Here are the quotes from the blog. Some are quite funny (even for americans!)
Anonymous said...he US blew up first, now its the UK and spain that are starting to go down.
Cant wait for things to unwind here in Belgium. we cant be that far behind.
we're still in the "house prices will remain flat for a while" stage.
April 09, 2008 9:39 AM
The Man said...Oh please oh please let the UK pound stay strong until the end of June. It can go to hell after that.
Need to get my money out of sterling asap.
April 09, 2008 10:40 AM
Afterthought said...Building one's house on sand: the Bible says it all.
One thing to think about is now that people are living longer than ever, the relationship and balance between the generations is totally skewed.
The Boomers are sucking up all the nutrients and oxygen that should be going to the next generation so they can start their families. The decision making should be passed to people who weren't raised on simple-minded "duck and cover".
This is probably the source of neo-con and permabull optimism. Nuclear war? Screw diplomacy, just hide under your desk! Iraq a failure? Surge! Inflation pushing prices to historical highs? Slash interest rates!
See a pattern?
These people are too old and too insulated from the bleeding edge of societal change that we cannot expect anything but missteps and debacles from here on out.
April 09, 2008 12:24 PM
Anonymous said...Keith is there any way you can create a new thread listing all the comments from realtors, mortgage brokers, politicians, etc. who have declared that we have reached "the bottom" in the housing price decline? I am sure it would be a lot of people!
As to the UK situation, well in this case, because of the way Britain is put together, the suburban communities will suffer the most. They are starting to envision an empty countryside with waves of refugees coming into the major cities as business, food resources, etc. dry up out there and people abandon their houses from all the price problems.
April 09, 2008 1:51 PM
Mycroft Holmes said...Her majesty's Government expects the worst
April 09, 2008 1:55 PM
Anonymous said...Who wants to live in Europe anyway?
April 09, 2008 1:56 PM
Marky Mark said...How to make money on this?
Is there a SRS for England/Europe?
April 09, 2008 2:00 PM
tangelo mozilo said...I don't get the "It hath been foretold" link.
I sends me to a 2003 article from The Economist regarding economists who write well.
April 09, 2008 2:05 PM
Anonymous said...Fear not. Rumor has it that the next King of England will be a bavarian Duke. Englanders will be required to wear lederhosen and eventually will evolve into an efficient nation of homeless gypsies working their sorry asses of for the fatherland or what will by then be known as Sacri Germani Imperii Nationae. We'd better start supporting Germany our benevolent protector real soon or else.
April 09, 2008 2:42 PM
Anonymous said...Just wondering who was doing most of the lending over there? The housing crash is just starting-and yet northern rock has already failed? Sounds like the UK is on some very shaky ground.Does the uk have any industry over there- or is everybody just a finacier.
April 09, 2008 2:58 PM
The American (im)moral Way said...Sell immediately Belgium. Carry the paper if you can, that way you will get it back to sell again.
JUst trying to help...
April 09, 2008 2:58 PM
Stuck in So Pa said...Hey Gordon
Psssssssst! Just like in the U.S. "containable" ..............AINT!
April 09, 2008 3:50 PM
Peter T said...I must wonder about the timign of Tony Blair's departure from Downing Street. Sure, he had lost popularity, and the pressure had grown to let Brown get his chance, but maybe Blair saw a little bit further and didn't like what he saw. (I want to add that I like Blair for his speaking skills and for most his politics, except Iraq.)
April 09, 2008 3:50 PM
Anonymous said...Is it a good thing that the US will hopefully be at least half way through our housing panic before the rest of the world even begins theirs?
Anyways, too bad the dopes in the UK will probably believe their leaders that things will be "contained" even though those are the exact words our leader used to describe our sub-prime mess.
April 09, 2008 3:59 PM
Anonymous said...Russian and Mideast oil money may keep the very top end functioning in the UK, although have to wonder how great it is to have all your nicest real estate owned by Russkies and OPECkerheads. But that's a post for another thread.
April 09, 2008 4:15 PM
Anonymous said...Are they consciously trying to copy US? Contained…how cute!
April 09, 2008 4:17 PM
hurin said...Brown is the bozo who sold the UK gold reserves at the bottom of the gold cycle. Labour governments have always been a disaster for the economy, and it's no different this time.
With a falling Pound and rapidly rising food and energy costs, UK consumers are facing a tsunami of inflation.
April 09, 2008 4:27 PM
Anonymous said...My wild guess...
Take the last 50 years (before the boom started) and extend the line to 2008 to see where the prices should be.
Now give it a 15-25% haircut.
This is what the price will get to before it starts to rebound towards the norm.
What you'll probably find is that this would be a 75 to 80% drop rather than your 52%. Which means you're way too optimistic.
