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Vince Cable And Sir Mervyn King Among Those Concerned - Over Govt Exposure To Mortgage Debt

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http://www.independent.co.uk/news/uk/politics/fears-of-debt-and-a-housing-bubble-after-david-cameron-hurries-out-second-phase-of-help-to-buy-three-months-early-8847563.html

Fears of debt and a housing bubble after David Cameron hurries out second phase of Help to Buy three months early

Vince Cable and Sir Mervyn King among those concerned that the Government could be exposed to billions of pounds of future housing debt whilst inflating the property market

..

But it has raised anxieties – including from Business Secretary Vince Cable and the former Governor of the Bank of England Sir Mervyn King – that the Government could be exposed to billions of pounds of future housing debt whilst inflating the property market.

Duncan Scott, director of PricedOut which campaigns for more affordable house prices for first time buyers, said the policy would make the situation even worse. The average house now costs £164,654 – an increase of 1.3 per cent since last year.

“Guaranteeing mortgages can only cause more money to be lent into the housing market, meaning house prices pushed even further out of reach of first-time buyers. The sheer cost of housing in the UK is having disastrous consequences for the economy and for society, but the government is simply perpetuating this unsustainable situation,” he said.

Mystic Merv concerned over a housing bubble. I wonder if it's the same level of concern he had with the last housing bubble....

Some very bearish comments in the article.

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Captain Keene: [news of the native revolt arrives] What do you intend to do, sir?

Sir Sidney Ruff-Diamond: Do? Do? We're British. We won't do anything...

Major Shorthouse: ...until it's too late.

Sir Sidney Ruff-Diamond: Exactly. That's the first sensible thing you've said all day.

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Captain Keene: [news of the native revolt arrives] What do you intend to do, sir?

Sir Sidney Ruff-Diamond: Do? Do? We're British. We won't do anything...

Major Shorthouse: ...until it's too late.

Sir Sidney Ruff-Diamond: Exactly. That's the first sensible thing you've said all day.

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When it pops and prices come crashing down it is going to be excruciating listening to people like Merv, Ed Milliband (and Labour in general) and countless other people saying how they predicted the house price bubble.

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http://www.independe...ly-8847563.html

Mystic Merv concerned over a housing bubble. I wonder if it's the same level of concern he had with the last housing bubble....

Some very bearish comments in the article.

Camoron looks like an utter buffoon in the hard hat, the comments are all ripping the piss out of their daft schemes, we are close to endgame I believe.

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Camoron looks like an utter buffoon in the hard hat, the comments are all ripping the piss out of their daft schemes, we are close to endgame I believe.

I had the misfortune to see him on the TV this morning explaining how the housing market 'isn't in a bubble' and that Help To Buy will improve things for young people in terms of housing.

Proof,if it were needed, that Oxford aren't that picky.

It was thoroughly depressing.

Edited by Sancho Panza

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I had the misfortune to see him on the TV this morning explaining how the housing market 'isn't in a bubble' and that Help To Buy will improve things for young people in terms of housing.

Proof,if it were needed, that Oxford aren't that picky.

It was thoroughly depressing.

The one and only reason for the existence of HelpToBuy is because property is in a bubble, and the only way to keep that bubble inflated is with various cruel and unusual schemes.

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I had the misfortune to see him on the TV this morning explaining how the housing market 'isn't in a bubble' and that Help To Buy will improve things for young people in terms of housing.

Proof,if it were needed, that Oxford aren't that picky.

It was thoroughly depressing.

It cheered me up, he looked out of his depth and in a panic, there are some bad numbers coming down the stream I think :P HPC is close.

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I had the misfortune to see him on the TV this morning explaining how the housing market 'isn't in a bubble' and that Help To Buy will improve things for young people in terms of housing.

Yes- he said there is no housing bubble and then he said that the average family cannot afford the average house.

Now-to someone who has not benefited from a public school education- these two statements seem to contradict each other, because if housing is not in a bubble then-by definition- the average family could afford to buy the average family house.

So if the average family cannot afford to buy the average family home then-again by definition- prices must be in a bubble.

So the startling truth is that the leader of the nation has no coherent explanation of why he is about to commit 12 billion pounds of taxpayers money to a scheme that he himself claims is not required since house prices right now are exactly where they should be- because if they are not then they are in a bubble in which case his scheme is a really bad idea.

So either help to buy is not required or it is a really bad thing to do. There is in fact no rational reason to do it unless you view it through the lens of a man desperate to get re-elected and does not much care how much damage he does to the country and it's people in order to achieve this end.

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I had the misfortune to see him on the TV this morning explaining how the housing market 'isn't in a bubble' and that Help To Buy will improve things for young people in terms of housing.

Proof,if it were needed, that Oxford aren't that picky.

It was thoroughly depressing.

You have to look at it from teh point of view of his real constituent, 'The Bankers' Hhis job is to keep them in bonuses, thats why he's introducing this scheme no matter how silly it seems to even the daily mail reader these days, he has to do the job, he has no choice even when he knows that we know he is talking nonsense.

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It cheered me up, he looked out of his depth and in a panic, there are some bad numbers coming down the stream I think :P HPC is close.

