Wednesday, October 15, 2008
Newsnight House Price Crash Special
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.