Tuesday, Jul 06, 2010
The truth of the house prices mess
Guardian: Business News
The truth will out......."Private speculation in housing rather than public profligacy is real villain of Labour years".
What a mess, at least some people are okay, but god help their kids.
Funnily this article wasn't on the 'money' or 'property' pages in the Guardian, but then bank adverts for mortgage lending probably isn't a happy bed mate on the same page.
Posted by anonymhouse will @ 12:42 PM (1572 views) Add Comment
13 Comments
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1. hpwatcher said...
The real problem is artificially low interest rates & cheap money. Ought to be a law against it!
2. maddison said...
The fact that the rich got much richer with relatively low taxes and deregulation is to my mind the biggest betrayal by the Labour Govt! Company bosses wages increased significantly faster than the workers. Oh and lets not forget the senior managers in the public services.
3. 51ck-6-51x said...
"Ought to be a law against it!"
- just introduce competition: free banking. No law required here.
4. mr g said...
I don't believe a word of it, it's the Guardian!
5. clockslinger said...
Maddison, you are right. However, as previously argued by several posters on here last night, the failure of Nu Lab (impwio) was a failure to depart from the deregulated, "imaginary market" based paradigm forced on every sector of society by the Thatcher government and susequently.
6. braindeed said...
5. clockslinger said...
Maddison, you are right. However, as previously argued by several posters on here last night, the failure of Nu Lab (impwio) was a failure to depart from the deregulated, "imaginary market" based paradigm forced on every sector of society by the Thatcher government and subsequently.
Bullseye!!!.....and if any of the three Labour governments had deviated from making the sheeple 'richer', they would have been slaughtered by the RW press and dumped instantly
7. the number cruncher said...
5 & 6
Spot on! Well Said sirs, you really have got our screwed up political system sussed. Now how do we fix it?
Mr G -
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8. mr g said...
@clockslinger "(impwio)"
Que?
NC@7
That's too intellectual for my right wing way of thinking, please explain.
9. alan_540 said...
I disagree guys. Yes, the incoming Labour gov't had to appease the RW press and The City; they promised not to overspend and overtax like previous Labour gov'ts. But taxation as a proportion of GDP steadily increased during the Brown years to fund increased spending and the only reason they got away with it for so long was that the middle classes took the hit in extra taxation, and to keep them happy, house prices were allowed to steadily increase, thereby making them feel richer even though they were being taxed more - redistribution of wealth from the middle classes to the poorest in society. The extra government spending and bloating of the public sector (to hide increasing unemployment rates) and mortgage equity withdrawal (loose lending criteria) caused the economy to overheat and co-incided with a global credit crunch. Subsequent bailing out of the financial system has transferred the debt from the private sector to the public sector and to try and balance the gov't spending deficit the new administration is making cuts pretty much across the board. Brown's clever ploy was to get in bed with The City after he realised there was extra taxation to be exploited - hence his famous Mansion House speech lauding innovative banking practices - and the banking industry was happy to throw him a few quid to spend on pet schemes, because they were busy raking it in from a dodgy deregulated market. Never forget it was Brown who presided over this, so to blame it all on "Labour not deviating from Thatcherist free market ideology" is naive.
10. mr g said...
@alan_540
An excellent appraisal of Brown's record.
Pity that he wasn't in academia, where he now appears to be heading, between 1997 and 2010.
The old adage must be true: Those who can, do. Those who can't, teach.
11. alan_540 said...
Thanks Mr G
I've never worked in the public sector, and funnily enough, considered teaching as an option after years of job insecurity in the private sector. The attractions being : job security, semi-reasonable pay, easier working practices, great pension scheme and the prospect of early retirement (not to mention those plentiful school holidays!).
But that was the deal wasn't it - poorer pay in return for job security and not having to work at 100% effort like we do in the private sector.
Amazingly Labour have even mismanaged this and public sector jobs are no longer as secure as they once were. Ho hum.
12. letthemfall said...
mr g "The old adage must be true: Those who can, do. Those who can't, teach."
I've always thought that should read: Those who can do: those who can't quote foolish aphorisms from foolish men like Shaw.
13. mr g said...
@LTF
Personally, I've always found Shaw to be a boring old f*rt.