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The Biggest Housing Bubble

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"Just think of what we inherited. An economy built on the worst deficit, the biggest housing bubble, the most leveraged banks, the most indebted households, the most out of control public spending, the most unsustainable immigration, an education system dumbed down and a welfare system messed up".

Cameron just said the above in a televised speech in Trafford :D.

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This and previous comments by ministers in recent months show that the government is aware that the housing bubble existed and was overall damaging... now I suspect they want it to deflate slowly, using inflation to make nominally small falls into larger real term falls.

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He continued "and that is why cutting the rate of corporation tax for companies making more than £1.5m in profits, spending £3b on an unwanted top down re-organisation of the NHS and raising the inheritance tax threshold are our top priorities. May as well grab what we can before the place goes to shit. Pip pip"

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My take on it is that he knows the pack of cards is about to topple and wants plenty of sound bites, putting the blame squarely on Labour, on record.

+1

The media can work for you or against you, Gordon Brown must be a bit bored of the infamous 'End to Boom and Bust" speach

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This and previous comments by ministers in recent months show that the government is aware that the housing bubble existed and was overall damaging... now I suspect they want it to deflate slowly, using inflation to make nominally small falls into larger real term falls.

Only works when wage growth keeps up with inflation. That isn't what is happening or is going to happen.

What is happening is that inflation is outstripping wages (effectively an overdue correction from outsourcing the means of production to the east), therefore pressuring incomes, which leaves less to pay the mortgage, which equals more defaults and repossessions, which equals house price falls in real and nominal terms DESPITE inflation elsewhere in the economy.

House prices are damned if they raise interest rates, damned if they keep them below the rate of inflation. Timmmmberrrrrrrrrr :D

Edited by General Congreve

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My take on it is that he knows the pack of cards is about to topple and wants plenty of sound bites, putting the blame squarely on Labour, on record.

At least Cameron is facing up to the reality of economics... unlike Broon..!

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"Just think of what we inherited. An economy built on the worst deficit, the biggest housing bubble, the most leveraged banks, the most indebted households, the most out of control public spending, the most unsustainable immigration, an education system dumbed down and a welfare system messed up".

Cameron just said the above in a televised speech in Trafford :D.

Funny, he seemed perfectly happy with it all while in opposition.

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My take on it is that he knows the pack of cards is about to topple and wants plenty of sound bites, putting the blame squarely on Labour, on record.

Quite possibly. Spain is next and then it could very well be us.

It'll be interesting to see whether this snippet is repeated in the MSM this evening. If it is then it will be the message they want heard and repeated. The game, and the second leg of the HPC, will be on. If it's not repeated then it will just be another politician telling a room full of people what they want to hear.

Let's see.

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"Just think of what we inherited. An economy built on the worst deficit, the biggest housing bubble, the most leveraged banks, the most indebted households, the most out of control public spending, the most unsustainable immigration, an education system dumbed down and a welfare system messed up".

Cameron just said the above in a televised speech in Trafford :D.

That's good, he sees the problems.

What's not good is that I don't see the policies to correct the problems. How about the basics, like axeing SMI, leaving the EU, cutting public sector pay, cutting state pensions and housing benefit, and reducing taxes on labour.

All talk, no action.

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"Just think of what we inherited. An economy built on the worst deficit, the biggest housing bubble, the most leveraged banks, the most indebted households, the most out of control public spending, the most unsustainable immigration, an education system dumbed down and a welfare system messed up."

Did he continue....

"Nobody could fix that, so we have decided to grab as much money as we can while we are in power via such as allowing tax evasion for MPs and helping corporations/banks to get consultancies after leaving government. We have increased spending every year, given taxpayer's money to FTBs as a deposit to try stop house prices falling, Grantley Shapps has told the FSA not to restrict mortgage lending so the banks can lend recklessly again and increase their leverage, the OBR has forecast households to borrow £300bn more in this parliament, public sector fat cat pay like Andrea's can carry on while in effect jobs at the bottom are cut to pay for it, we cannot stop EU immigration and decided to change our mind and not to block non-EU immigration because our corporation friends weren't happy, raise tuition fees so that only rich people can go to university as they won't be as dumb as poor people, backed down on our housing benefit limits due this month for existing tenants, as lots of MPs have taxpayer funded BTL portfolios"

Edited by Redhat Sly

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Did he continue....

