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eric pebble

Portillo Said Stupid Property Prices And Mania Caused Disaster

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Someone read out an article by Michael Portillo today in the Sunday Times - in which he really got angry about house prices being so absurd - and how they CAUSED the financial crisis..... Really sounded SUPERB!!

Anyone out there got a subscription to the S Times?? Cut and paste article for us.... :rolleyes:

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Found this, snippets only though. Sounds like it will be worth a read.

Michael Portillo: Steady, PM — that looked like a flinch

The Sunday Times Updated: 14 August 2010

They just don’t get it. For once I don’t mean MPs’ failure to grasp how voters view their expenses claims. This time it is the public, and commentators, who are slow to comprehend that the recession must have painful consequences, ones that most people have yet to experience.

My prediction is that spending cuts will fall short of plans and tax rises will exceed ministers’ hopes. Deficit reduction targets will be missed, but that may be no bad thing. The turnaround that the coalition plans might just be too fast for the economy to bear. Having made a convincing start, over its five years in office markets will allow the government some flexibility.

Edited by wtb

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Found this, snippets only though. Sounds like it will be worth a read.

There was more!!! Property prices = insane & unsustainable - and cause of financial crisis - we haven't learnt the lesons!! [etc.]

Really good stuff!!

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There was more!!! Property prices = insane & unsustainable - and cause of financial crisis - we haven't learnt the lesons!! [etc.]

Really good stuff!!

I know, it's frustrating. Portillo definitely understands it.

We're gonna have to hope someone with Sunday Times Subscribtion can cut and paste.

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It was a very good article. I think the best points were that high house prices are aspirationally terrible for the young and also work against social justice. Labour for all their talk of Social Justice (Brown and Prescott continually droned on about this), probably did the the most damage of anyone to the ideal of an equal society by allowing rampant house inflation.

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Guest DissipatedYouthIsValuable

does he mention taking away the banks power to create debt out of thin air

And risk having to work for a living?

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Guest UK Debt Slave

It was a very good article. I think the best points were that high house prices are aspirationally terrible for the young and also work against social justice. Labour for all their talk of Social Justice (Brown and Prescott continually droned on about this), probably did the the most damage of anyone to the ideal of an equal society by allowing rampant house inflation.

For NuFascist, reducing everyone to the same elevels of misery and serfom was their idea of fairness.

Ghastly scum

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Guest UK Debt Slave

does he mention taking away the banks power to create debt out of thin air

That'll be the day! ;)

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Michael Portillo is living proof of why getting involved in politics as an MP is useless. He has talked more sense since he lost his seat than he ever did in Parliament. Its always the ex-MPs that seem to know the score. In office you end up too busy toeing the party line to be of any use to anyone I suppose. I really didn't rate Portillo as an MP but my opinion of him has been transmogrified since he left office.

To be fair, he did come back as an MP and stand for the Tory leadership after 'getting it'. He probably would have won if the Daily Mail hadn't run a vicious homophobic campaign against him which frightened a lot of Tory MPs who were voting in the election. In the end he came third amongst the MPs leaving Iain Duncan Smith (quiet man edition) and Ken Clarke as the only choices for the party membership.

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Interesting, he talks about the widespread failure of the public to perceive the severity of the economic problems facing the country.... which kind of half explains the ludicrous asking prices for houses still.

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... which kind of half explains the ludicrous asking prices for houses still.

The other half of the explanation is, unfortunately, the fact that some houses are still selling at these ludicrous prices so vendors who currently can't sell thing they just have to wait their turn to find a buyer.

If only the internet worked and there was a first time buyers' strike.

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House prices have to fall because the crazy inflation in residential property was a key feature of the unsustainable boom that preceded the recession. It was unrealistic home valuations that led many people into reckless levels of spending and debt. In the process many others found that they could no longer aspire to own their own home because pay lagged far behind house inflation. Lower prices are needed to restore us to economic reality, to put investment in real estate closer to par with other means of saving and to improve social justice.

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The other half of the explanation is, unfortunately, the fact that some houses are still selling at these ludicrous prices so vendors who currently can't sell thing they just have to wait their turn to find a buyer.

If only the internet worked and there was a first time buyers' strike.

Can you link to some that sheeple could relate to? i.e not bought by movie stars/russians/arabs?

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Can you link to some that sheeple could relate to? i.e not bought by movie stars/russians/arabs?

Are you saying houses are not selling?

They are - true not in any great volume - and, true, with some price drops first. But that's all (where I live).

We've had a relatively low transaction market for a couple of years now. But, still, about 750,000 property sales a year are happening according to HMRC figures.

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I know, it's frustrating. Portillo definitely understands it.

We're gonna have to hope someone with Sunday Times Subscribtion can cut and paste.

Him being a Spaniard should spend his time helping his home country rather than spouting out about things that we knew for years ago on this site, they are excellent at hindsight , funny that they all come out the woodwork when they see a bit of publicity.

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Him being a Spaniard should spend his time helping his home country rather than spouting out about things that we knew for years ago on this site, they are excellent at hindsight , funny that they all come out the woodwork when they see a bit of publicity.

That is a stupid racist remark IMPO.

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That is a stupid racist remark IMPO.

What is racist about that ?

You sound like the new breed , all tied and tangled up with the new speak! always looking around for a phrase to quieten people down. I am British and I will say what I feel and more to the point we all should do. That has been our problem as being quiet is just what government wants us to do. We had more healthiy debates in society when we were allowed to speak. Governments have created people like you to suppress peoples independent opinion which can only lead to the fuse blowing in time. You should throw away your straight-jacket and feel free to express.

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What is racist about that ?

You sound like the new breed , all tied and tangled up with the new speak! always looking around for a phrase to quieten people down. I am British and I will say what I feel and more to the point we all should do. That has been our problem as being quiet is just what government wants us to do. We had more healthiy debates in society when we were allowed to speak. Governments have created people like you to suppress peoples independent opinion which can only lead to the fuse blowing in time. You should throw away your straight-jacket and feel free to express.

Bollo x! The man is as British as you and I. Alluding to his Spanish ancestry to try and rubbish him is just a plain stupid racist remark IMPO.

You really need to go and ask yourself some serious questions about the kind of life you are leading if you think your comments about him are somehow part of free speech.

Is this the life you truly wish to live? Sad if it is IMPO.

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Good article and he's spot on. The UK public are beyond help imo. Can I just ask how there can be so many stupid people packed into such a small country?? An Englshmans home is his castle....lol. WTF is the world coming too when a fecking new build cupboard is refered to as a castle. :blink:

I blame the fecking Normans. ;)

Edited by Wait & See

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  • 146 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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