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Stephanie Flanders: "we Made Clear That The Housing Market Was Overvalued And The Bubble Would Inevitably Burst"

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http://www.guardian.co.uk/theobserver/2011/feb/20/stephanie-flanders-bbc-economics-interview

" Q: Should analysts such as yourself have issued earlier and clearer warnings about the state of the economy? "
Flanders: "Evan Davis and I both say that we felt like we'd done a lot of pieces making clear that the housing market was overvalued and the bubble would inevitably burst. But against our couple of minutes on the Ten O'Clock News you had hours and hours of house porn, Relocation, Relocation and the general, society-wide boom. Isaac Newton got caught up in the South Sea Bubble. It may sound trite, but if the man who discovered gravity didn't know that things go down as well as up..."

Did you?! Really ?! Funny, I can't remember any. When exactly?

.

Edited by Tired of Waiting

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That has to be seen to be believed.

The BBC accusing other channels of property porn.

bbc.jpg

Flanders is just another one going: " Nothing to do with me gov. "

:angry:

However, notice her wording: " Evan Davis and I both say that we felt like we'd done a lot of pieces ... "

.

Edited by Tired of Waiting

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http://www.guardian.co.uk/theobserver/2011/feb/20/stephanie-flanders-bbc-economics-interview

" Q: Should analysts such as yourself have issued earlier and clearer warnings about the state of the economy? "
Flanders: "Evan Davis and I both say that we felt like we'd done a lot of pieces making clear that the housing market was overvalued and the bubble would inevitably burst. But against our couple of minutes on the Ten O'Clock News you had hours and hours of house porn, Relocation, Relocation and the general, society-wide boom. Isaac Newton got caught up in the South Sea Bubble. It may sound trite, but if the man who discovered gravity didn't know that things go down as well as up..."

Really?! Funny, I can't remember any.

Disingenuous - to say the least.

But at least the media now seem growingly resigned to it. As night follows day - so too will the gormless public.

Edited by Anaemic Gremlin

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She's got shocking taste in men...

Is there any truth in the rumour that you dated both Ed Balls and Ed Miliband?

I'm not going to go there. It's widely known that I took Ed Balls's job at the FT, and it's true that I've known these people for a long time, and people can draw their own conclusions. But whether or not you've sort of snogged them at whatever moment just seems completely mad.

I'll never be able to look at her in the same way again.

I know that the BBC and NuLabour are close, but that is just disgusting!!

Edited by Constable

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Isaac Newton got caught up in the South Sea Bubble. It may sound trite, but if the man who discovered gravity didn't know that things go down as well as up..."

No Stephanie, that doesn't sound trite. It sounds rehearsed. I can just imagine these BBC commentators having a brainstorm for some witty one-liners to absolve them of their negligence.

There were few mainstream journalists prepared to speak out about the obvious bubble developing in the housing market. One noble exception to this that I can think of was Jeff Randall. He was BBC Business Editor until late 2005 when he left to go to the Telegraph. There he was willing or able to be far more outspoken about the perils we faced, albeit to a much small audience. Meanwhile the slight pause in spiralling property prices there'd been in 2005 was replaced with another two years of even greater surges in prices and an associated boom in fraudulent mortgage applications. Randall's replacement at the BBC was Robert Peston, the son of a Labour Party peer. Peston made no warnings about the impending calamity in mortgage lending that I can remember but he seemed to have an uncanny ability to get the scoop on government and BoE measures to prevent total meltdown. Maybe Peston can one day follow in the footsteps of Jenny Scott, the former economics correspondent of the One, Six and Ten O'Clock News and become Director of Communications at the Bank of England.

I fully agree with several of your other posts Tired of Waiting. The BBC were negligent at best and complicit at worst. I'm sure Jeff Randall could tell us a lot about the pressures and restrictions place on BBC presenters. The Labour Government often treated them as a channel of propaganda and it seems very few at the BBC were willing to rock the boat. Given their eye-watering salaries I suppose that's hardly surprising.

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It would be interesting if she'd mentioned some specific examples of when they'd issued these clear warnings.

Of course few people will have seen every programme or read every article they've contributed to but the best I can remember is perhaps sometimes some neutrality on the question, maybe it is maybe it isn't overvalued/in a bubble sort of position - or sometimes discussing/commenting on someone elses opinion on the housing market being overvalued and in a bubble. Sometimes they might even have posed the question something like "is it or isn't it in a bubble?"

As for expressing such an opinion outright as their own personal opinion - can't ever remember that. More a recollection of them trying to find a way to follow the VI line yet trying to convince of their neutrality at the same time.

The thing is many of these mainstream media commentators and so called experts have been totally discredited in their willingness to go along with it all and they're now trying to rebuild that by saying that they warned about it. It's almost as incredible as their expert opinions have been found out to be.

It's also remarkable that it's only now that the house price fall mindset is generally gaining momentum and it's coinciding with the clear warnings being claimed. Further falls seem nailed on.

Edited by billybong

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Nov 2010 Steph was suggesting our houses are worth every penny:

Isn't it possible that UK houses are worth that much after all? Perhaps. Certainly, we didn't have a mad housing construction boom like the US or Spain, which has left parts of those economies with a large overhang of excess supply.

http://www.bbc.co.uk/blogs/thereporters/stephanieflanders/2010/11/shocking_advice_for_the_mpc.html

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No Stephanie, that doesn't sound trite. It sounds rehearsed. I can just imagine these BBC commentators having a brainstorm for some witty one-liners to absolve them of their negligence.

