Saturday, February 9, 2008

Interesting Speculation about Winners and Losers in A recession

Who wants a recession

"First of all," says Peter Bolton King, chief executive of the National Association of Estate Agents, "I don't accept there is going to be a recession."

Posted by quiet guy @ 10:44 PM (961 views)
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5 thoughts on “Interesting Speculation about Winners and Losers in A recession

  • Some more quotes from the article:

    ‘Mortgage repossessions are expected to rise by 50% this year, according to the Council of Mortgage Lenders. In 2007, about 30,000 homes were repossessed and the CML expects that figure to rise to 45,000 this year. The signs that a sizeable minority of Britain’s 12 million mortgage holders are starting to struggle with their repayments are already there: more than 500,000 have missed a mortgage payment in the past six months. “The impact on homeowners could be even more severe than the nightmare of the early 90s,” says Alan Sampson, chief executive of housing charity Shelter, “as the current safety net for people facing repossession is significantly worse than it was then.”‘

    ‘John van Reenen, director of the centre for economic performance at the LSE, calls that weeding-out process “creative destruction”. “It’s inevitable,” he says, “it’s how capitalism works. For the good to flourish, the bad must go to the wall.”‘

    The VI mouthpieces have a lot to answer for; they have seduced a lot of people into terrible indebtedness and the ‘creative destruction’ that will follow.

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  • “If people downsize, reduce their mortgage bills and reduce their hours of work, they would be much more healthy mentally. They would do things like hang out with their family and get a life. It requires a massive change of values, a massive rethink about how wealth is distributed. People say it’s socialism, but it’s not. It’s unselfish capitalism, and we would benefit mentally from it. It is so simple.”

    On the whole I agree, but it’s been pointed out before on this site that downsizing is not so easy if you’re a homeowner. The costs involved in buying and selling are quite hefty and depending where you live you may have trouble selling your house at the moment. It’s much easier to downsize if you’re renting.

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  • “First of all,” says Peter Bolton King, chief executive of the National Association of Estate Agents, “I don’t accept there is going to be a recession.”

    Well, he would say that, wouldn’t he?

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  • I wonder how big Oliver’s house is, how many Audi’s he has parked in the driveway and if his sprogs are off to private school?

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  • Again, hilarious that Oliver James is so keen to distance himself from the S word. ‘Unselfish capitalism’ – there is no such thing.
    The statement by John Van Reenan should perhaps start ringing some alarm bells.

    A question for everyone reading –

    When the rich start telling us that a recession is ‘good for us’ and ‘it’s just the way capitalism works’, at what point do we stand up and say –

    NO, I DO NOT ACCEPT IT.
    I WILL NOT ACCEPT THAT I WILL BE FORCED TO SUFFER FINANCIALLY BECAUSE THE RICH DECIDED TO GAMBLE THE WEALTH OF THIS COUNTRY.
    I WILL NOT ACCEPT THAT THE AVERAGE CITIZEN MUST SUFFER WHILE THE RICH ARE PROTECTED WITH TAXPAYER’S MONEY.
    I WILL NOT ACCEPT THAT THIS IS ‘THE WAY THINGS ARE’.

    When?

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