Thursday, December 6, 2007

This will finally sink Brown

The end of the house price boom is what will finally sink Brown

Like Wile E Coyote, the cartoon character who stays aloft long after he has run off the edge of a cliff, the British housing market has constantly defied gravity. Until now. A raft of figures in recent days has confirmed the inevitable: the great British housing boom is finally at an end. That, far more than the illegal funding scandal currently engulfing the Labour Party, is the news Prime Minister Gordon Brown should truly dread.

Posted by eagle @ 12:18 PM (1048 views)
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7 thoughts on “This will finally sink Brown

  • Part of me will be pleased to see Gordon Brown finally get his comeuppance. However it’s a bit like seeing Saddam Hussein being hanged – yes it might be what he deserved, but it in no way makes up for all the bad things he did. Gordon Brown wreaked terrible damage upon our economy, and seeing him toppled will hardly compensate for the tough times ahead. He should have been pushed out long ago.

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  • This is an excellent article and an good sum up of why Gordon is doomed….until the last page, in which, in a depressing repeat of every housing article in the mainstream press, the writer completely contradicts themselves.
    Four pages on why the economy is a mess, a couple of sentences of waffle as to why there won’t be a crash.

    Gordon’s entire economic reputation was founded on him surfing a wave of cheap credit, making hay while the sun shines. Why did no-one point out that those very same economic conditions were present in almost all of the western world – did we somehow have a ‘golden generation’ of prudent chancellors and policy-makers throughout the globe, ending boom/bust? Now that it has all been shown to be a sham (of course weve being saying it here for years), Gordon is being found out for what he was (along with most of the western world’s money men) – an incredibly arrogant, patronising and ultimately incompetent opportunist.

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  • It will probably be good election to lose in all truth. That news article was rather bullish me thinks !

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  • How come all the rest of us who keep our eyes and ears open saw the writing on the wall long ago, when apparently it wasn’t visible to the chancellor with all his highly trained advisers? None of them will go wanting in their old age despite this incompetence, while the rest of the country is doomed to a spiral of decline.

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  • I’m going to celebrate in a very big way the day Gordon Brown topples.
    The British public have started to wake up to the truth of Gordon’s miracle economy.

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  • GB as Chancellor repeatedly went on about the avoidance of the “boom” and “bust” scenario of previous Governments. There is a growing consensus of opinion that the whole “economic miracle” is going to end with one huge “bust”.

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  • Booms and busts are fundamental and necessary to the economy. Gordon was telling a pack of lies when he said “no more boom and bust”. Regular busts help clear out inefficient companies from the economy. Boom and bust economy is fine and normal, but governments know it is political suicide to acknowledge this.

    The important point is that these busts should not affect the housing needs of millions – housing should be protected or regulated in such a way that speculators can’t gamble with other people’s fundamental needs. Investors can gamble on share prices, on commodities, on many other things – but housing should be more protected than it currently is. I’m no economist but a good starting point would be the proper regulation of private tenancies and more tenant-friendly laws (like in Germany or France). Property taxes should be structured to discourage people from living in houses far greater than their needs, e.g. retired widows living in seven-bedroom houses while young families are crammed into tiny flats. Council tax already does this to some degree but it isn’t effective enough, it should be replaced with a land value tax. That’s all I’ll say on the matter for now – there are plenty of other sources for this information including this website and others.

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