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Another Cabinet Minister Refers To Housing Bubble

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The more they talk about it the better. :D

The more they talk about it, the more they admit it exists, which they should because it didn't happen on their watch.

Bubbles, by definition, burst and they are preparing the ground for the inevitable ;).

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The more they talk about it, the more they admit it exists, which they should because it didn't happen on their watch.

Bubbles, by definition, burst and they are preparing the ground for the inevitable ;).

At least it wasn't a boom.

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Another Cabinet Minister ?

Not just any old cabinet minister but:

This is our Vincente de Cable, Patron saint of HPC.co.uk!!

He saw it coming in 2003 and warned Mr. Brown who responded with his infamous saying about no more boom and bust and that he would not allow house prices to do what they did.......

BTW since Vince remarked about how people would run over a bankster but swerve for a dog on the motorway has probably put him in the running for PM somehow, someway.... A man in touch with the electorate and not a career politician. All he needs to do to appeal to the sheeple is buy himself a decent syrup and keep repeating the phrase : I want to be clear...................

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The more they talk about it, the more they admit it exists, which they should because it didn't happen on their watch.

Bubbles, by definition, burst and they are preparing the ground for the inevitable ;).

+ 1

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Yes, Cameron referred to a housing boom last week, Cable is going a step further by calling it a bubble.

Actually Cameron said bubble in Davos, but implying that it was in the past.

Cameron said "bubble", not boom. I think this is very important. The language is becoming much more clear.

He said: "We can't just flick on the switch of government spending or pump the bubble back up."

This is important people. I think we missed this very important "detail".

Besides, he said that we can't "pump the bubble back up". This is also essential, as it means that the coalition does get the core of it. That it was bubble, and that the government can't pump it.

However, there is a negative angle: He said "back up". This could mean that they think 2007 was a bubble, and we have already landed or almost landed. This part is worrying.

Remember what we started with in the UK: an economy built on the worst deficit, the most leveraged banks, the most indebted households, the biggest housing boom and unsustainable levels of public spending and immigration.

And now think of where we need to go: an economy based not on consumption and debt but on savings and investment not on government spending but on entrepreneurial dynamism not on one industry in one corner of the country but on all our businesses in all our regions, with a new emphasis on manufacturing, exports and trade.

To get there isn't easy. We can't just flick on the switch of government spending or pump the bubble back up. Making this transformation - and it is a transformation - requires painstaking work and it takes time. It involves paying down billions of pounds of debt. New plants and factories need to be built. New products designed. New innovations taken to market. New businesses nurtured.

It's going to be tough - but we must see it through. The scale of the task is immense, so we need to be bold in order to build this economy of the future.

Cameron's speech in full: http://www.politics.co.uk/features/economy-and-finance/david-cameron-s-davos-speech-in-full-$21386920.htm

Edited by Tired of Waiting

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Was it referred to in the past tense though? Do they think that bubble has deflated and was yesterday's problem leading to the financial crisis with which we are living. Get my drift?

It was referred to in a list of legacies of the Labour government.

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Was it referred to in the past tense though? Do they think that bubble has deflated and was yesterday's problem leading to the financial crisis with which we are living. Get my drift?

This is the $64,000,000 question (ie, enough for a two bed flat in London).

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Another Cabinet Minister ?

Not just any old cabinet minister but:

This is our Vincente de Cable, Patron saint of HPC.co.uk!!

He saw it coming in 2003 and warned Mr. Brown who responded with his infamous saying about no more boom and bust and that he would not allow house prices to do what they did.......

BTW since Vince remarked about how people would run over a bankster but swerve for a dog on the motorway has probably put him in the running for PM somehow, someway.... A man in touch with the electorate and not a career politician. All he needs to do to appeal to the sheeple is buy himself a decent syrup and keep repeating the phrase : I want to be clear...................

Haha yes great gag. Unsurprisingly David Buik got his knickers in a twist over it and called for Cable to be sacked. Just who runs Britain, the people or a handful of banksters?

Note how Boy George is treated with utter contempt by the banks even though he holds all the cards over Lloyd's and RBS, and a few others over other lenders with the SLS.

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And now George Osborne, in the commons a few minutes ago.

"Britain had the largest housing boom"

All sounds good, but as someone else mentioned upthread the use of the past tense is worrying. I won't be impressed until they admit that we're still in one, and that the current situation is that not much air has been let out of it. Some people will fall for "TLabour created a bubble, it's burst, we know that 50p off your house price hurt but don't worry, we've got it under control and it won't go down any more."

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All sounds good, but as someone else mentioned upthread the use of the past tense is worrying. I won't be impressed until they admit that we're still in one, and that the current situation is that not much air has been let out of it. Some people will fall for "TLabour created a bubble, it's burst, we know that 50p off your house price hurt but don't worry, we've got it under control and it won't go down any more."

I think they mean that the boom/Bubble was born on Labour's watch, hence the past tense. Once everyone accepts that a housing bubble existed/exists and is the fault of Labour, they can deal with it.

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It was on BBC news. Osborne wiped the floor with Balls who was red in the face and blustering.

You mean on BBC One, One O'Clock News?!?!

If so, that is really surprising.

Just one thing would be stronger than that: the BBC's Six O'Clock News.

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You mean on BBC One, One O'Clock News?!?!

If so, that is really surprising.

Just one thing would be stronger than that: the BBC's Six O'Clock News.

"BBC News", the all day news channel that used to be called "BBC News 24".

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It is a known fact, even by idiots, that booms go bust and bubbles burst. So its good to hear.

And yes, Balls lost round one. :lol:

Edit: it was just repeated

Edited by Papa Serf

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All sounds good, but as someone else mentioned upthread the use of the past tense is worrying. I won't be impressed until they admit that we're still in one, and that the current situation is that not much air has been let out of it. Some people will fall for "TLabour created a bubble, it's burst, we know that 50p off your house price hurt but don't worry, we've got it under control and it won't go down any more."

Likely they won't admit it. The denial confirms the problems.

http://www.gold-eagle.com/editorials_01/seymour062001.html

"... the outlook is favorable..."

"Gentleman, you have come sixty days too late. The depression is over."

"... the present depression has about spent its force..."

At least the cartoons were honest then - once things gained momentum.

http://www.bearishnews.com/wp-content/uploads/2009/06/pigs-at-the-trough1.jpg

Edited by billybong

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"BBC News", the all day news channel that used to be called "BBC News 24".

Oh well. Though Radio 4 has just played a very good part of Osborne's answer, including the "biggest housing bubble" quote.

And! very good news: I've just found a VIDEO of this "Treasury Questions" on YouTube. I thought it deserved its own thread, and I've started one. Take a look.

Edit: now let's see how the BBC will edit it for the Six O'Clock News.

Edited by Tired of Waiting

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Oh well. Though Radio 4 has just played a very good part of Osborne's answer, including the "biggest housing bubble" quote.

And! very good news: I've just found a VIDEO of this "Treasury Questions" on YouTube. I thought it deserved its own thread, and I've started one. Take a look.

Edit: now let's see how the BBC will edit it for the Six O'Clock News.

It was at the center of a rather personal spat between Osborne and Balls and as such is newsworthy. I'd be surprised if we don't see it on the Six O'Clock News.

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  • 276 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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