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Gordy Lambasted On Bbc Teletext

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Gordy is taking a bit of a b*tch slapping off the BBC of late, latest being on Teletext.... check out pages 101 and 102 on BBC. Yet, the BBC choose to talk about the Hurricane instead. I have not yet seen a news article on Gordon as of yet.

Apparently its all due to inflationary pressures of oil and the poor world economy (well, thats what he is fobbing the IMF off with, who are insisting he cuts spending or RAISES taxes). We all know that is going to be as popular with the Labour party as Hitler was with Stalin.

I think he has forgot to mention the explosion in national debt, ramping unemployment and poor future prospects...

I really hope this man never ends up in 10 Downing Street, especially as he is crawling into bed with the Unions.

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Guest Riser

More of Brown's economic failure reported on Reuters

Reuters News - Brown

Brown admits at last he was wrong about his economic growth forecast, that must have really stuck in his throat. Of course it was nothing to do with him it was oil prices and weakness of eurozone economies, although he does mention the end of Britains housing boom as having a negative impact on growth.

Interesting to see him still comparing the current rise in oil prices to the oil shock of the 70's, it was this comment that caused the panic buying last week and I suspect he will raise it again and again to justify the failing economy and looming house price crash.

He also has a go at the IMF for "fiscal policies based on assymetric inflation targets and nominal fiscal deficits that take no account of the economic cycle", that indicates to me that he may soon adjust the inflation target upward to "take account of the economic cycle", of course this wil just be an excuse to maintain the aftificially low interest rates that have encouraged the massive debt on which his economic boom is based. The party has now come to an end and the British public are just starting to realise the size of the bill and the fact that it must be paid.

Later on he even attempts to take credit via the MPC for bringing the housing boom to an end in a controlled manor, if a reduction from 20% to 0% in one year is controlled then I can't wait to hear what he says next year when HPI is running at -10% B)

By Sumeet Desai

WASHINGTON (Reuters) - Chancellor Gordon Brown signalled on Friday that he was ready to admit that economic growth this year would probably fall well short of his budget forecast as high oil prices exact their toll.

In Washington for the annual meetings of the International Monetary Fund and World Bank, Brown said soaring oil prices, the weakness of the euro zone economy and an end to Britain's housing boom were all having a negative impact on growth.

"The world is coming to terms with an oil shock as bad as in the 1970s," he told reporters on the sidelines of the meeting.

Brown had forecast in March the economy would expand by as much as 3.0 to 3.5 percent in 2005, a prediction long derided by analysts as being too optimistic, especially as growth in the first half of the year has been just 1 percent.

But in a submission to the IMF's steering group -- the International Monetary and Financial Committee -- Brown suggested the economy more likely expanded by something in the region of 2.0 to 2.5 percent and that he would update his forecast in the pre-budget report later this year.

"No country can insulate itself from the ups and downs of the world economy. With European activity much lower and oil prices much higher, there has been an impact on growth right across the continent, including the UK," he said.

"While trends so far this year suggest the UK is likely to see growth at or slightly below our cautious view of trend...Britain is continuing to grow faster this year than the other major European economies, all of whom are forecast to grow by less than 2 percent."

He added Britain remained well-placed to respond to any pick-up in global growth next year. Brown forecast in March that the economy would expand by 2.5 to 3.0 percent next year.

REACTION TO COMMISSION

Brown also took a swipe at the European Union's executive Commission, which this week took a first disciplinary step against London for breaking the EU's budget deficit rules.

"Britain has had the longest sustained period of continuous growth -- 52 consecutive quarters -- in our history," said Brown, who currently chairs the Ecofin group of EU finance ministers.

"This stability has only been possible because we rejected the old-style backward-looking approach to monetary and fiscal policies based on assymetric inflation targets and nominal fiscal deficits that take no account of the economic cycle, debt and the important role of public investment."

Brown also praised the Bank of England pro-active approach to monetary policy, which had allowed it to slow house prices last year as well as cut interest rates in August for the first time in two years.

"Not only have we faced the consequences of the global oil shock and weak growth in the euro area, but we have had to manage the transition from double-digit growth in house prices down to a more sustainable level," he said.

"House prices are adjusting free of recession."

Edited by Riser

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Guest Time 2 raise Interest Rates

Also on Sky News. Brown admits weak growth.

Gordon Brown is to indicate that economic growth will not be as strong as he had

previously predicted. In a speech in Washington he will say that the UK cannot

insulate itself from the "ups and downs" of the world economy. The IMF has already warned that the UK economy is likely to grow FAR MORE SLOWLY than

the Chancellor forecast this year.

So it's the rest of the worlds fault now.

