Thursday, January 1, 2009
Journalists learn to see through the spin, too little too late
Three cheers for the Pollyannas who either haven't realised the world is in economic turmoil or simply don't care. One association put out a statement saying the bounce in house prices could be as steep as the recent precipitous falls. Which disinterested group came out with this great news for homeowners? Why, the National Association of Estate Agents, of course. This comes just as private equity investor Hotbed says now is the time to get stuck into buyouts, as company valuations have dropped to sensible levels. They fail to mention that access to debt has dried up, and hence the lucrative financial engineering with it.