Wednesday, October 15, 2008

Newsnight House Price Crash Special

Newsnight 14 Oct 2008

First 20 mins. Roger Bootle finally gets to say his piece. 40% down. Yvette Cooper talking nonsense propaganda spin about 2007 lending levels, refusing to admit comedy mortgages will be controlled. She took a right grilling and appears to have been badly briefed on a subject she knows little about. Then they wheel out some chinless EA director and that "Property Expert" Gary McNumpty, surprisingly pleading for a 3% interest rate and talking up the market. Apparently inflation is a "red herring". Also trotted out the usual tired lies about "fundamentals" such as shortage of space. Gary has listened to his own spin for so long he's actually persuaded himself that the housing market is the backbone of the British economy.

Posted by doomwatch @ 10:58 AM (1447 views)
Please complete the required fields.



22 thoughts on “Newsnight House Price Crash Special

  • From link below:

    “In the programme, economist Roger Bootle predicted that house prices would fall 30-40% from their peak, and that the mortgage crisis would be so severe that it would “be like a war”.”

    http://www.estateagenttoday.co.uk/News/Story/?title=Property%20transactions%20on%20course%20to%20halve%20this%20year&storyid=1138&type=news_features

    Reply
    Please complete the required fields.



  • Truly woeful performance from Ms Cooper. Came across as totally clueless – not just your usual politico question avoidance this was serious lack of grap of the subject.

    Reply
    Please complete the required fields.



  • The rubbish spouted by the EA about supply shortages and gren routes of recovery were unreal. Th earguement that our whole economy depends on HPI was also spouted. Wake up the problem with the economy isis that it depends on us sellling over priced houses to each other.

    Reply
    Please complete the required fields.



  • That Gary [email protected] was the worst for me… Saying housing should be the backbone of every economy. They should bring Paxman back – he would have chewed up and spat out every one of them.

    Reply
    Please complete the required fields.



  • Whostolemyendowment says:

    I watched Newsnight last night – and was gobsmacked by the [email protected] spouted by the interviewees…as for housing being the backbone of every economy as stated by the wee jolly Irish property guru….what a load of SH1T. Proper jobs in proper industries with proper exports bringing in ‘real’ money to pay decent salaries – that is the backbone of every economy…..not dodgy speculation on property, and dealing in complex financial instruments. Although I am not a fan of Mr Paxman……’bring back Paxman’!

    EA’s are selling 1 property on average a week….people cannot get decent mortgage deals, do not want to commit large deposits in a falling market….so this backbone has a serious slipped disc!!!!

    Reply
    Please complete the required fields.



  • timmy you are right – my god the backbone of the economy! Talk about VI – anyway it was a shame old Rodge wasnt there because he was called to account by the EA (who funnily enough agreed with the developer). They made the point re Rodges credibility which is actually a point. They should have had old Fred in the studio.

    Reply
    Please complete the required fields.



  • When Rodge said like a war – i think he meant the amount of the amount of money as a % of GDP would be similar to the cost of a war. Unless i missed the point.

    Reply
    Please complete the required fields.



  • It was unfair having Rodge (a respected economist) v Two VI’s, that’s hardly balanced reporting.

    If they were going to have Two VI’s they should’ve had them against a rep from House Price Crash?

    Reply
    Please complete the required fields.



  • [email protected] give a prime example of begging the question (i.e. the initial assumption of a statement is treated as already proven without producing the argument to show that it’s true in the first place):

    Interviewer: Don’t we in the UK depend too much on housing (i.e. doesn’t the UK economy depend too much on housing)?

    [email protected]: All roads lead back to the housing market.

    Yeah, they do, but that’s because the UK economy depends too much on housing.

    Cooper said the problem with the banks was that they were lending money they didn’t have. Anyone care to explain fractional reserve banking and leverage to her.

    When she was asked the big question of whether the govt had committed itself to keep on pouring money in to shore up bank capital if the assets banks controlled kept on heading south (a very important question given that European banks as a whole have leverage of over 30 (assets controlled / capital (equity))), she answered that it was important to keep people in their homes.

    Reply
    Please complete the required fields.



  • captain sensible says:

    The property developer and EA will soon be sleeping on park benches. Anyone who chooses to follow their advice will be joining them. Pity that a respected news programme gave them so much unchallenged air time. We should all write to our MPs demanding that all BBC employees declare any interests they have in BTL or other property investments.

    Reply
    Please complete the required fields.



  • Listening to that property developer with the book out on how to make a million from property was jaw droppingly funny. Reinflate the bubble so every one feels better for a while! Newnight should be ashamed for letting that go out without balance

    Reply
    Please complete the required fields.



  • Gary “There won’t be a housing crash” McCausland is an absolute merchant banker. He’s just brought out a book “How to make a million out of property”.

