Tuesday, October 7, 2008

Can you think of any more?

20 reasons for the crunch

"The finger of blame points widely, encompassing greedy bankers, the Iraq war and even Margaret Thatcher"

Posted by alan @ 09:49 PM (766 views)
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6 thoughts on “Can you think of any more?

  • What about the Bill Clinton Democrats who pushed through legislation forcing US lenders to issue a quota of mortgages to ethnic minorities and low-income families who otherwise would not qualify for loans?

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  • And where the fook is Kirstie Allsopp on this list….


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  • Where is the Bank of England?

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  • No seriously, I put the blame in equal measure but in order of priority:

    1. Bank of England – for years, the MPC chased asset prices, to hell with the consequences. It caught up with them.
    2. Government. ‘Soft touch’ city legislation.
    3. Media. Wheel out Kirsty now.

    The investment banks fed on the problem but were not the root of it. thye thrived in a world devoid of oversight. Whose oversight? The government’s.

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  • Eternal Sceptic says:

    Looks like Dagda’s cauldron, finally got emptied by the pigs, despite the mythology. Where to next?

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  • phdinbubbles says:


    For not taking to task the idiot so-called-economists who were routinely rolled out to tell us that rising house prices were fuelling confidence on the high street. Maybe I’m being thick, but if people have to spend more money no mortgages surely it means they’ve got less to spend in the shops? I very distinctly remember pointing this out to people in 2001 – this is what first made me think there would be a housing crash – not just the fact that house prices were starting to race ahead, but the group-think delusion that was building between, well pretty much everyone – I finally found some sanity when I discovered this site and realised I wasn’t the only one!

    For their black and white reactionary reporting of everything. House prices racing upwards sells papers. House price crashes sells papers. Balanced stories about long-term trends in the housing market and how it effects different sections of the population would probably sell papers if they gave it a try, but that would take a bit of effort wouldn’t it.

    Lazy ignorant reporting – that stupid story the BBC and several ‘quality’ newspapers ran the other day about mortgage lending dropping 95% in a month. I looked at it and thought it was a typo on the bbc news site – I thought they would update it later on the day when they realised their fololishness. No. F***wits.

    F***wit journalists.

    Employing property ‘experts’ on the telly based on their bust measurements.

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