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The 'experts' Who Should Hang Their Heads In Shame ... Who Predicted A Triple-Dip Recession And Misery For Millions

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http://www.dailymail.co.uk/news/article-2519159/The-experts-hang-heads-shame--journalists-broadcasters-academics-economists-predicted-triple-dip-recession-misery-millions.html

The BBC

Every news bulletin seems to carry doom-laden reports about the state of our economy. This is not surprising since the Corporation has an entrenched and mindless opposition to all public sector cuts.

A constant stream of Left-wing pundits are invited onto its programmes to shroud-wave, with some warning that up to ten million households will be hit by brutal austerity measures.

Typically, BBC news headlines in April were full of dire warnings from the International Monetary Fund about the folly of the Coalition’s policies.

..

DAVID BLANCHFLOWER

The economist revered by the Left-wing establishment has been a constant Eeyore about the chances of the UK economy picking up.

In May, the former Bank of England adviser declared: ‘I nearly fell over laughing when I heard Mervyn King (the then Bank of England governor) say there’s a recovery in sight.’

A few months earlier, British-born Blanchflower, who is now a professor of economics in America, confidently predicted that official figures would show unemployment on the rise.

He has delivered more pearls of wisdom in his New Statesman magazine column. For example, in 2009 he said: ‘If spending cuts are made too early and the monetary and fiscal stimuli are withdrawn, unemployment could easily reach four million. If large numbers of public sector workers, perhaps as many as a million, are made redundant and there are substantial cuts in public spending in 2010, as proposed by some in the Conservative Party, five million unemployed or more is not inconceivable.’

STEPHANIE FLANDERS

JONATHAN PORTES

PAUL KRUGMAN

PROFESSOR ROBERT SKIDELSKY

A bit of Friday humour, luckily the economy is recovering and house prices can resume there upward trajectory and make everyone rich...

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http://www.dailymail.co.uk/news/article-2519159/The-experts-hang-heads-shame--journalists-broadcasters-academics-economists-predicted-triple-dip-recession-misery-millions.html

A bit of Friday humour, luckily the economy is recovering and house prices can resume there upward trajectory and make everyone rich...

Yes, it's so lucky that the economy is recovering - otherwise the Wail would n't be able to write such drivel.

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Yes, it's so lucky that the economy is recovering - otherwise the Wail would n't be able to write such drivel.

In case you haven't noticed, Blanchflower, Portes, Krugman, et al, are arguing that house prices should be pushed even higher than their current level.

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http://notasheepmaybeagoat.blogspot.co.uk/2007/07/daily-mail-and-its-love-of-gordon-brown.html

Saturday, 28 July 2007

The Daily Mail and its love of Gordon Brown

Much of the political coverage by newspapers in this country has an obvious bias and I accept it and usually see through it. One that has confused me recently has been the Daily Mail's love fest with Gordon Brown. The Daily Mail was one of the few papers that seemed not to fall for Tony Blair and yet they can hardly get through an issue without a pro Brown article or two. Gordon Brown has recently seemed to be proposing policies that would specifically appeal the the Daily Mail's readership, such as cancelling the Super Casino, looking at reclassifying cannabis and looking at the 24 hour licensing laws.

Much of the pro Brown tone has been set by the Editor Paul Dacre who is reputed to be a personal friend of Gordon Brown, see Wikipedia In 2002, when Brown was Chancellor of the Exchequer, Dacre commented: "I have an awful lot of admiration for Gordon Brown. I feel he is one of the very few politicians of this administration who's touched by the mantle of greatness""

I do wonder how this goes down with the Daily Mail readership who do tend to be rather less appreciative of Gordon Brown than Paul Dacre.

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In case you haven't noticed, Blanchflower, Portes, Krugman, et al, are arguing that house prices should be pushed even higher than their current level.

Well it is a kind of socialism for Daily Mail readers, a lot of whom are home owners.

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In case you haven't noticed, Blanchflower, Portes, Krugman, et al, are arguing that house prices should be pushed even higher than their current level.

Not sure how you can say that with a straight face.

It's a straight up lie.

Link up your sources.

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Not sure how you can say that with a straight face.

It's a straight up lie.

Link up your sources.

Blanchflower has been arguing for the past 7 years for more monetary and fiscal stimulus via more borrowing. Have you not listened to a single thing he's been saying? What do you think that would do to house prices? Krugman argues the same thing. And Portes also says the same thing, but then throws in that we also need a massive boost in immigration.

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The pnly people who should hang their heads in shame are the inflation calculators.

Real living standards are falling. If inflation was correctly measured the GDP would shown to be falling too. We are in recession, the tractor production department simply lies.

This is a disgusting and disingenuous article.

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Blanchflower has been arguing for the past 7 years for more monetary and fiscal stimulus via more borrowing. Have you not listened to a single thing he's been saying? What do you think that would do to house prices? Krugman argues the same thing. And Portes also says the same thing, but then throws in that we also need a massive boost in immigration.