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He also has a go at the IMF for "fiscal policies based on assymetric inflation targets and nominal fiscal deficits that take no account of the economic cycle", that indicates to me that he may soon adjust the inflation target upward to "take account of the economic cycle", of course this wil just be an excuse to maintain the aftificially low interest rates that have encouraged the massive debt on which his economic boom is based. The party has now come to an end and the British public are just starting to realise the size of the bill and the fact that it must be paid.

Yep, he's gonna have to fudge it again. IR cut in the pipeline and let inflation run a bit.

Keep on your toes, it could be a good time to buy again in the next 18 months or so if real interest rates aren't high.

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Gordy may receive the blame when the house price crash finally begins but to be fair to him the same phenomena will occur in all bubble markets. For example, Southern California has had a very similar run-up in prices over the last 5 years and their market has topped and will show the first year-over-year negativity in October-November this year.

The "blame" is not due to economic policy but the laws of economics which have and always will take the form of varying degress of crash and boom cycles. The larger the boom the greater the crash etc. The next correction (aka crash) will no doubt follow the traditional pattern of reflecting the boom that preceded it. The famous chart tracing booms and busts since 1955 on this site's home page says it all. The trough is always about 50% of the preceding peak. It is also interesting to note that the last two crashes featured massive upward moves in the price of oil. Deja Vu?

Politicians come and go and Tony (and Bill Clinton) got lucky when he began his premiership at the start of the long boom period shared by many nations including the US. Tony will probably get out before the down cycle takes its toll leaving Gordy to "lead" (in reality he has no control over the forces of supply and demand) the economy into recession. Over to the Tories......

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Gordy is taking a bit of a b*tch slapping off the BBC of late, latest being on Teletext.... check out pages 101 and 102 on BBC.  Yet, the BBC choose to talk about the Hurricane instead.  I have not yet seen a news article on Gordon as of yet.

Apparently its all due to inflationary pressures of oil and the poor world economy (well, thats what he is fobbing the IMF off with, who are insisting he cuts spending or RAISES taxes).  We all know that is going to be as popular with the Labour party as Hitler was with Stalin.

I think he has forgot to mention the explosion in national debt, ramping unemployment and poor future prospects...

I really hope this man never ends up in 10 Downing Street, especially as he is crawling into bed with the Unions.

Is this because London journalists have realised they're in negative equity?

Edited by the_duke_of_hazzard

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Human nature and the cry of Chancellors down the ages.

Things are hunky dory and that's down to me.

Not so good, well must be due to "external factors".

One of the things that makes me a cynic.

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Gordy may receive the blame when the house price crash finally begins but to be fair to him the same phenomena will occur in all bubble markets.

Brown _created_ the bubble by encouraging the Bank of England to set artificially low interest rates for years by fudging inflation figures. Of course the crash is his fault.

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Gordon claimed to have halted the boom bust cycle which has plaged the uk economy for 300 years. Obviously any idiot can make such satements. Brown was only being prudent when he followed Conservative spending plans in labours first term.

The second term the self proclaimed genius began to spend. This prudence shows all the restraint of a kid in a sweet shop. Low and behold the economy has gone tits up. Unfortunately, a grown up will have to sort out this new labour scums mess.

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Guest Charlie The Tramp
Brown _created_ the bubble by encouraging the Bank of England to set artificially low interest rates for years by fudging inflation figures. Of course the crash is his fault.

We must not forget he also robbed the prudent, and now has the audacity to complain that people are not looking to the future and planning their pensions.

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We must not forget he also robbed the prudent, and now has the audacity to complain that people are not looking to the future and planning their pensions.

Nice one Charlie - straight between the eyes!!

Anyone got a ticket to 'Questiontime' in the near future?

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Prudence.

1 million manufacturing jobs lost.

Pesronal debt doubled on the back of loose lending policy.

Huge inflation in land causing companies to move abroad for what were already cheaper locations - they didn't so much jump, more like pushed.

Huge trade deficit.

Huge increase in unfunded liabilities by massaging unemployment by creating useless public sector jobs.

Falling productivity.

The list goes on.

Total economic mismanagement.

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Oh yes Charlie,

I missed the best one, Brown is a crook and a thief for stealing money from pensions - the UK was in one of the best positions of all european countries til he shoved his mits into the pockets of pension savers. He has done such a thorough job that pensions and the whole idea of saving for retirement may never recover.

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Guest muttley
Nice one Charlie - straight between the eyes!!

Anyone got a ticket to 'Questiontime' in the near future?

I got an invite to last Thursdays programme,but couldn't go. :(

Brown stole our watch,now he wants to tell us the time.

No doubt he will come in for some heavy criticism this week.

I'll be interested to see if his party back him,or distance themselves from him.

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stop complaining. the toasting of gordon brown should be savoured over the next 18 months. i am going to enjoy watching both him and house prices fail in public just like lamont, as the whole **** and bull lending economy unwinds before our direct debits.

then ID cards ?

:lol::lol:

all i can say as a keen new labour fan in 97 is...

what a wasted opportunity.