    Well he looked seriously worried last night. In fact I would go so far as to say the man looked ill. I suspect that a further 10-15% coming off property will see this absolute knob in the bankruptcy courts.

    The trouble with these so called “property experts” is that they believed their own hype. They actually convinced themselves that they “knew he market”. To a man (yes that means you Kurtsie Allsopp) they believed this madness would continue forever, with only a slowdown or the “soft landing theory” or the “plateau theory” to just provide a small hiccup in their schemes to become multi-millionaires. The thing about these “experts” is that they have done exactly the same as the banks, but on a personal level. They have used every single bit of equity they had “acquired” to buy more and more and more properties so they can tell their friends, “Oh my portfolio is now at 1.2 million” and “I now have 17 properties worth close to 3.5 million”. They have no wriggle room and they can no longer borrow more money to get themselves out of the brown (!) stuff.

    I can’t wait for the first of these skull****ers to go insolvent – I will personally do a little jig down the street when I hear (and we will) of one of these awful, greedy, property price ramping parasites going bust !

    I wish we could put them all on a small ship, take it out into the middle of the english channel, and torpedo these leeches into history !

    Reply
    Please complete the required fields.



  • I’m not bitter, no sir-reee

    Reply
    Please complete the required fields.



  • japanese uncle says:

    Gary McHumpty, chairman of the Royal Institution of Property Charlatans

    Reply
    Please complete the required fields.



  • I was watching in utter disbelief last night and literally shouted “WHAT??” on a couple of occasions almost waking the family up – listening to their tosh!

    I was left wondering what colour sky they have on the planet they come from???

    Reply
    Please complete the required fields.



  • At least iceland had fish and fishing rights. This strikes me as a bit more solid than an economy based on bankers, estate agents and house price inflation.

    Reply
    Please complete the required fields.



  • Gone_and_not_coming_back says:

    Nooneo @9

    You must have missed this article earlier in the week….

    http://www.dailymail.co.uk/news/article-1076708/Anthea-Turners-husband-Grant-Bovey-loses-buy-let-empire-credit-crunch.html

    Could not have happened to a nicer guy – feel free to start the jigging 🙂

    Reply
    Please complete the required fields.



  • The lumpen property pair should have been challenged more strongly – where is Jeremy Paxman when we need him? – especially on the absurd statement that housing is the backbone of the economy (I always thought it was the work people do). As for the vulpine Ms Cooper, she is the most cynical of all the politicians.

    Reply
    Please complete the required fields.



  • crash bandicoot says:

    nooneo, Didn’t Grant Bovey get you jigging? He had me laughing all the way to the charity fund-raiser!

    Reply
    Please complete the required fields.



  • Crash Bandicoot….

    I just posted this elsewhere on hpc…

    I had heard about the Grant Bovey disaster but it looks like HBOS have decided to bail him out to avoid dodgy questions before their takeover that might jeoperdise the ludicrous takeover.

    Unfortunately I laughed so hard all saturday evening, all through the night and went on until late sunday evening when my lovely partner called an ambulance and the ensuing medication I was given made me completely forget what had initially started my gufforing.

    Luckily the paramedics gave me some extra doses of the medicine in case someone reminded me of the Grant Bovey t!ts up debacle, and I have just taken another dose.

    Please all HPCers don’t remind me again as I only have a very small amount of this left and I don’t think I can gurantee not making another 999 call if another of these worms goes to the wall. I will make an acception to this if Kurtsie or Phril go bust, or that Gary [email protected] knob throws himself off of one of his BTL apartment blocks.

    As for Deberoh Meaden, she seems a lot more savvy than both Peter Jones and Duncan “I’m a hard man ” Bannentyne.

    Come back John Harvey-Jones. At least he had a proper eccentric hair style and didn’t own a range of gyms where other [email protected] who fleece us, drive porches (sorry can’t be bothered to spell it properly – I know they don’t drive small hallways by their front doors) and make money out of either really dull ideas (reggae, reggae sauce – wow Britian’s idea pool’s not dead) or strip almost all the revenue out of people possible ideas (I mean, what knob would give away 50% of their business to someone with loads more money then them so they can be ripped off if it takes off!). And don’t get me started with old Evan “tinsel-t!ts” Davies……..

    Reply
    Please complete the required fields.



  • crash bandicoot says:

    nooneo, sorry, I’ll try to keep quiet.

    I see the Wilsons are in the news again. Do you know that one of their hobbies is backing no-hopers, and the other is horse racing, boom boom.

    I’ll get my coat now………..

    Reply
    Please complete the required fields.



Add a comment

  • Your email address is required so we can verify that the comment is genuine. It will not be posted anywhere on the site, will be stored confidentially by us and never given out to any third party.
  • Please note that any viewpoints published here as comments are user´s views and not the views of HousePriceCrash.co.uk.
  • Please adhere to the Guidelines

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes:

<a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>