Blancheflower too was batting for immigration. To keep wages down. This was just before the bubble burst - that one that he helped produce with his voting patterns on the MPC blew up in his face. Then it was all about pritning more money to prevent rising unemployment, which the current encumbent LIARS at the central bank have taken as a new target and almost immediately about-faced on.

It seems this bunch of people are the most, dishonest, unreliable, unaccountable frauds that can be paid to bat for certain interests, be they banks or politicians. they care not one jot for the population as a whole, it is their position and their influence that counts.

Edited by onlyme2

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Maybe the Mail is having "a love fest" with G Brown because Brown seems more isolated from the Labour party now.

So in reality it's an indirectly pro Conservative stance - it also divides Labour a bit.

Edited by billybong

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Here is blanchflower overtly calling for creating 5% inflation and the central bank buying up any old mortgage shit they can find to the tune of hundreds of billions.

That has been the solution - more of the same misallocation of capital, debt, inflation and enforced servitude at the hands of the banks.

A truly disgusting individual.

http://www.theguardian.com/commentisfree/2010/nov/16/house-prices-tumble-austerity-inflation

Inflation could revive Britain's economy

House prices look set to tumble as austerity bites, but inflation could be the homeowner's saviour

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David Blanchflower

Inflation could revive Britain's economy

House prices look set to tumble as austerity bites, but inflation could be the homeowner's saviour

Shameful.

Edited by billybong

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Blanchflower has been arguing for the past 7 years for more monetary and fiscal stimulus via more borrowing. Have you not listened to a single thing he's been saying? What do you think that would do to house prices? Krugman argues the same thing. And Portes also says the same thing, but then throws in that we also need a massive boost in immigration.

Eh?

Arguing for fiscal stimulus ISNT arguing for higher house prices. It's arguing for FISCAL stimulus. I'm fairly certain Blanchflower was arguing for monetary stimulus and to slash the policy rate due to prevent a massive depression that would result from the housing and banking crash. He was spot on.

Tories ignored that and have caused the depression to outlast 1930s.

Tories failed completely to generate any growth for 3 years, causing ongoing misery for millions.

To my recollection Blanchflower (and I image Portes) have been arguing AGAINST HTB and pumping up the economy via increases in household debt.

You don't seem to be aware that there is a difference between Government spending and household spending.

You are aware that Osborne introduced the FLS subsidy for mortgage lending aren't you?

Also that Osborne introduced the govt subsidies in HTB and HTB2 which are driving up house prices?

And Osborne who is driving up household spending via increasing household debt rather than wages. Most of the recent growth, aside from an inventory build up, has come from households RELEVERAGING i.e. increasing their debt to buy houses.

You really need to stop getting your info from the Daily Hate. You can ask Blanchflower and Portes for their views directly on twitter. They're very amenable to speak for themselves if you want to know what they believe. It's certainly not the cr4p appearing in the Daily Hate.

I'm all for opposing views, but repeating falsehoods and lies as if they're factual is just stupid.

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I'm all for opposing views, but repeating falsehoods and lies as if they're factual is just stupid.

[/quote

No lies, read blanchflower's own words - it is there in black and white - more inflation and low rates to bail out housing. It was the unmentioned policy all along from the bankrupt of england - low rates to fund the housing bubble, sod everythiing else. There has been no other policy for years,

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I'm all for opposing views, but repeating falsehoods and lies as if they're factual is just stupid.

No lies, read blanchflower's own words - it is there in black and white - more inflation and low rates to bail out housing. It was the unmentioned policy all along from the bankrupt of england - low rates to fund the housing bubble, sod everythiing else. There has been no other policy for years,

I do. He's on twitter. Tweet him and ask him. Better still link up your evidence. Then we can discuss it.

It was a financial system collapse and a depression with rates at the zero lower bound.

Why on earth wouldn't you increase govt spending?!

I think you'll find he has a rather robust view on Mervyn King and the BoE, but you better ask him personally.

As for HTB he's regularly in the Independent attacking it and arguing against raising house price to income ratios.

Get better informed. If you read the Hate you won't learn anything

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Eh?

Arguing for fiscal stimulus ISNT arguing for higher house prices. It's arguing for FISCAL stimulus. I'm fairly certain Blanchflower was arguing for monetary stimulus and to slash the policy rate due to prevent a massive depression that would result from the housing and banking crash. He was spot on.

Tories ignored that and have caused the depression to outlast 1930s.

Tories failed completely to generate any growth for 3 years, causing ongoing misery for millions.

To my recollection Blanchflower (and I image Portes) have been arguing AGAINST HTB and pumping up the economy via increases in household debt.

You don't seem to be aware that there is a difference between Government spending and household spending.

You are aware that Osborne introduced the FLS subsidy for mortgage lending aren't you?

Also that Osborne introduced the govt subsidies in HTB and HTB2 which are driving up house prices?

And Osborne who is driving up household spending via increasing household debt rather than wages. Most of the recent growth, aside from an inventory build up, has come from households RELEVERAGING i.e. increasing their debt to buy houses.

