Wednesday, Apr 21, 2010
David Smith should try speaking with his colleagues at the Times occasionally.
Times: A powerful addiction
We have for too long been operating on a financial model which depended far too heavily on the trading of financial products in the City and the provision of ever-larger loans to already stretched borrowers to purchase property. Our private property-related debt in proportion to our GDP is now larger than that of any other major economy.
Posted by mr g @ 08:37 PM (1177 views) Add Comment
9 Comments
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1. greenshootsandleaves said...
Simply stunning. Is the editor's plane ashcloudbound?
2. chrisa said...
'This level of indebtedness is not sustainable and we will have to wean ourselves off the notion that we can, in the long term, prosper by trading property in a never-ending round of pass-the-parcel.'
Surely this should never have been printed? Someone admitting that almost the entire UK economy has been a giant ponzi type scheme based around ever inflating house prices to compensate for deliberately giving up manufacturing stuff! Much like the regulars on HPC have been saying for ages.
3. jack c said...
This is truly shocking, how could the Times ever come up with such an article ! - is this a secret ploy to fool HPC regulars into subscribing to their new site?
4. bidin'matime said...
Good to read some sense on the matter from The Times...
5. greenshootsandleaves said...
I don't know how many greenshoots articles (theirs, not mine) will be needed to make up for this clanger.
6. mark wadsworth said...
Good article. But to be fair, amid all the ramping, most newspapers occasionally run articles saying that the house price bubble is madness. Even the Daily Mailexpressgraph or the Evening Standard. And The Guardian runs a fair few articles saying it's perfectly normal.
7. jack c said...
I suspect Mark Atherton will be getting his P45 pronto for this outrageously accurate piece - he must have sneaked this one in on the night shift when the editor was asleep.
8. enuii said...
Apparently he has just sold to rent at a handsome profit and is keeping his eye open for a nice firesale bargain in the more leafy suburbs on Londinium.
9. doomwatch said...
Mark will be sadly missed after the tragic accident in Anne Ashworble's office.