"Nobody could fix that, so we have decided to grab as much money as we can while we are in power via such as allowing tax evasion for MPs and helping corporations/banks to get consultancies after leaving government. We have increased spending every year, given taxpayer's money to FTBs as a deposit to try stop house prices falling, Grantley Shapps has told the FSA not to restrict mortgage lending so the banks can lend recklessly again and increase their leverage, the OBR has forecast households to borrow £300bn more in this parliament, public sector fat cat pay like Andrea's can carry on while in effect jobs at the bottom are cut to pay for it, we cannot stop EU immigration and decided to change our mind and not to block non-EU immigration because our corporation friends weren't happy, raise tuition fees so that only rich people can go to university as they won't be as dumb as poor people, backed down on our housing benefit limits due this month for existing tenants, as lots of MPs have taxpayer funded BTL portfolios"

No, he didn't.

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Quite possibly. Spain is next and then it could very well be us.

It'll be interesting to see whether this snippet is repeated in the MSM this evening. If it is then it will be the message they want heard and repeated. The game, and the second leg of the HPC, will be on. If it's not repeated then it will just be another politician telling a room full of people what they want to hear.

Let's see.

what's MSM? :unsure:

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My take on it is that he knows the pack of cards is about to topple and wants plenty of sound bites, putting the blame squarely on Labour, on record.

Just as the Barber boom in the Tory govt led to the IMF bailout of 1976 (when Labour were in power), so the consequences of Broon/NuLabour will result in a collapse of the UK economy by next year.

Small comfort that the Tories have got away all these years on associating the IMF bailout with Labour policies. We're now about to see the reverse scenario.

It's the poor that always cop it, unfortunately...

Edited by Trampa501

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what's MSM? :unsure:

MainStream Media. Otherwise known as "the media". There are, however, alternative and indy news sources. RT on Freeview for instance and in particular the "Keiser Report" (Tues and Thurs @ 8.30pm).

As it happens, I just watched BBC 6 o'clock news. There was mention of Cameron in Old Trafford and a clip of him walking to the podium but that was it.

BBC not reporting his statement. ITV, Channel 4 News and SKY unlikely too as well. And, as we know, if it's not reported then it didn't happen.

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"Just think of what we inherited. An economy built on the worst deficit, the biggest housing bubble, the most leveraged banks, the most indebted households, the most out of control public spending, the most unsustainable immigration, an education system dumbed down and a welfare system messed up".

Cameron just said the above in a televised speech in Trafford

The funny thing is that all the time he was leader of the opposition I didn't see this chinless wonder on single occasion speak out about any of these issues- except perhaps to call for less regulation on the banks.

The truth is that had Cameron been in charge the bubble would have been bigger and bank bailout even more generous. The tory boys were cheering all the way down- so it's a bit rich to pretend that had they been in charge things would have turned out differently.

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MainStream Media. Otherwise known as "the media". There are, however, alternative and indy news sources. RT on Freeview for instance and in particular the "Keiser Report" (Tues and Thurs @ 8.30pm).

As it happens, I just watched BBC 6 o'clock news. There was mention of Cameron in Old Trafford and a clip of him walking to the podium but that was it.

BBC not reporting his statement. ITV, Channel 4 News and SKY unlikely too as well. And, as we know, if it's not reported then it didn't happen.

But it did happen and it's all on video tape for later use ;).

House prices are toast and Labour will, rightly, get the blame.

No more boom and bust :lol:.

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The funny thing is that all the time he was leader of the opposition I didn't see this chinless wonder on single occasion speak out about any of these issues- except perhaps to call for less regulation on the banks.

The truth is that had Cameron been in charge the bubble would have been bigger and bank bailout even more generous. The tory boys were cheering all the way down- so it's a bit rich to pretend that had they been in charge things would have turned out differently.

Labour screw up the economy every time they get into power. This time the clowns were in power for longer than usual and have left a dreadful mess behind them for the Conservatives to sort out once again.

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Labour screw up the economy every time they get into power. This time the clowns were in power for longer than usual and have left a dreadful mess behind them for the Conservatives to sort out once again.

Which the conservatives have a reputation for doing, but never actually have.

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MainStream Media. Otherwise known as "the media". There are, however, alternative and indy news sources. RT on Freeview for instance and in particular the "Keiser Report" (Tues and Thurs @ 8.30pm).

As it happens, I just watched BBC 6 o'clock news. There was mention of Cameron in Old Trafford and a clip of him walking to the podium but that was it.

BBC not reporting his statement. ITV, Channel 4 News and SKY unlikely too as well. And, as we know, if it's not reported then it didn't happen.

RT and Al Jazeera is what I watch. Keiser and Stacy are great even though a little bit sarcastic sometimes. oh, and Sky News at work occasionally. I don't do BBC, just can't digest it.

Edited by LittleSteroid

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  • 309 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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