Wednesday, April 16, 2008

VIs complaining about biased reporting

HPC mentioned on Today Programme

About 8.45 ish this morning - e.g. 15 mins into the audio clip. HPC gets a mention! This time a fine selection of VIs talking about the "real world" - in which there is no crash being falsely reported. I don't remember any questioning of "fair" reporting when house prices were going up. Where were the reports of the media talking up the market then?

Posted by mken @ 09:04 AM (971 views)
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12 thoughts on “VIs complaining about biased reporting

  • It takes more than talk for house prices to go up, it takes access to cheap and easy credit

    …..and it takes more than talk to make em’ go down, removal end of cheap and easy credit.

    If Gordon had been doing his job properly, he would have kept rates high to stop the economy from overheating. Now, we are due a violent correction.

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  • I heard that. Some bloke sent in an email, moaning about how the today prog were bein grossly irresponsible or some stupidity, by using emotive words, or suggesting they were making the economic situation sound worse than it actually is – complaining about how the today programme were hurting his business.
    It strikes me that it’s the economic situation thats really doing the damage, and that he should wise up. People are becoming rattled about this…

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  • ”…suggesting they were making the economic situation sound worse than it actually is …”

    I really believe that things are far worse than they are being reported.

    I mean, how many new 08 cars have you seen on the roads???

    In the last 6 weeks I have seen about 4…normally I would have seen loads and loads

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  • theboltonfury says:

    HP – that’s because it costs you more to fill it up each month than to buy it on tic. 2.5% my derriere

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  • yorkshireman says:

    The media cannot always be trusted as we al know, but in recent weeks and months, they have reflected a fair view of the real situation in the housing market. The reality is that prices are falling. It may have had a small influence on the market, but I doubt it. Greed has driven the market up and fear will drive it down. Greed feeds on others and fear feeds on itself.
    For me, the most important issue is that we have a return to some kind of normality, but in doing so, we do not allow others to stifle or prevent free speech and debate.

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  • “I mean, how many new 08 cars have you seen on the roads???

    In the last 6 weeks I have seen about 4…normally I would have seen loads and loads”

    I have yet to see an 08 registration I Bedford but I do walk mostly or use the train. The car is for the Tesco weekly shop and visiting parents.

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  • Only me on the main forum said;

    Anyone care to list all the BBC’s property porn programmes?

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  • House prices will fall, because for several years now, house price inflation has been fuelled by.. – rising house prices.

    It’s a classic bubble, whose progress has been all too plain to see.

    It didn’t require great powers of genius or clairvoyancy to see what was happening – just basic maths, and an understanding of the practical consequences of human greed.

    Yet despite the evidence that the party is over, we still have people trying to deny the obvious. Here are the three standard arguments that need to be de-bunked:

    1) ‘The market will remain strong because the economic fundamentals are sound’

    We currently have a huge trade deficit, and ultimately trade has to balance. There is no serious prospect of a manufacturing recovery without a substantial fall in the global value of sterling. As most other developed countries have the same problem, it follows that the currencies of the developing world must rise dramatically against those of the developed world. This will tend to make commodities cheaper in the developing world, so propelling demand and, therefore the price of those commodities.

    This will further propel the sterling cost of both commodities and manufactured imported goods, making the trade balance worse in the short term, and forcing even greater sterling devaluation. The consequences point to inflation, high interest rates, and recession borne of reduced affordability.

    At the same time, both the consumer and the government has become dependant on ever increasing debt. Even those who have kept their personal finances in trim are benefitting from the the debt build of others.

    The economic fundamentals are a disaster area, and a severe economic depression looks hard to avoid.

    2) ‘Shortage of supply will support prices’

    Aside from the likely exodus of recent migrants as the economy turns down, and the huge number of empty properties, a quick look at the ONS site reveals that the average number of people living under one roof is at its lowest level ever – does that imply a shortage?

    Another facet to this argument is: ‘the growing number of people living on their own’ – has anyone stopped to work out how many school leavers will ever be able to afford a mortgage (at present prices) on a single income?

    3) ‘Affordability is better now than in the early 90’s’

    The measure of affordability is based on those taking out a mortgage, while ignoring those priced out.

    It’s a bit like studying the swimming skills of the nation, by looking closely at those who can already swim, and no-one else – and then concluding that because few swimmers drown, we can cancel swimming lessons.

    The affordability studies are also focused on first year numbers. In the early 90’s, those who were out of their depth in year one knew that pay rises would throw them a life belt after a year or so, as inflation was much higher then. Now they slowly drown…

    – There is no clever way out of this mess. When faced with a depression, governments have to deal with high unemployment and civil unrest, with few tools at their disposal

    – One proven remedy is to incentivise the construction industry, and get people building houses..

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  • UT – The other argument is that interest rates are much lower now than they were in 1990. But not too many people are taking out new mortgages because of low IRs and those remortgaging are not happy about how little their new deal costs.

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  • I heard it. A VI was bemoaning the fact that falls in house prices were being reported in the press and this was impacting sentiment. The question was begging to be said was that a large proportion of HPI was generated through the flames of positive sentiment, fanned vigourously by the same media in particular the BBC.
    The VI’s implication was that it was ok to report HPI but he was not so keen to report falling house prices.

    Laughed, I nearly crashed the car.

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  • It was delicious, you could almost feel the frustrated squirmings of the VIs as they bleated on.

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  • 12 mins in.

    Some people have become so blinded by greed, they cannot accept the truth.

    DEAL WITH IT.

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