Sunday, Jan 11, 2009
More "Rocky Mountain Oysters" From Mr Smith
Times Online: What do certain house-price figures tell us?
What does history tell us? Principally, that there tends to be one really bad year for prices, followed by lesser declines. So maybe we have already seen the biggest annual falls in this cycle.
Posted by wdbeast @ 10:36 AM (873 views) Add Comment
8 Comments
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1. crunchy said...
Shut up! You lightweight propagandist.
2. sold out said...
does anyone remember his "Skip index"?
He reckoned that he could judge how well the UK economy (Miracle economy based on never ending rise in house prices) was doing based on how many Skips where in his street.
The only Skips we are seeing now are parked in the high street as the UK retail sector crumbles.
3. Eternal Sceptic said...
I would have thought that history tells us that we are in totally uncharted waters, and the crocodiles are hungry, the whirlpools are waiting, and the hidden rocks are rather jagged. The rate and extent of the fall in house prices is anybodies guess, but I would suggest we ain't seen nothing yet.
4. denzil said...
Ah, the visionary Smith! What Smith has been bleating on about is that he was "right" and there would be no house price falls without a recession. What he fails to see, was that it was the other way around. The enormous bubble burst and those magic cash machines in every homehomers back garden simple vanished. Brown's ecomony has also been built on debt and those supplying that debt in the financial sector. Recession as sure as day follows night, followed.
5. Britishblue said...
In a funny way Smith maybe right when he states there is one really bad year. That year could be 2009.
2008 may be a light weight year! On average house prices are now dropping at over 2% a month. We are really just at the start of the impact of the recession. So in 2009, not 2008 we could have a clear year where every month house prices drop. Remember, the Halifax figures for December had a 1 1/4% seasonal weighting in them, so the real drop in prices in December was closer to 3 3/4%.
6. paul said...
Noshbag Smith has - I notice - gone from denial, straight to despair. His grasp of cause and effect reasoning and GCSE economics is breathtakingly small which may well have contributed to his current whingey state.
I seriously wonder why on earth he's still employed by any self-respecting newspaper to comment on anything other than the nosebleedingly obvious that not even a monkey could get wrong. It's the only way to make him look credible.
7. Alan Lubin said...
What does history tell us?
According to Smith it told us that this time it is different.
8. crunchy said...
4. paul May I refer you to comment one. He is not the only man, or women.