Sunday, May 4, 2008

Smith : “I got fed up”

Will housing crush the UK economy?

RECENT DAYS have witnessed some extraordinary developments, most of them from the Bank of England. Time was when months would go by without a peep from the Old Lady. Now it has become a news-generating machine that Max Clifford would be proud of. Some more sparkling comments for you to get your heads around. The comments below the article are definitely worth a read.

Posted by plato @ 07:24 PM (1132 views)
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11 thoughts on “Smith : “I got fed up”

  • gone-to-colombia says:

    YES!! – No other comment required

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  • David Smith said:
    “We can debate until the cows come home how what I think is a more modest overvaluation is worked off. House prices are down on a year ago and incomes are rising, so that process is under way.”

    Jeez, considering the current multiples of salary required to buy even a modest shoe box and wage rises that close to the figure referred to as the CPI, that “process” as Mr Smith calls it is going to take, umm how many years.

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  • Do I detect exasperation or desparation in this piece…?

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  • “This time it is not the price of credit that is the problem but its availability, which is affecting housing”

    But isn’t at least part of the current problem that credit is getting more expensive? So the price of credit is an issue this time.

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  • He’s still in denial that’s for sure. It’s astonishing, after everything he’s been wrong about in the last couple of years.

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  • There’s sooo much to say in rebuttal of this man’s arguments but I think I’ll watch Match of the Day instead. One question though, what’s this ‘more earners per household’? Lots of immigrant workers under the same roof? I thought it was the increased fragmentation of households, single-person households etc. that was supposed to increase the demand for housing, thus underpinning the housing market. But no, it’s the greater number of earners per household that underpins the housing market. My head hurts, Match of the Day it is.

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  • This is the best comment:

    Face it David – you’ve been wrong all along.
    Tony Marshall, Fareham

    To the point.

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  • Cheekie Charlie says:

    Incomes have not been rising with the cost of living or HPI for 10 years! Is this man a self proclaimed economist? Maybe the Times should vet their employees qualifications more carefully!

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  • it_is_going_with_a_bang says:

    It’s hardly worth reading anything he has to say.
    Now not lending recklessly is being put forward as a reason for a crash in the economy.
    You can’t have it both ways.

    I would like to know what figures this idiot puts in his calculator ??? He thinks 23% will bring everything back to affordable.
    Its about time he visited the planet reality and not cloud cukoo land.

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  • tony marshall says:

    Thanks Harold – having commented several times in the past on his page, at last they have printed one of my comments – they usually get chopped by the censor…

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  • voiceofreason says:

    Crikey, he has finally woken up and smelt the coffee.

    Maybe we can stop calling him Comical David.

    He has also stopped going on about how oil will never stay this expensive, see
    http://business.timesonline.co.uk/tol/business/industry_sectors/natural_resources/article3866801.ece?token=null&offset=12
    Another David Smith U-turn.

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