Sunday, September 14, 2008

Express in non-ramping shocker

SORRY GORDON, BUT THE WRITING'S ON THE WALL FOR HOUSING MARKET

GORDON BROWN’S multi-billion pound ­rescue package for the mortgage market was in tatters last night as industry experts warned it would not stop Britain’s property price slump. A spokesman for the CML told the Sunday Express it was “highly unlikely” to reverse the current fall in house prices in the medium term. House prices are predicted to fall by 25 to 30 per cent before bottoming out, but ministers fear rock bottom could be even lower, leaving millions more families in negative equity. If “rock bottom” resulted in current house prices being slashed in half, Labour would be facing a political catastrophe no Government could hope to survive. But many industry experts want the Government to let the mortgage ­market correct itself.

Posted by little professor @ 03:20 PM (1158 views)
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14 thoughts on “Express in non-ramping shocker

  • I’m shocked – a reasoned , well researched, balanced and well thought out article in the Express !!!

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  • Can’t understand what GB’s so upset about. Was happy to take the credit for the biggest property boom and will now get the credit for the biggest property CRAAAAASH!!!! Seems fair to me.

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  • it_is_going_with_a_bang says:

    £20Billion here, £50 Billion there, £40 billion somewhere else.

    He seems to have thrown ‘caution and prudence’ to the wind when it comes to saving his job. Unsuprisingly. But then he’s been doing that all along – or did nobody else notice?

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  • the mp’s need to get rid of this guy, i’m surprised that there isn’t a bigger revolt..

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  • like someone mentioned on that site, even if this bailout works and the property market starts climbing again, how the heck are they going to save it from the next crash??

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  • Brickor Mortis says:

    The readers comments at the bottom of the article are spot on.

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  • landofconfusion says:

    > the mp’s need to get rid of this guy, i’m surprised that there isn’t a bigger revolt..

    That’s a great idea but only one problem: No one wants to be in the hot seat as this unfolds. Not even Miliband.

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  • I suppose the best strategy (for Miliband) would be to let the crash happen, and then make a move at the first sign of recovery, i personally think GB is doomed, even if the economy does turn..

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  • More to the point – how and why would you trust some other power hungry scumbag politician who is stabbing in the back the same person they have been trumpeting as a genius for so long? They are either crooks or idiots. No good reason at all to vote labour whether they sacrifice brown teh incompetent or not

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  • yep, i agree.. conservatives don’t seem to offer any solutions either, i think I’ll vote for the Lib Dems

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  • I hate voting anyway. You get the thinnest illusion that it makes a difference. We could all take to the streets and string them all up from lamp posts. That would be a great day out for the family, I’ll bring beer.

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  • dump party politics – it’s a scam – you know it is

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  • larry pickleman says:

    i vote for more black market goods!

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  • So in summary; a few years ago GB puts in place the MPC that has a single method of controlling monetarism (interest rates). And then proceeds to appoint whoever he feels is appropriate to this ‘independent’ body. That is the summary of this man’s genius. If this independent body had decided 4 years ago to induce what amounts to a HPC (which they absolutely should have done), they would have lost their jobs. The MPC would have been cancelled. And Gordon’s bright idea would have ended; the responsibility would have been back at his front door. Doing so would have resulted in a government induced recession. But that is exactly what they should have done.

    Now; well… the responsibility seems to land on his doorstep anyway, but it doesn’t matter who we blame. I don’t think anyone else could have done better or worse. In fact, my view of doing better in this situation is to leave the job before the sh*t hits the fan. (Blair is a genius!)

    The system itself is flawed.

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