Sunday, October 5, 2008
Mr Law is getting a bit hot under the collar
Central banks to drop interest rates ASAP
A highly amusing rant from the CEO of Assetz plc: "The level of house price falls predicted by a couple of the doomsayers are great enough to destroy our banking system never mind anything else and it is likely that absolutely every possible action will be taken by the authorities to prevent this happening which is just as well really."
Posted by quiet guy @ 12:37 PM (834 views)
9 thoughts on “Mr Law is getting a bit hot under the collar”
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converted lurker says:
He really is one thick bloated bleating tw@t isn’t he? He’s now attempting to re-brand himself as some psued intellectual on matters he knows nothing about….”Erm… house prices will go up here and abroad ‘cos people want them…” is the sum total of his lack of knowledge. Desperately stupid dick head…he should just keep out of it and keep his fat head low at the moment.
renting2 says:
The one bit that he may be right about unless the regulators do a very godd job, is his comment:
“Loan to values are not going to increase much until there is certainty in house prices and a floor has been set and even then won’t reach the recent levels for many years when the next credit boom takes hold (and it will, banks are greedy and regulators lax).”
plato says:
There will probably be a concerted effort to lower IRs now in Europe and the UK minimising currency fluctuations —- they hope!
The only way I can see a house price floor being reached would be to somehow reduce the number of properties and that would mean demolishion by an act of government or even war. Really can’t see any other way.
alan says:
“The level of house price falls predicted by a couple of the doomsayers are great enough to destroy our banking system never mind anything else”
Really Stuart! It was people like you who talked up the bubble. As for destroying the banking system what about the Buy-to-Let speculators with their self cert mortgages?
Clearly there is a tremendous effort being put into persuading the government to drop Interest Rates this week and ignore inflation.
gardeniadotnet says:
His argument centres around this phrase:
“we need to see the government and central banks de-risking the banking sector as well using coordinated action in order that banks trust each other again.”
I don’t think the banking sector can be ‘de-risked,’ therefore the banks won’t trust each other again until there is complete transparency with regard to their holdings.
How likely is that?
Keeprenting says:
I wouldn’t mock Stuatz. I rather suspect that Assetz won’t be around too much longer and you will miss his unwittingly humorous take on the property market.
Anyone got time to get the Assetz company accounts from Companies House and figure out how long he’s got? 🙂
quiet guy says:
Here is one of his predictions from October 2007:
http://news.hotproperty.co.uk/Buy-to-let_set_for_strong_2008_18336716.html
wiltshire says:
Whether he is right or wrong about any of this, the fundamental point he’s inadvertently raising is that now is not the time to be buying property.
new user 2007 says:
he is indeed trying to make himself look like an intellectual.
It was obvious they would cut. He sees this as great for the housing market ultimately but, as ever, he ignores why they need to cut i.e. the massive recession. What I am interpreting is that he is stilll saying prices went up because of housing shortages, and he is still somehow only skirting around the fact that house price increases were entirely a credit-driven bubble.
Also, as ever, he says a lot that cannot be denied, but leaves out important facts. In this case the fact that the real effective exchange rate has fallen so much that even as commidty prices are falling import inflation is remaining high.