Edited by right_freds_dead

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Brown _created_ the bubble by encouraging the Bank of England to set artificially low interest rates for years by fudging inflation figures. Of course the crash is his fault.

Big Al (Alan Greenspan) decided about 4 years or so ago that artificially low interest rates would head off recession. The problem is that the business cycle will runs its course eventually. Putting your finger in the Dyke works for awhile but eventually the water will breach the top and you still end up with a flood. As the famous graph shows, the size of the trough is dictated by the height of the peak--no matter what policies Chancellors have in place. Chancellors only think they have control over the destination of the economy. Gordy's confession in front of the IMF is a simple admission that market forces will play out regardless.

Just a footnote to encourage STRs and FTBs: I live in the West Midlands (Midshires if you prefer!) and take particular interest in the number of unsold homes on the market locally. The only "sold" signs have small print stating that they are "subject to contract." Not sold--just tied up in a chain of sellers hoping to get yesterday's prices in a falling market. I am waiting to buy and will start to look when RICS begins listing more repos--an imminent phase given the double digit rises in the personal bankruptcy rate. There are sure signs of the changing economic cycle everywhere: layoff's, increased bankruptcy rate, confessions from Chancellors, builders downgrading profit forecasts for Q3 forward, B&Q in trouble.

"House prices are a matter of opinion, whereas debt is real."

Mervyn King

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Guest Riser
I got an invite to last Thursdays programme,but couldn't go. :(

Brown stole our watch,now he wants to tell us the time.

No doubt he will come in for some heavy criticism this week.

I'll be interested to see if his party back him,or distance themselves from him.

Todays FT is sugesting that the wheels may be in motion to get a smooth transferof power to Brown by the end of this parliment. I suspect Blair may use health grounds to back down. The sh1t is hitting the fan as we speak, time is running out for Brown to move.

FT - Sat Sept 24

  Ministers press for seamless handover from Blair

By Cathy Newman in London

Published: September 23 2005 19:26 | Last updated: September 23 2005 19:26

Leading members of the British cabinet are endorsing a seamless handover of power from Tony Blair, prime minister, to Gordon Brown, chancellor of the exchequer, later in this parliament.

On the eve of the Labour party's annual conference, senior Blairites have said the chancellor should succeed Mr Blair as premier without a contest. However, the timing of the transition remains uncertain, with members of the cabinet urging Mr Brown's supporters not to rush Mr Blair to leave office.

In an interview with the Financial Times, David Miliband, the cabinet minister who formerly ran Mr Blair's policy unit, says it is a foregone conclusion that Mr Brown will become the next prime minister. But he insists that Mr Blair has "as long as he wants" at the country's helm.

After last year's conference the prime minister announced he would leave before the next election. But he has never made clear the timetable for his departure.

Some supporters of Mr Brown believe the prime minister should step aside later this year, but Blairites want him to stay until nearer the end of the parliament, which is expected to run until 2009.

Cabinet members loyal to Mr Blair hope that, by reassuring Mr Brown that he will get the job, his supporters will not attempt to put pressure on the prime minister over his departure date.

Mr Miliband said: "I think when people talk about a stable and orderly transition they know what they mean."

Charles Clarke, the home secretary tipped by some as a challenger to Mr Brown, said this week it was "exceptionally unlikely" he would stand.

One Blairite member of the cabinet told the FT on Friday: "The most likely outcome is no contest or a challenge from the left that isn't frankly a serious candidate." But the cabinet minister hit out at Mr Brown's supporters for hurrying Mr Blair out of office.

"The idea that people are running round saying this is [the prime minister's] last party conference, I think it's very stupid

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Guest Riser
The Muppet is humiliated

Poor old Gordy

His authority and reputation are questioned in a Times Article today by Matthew Parris B)

So we're off to see the Wizard of Dunfermline – but is he really there?

...............Well, I wonder. I’ve been watching this politician for more than a decade. Here are some random observations — impressionistic notes towards an outline of the mysterious Wizard.

I have never heard Mr Brown say anything interesting, original or new about any aspect of modern British politics. There is little hard evidence for the proposition that he is, in any important way, a political thinker.

If not from his words, then, what about from his deeds? I defy anyone, studying the Brownite record, to assemble from his actions and reactions anything approaching a recognisable picture of a philosophy, an ideology or even a strategy.

If you kick him, he kicks you back. If some item in the news offends him, he is inclined to take a swing. He lacks the natural conservative’s instinct for leaving things alone, but his interventions do not suggest a pattern to his thought. The closest I can find to a discernible strategy is a preference for people over ideas or arguments: he rewards loyalty, helps and favours those who give him personal support — whether they are zombies or geniuses — and punishes those who do not, whatever their talents. Consciously or unconsciously he is building an army centred around himself. What the purpose of the army might be, however, besides acquiring and holding on to power, is perfectly opaque.