Mind you - if they devalue the currency - then all bets are off.
If it's going to cost you 50 pounds for a pint of beer... then why should house prices fall at all?
I feel sorry for the people on fixed incomes though.
April 09, 2008 4:48 PM
Peahippo said...Gordon is right.
The problem is containable.
It's containable to Britain.
April 09, 2008 5:38 PM
Anonymous said...well, GB is honest, the housing market crisis WAS "containable"....he did not say IS containable.
April 09, 2008 6:02 PM
Batman said...Man, I tried and tried to convince a friend of mine not to buy a house in the UK in 06. He had to borrow money from his sister just to get his thousand year mortgage or whatever he eventually got. We don't talk about this now...
April 09, 2008 6:33 PM
wc said...I am starting to believe that it's not too fringe to store seeds, medicine, guns, water, canned goods and maybe gold in your basement.
April 09, 2008 6:46 PM
Buzz Saw said...Gordon Brown is a ******, just like Dumbya.
April 09, 2008 6:51 PM
Gutless_And_Lazy_Anonymous said...It can't happen over here!!! It's 'different' here!!
April 09, 2008 8:17 PM
k.w. - southern ca. said...A friend of mine who lives in London has told me just how bad the housing situation is there.
Having a good education is no assurance you can afford a decent place to live there - it's just outrageously expensive.
The same is now happening here, which is jusat another sign of things going very wrong.
Housing is used (and will continue to be used) to divide classes of people, but when people start getting "classed-out" of the neighborhood they feel entitled to be living in, we'll start seeing even more nasty outcomes.
April 09, 2008 8:46 PM
Toby said...The UK is much like the US. London and other large cities have developed a horrific bubble. Out in the rest of the country only a slight rise. London is like San Diego and Miami on steroids. Expect a 40%+ decline. Out in the country is more like Alabama and Nebraska, only a slight pop, say 10%.
April 09, 2008 8:49 PM
Anonymous said...The UK are nowhere near as bad
as we are here in Ireland, the
rest of the world with look like
a day at the park with the storm
April 09, 2008 8:54 PM
Mammoth said...The Britishcano economy is tanked, roasted like a hedgehog skewered on a green bamboo spit over a fire.
Why? Because the Britishcano just as irresponsible, greedy, materialistic, immoral, ignorant, pompous, hoity-toity, self-righteous, and animalistic as the Americano.
So is the Britishcano economy toasted or what?
Will Joe-haggis and Jane-stout cash out their lorry equity now ? (Haaaaa, haaaaa, haaaaa, LORRY EQUITY...)
What will happen to all those big-ass double-decker buses that drive on the wrong side of the road?
Will the Britishcano be toasted as a hedgehog turtle skewered on a stick from head to ass sizzling nicely on a bed of red hot charcoal?
(With apologies to all the HP’ers in England)
April 09, 2008 11:25 PM
Anonymous said...Gordon Brown sold the UK's gold at pretty much the exact bottom. You'd be better off asking your dog or studying goat entrails for economic advice.
April 09, 2008 11:48 PM
George Dumbya Bush was here said...Now, I think the UK has one advantage over the US. Can Gordon Brown realistically be as dumb as Bush? I mean, what are the odds of two complete morons in charge of two large powerful economies?
God help them if Gordon asks for Bushes help....then they are in real trouble. I am sure that once Europe starts having problems, they will devalue the euro as well, and then those idiots in the Bush administration will cry out "We believe in a strong dollar. See the Euro is now coming down against the dollar" So now both economies are in the shi**r and we can all be jobless and homeless together.
April 10, 2008 12:43 AM
Russ DoGG said..."With a falling Pound and rapidly rising food and energy costs, UK consumers are facing a tsunami of inflation."
Yep- we've seen (witht eh dollar) that the time to bet on a currency depreciation is at the start of teh bubble collapse. Now would be a good time for the pound sterling. Anybody agree?
With teh Euro- some member nations have bubbles (Spain) and some (Germany, Holland?) seems to have more regulated real estate markets with strict lending standards.
April 10, 2008 11:50 AM
Keyser Soze said...Do repo men wear 'bowlers' in England? I hope so.
April 10, 2008 1:19 PM
Anonymous said...With a falling Pound and rapidly rising food and energy costs, UK consumers are facing a tsunami of inflation.
Dear Brits, keep spinning that hamster wheel faster over there because you need to support all the millions of muslims and Africans coming to live off your socialist welfare heaven.
You keep working your arses off while those welfare parasites kick back all day, smoking hash and bitching about everyone and everything. Hey, but you have a Queen and the lie David Beckham; that's what's important.
April 10, 2008 2:37 P