Wednesday, Aug 18, 2010
Greenbays comeback
ifaonline.co.uk: Geithner: US Govt will continue to back mortgages
Just thought I would say hello. I was also wondering if all those people on here now appreciate what I was saying a few years back about government intervention and how they would ensure the housing market stabilises.
Unfortunately may of the posts here were either straight from college studying economics or just a bit naive. I guess an apology is out of the question....?
Posted by greenbay @ 09:14 AM (324 views) Add Comment
3 Comments
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1. tom101 said...
Sorry Greedbay. Please feel free to help yourself to my savings
2. jack c said...
@ greenbay, In fairness you did make several posts regarding Labour Government intervention to effectively provide a prop to the housing market and I have made reference to this in subsequent postings along the years. Perhaps what was surprising to many was the lengths the Labour Gov would go to ie "whatever it takes" to provide that support. As for providing stability it will (IMO) only make matters worse in the long run ie a longer, more drawn out price correction - you only need to look to the USA and the Fannie & Freddie fiasco to see where the whole thing is headed.
If Mrs Thatcher was still as mentally agile as she used to be, she would be telling everyone (again) - you cant buck the market
3. Greenbay said...
Tom101, thanks for the offer but im not after your cash, the apology was sweet enough thanks..
Jack C. Agree it will be a drawn out process however this will depend on the continued Quantative easing, if this were to continue we would then be artificially shifted (the whole economy) to a whole new paradigm. What people tend to forget on here at times is that economic models over the last century were determined prior to the debauching of currency in 1971.The last 40 years is not enough data to determine what happens next..in my opinion. The governments now have the power to add whatever value they like into economies regardless of gold reserves - a totally new ball game. Not only that property governs a huge amount of economic activity, without it or with the collapse of it the major world economies would be a mess.
But for some reason all posters on here religiously follow economic trends and say xyz... the fact of the matter is none of these models really take into account government intervention, which is what we are seeing now on a big level and it MUST work or we are all in deep....
The next ten years will have low interest rates, moving away from low interest rates will be harder if impossible the longer the remain at these levels as the economies and expectations/perception also change and adapt.