Tuesday, April 29, 2008
It’s a housing led recession, stupid !
UK job cuts feared in economic slowdown
Take note David Smith. Oh, you are sooooo wrong ! "The conditions are building for an avalanche (or redundancies) - the question is whether there will be a trigger point. I suspect the housing market will hold the key."
Posted by voiceofreason @ 06:53 AM (922 views)
5 thoughts on “It’s a housing led recession, stupid !”
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Orwell says:
Mr. Smith, Economist Laureate, will NEVER come on here to explain himself (or more particularly Rupert’s position)!
waitingfor hpc says:
this is to be expected!
str 2007 says:
It’s very sad that people will start to loose their jobs because of a lack of attention to the situiation years ago by the powers that be.
It amazes me that so many commentators have been in denial about job losses (housing market under pinned by high employment).
The last housing bust led to high unemployment, with an economy based on financial services and selling overpriced houses to one another is it really surprising a credit crunch and housing bust will lead to higher unemployment – in that order.
hpwatcher says:
It’s very sad that people will start to loose their jobs because of a lack of attention to the situiation years ago by the powers that be. It amazes me that so many commentators have been in denial about job losses (housing market under pinned by high employment). The last housing bust led to high unemployment, with an economy based on financial services and selling overpriced houses to one another is it really surprising a credit crunch and housing bust will lead to higher unemployment – in that order.
Housing has become hugely important to the UK economy, much more so than manufacturing. People have been putting their money into housing, whereas before they would have invested in industry & commerce. It’s left the UK economy very, very vunerable. Expect lots of unemployment, full blown house price crash and continued inflation.
voiceofreason says:
I have meen mulling over the link between Smith and Murdoch for a long time. It reminds me of a particular episode of Armando Iannucci’s “The Thick Of It”.
The plot line was that they needed to hire an “expert” to get their message to the voters on a particular topic.
But they made damn sure that they sought out and hired the expert with their view.
So the point is that Murdoch isn’t firing his economics editor for being so consistently wrong. We infer that this is the message Murdoch wants.