Friday, January 9, 2009

Maybe he can buy me one to?

Brown Should Buy Britons’ Homes, Ex-BOE Officials Say

"Prime Minister Gordon Brown should buy homes on the verge of repossession to add money to the British economy and save families from being thrown out onto the street, two former Bank of England economists said." “The smart asset to buy would be housing directly,” Gabay said in an interview. “The ideal thing is to go at the core of the problem. This would bring forward the necessary correction. It would to a great extent put a bottom to it.” The government should step in and “set a floor” under house prices, protecting taxpayers by paying below-market prices for houses and distressed homeowners by paying more than “vulture purchasers,” Fathom said.

Posted by kernow @ 09:52 AM (1169 views)
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9 thoughts on “Maybe he can buy me one to?

  • mark wadsworth says:

    Excellent find. I shall add that to my occasional series “another day, another desperate throw of the dice”

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  • Mark – to be fair, it isn’t a government proposal.

    I do wonder how they can define a price as ‘below market value’, when it is higher than what the market (a ‘vulture purchaser’) will pay for it.

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  • Don’t like that policy? Try this one sir. Oh yes, suits you sir.

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  • Missingteddybear says:

    I would not describe a young person who has worked hard to get a decent deposit together, not over-stretched themselves and waited patiently for houses to drop to a sensible level as a ‘vulture purchaser’.

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  • One man’s “vulture purchaser” is another man’s canny negotiator…

    I’ve been called worse anyway!

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  • voiceofreason says:

    For the love of God No No No No No 🙂

    Gordon has to learn that house prices must fall to trend levels or we will never get out of this with our savings intact.

    Note to Gordon: there are more votes in savers than repossessed people.

    Just had a 99p pint and £2.99 lunch in Wetherspoons. When the pub across the street charges £2.80 for just the pint.
    Fab.

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  • Every day there seems to be an article about some idiotic idea hatched by an ex BOE member. Where does the BOE find these people? In a lunatic asylum? Should it be a surprise to find the economy in a total mess given the quality of these people?

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  • *IF* the pretext is that the govt. want to slow the HPC then this woluld be ‘The Right Thing’.

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  • This could be OK if the price is set at below trend level or what one might reasonably expect the market to bottom at – after all, it is in everyone’s interest to see the bottom ASAP – but of course it won’t be, it is just another sad attempt to prop things up.

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