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AvidFan

Mr Hargreaves Of Hargreaves Lansdown

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http://www.thisismoney.co.uk/investing/art...;in_page_id=166

But despite his success he is not backward in coming forward, still flys economy, believes property is dead money and that the UK needed a recession seven years ago.
Never backwards about coming forwards, Hargreaves firmly blames the current financial crisis on the government, but adds that property obsessed consumers exacerbated the situation and that people became foolhardy with their cash, simply because they saw their houses rise in value.

He says: 'We needed a recession but we needed it seven years ago, as a recession puts a hand of caution on governments and consumers who carried on spending and consuming.'

'Obviously people are very concerned about where to put their cash. I have never seen anything like it in my lifetime. The market is 40% lower than where it was on 1 January, 2000. The banking crisis was aggravated by a government that allowed the boom to go on for far too long.'

Hargreaves asserts that he hates 'politicians with a vengeance'. He adds: 'I don't think Cameron has any more answers than Brown.' In fact there isn't one he'd employ. But he is hoping that the vehemently anti-Europe UKIP will have a good showing at next year's general election, as he can find 'no good reason for us to be part of Europe'.

As for property, be it commercial or residential, Hargreaves is not a fan.

He says: 'I see further falls, by another 10% to 15%. Money in property is dead money. It doesn't help the country. It's funny how the UK, Ireland and Spain are the most property obsessed nations in Europe and yet are also the ones suffering the most.

'People should buy a house to live in, not as an investment. Property has become such a national obsession – it was the primary subject at dinner parties and how many television shows were dedicated to the market. It's not good for the economy.'

Pretty much sums it all up. Superb.

Edited by AvidFan

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So, a man who runs a company called Lansdown thinks property's a bad investment - the clue's in the name!

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but adds that property obsessed consumers exacerbated the situation and that people became foolhardy with their cash, simply because they saw their houses rise in value

funny, but isnt this the plan behind QE and how it will save the economy.. stage 1, increase asset values, 2 people borrow and spend, 3 asset values rise, 4, people borrow and spend.

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...But he is hoping that the vehemently anti-Europe UKIP will have a good showing at next year's general election, as he can find 'no good reason for us to be part of Europe'.

Pretty much sums it all up. Superb.

Yup.

The bloke's a nutter.

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quite.where the hell was he when Greenspan was cutting rates in the millenium

Saying that it was all going to end in tears IIRC - he's been a bear for years, at least if his radio interviews are representative.

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but adds that property obsessed consumers exacerbated the situation and that people became foolhardy with their cash, simply because they saw their houses rise in value

and there was just a teensy-weensy bit of help fuelling that obsession with media assistance wasn't there?

so was the profligacy spending all that imaginary profit entirely their fault?

I suppose you could call it poetic justice that the likes of murdoch and the BBC are seeing their revenues tank while people search for alternative media to find real news on.

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So, a man who runs a company called Lansdown thinks property's a bad investment - the clue's in the name!

That's his co-founder, Stephen Lansdown. Not really a clue to anything much.

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