Wednesday, Nov 26, 2008
The Guardian's view: let the housing bubble deflate in an orderly fashion
The Guardian: Editorial - Locked Out
"This financial crisis began with housing, .. any hope of its ending must lie with housing"
"Politicians have spent the past couple of days arguing over the government's £21bn boost to the economy. That is a big number, dwarfed by what is going on in the mortgage market... last year's net total of £108bn of new home loans has shrunk to around £40bn this year and could fall below zero next year... a hundred-billion-pound business will shrink to nearly nothing"
"The .. priority must be to allow the property bubble to deflate in as orderly a fashion as possible ... over the longer term, house prices must come down and orgiastic lending and wild property speculation must be curbed."
"To turn property into a private asset is to court bubbles, buy-to-let madness and supply problems"
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