Fairyland Posted October 17, 2017 Share Posted October 17, 2017 There is no housing bubble ... Let them eat cake. Quote Link to comment Share on other sites More sharing options...
disenfranchised Posted October 17, 2017 Share Posted October 17, 2017 You guys are dumb. There isn't a bubble because there cannot be a bubble - Mr Brown put an end to boom and bust, remember? Saddam had WMDs, Monica Lewinsky never smoked Bill's cigar, WTC 7 collapsed into it's own footprint spontaneously despite no similarly constructed burning tower block ever doing so. Pass the coolaid please... Quote Link to comment Share on other sites More sharing options...
frederico Posted October 17, 2017 Share Posted October 17, 2017 He's a one trick pony, status is everything to him, he's just plane not up to the job but genuinely he believes he is the only man that can do the job and we are lucky to have him. He'll retire convinced he saved the UK economy from oblivion. Quote Link to comment Share on other sites More sharing options...
thewig Posted October 17, 2017 Share Posted October 17, 2017 56 minutes ago, sPinwheel said: Are you 16 years old now? Quote Link to comment Share on other sites More sharing options...
thewig Posted October 17, 2017 Share Posted October 17, 2017 15 minutes ago, disenfranchised said: You guys are dumb. There isn't a bubble because there cannot be a bubble - Mr Brown put an end to boom and bust, remember? Saddam had WMDs, Monica Lewinsky never smoked Bill's cigar, WTC 7 collapsed into it's own footprint spontaneously despite no similarly constructed burning tower block ever doing so. Pass the coolaid please... and the #vileBBC predicted building seven collapsing into its own footprint through fire (the only time in history, never happened before or since) twenty minutes before it actually happened #nothingtoseehere #whenseastenderson Quote Link to comment Share on other sites More sharing options...
Bland Unsight Posted October 17, 2017 Share Posted October 17, 2017 2 hours ago, thewig said: it took me 16 years to fully understand that scene There is no scene. Quote Link to comment Share on other sites More sharing options...
zugzwang Posted October 17, 2017 Share Posted October 17, 2017 15 minutes ago, disenfranchised said: You guys are dumb. There isn't a bubble because there cannot be a bubble - Mr Brown put an end to boom and bust, remember? Saddam had WMDs, Monica Lewinsky never smoked Bill's cigar, WTC 7 collapsed into it's own footprint spontaneously despite no similarly constructed burning tower block ever doing so. Pass the coolaid please... Why doesn't anybody ever ask him how the Bank quantifies an asset price bubble? At least then we could do the maths ourselves. And while he's at it, could he point us in the direction of the Bank's utility measuring machine? The economics textbooks tell me I should be maximising my yoodles at all times, be nice to know how well I'm doing. Quote Link to comment Share on other sites More sharing options...
thewig Posted October 17, 2017 Share Posted October 17, 2017 8 minutes ago, Beary McBearface said: There is no scene. Quote Link to comment Share on other sites More sharing options...
Venger Posted October 17, 2017 Share Posted October 17, 2017 Not a very good question. ____ Do you feel under any pressure to defend property prices in the UK? Carney: No. ___ Not surprising given house prices run on population growth eh, not money, eh - so can't fall vs not-building-as-much-as-super-Canada. What a depressing Carney Q & A. Consumer credit plays a role in this economy... people still buy houses, refurb, buy cars... we have to manage the risk around that so they are confident that it's there. I will indulge in the conspiracy think now, for a moment at least. There is no (free) market. Quote Link to comment Share on other sites More sharing options...
mrdirkles Posted October 17, 2017 Share Posted October 17, 2017 30 minutes ago, thewig said: and the #vileBBC predicted building seven collapsing into its own footprint through fire (the only time in history, never happened before or since) twenty minutes before it actually happened #nothingtoseehere #whenseastenderson I have spoken about this to my wife but I'm not sure whether I dreamt it or not. Do you know of any timed stamped recordings of the broadcast regarding the collapse of building 7? Quote Link to comment Share on other sites More sharing options...
thewig Posted October 17, 2017 Share Posted October 17, 2017 2 minutes ago, mrdirkles said: I have spoken about this to my wife but I'm not sure whether I dreamt it or not. Do you know of any timed stamped recordings of the broadcast regarding the collapse of building 7? yes. it'll take you all of two minutes to find on the internet, you don't need me or anyone else to spoonfeed you - if you truly are searching for the truth, you'll find it, its there god speed, the rabbit hole goes deep Quote Link to comment Share on other sites More sharing options...
Confusion of VIs Posted October 17, 2017 Share Posted October 17, 2017 24 minutes ago, zugzwang said: Why doesn't anybody ever ask him how the Bank quantifies an asset price bubble? At least then we could do the maths ourselves. And while he's at it, could he point us in the direction of the Bank's utility measuring machine? The economics textbooks tell me I should be maximising my yoodles at all times, be nice to know how well I'm doing. No need for maths, if it goes pop it is a bubble. Until then no bubble. Quote Link to comment Share on other sites More sharing options...
thewig Posted October 17, 2017 Share Posted October 17, 2017 12 minutes ago, Venger said: Not a very good question. ____ Do you feel under any pressure to defend property prices in the UK? Carney: No. ___ Not surprising given house prices run on population growth eh, not money, eh - so can't fall vs not-building-as-much-as-super-Canada. What a depressing Carney Q & A. Consumer credit plays a role in this economy... people still buy houses, refurb, buy cars... we have to manage the risk around that so they are confident that it's there. I will indulge in the conspiracy think now, for a moment at least. There is no (free) market. who are you and what have you done with @Venger? what are your views on.... crowd psychology, for example would you say the market is made up of... individuals making their own choices? Quote Link to comment Share on other sites More sharing options...
