From an FT email this morning:
The bubble keeps on expanding.
The next burst looks ever more likely.
And this time the contagion is spreading before the burst and the fall out will be wider.
Richard Murphy on tax, accounting and political economy
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Mortgages are not as wide spread as in the UK and the US.
So?
Do you honestly think that will save the day?
Most mortgages did not fail in 2008
Only a few need to do so
Wait till they have to raise interest rates…
Looks like initial attempts to keep speculators out of housing in China has failed due to massive pressure from huge real estate businesses and a massive rise in house-as-wealth obsession. See:http://www.reuters.com/article/2013/03/05/us-china-property-idUSBRE92415W20130305.
When will people wake up to see that houses-as-asset is economic madness?
“Wait till they have to raise interest rates…”
Quite so, Carol!
POOF!! 😀