Saturday, Dec 20, 2008
Worth a look
BBC NEWS: Peston: The New Capitalism, Part 2
What do you lot think of this?
Posted by titaniccaptain @ 01:46 AM (553 views) Add Comment
7 Comments
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1. bidin'matime said...
I’ve started to wonder whether GB planned all of this all along – we now seem to have a situation in which the proletariat masses have enjoyed a higher standard of living than they could ever have hoped for without the housing bubble, with the bill being picked up by those with a bit of cash in the bank. Sounds like a socialist’s dream to me…
2. phdinbubbles said...
"At it's simplest level I'd put it like this. Before we got into this, there seemed to be an assumption that as a society we could get richer, wealthier, be better off by selling each other more and more expensive houses. Clearly you can't"
Terry Smith, Chief Executive, Tullet Prebon.
No sh!t.
An assumption by who? Whenever someone says we are all to blame or lumps the whole of society together for buying into the bubble ask yourself why they are doing it. They are almost certainly doing it because of their own culpability. And just what is this man pointing out exactly? - I remember ranting about the stupidity of what was going on in the housing market seven years ago - it was bleeding obvious then and it's just as bleeding obvious now. Surely this man doesn't take his bloated salary for pointing out the bleeding obvious?
3. plato said...
phd......"Surely this man doesn't take his bloated salary for pointing out the bleeding obvious?"
Oh yes he does! ..........and so do most of them,and it's always after the event........ and it's called news when there is nothing 'new' about it. This is a specialised characteristic of modern-day politics..........and they can't be wrong because it's happened........and it was never their fault because we are 'global'........ and we can all witness the smugness with which they surround themselves in this post event knowledge.
All made possible by the greed of human nature,so easily manipulated and profited from.
We are listening to these speeches now because there is a genuine concern that all that has happened is too obvious and will endanger their positions.......... and how right they are in actually using some forsight for once.
4. luckyjim said...
phd
The question is what do investors you do in a bubble? The dot com boom was clearly a bubble but I made a fair bit of money out of it. Likewise people made money out of the property bubble in the full knowledge that it was a bubble. You can't really blame them.
5. alan said...
"The thrifty and hard working are to be punished" says Vince.
And that sends what sort of message for the future....?
Robert Peston is supposed to be giving the masses "news". I worked this out three years ago. Well done Phd in Bubbles...you beat me!
6. phdinbubbles said...
@plato
Thanks for answering the ironic question.
It's just like old times.
Socrates
@luckyjim
Anyone that made money from the property bubble in the full knowledge that it was a bubble is not an investor - they are speculators. In the case of the property market, the most obvious example of an investor is someone that buys a home to live in with the intention of paying off the loan.
7. phdinbubbles said...
@alan
"I worked this out three years ago. Well done Phd in Bubbles...you beat me!"
I certainly didn't foresee the magnitude and duration of the utter madness seven years ago - but it was obvious that house prices were rocketing and that people were convinced they were richer because of it and therefore spending more money - a combination that obviously leads to disaster that I can remember ranting about at the time. I noticed it because I was a potential FTB with an eye on prices in my area - I had just started working, was paying off my debts and thinking about saving for a deposit for a house. By the time I was able to put down a deposit all I could afford was a shoe box. Perhaps I shouldn't have bothered with the deposit and taken out a 125% mortgage and I would have had loads of money to spend as well as a house!