Agreed. Waving his arms around and breathing unevenly, he looked a drowning man in search of a life buoy.

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Agreed. Waving his arms around and breathing unevenly, he looked a drowning man in search of a life buoy.

Certainly in the grip of his advisors. Should lock him up in solitary for a week or two and see if he comes up with anything

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Oxford are very picky, just look at the number of people there from public school.

So: If someone's parents send them to a public school - they should be market out for vilifying, throwing stones at, attacking, sneering at...... just because they went to a certain type of school....?

Just like over many centuries, people with dark skin have been market out for vilifying, throwing stones at, attacking, sneering at..... just because of the colour of their skin....?

i.e. Yet another nasty kind of viscous, classist, apartheid & hate system brought about by a nasty stereotyping by brainless people with hate in their hearts...?

Edited by eric pebble

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You have to look at it from teh point of view of his real constituent, 'The Bankers' Hhis job is to keep them in bonuses, thats why he's introducing this scheme no matter how silly it seems to even the daily mail reader these days, he has to do the job, he has no choice even when he knows that we know he is talking nonsense.

That is correct. The government has, yet again, had a gun pointed at its head by the Bankers, and given a choice: The End, or continue with the World's Biggest Ever Pyramid/Ponzi Scam.......

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I had the misfortune to see him on the TV this morning explaining how the housing market 'isn't in a bubble' and that Help To Buy will improve things for young people in terms of housing.

Proof,if it were needed, that Oxford aren't that picky.

It was thoroughly depressing.

Actually Cameron quoted the BoE.

And when asked again he did it again: "don't take it from me... the BoE..." Cameron did it twice in the Marr show alone, and repeated the answer in other media as well. That tells me Cameron is well aware of the risks, and is already positioning the BoE to take the blame.

I would love to have seen Carney's face watching the Marr show. :lol:

B@stards all of them. Feck them all.

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I would love to have seen Carney's face watching the Marr show. :lol:

Carney knew exactly what he was signing up for. If the Ponzi outlasts his watch he's a hero, if it pops he's a victim of unexpected market failure and heads off back to Canada with a few million quid in his pocket to fund his political ambitions.

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Actually Cameron quoted the BoE.

And when asked again he did it again: "don't take it from me... the BoE..." Cameron did it twice in the Marr show alone, and repeated the answer in other media as well. That tells me Cameron is well aware of the risks, and is already positioning the BoE to take the blame.

I would love to have seen Carney's face watching the Marr show. :lol:

B@stards all of them. Feck them all.

Absolutely. By deferring to the BoE Cameron has effectively absolved the govt of ever having to take responsibility for policy. So Carney's brief now includes interest rates, sterling, employment and house prices. Give him a sandpit and some toy soldiers and he could do foreign policy as well.

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Absolutely. By deferring to the BoE Cameron has effectively absolved the govt of ever having to take responsibility for policy. So Carney's brief now includes interest rates, sterling, employment and house prices. Give him a sandpit and some toy soldiers and he could do foreign policy as well.

The Government want no fiscal responsibility at all, but they still want paying seems on trend.

Edited by Tonkers

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Carney knew exactly what he was signing up for. If the Ponzi outlasts his watch he's a hero, if it pops he's a victim of unexpected market failure and heads off back to Canada with a few million quid in his pocket to fund his political ambitions.

The fact we've got a Johnny Foreigner at the helm of the BoE makes me think it more likely some unpopular decisions will be on the way.

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http://www.independent.co.uk/news/uk/politics/fears-of-debt-and-a-housing-bubble-after-david-cameron-hurries-out-second-phase-of-help-to-buy-three-months-early-8847563.html

Mystic Merv concerned over a housing bubble. I wonder if it's the same level of concern he had with the last housing bubble....

Some very bearish comments in the article.

..Merv has learned from experience...now Carney has to deal with the financial illiterates and misfits leading the current Government ...who are merely creating a re-election gimmick ..which will explode in their faces ...and the tax payer (if there are any left) will be made to pay the bill....again...... :rolleyes:

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The fact we've got a Johnny Foreigner at the helm of the BoE makes me think it more likely some unpopular decisions will be on the way.

I think the acceleration of HTB2 tells you all you need to know about the Conservatives' direction of travel in terms of tough but necessary decisions.

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Absolutely. By deferring to the BoE Cameron has effectively absolved the govt of ever having to take responsibility for policy. So Carney's brief now includes interest rates, sterling, employment and house prices. Give him a sandpit and some toy soldiers and he could do foreign policy as well.

I just had to quote that again. :) That's great.

Why do we even need politicians?

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..Merv has learned from experience...now Carney has to deal with the financial illiterates and misfits leading the current Government ...who are merely creating a re-election gimmick ..which will explode in their faces ...and the tax payer (if there are any left) will be made to pay the bill....again...... :rolleyes:

But WHY did it take so long for Merv to learn???????? A 15 yr old schoolboy would have understood way back in 2002/3 that interest rates should have been put UP - not down. It was at THAT point in time when Merv and his cohorts COULD have taken the steam out of an already out of control situation....

History could have been SO different....

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