Dorkins Posted October 17, 2017 Share Posted October 17, 2017 13 minutes ago, Confusion of VIs said: No need for maths, if it goes pop it is a bubble. Until then no bubble. That's not how it works. If asset prices are going up double digit percentages a year that's a sign of economic success all thanks to the excellent stewardship of policymakers. If asset prices fall it's because of an external shock that nobody could have predicted or prevented. Quote Link to comment Share on other sites More sharing options...
BorrowToLeech Posted October 17, 2017 Share Posted October 17, 2017 31 minutes ago, zugzwang said: Why doesn't anybody ever ask him how the Bank quantifies an asset price bubble? At least then we could do the maths ourselves. Is a good question. When we talk about a bubble we almost certainly mean something very different to what he means. Economists define a bubble as, something like, a difference between the 'true value' of an asset and the markets assessment of that value. It's not even clear that bubbles can exist at all if you believe that the only true value is the market price. And he's trained to believe exactly that. We use bubble to mean that houses are priced far above their value as homes, due to the activity of speculators. To a psychopath, or an economist trained to think like a psychopath, houses are investment assets. Their utility as places to sleep is incidental. So from an economic point of view there probably is no bubble but then, by the same logic, 18th century African slaves were 'fairly valued'. Quote Link to comment Share on other sites More sharing options...
Noallegiance Posted October 17, 2017 Share Posted October 17, 2017 3 hours ago, thewig said: it took me 16 years to fully understand that scene 18 years on I'm still not fully to grips with the nuance! Quote Link to comment Share on other sites More sharing options...
BeyondAJoke Posted October 17, 2017 Share Posted October 17, 2017 I'm not sure how he can say that with a straight face when he needs an annual housing allowance of £250k. The mental gymnastic and lack of remote empathy with the average person is staggering. It really is all geared up to what's best for "the economy" and the banks, rather than a single pleb. Quote Link to comment Share on other sites More sharing options...
Tempus Posted October 17, 2017 Author Share Posted October 17, 2017 (edited) 23 minutes ago, DrBuyToLeech said: To a psychopath, or an economist trained to think like a psychopath, houses are investment assets. Their utility as places to sleep is incidental. So from an economic point of view there probably is no bubble but then, by the same logic, 18th century African slaves were 'fairly valued'. I suspect they train them well at Goldman Sachs. Make sure they only count the cash and don't hear the cries. Edited October 17, 2017 by Tempus Quote Link to comment Share on other sites More sharing options...
sPinwheel Posted October 17, 2017 Share Posted October 17, 2017 3 hours ago, thewig said: yes. it'll take you all of two minutes to find on the internet, you don't need me or anyone else to spoonfeed you - if you truly are searching for the truth, you'll find it, its there god speed, the rabbit hole goes deep Building 7 was just a cover for building 8. Quote Link to comment Share on other sites More sharing options...
Bear Hug Posted October 17, 2017 Share Posted October 17, 2017 We know he is lying. Most homeowners and mortgage debt slaves hope he isn't. Quote Link to comment Share on other sites More sharing options...
Parkwell Posted October 18, 2017 Share Posted October 18, 2017 Carney is just another spineless management speaking conman. He only has to paper over the cracks for another 2 years and then he can go get another high paying job where he does eff all about major problems for a term. He has zero plans to rock the boat. A steady hidden decline suits him fine, then it can explode when he's clear of the blast. Quote Link to comment Share on other sites More sharing options...
Blod Posted October 18, 2017 Share Posted October 18, 2017 Someone could have asked ‘if house prices collapse will you be taking any action?’ They don’t see how contemptuous they come across to us, just so ignorant. Quote Link to comment Share on other sites More sharing options...
adarmo Posted October 18, 2017 Share Posted October 18, 2017 11 hours ago, Dorkins said: Canada's economic history is over, is it? Property prices frozen in stone forever? Last time I checked time is still passing there and the future is still approaching at a rate of one day per day. Oh my, what an insightful narrative. Have you considered doing this for a living? Quote Link to comment Share on other sites More sharing options...
adarmo Posted October 18, 2017 Share Posted October 18, 2017 10 hours ago, Dorkins said: That's not how it works. If asset prices are going up double digit percentages a year that's a sign of economic success all thanks to the excellent stewardship of policymakers. If asset prices fall it's because of an external shock that nobody could have predicted or prevented. That was Labour's line from 2008. No doubt wheeled out and dusted off for next time. Quote Link to comment Share on other sites More sharing options...
VeryMeanReversion Posted October 18, 2017 Share Posted October 18, 2017 6 hours ago, Parkwell said: Carney is just another spineless management speaking conman. He only has to paper over the cracks for another 2 years and then he can go get another high paying job where he does eff all about major problems for a term. He has zero plans to rock the boat. A steady hidden decline suits him fine, then it can explode when he's clear of the blast. I've worked with a few people like that in previous management roles. They know what is really going on but see the people they are talking to as simple objects to be manipulated. They are also excellent at manipulating their own boss. I had an interview a few months ago, got offered the job but recognised all the characteristics of the above in the VP there so turned it down. Quote Link to comment Share on other sites More sharing options...
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