Sunday, October 26, 2008
Sheeple central putting out mixed messages
What a delightfully realistic, mixed-up mangle of inconsistency: "The Bank of England [...] has spent the past six weeks fighting a pretty desperate battle on the cliff-edge of a global panic; it now knows that a broad business recession is unavoidable as the aftershock of the banking crisis." "Obviously, house prices were allowed to rise far too high." "The Bank of England has in the past taken far too little interest in the housing bubble when setting interest rates. Yet now it is cutting interest rates, and will cut them further - perhaps down to 2.5% in the next 12 months. I suspect house prices are now the Bank of England's central concern as the bubble bursts." "The housing bubble led people into taking on too much debt in order to buy houses at a price they could not afford."