Friday, Feb 12, 2010
The booming recession
This is London: Don't get smug - house prices may yet go into freefall
It really has been a weird old downturn. To anyone who can remember the Eighties, there is something extremely strange about the recession we have — we hope — just finished living through. In the Eighties, you couldn't escape the signs of what was happening. The downturn was harsh, and it was everywhere: the defining image of the times was a dole queue. This time, a person who lives in certain London postcodes, and who occasionally looks away when walking past a boarded-up shop front, could have been forgiven for missing it — which is amazing, given that this was both the sharpest and the longest recession since the Thirties. In London, the clearest evidence of the strangeness has been in the property market.
Posted by quiet guy @ 11:32 AM (1033 views) Add Comment
4 Comments
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1. Loneranger said...
Brilliant post quiet guy. Pretty much affirms what most have been saying on this site, sentiment plays a massive part in this game and as the writer suggests, we are probably one peice of bad news away from the tipping point in this. Perhaps the repercusions of the Greece bail out? The imminent sterling crisis? Inflation spiking? Interest rates rising? Shares tumbling once again?
All: Please feel free to add to the list above
2. Pedro said...
The big difference of course being that unlike the late eighties when the full consequences of the recession where allowed to take their toll on the economy, this time the full consequences have been deferred by an aggressive co-ordinated loose monetary policy, state bailouts, Q.E. etc etc in the hope that somehow, someway we will have a return to growth which will enable all the time bombs in the closet to be quietly dismantled without anybody noticing. However, deferment is all that has been achieved and the bombs are still ticking.
The only question is how soon they go off and if they all go together i.e the eighties mark 2 or Japanese style schlerotis for the next 2 decades.
3. rumble said...
Increasing police activity in the name of anti-terrorism and political correctness.
They've become like a close talker, or excessive toucher...
Er, would you mind just backing off a bit!?
4. smugdog said...
I'm past being smug, there’s something in the air!