The extension of unmet mortgage and other credit debt to everyone, not just sub prime borrowers, is well under way. The vicious circle into which the economy has been driven by Brown's blundering incomprehension of the capitalist economy (blinkered as he is by his dead ideologies and personal hubris), makes the United Kingdom one of the most vulnerable economies on the planet. No wonder he displays such fervid interest in Africa and how to intervene in failed economies there.
There are many tacitly accepted (by Northern Rock and other such lenders), self-awarded mortgage holidays being taken now. Yet the recent judgement that timely repossession is required to avoid the establishment of squatters' rights by defaulting mortgage-payers is a spur to end the practice.
If Gordon Brown seriously intends to nationalise Northern Rock we will be watching the spectacle of a Labour government repossessing the houses and cars of its bedrock support. Or we will have the public recognition that vast areas of the United Kingdom are no longer part of capitalism.
Arthur Scargill! Come on down!
Subscribe to:
Post Comments (Atom)
Posts
2 comments:
Sadly Hats, I think the timing will point to problems early January 2009, according to US watchers.
It frightens me to death to have all this risk in the wrong hands. When Ed Balls is made chancellor soon, they'll all be in the redoubt together around January 22nd, which is the Rorkes Drift anniversary, although I'm afraid the result will not be the same.
My friend selling a flat in SE London will probably have to auction it. The Estate Agents say the mortgage companies are not lending on "high rise". (seven floors, listed building, about to have multi million pound revamp)
And cash buyers are not interested because they can't turn it around quickly if they need to...
Post a Comment