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Richard Towler
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Richard Towler
An interesting exchange of views! Why do we find ourselves in this position? Why, because greedy financial institutions aided and abetted by a socialist administration headed by Gormless Gordon and his Incompetent Acolytes debased and destabilised the economy, producing a recession and a fall in interest rates to as near zero as makes no difference. Ordinary savers relying on interest to supplement income and pensions saw their money reducing in value as inflation exceeded rates of return and looked for alternative investments to keep themselves afloat, of which residential property was one. The private rental sector expanded. Meanwhile, GG & Co. devalued the currency and increased government debt hugely through quantitive easing so that it could not afford to build houses and so placed greater reliance on those people that it had driven into the residential letting market through its collective ineptitude. House prices still rose due to the supply/demand imbalance but also because insufficient curbs were put on the financial sector to limit the funds that have flowed into the housing market. Supply and demand are one thing, but if you cannot pay for a house, the price does not go up, much. Paradoxically, the attempts of the financial institutions to show they had changed (not) did impose restrictions on the buying power of those less able to afford housing (those who had not bothered to save) and increased the size of the renting sector. Now, the results of mismanagement cause our glorious leaders, charities and commentators to blame and punish the people that have been compensating for the results of administrative failure; namely private landlords. Oh, and where did all that money that caused the problem, handed out by the lenders go and who consumed it? By and large, we did, but of course we are not going to blame ourselves for our part in the resultant mess, are we? Far better to blame someone else and look for a socialist solution. It is not just the housing market that wants “mending”. It's the whole economy and financial system.

From: Richard Towler 15 June 2018 14:45 PM

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