England had thought it appropriate to keep interest rates low. And she rejected calls by Labour MP Jon Cruddas for a rethink of the way rates are set following recent turmoil.
Posted by wanderinman @ 07:15 PM (505 views) Add Comment
4 Comments
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1. brian t said...
Hardly surprising: MPs and Ministers need places to live, but don't make nearly as much p.a. as City bankers did...
2. paul said...
Corruption of the worst kind - riding roughshod over the economic wellbeing of the many to the benefit of the few.
"But she stressed that the Bank of England was right to focus on keeping inflation down in the medium term"
WEEEEEOOOOOOOOOOOOOP!
Oooh and she's said the 'I' word, which is the wrong answer, because the government themselves excluded housing from the inflation statistics! A sterling example of wrongheaded doublespeak and as much as we've come to expect from the incompetent ruling rabble.
3. amjidk said...
so they knew all along (like many of us) that the housing market was overheating, and did nothing!! what a bunch of tw*ts
4. paul said...
You might notice that this story has now been buried on the BBC news site, replaced by excited blatherings about Darling's "new pledge" to do something about the economy.
Funny, the BBC has grown a habit of publishing bad news on Sundays.