1. Dissavowed said...

Brown told us that he had to cut interest rates and devalue the pound by 30percent, and then devalue it some more by QE, so that the people with big mortgages would carry on spending.

Yet when given the option of frivolous spending on the latest Louis Vitton accessory, or paying off a large slice of your mortgage, when staring down the barrel of the worst recession in history, obviously they were always going to take the option of paying off the mortgage.

We, the potential FTBers, all knew that the real reason Brown stole money from the savers, and the pensioners, and the renters, was, in the hope that these people paying one pence per month, to stay in their 500k 2 bed terraces, would believe that he, Brown, had done them a favour.

So when he calls a general election, Brown believes this demographic will vote for him.

After all, they were suckered into buying at peak. Surely they could be suckered by Browns mortgage holiday too?

So Brown is stealing money from the prudent savers, to give it to the people who borrowed too much to buy a house.

The problem is that, many savers, priced out for a decade have also recently lost their jobs. And they have to find their own rent, which, unlike the people on mortgage holidays, will cost hundreds and hundreds of pounds per month. Yet Brown is still stealing money from these very people with meagre savings, not yet on the ladder, and pensioners, to give to the people on Browns Evil mortgage holidays.

Thats New Labour for you.

Brown does not care a jot about the people he steals the money from. He just shuffles the financial deck, making sure he does anything possible to remain in power.


But when the holiday ends, chances are these people, if they could not pay their mortgage 12 months ago, will not be able to in 12 months time.

So Whats next?
How will Brown cure that one?

Will he get sick of his own complicated trickery, and just freeze everyones bank accounts, and then unaccountably, take whatever he wants, from whomever he wants?

Of course hes already stealing the money. But at least if he said he was stealing it, you could at least respect his honesty?

Thats the New Labour way.

But All hes really doing is prolonging the pain.

Brown does not have any solutions.

So what if banks start lending again? What FTB in his right mind will buy a small 2bed bungalow presently priced at 240k, when it was sold for 75k in 2000? You could halve that overinflated price tag to 120k, and that would still be a 45k increase over 7 years. I.E. It would still be MASSIVELY overpriced.
No FTB would touch it.
Prices have fallen 20percent nationwide, but every sensible, honest, non vested interest report tells us they have a HUGE way to drop yet.
The most recent ones In all the daily newspapers, state that houses are still 140percent overpriced when compared against historic levels.

So keep digging yourself a hole Mr Brown.

I wont be buying until they reach 2000 prices. Down from 240k, back to 75k. Most FTB i know feel the same way.
Some say they wont be buying until they overshoot and reach 1996 prices!
We have had ten years to educate ourselves.

I know people who were suckered by Estate Agents. Told, noooooo, prices will never drop! And its criminal that within a few years, they will be paying mortgages that will have lost over half their value. But do not expect any accountability under Labour. They have disenfranchised generations, and except for a lucky few, who, by fluke more than good management, have made it through unscathed, it would have been better for the rest of us, if Blair and Brown had never been born.

Brown has done everything he can, and he has done absolutely nothing. Except offer a stay of execution.