You really need to stop getting your info from the Daily Hate. You can ask Blanchflower and Portes for their views directly on twitter. They're very amenable to speak for themselves if you want to know what they believe. It's certainly not the cr4p appearing in the Daily Hate.

I'm all for opposing views, but repeating falsehoods and lies as if they're factual is just stupid.

I'm in no way defending Osborne, but just because they're opposed to Osborne, does not make them right. Blanchflower, Krugman, et al, have consistently argued for fiscal stimulus in addition to monetary stimulus. This would simply compound the issue around house prices being artificially manipulated -- more household debt plus even more government debt.

I used to read Krugman because all through the run-up of the housing bubble in the US, he pointed out the dangers of too much debt. But then a Democrat is elected to the White House, and, all of a sudden, he does a 180 and starts claiming that everyone needs to borrow even more. Whatever. If it was wrong for Bush in 2001, why is it not wrong for Obama in 2013?

My personal view is that most macro models are far less relevant than they're made out to be. The government needs to be taking concrete steps to increase productivity and decrease inequality at the micro level. Simply changing the aggregate levels of government spending or interest rates are a ruse to hide how the government is manipulating markets to favour key political constituencies (i.e home owners and other asset rich individuals, or public sector workers).

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I do. He's on twitter. Tweet him and ask him. Better still link up your evidence. Then we can discuss it.

It was a financial system collapse and a depression with rates at the zero lower bound.

Why on earth wouldn't you increase govt spending?!

I think you'll find he has a rather robust view on Mervyn King and the BoE, but you better ask him personally.

As for HTB he's regularly in the Independent attacking it and arguing against raising house price to income ratios.

Get better informed. If you read the Hate you won't learn anything

Read nothing from the Hate - just on his past form. His support for direct bank bailouts and money pritning has been nothing but supporting of the tories's use of those instruments. If anything he is and has been jsut a shill for the bnking sector arguing for bailouts to them at the costs of the majority. Which is exactly what we have seen.

HIs robust view of MK and boe - that King was an arrogant tosser wedded to his position - nothing we didn't already know - willing to bend over to and do whatever was necessary to keep his position and didn;t he do well out of his pension after fiddling the treasury market with QE. The robust view of the Boe in general not dropping rates fast enough to bail out the banks - will be giving him no priase for that either.

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I'm in no way defending Osborne, but just because they're opposed to Osborne, does not make them right. Blanchflower, Krugman, et al, have consistently argued for fiscal stimulus in addition to monetary stimulus. This would simply compound the issue around house prices being artificially manipulated -- more household debt plus even more government debt.

I used to read Krugman because all through the run-up of the housing bubble in the US, he pointed out the dangers of too much debt. But then a Democrat is elected to the White House, and, all of a sudden, he does a 180 and starts claiming that everyone needs to borrow even more. Whatever. If it was wrong for Bush in 2001, why is it not wrong for Obama in 2013?

My personal view is that most macro models are far less relevant than they're made out to be. The government needs to be taking concrete steps to increase productivity and decrease inequality at the micro level. Simply changing the aggregate levels of government spending or interest rates are a ruse to hide how the government is manipulating markets to favour key political constituencies (i.e home owners and other asset rich individuals, or public sector workers).

He's like a proper politician.

As for the models they are ultimately all b0110cks and can only function perfectly on paper which brings top marks. When applied to reality they fall to pieces as people don't act how the model predicts and those creating them are shocked!

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The government needs to be taking concrete steps to increase productivity and decrease inequality at the micro level.

How does increasing productivity address the fact that workers lack the pricing power to demand wage hikes?

All other things being equal higher productivity will cause wages to fall as the number of workers required declines, creating more surplus labor leading to a further loss of bargaining power.

Only if demand were to increase over and above productivity improvements would the demand for labor perhaps put upward pressure on wages.

So from the viewpoint of workers they would be better advised to reduce their productivity in order to maximize the need to employ more people.

Edited by wonderpup

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A bit of Friday humour, luckily the economy is recovering and house prices can resume there upward trajectory and make everyone rich...

....Yes a recovery, a short-term recovery.....they still haven't sorted out the real underlying financial, employment and infrastructure investment problems.....bit like saying I have a job this week and I borrowed a few bob to tide me over for the next few weeks....sure I feel fine, I feel good today....the question is what about tomorrow, nothing is bedded in, nothing is fully secure, nothing is definite, solid, sound or established......nothing is confident over the longer-term.... ;)

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http://www.bbc.co.uk/news/business-25258963

Higher UK growth forecasts "hide some more disappointing news for the chancellor", warns the influential Institute for Fiscal Studies (IFS).

It says the increased forecast is just a result of growth coming a bit sooner than had been expected.

The think-tank warns things like free school meals are unfunded after 2015.

It says the pace of cuts in public service spending will accelerate from 2.3% a year between 2011 and March 2016 to 3.7% a year until early 2019.

IFS need to be added to the list.

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