Housing Bubble Seen As Non-Productive
An editorial in the News & Star challenges the public view of housing in the UK. "As the former features editor of the then leading home improvements magazine Practical Householder, I have a sense of guilt at having contributed in the 1970s to an anti-social trend which has led homes to be seen as profit centres."
"I believe that the drive to invest in totally non-productive bricks and mortar will eventually bring to its knees the economy of Cumbria and the UK."
"I strongly resent the use of my TV licence fee to drive the process on through BBC programmes such as Trading Up and A Place in the Country, with prices in the latter usually from a quarter-of-a-million pounds upwards."
"If Tony Blair is serious about reforming our public services, he could begin by reminding the BBC that its purpose is not to promote the interests of estate agents and speculators."
5 Comments:
That is pretty impressive mea culpa after he has cashed out and caused the damage.
The question is now what will he do with the knowledge.
As skeptical as I am of pundits of any sort, the investment gurus on the tube to a person counsel against housing as an investment, except for the handful of agents and brokers who make it on. It should be viewed as a place to live.
The pundits will advise investing in housings stocks or Reits at the right time.
Most are advising get out now.
lol. yeah baby party on until we all go off the cliff.
1:32 - "...after he has cashed out and caused the damage."
He feels their pain, though. How nice to be penitent after you've made all those bucks. They are a breed of people -- worried for the rest of us he so thoughtlessly, in retrospect, left behind. "Oh, Mildred -- pass the Lafite, please -- Mildred, darling, what will all these poor people do?"
Who cares about productivity ? Allan Greespan ? His buddies their piggish bankers making all these crazy loans ? Productivity is like beauty ? Productivity is in the eye of the beholder, like Shakespeare would say. The ONLY thing that counts is that BANKS bust EVERYBODY with their bubbles.
FORD hated banks. I know why.
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