Saturday, Aug 08, 2009
Media tells the truth for once
Sunday Herald: The house always wins, but not always the one we are living in
HOUSE PRICES bounce back! The Daily Mail became an even greater parody of itself last week as it proclaimed the return of the housing boom and celebrated the end of the recession. The City of London has decided that the good times are here again, and a government desperate for good news is echoing its triumphalism. Well, I hate to be a moaning minnie, but the recession is most definitely not over, and we'll be living with the consequences for many years, as unemployment mounts and public spending is axed. All that has happened is that the banking crisis has been resolved by the input of hundreds of billions of pounds of public money. If you throw £1.2 trillion at any economy and start printing money by the tens of billions, something has to give.
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