Wednesday, January 7, 2009

No-One Shouted Stop…

Who Saw the Housing Bubble Coming?

Good article from Forbes about the denial that kept the housing bubble going and expanded it to dizzy, unstable heights. The list of implicated shills is long. "Case and Shiller pointed to an increase in the buying of real estate for investment purposes [...] with buyers plunging into real estate for fear of being left behind as they perceived their friends and neighbors growing richer--classic signs of a bubble.By 2004, concerns about a housing bubble were pervasive throughout the popular media. But responsible authorities continued to throw cold water on them." Notably, this deals with the US housing market which wasn't any where as overvalued as the UK market - a similar article on the UK would be nice to see in the media...

Posted by an bearin bui @ 11:39 AM (634 views)
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4 thoughts on “No-One Shouted Stop…

  • We here at HPC saw the crash coming 3 years ago.

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  • Browneconomy says:

    I wrote to Tony Blair, the Treasury & the MPC back in June 2002 about what I saw as an arising house price bubble caused by gearing, speculation, buy to lets,etc together with a lack of savings.
    Blair passed the letter on to Treasury & the Office of Deputy Prime Minister
    Their replies were basicly : “Heres 50p now piss off”
    I wrote to Gordon Brown in November last year asking for his comments on my earlier letter – to date other than an acknowledgement I have had no reply.
    As to Who saw the Housing Bubble Coming? : Unfortunately “Theres none so blind as them who close their eyes to the bleedin’ obvious”!

    Like to see copies of my correspondence?

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  • A Bear In The Woods says:

    You should try and get that correspondance out into the wider world…If I hear Brown or Darling say ‘no-one saw this coming’ one more time I swear I will choke on my own anger…

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  • Lest we not forget Eddie George’s comments on Sky a few years ago about the BoE / Govt deliberately inflated the economy via lowering IRs that would effect and inflate the housing market. Who knew? Us and Them 😉

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