He is a poor communicator. His powers of oratory have improved sharply in recent years: from abysmal to dogged; but his speeches have never — not once — taken wing. He is consistently dull.

He is neither a persuader nor a debater. In interview and argument he angrily refuses to engage with his interlocutor: his tactic is to override, interrupt, dodge and fill the allotted time with fist-thumping lists of facts, claims and statistics. Though boastful and often crowing, he lacks that real mark of confidence: an openness to engage.

Mr Brown does not (as some of my media colleagues claim) “win” his encounters with opponents or questioners: what he does is make sure never to lose. Taking no risks, he belts out emphatic non-sequiturs or irrelevant claims until the discussion ends in stalemate. Doubters are seldom persuaded of the strength of the argument: what impresses is the force of the individual. But behind a heavy-shelling manner of delivery, he is quick-minded in anticipating, and fly in avoiding, awkward questions. This is essentially a deeply defensive man.

I believe Gordon Brown may be hiding something, a dreadful secret: that he has nothing to hide; nothing substantial or interesting up his sleeve; nothing to unveil; nothing in reserve; nothing to propose.

When Dorothy and her friends finally reach the Emerald City and confront the great curtain which shields the Wizard of Oz from view, and throw it back, they find . . . nothing. Just a small, anxious figure who had until then been able to project a big, confident illusion.

I wonder whether Gordon Brown recognises that picture. I do think he may be anxious: anxious that, when Britain finally travels our yellow brick road to his door, he may be found out. Many Scots revel in adjectives such as “taciturn” and “dour”, but I think the truth with Mr Brown could be otherwise. He may be living on bluster.

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Talk about double standards. Remember the last election where Labour took the credit for low interest rates and mortgages?

Why bother remembering, they are still doing it, here: The Labour Party, Our Policies

I quote:

"Britain now has the lowest inflation for thirty years and the lowest mortgage rates for forty years - saving homeowners an average of £3,700 a year compared to the Tory years. "

That's right: low mortgages are actually a policy decision ( :lol: ):

No mention of how the decelerating world economy and falling global stock market of 2000->2003 made low interest rates (and therefore mortgages) the only way to avoid recession. Presumably for low interst rates to be labour's doing, we must be insulated from the world economy.

You'll also note how they claim "low inflation" as a policy decision.

No mention of how a flood of cheap goods on the world market from China and India made this happy event beyond his control either! Presumably for low inflation to be labour's doing, we must be insulated from the world economy.

BUT WIND FORWARD a couple of years with the inevitable credit inspired boom petering out we get this:

"The World is coming to terms with an oil shock as bad as in the 1970s,"

Brown signals will revise 2005 growth down, Reuters 24 Sept 2005

Yes, suddenly it's all down to world oil prices.

Suddenly we are no longer insulated from the world economy.

It's all so simple. All so Gordon:

Good news = my doing

Bad news = global forces.

Who falls for this sh!t Presumably the majority of the electorate.

Edited by Sledgehead

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It's all so simple. All so Gordon:

Good news = my doing

Bad news = global forces.

http://en.wikipedia.org/wiki/Self-serving_bias

A self-serving bias occurs when people are more likely to claim responsibility for successes than failures. It may also manifest itself as a tendency for people to evaluate ambiguous information in a way beneficial to their interests. Dale Miller and Michael Ross first suggested this attributional bias.

For instance, a student who gets a good grade on an exam might say, "I got an A!" while a student who does poorly on an exam might say, "The teacher gave me an F!" When someone seeks out external causes for their poor performance, it may be labeled self-handicapping. Self-serving bias may simply be a form of wishful thinking.

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Oh yes Charlie,

I missed the best one, Brown is a crook and a thief for stealing money from pensions - the UK was in one of the best positions of all european countries til he shoved his mits into the pockets of pension savers. He has done such a thorough job that pensions and the whole idea of saving for retirement may never recover.

Hence why Brown is egging on Property Sipps & kill 2 birds with one stone as he sees it: -

1.Create new demand for housing driving up prices & saving the house of cards(prices) from crashing down

2.Create an alternative pension: "property is my pension"

Brown Has all the Self-delusional Grandeur of Hitler's "Ve are Vinning ze War!" statements in 1945

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Guest Charlie The Tramp
all i can say as a keen new labour fan in 97 is...

what a wasted opportunity.

I must say fred that in 1997 I for the first time refused to vote.

When a political party has a theme song they keep belting out at max volume " Things can only get better" you know that things will once again go bang, but this time even bigger.

That was the title wasn`t it? :(

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Guest muttley
When a political party has a theme song they keep belting out at max volume " Things can only get better" you know that things will once again go bang, but this time even bigger.

That was the title wasn`t it? :(

That's the one,Charlie.

It gets more appropriate every day.

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  • 301 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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