Tuesday, September 9, 2008

New plea for Brown to save house market

New plea for Brown to save house market

Gordon Brown is under growing pressure to follow America's example and rescue the British housing market. The US Government's dramatic weekend decision to bail out its biggest mortgage companies set off a surge in share prices around the world. It also exposed the timidity of the British government when faced with the meltdown at Northern Rock and the collapse of property sales. - Check out the comments below the article, is seams the real 'plea' from the public is for him to NOT save the housing market and stop MEDDLING.

Posted by alanl @ 11:13 AM (973 views)
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10 thoughts on “New plea for Brown to save house market

  • Yes quite so. The public now realise there is no disaster so bad that the politicians can’t make it worse.

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  • Whostolemyendowment says:

    The weekend bail out of the 2F’s has nothing to do with the US housing market, which is now beyond political help, but is all to do with propping up USA financial institutions!

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  • I think most people can see the problem with throwing even more money at the UK housing market is it’s akin to putting our fires with gasoline.

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  • So the money markets are paralysed “by fears of bad debts”. I thought they had been paralysed by bad debts. By adding “fears” you subtly transform the problem into one that can be solved by instilling confidence via taxpayer bailouts.

    Note that the ‘insider’ says “if (Crosby) comes back with something credible that doesn’t expose the taxpayer to too much risk then we would be wrong not to consider it”. Depends what you mean by ‘credible’ and ‘too much risk’. As it stands it’s equivalent to “if he reports back to us that pigs can fly and defines what he means by ‘pig’ and ‘fly’, and can demonstrate that a ‘pig’ can ‘fly’ then we would be wrong to reject his assertion”.

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  • ‘is seams’ should have been ‘it seems’ – this shows the dangers of posting before my first coffee of the day!

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  • I think there was always going to be a danger that if things got bad enough the government would be forced to buy up the housing stock of the UK effectivly creating new council houses, of course it would be called something different like “equity share scheme” so the middle class wouldn’t feel to embarrased about falling down the social ladder.

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  • The comments under the article are well worth reading!

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  • Comments under the article provide no support for this idea (or Crash G) and are indeed well worth reading.

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  • Brendan Barber TUC General Sec produced a good quote at the weekend:-

    “Those suffering from the impact of the credit crunch should know that it was caused by the super-rich taking risks with other people’s money, pocketing the profits and passing on the inevitable losses.”

    The damage has already been done, why extend the misery by propping the ponzi scheme up.

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  • ooh! ooh! I found a positive (ish) comment under the article. Admittedly I had to read the first 28 before finding this one. I wonder what it feels like to be in a minority? It seems like such a long time ago that us HPCers were treated like fringe nutcases…

    “29. Why has everyone got such a downer on BTL? BTL landlords have provided a service and taken a risk, property either to live in or as an investment is not for the short term. What ever happens to prices they will recover we saw this in the last price crash when the dropped around 45%.

    – Nick Sheen, Worcester
    Posted: 9 September 2008, 1:58pm ”

    MWAHHHAAAHHAAHHAAHHAA!!!

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