Well spotted Orsino! It does sound rehearsed.

There were few mainstream journalists prepared to speak out about the obvious bubble developing in the housing market. One noble exception to this that I can think of was Jeff Randall. He was BBC Business Editor until late 2005 when he left to go to the Telegraph. There he was willing or able to be far more outspoken about the perils we faced, albeit to a much small audience. Meanwhile the slight pause in spiralling property prices there'd been in 2005 was replaced with another two years of even greater surges in prices and an associated boom in fraudulent mortgage applications. Randall's replacement at the BBC was Robert Peston, the son of a Labour Party peer. Peston made no warnings about the impending calamity in mortgage lending that I can remember but he seemed to have an uncanny ability to get the scoop on government and BoE measures to prevent total meltdown. Maybe Peston can one day follow in the footsteps of Jenny Scott, the former economics correspondent of the One, Six and Ten O'Clock News and become Director of Communications at the Bank of England.

Really?! Jeeez....

I fully agree with several of your other posts Tired of Waiting. The BBC were negligent at best and complicit at worst. I'm sure Jeff Randall could tell us a lot about the pressures and restrictions place on BBC presenters. The Labour Government often treated them as a channel of propaganda and it seems very few at the BBC were willing to rock the boat. Given their eye-watering salaries I suppose that's hardly surprising.

Thanks. The media issue came out in talks to other forum members, since quite a while ago. I was blaming the "sheeple" much more before, but other posters argued convincingly (I think one of the first was Si1, many months ago) that it wouldn't be fair to expect so much economic knowledge from the general population. The role of the media in democracies came from those discussions. The BBC must bear the main responsibility.

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Nov 2010 Steph was suggesting our houses are worth every penny:

Great find RS.

We should list a few more quotes from her.

Then send her a link to this thread. :D

Edited by Tired of Waiting

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" Q: Should analysts such as yourself have issued earlier and clearer warnings about the state of the economy? "
It's a shame professional journalists don't know how to use a reflective pronoun. "Yourself" isn't a politer way of saying "you". They don't mean the same thing.

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To be fair to Evan Davies he was frequently bearish both on the Today programme and on his other radio shows.

Steph though - I don't think so.

Yes, Evan Davis did have strong reservations going back some years.

Edited by billybong

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Yes, Evan Davis he did have strong reservations going back some years.

+1 can remember Evan Davies making the point that if his house fell in value, it would not bother him too much....[making the point that with lower house prices he would have more 'disposable income' and it would not affect the standard of property he would move into, when he traded up or down]

But cannot remember seeing any bearish articles from SF....?

Edited by Dan1

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+1 can remember Evan Davies making some good anallergies.

But cannot remember seeing any bearish articles from SD....?

Can anybody find one? Just one?

I had a quick look, but can't find any.

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Nov 2010 Steph was suggesting our houses are worth every penny:

http://www.guardian.co.uk/media/2009/sep/26/vince-cable-interviews-stephanie-flanders

Politicians interview pundits: Vince Cable and Stephanie Flanders
" VC Moving on to the crisis, why did you, me, the rest of us, not warn of this in advance?
" SF What I've found fascinating is that if you had asked anybody working in any of the individual areas – whether it's credit derivatives or the property market in Florida – what could go wrong, they would pretty much have described what has happened in their area. But no one thought, "Well, OK, what if all of these things happened simultaneously?" It was a failure to put the pieces together, which could be levelled at everyone: regulators, governments, bankers."

And then she goes all "global" - on crisis, debt, etc. ignoring that Britain had the highest credit/debt/assets bubble amongst all major economies.

Edited by Tired of Waiting

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Yes, Evan Davis did have strong reservations going back some years.

I should add that although he expressed reservations on it I don't think he ever went so far as to claim it was in an outright bubble which would burst - as the title of this thread.

Edited by billybong

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I should add that although he expressed reservations on it I don't think he ever went so far as to claim it was in an outright bubble which would burst - as the title of this thread.

And her wording is very weird too. A very week start, defensive, lawyers language:

"Evan Davis and I both say that we felt like we'd ..."

Then a very strong second part:

"... done a lot of pieces making clear that the housing market was overvalued and the bubble would inevitably burst.

It does sound rehearsed, and with lawyers' help!

.

Edited by Tired of Waiting

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Next we will have Krusty Allcrap ...

:lol:

... saying that she warned us that house prices were overvalued.

BBC = Pravda.

+ 1

Now everybody saw it coming! :rolleyes:

Edited by Tired of Waiting

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Great find RS.

We should list a few more quotes from here.

Then send her a link to this thread. :D

I bet you coud find lots of her quotes that people have posted on here, if you could be bothered searching

http://www.google.co.uk/search?num=50&hl=en&lr=&biw=1259&bih=871&q=stephanie+flanders+house+prices+site%3Ahousepricecrash.co.uk&btnG=Search&aq=f&aqi=&aql=&oq=

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Isn't it a surprise that the guardian manage to get an interview with a BBC journalist!

I wonder where she saw the advert for her first job at the BBC?

TBH, I can't rememeber either of them saying prices were over valued, however Evan Davis has his head screwed on and is the least rampy out of all of them. Preston also seems clued up, however on air he's plays from a different hynm sheet :(

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  • 295 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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