"All this comes from the media" is a difficult criticism to counter. The fact that the media is reporting what my own analysis of the data suggests means that I am able to illustrate my sentiments by pointing to media articles that share it. In by so doing I hope that my sentiment gains greater weight by fact of being shared by others.
I could quite happily post about the M3 money supply, house price affordability graphs, economic cycle theory and the BaselII banking regulatory reforms resulting in a money-as-debt economy that is doomed to collapse. But it doesn't lend itself to readable debate and I'd be dismissed as an internet Nostradamus lunatic.
High Employment is false. Unemployment is hidden by the Disability claimant count. Already redundancies in the thousands are happening in the world of finance, insurance, construction and engineering. The US employment figures show steady and accelerating rates of unemployement and the backward looking UK statistics will follow.
Low Interest Rates are false. At least a third of those looking to remortgage and all those looking for a first mortgage face interest rates of 6.7% after fees are included. Thats IF you can get a mortgage with your credit rating and LTV ratio. Those that are forced on to SVR will be paying North of 7.2%. When this is on a negative equity loan equalling 5 times joint houshold income then we are already way past the early 1990's boiling point of 15% interest rates on 3.5 times main income earners lending prevalent at the time. Don't even get me started on the Buy To Regret disaster and Liar Loans..
Shortage Of Housing is also a myth. Nearly one million houses are held as second homes or holiday residences which are entirely discretionary. All major housebuilders have stopped buying land and are slowing all sites work rate as they have a glut of unsold new build properties. We build between 160,000 and 180,000 homes in the UK every year and this is more than enough to account for population growth and the rise of single living. Immigration puts pressure on housing stock it is true. However, as the economy freezes over Harry the Pole and his million mates are gone in the blink of an easyJet booking...
Its not different this time. Its worse.
Research the 1991 - 1993 recession and what it did to airlines and pilots jobs.
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