Tuesday, Feb 02, 2010
Leopard's spots
Times Online: Warning of new housing crash because FSA's reform plan is too weak
The only reforms I've seen from the FSA have been to prop up prices rather than restructure the provision of mortgages to make it less risk-prone. Yet again, the FSA is out on a long lunch on this one.
Posted by paul @ 08:10 AM (763 views) Add Comment
3 Comments
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1. Neil B said...
Why 'second' housing crash? We havent had the first one yet.
2. mark wadsworth said...
More classic Home-Owner-Ism.
For "the new regulatory structures proposed by the FSA are unlikely to prove robust in future housing crises" read "the new regulatory structures proposed by the FSA are unlikely to be able to maintain the house price bubble".
Like I'm saying, we are well beyond the point of complete and utter madness - nothing matters any more - not exchange rates, unemployment, inflation, public or private sector debt & deficits, the tax burden, returns to savers, economic growth, nothing at all except House Prices (see also the thread yesterday on David Willetts' book).
3. mander said...
Mark,
You've just given the best definition for the current situation:
"Like I'm saying, we are well beyond the point of complete and utter madness - nothing matters any more - not exchange rates, unemployment, inflation, public or private sector debt & deficits, the tax burden, returns to savers, economic growth, nothing at all except House Prices"
A country's economy is not all about housing.