Tuesday, July 29, 2008

Your second mortgage from Gordon Brown

Labour are so desperate to save their grubby jobs and expense accounts that they may now be planning on underwriting the mortgage market with your future earnings and assets (ie future taxation).

Well what they are really doing is underwriting other peoples mortgages with your money just so they can get re-elected. That's right Gordon - having destroyed your pension on unreformed public services is now going to hold up ruinous asset prices (ie housing ) in the name of his personal career and that of all the student politician parasites who sit on Labour benches.

Personally I believe the way credit has been supplied has lead to an unaffordable arms race of debt between potential home owners that has delivered the crisis we are now in. A correction is needed and after that correction and sane and responsible government might wonder how to prevent the same debt fuelled asset bubble reoccurring. But perhaps not desperate and shameless Labour - no they may want to gamble with your future in the hope of getting back into office in 2010.

Here's the BBC's take on the great new - with quotes from Vince Cable, now patron saint of BBC "don't let the Tories get a word in" interviews. ( PS You'd think they would have learnt from the American experience of failure with Fannie Mae and Freddie Mac in mortgage nationalisation - but not our student politicians. )

I know I'm meant to be having a blogging break right now - but this really annoys me. Personally I think the current Labour ministers should underwrite this scheme themselves and stand to lose their pensions and houses if it cost the tax payers anything.

Update: The business section of the Telegraph is making a different report suggesting that "Sir James Crosby will rule out creating a permanent government-backed vehicle to help support the mortgage market in his eagerly awaited report on the financial crisis today" - see here. I sure hope they're right.

Less we forget: How the banking system has worked against us....

5 comments:

Travis Bickle said...

Well there are a lot of MPs with taxpayer funded second homes that might be needing to remortgage or sell up some time in late 2010................

Man in a Shed said...

Ah yes ... good point.

Gallimaufry said...

Why can't Northern Rock offer preferential rates to Labour Party members? That would solve both problems.

max the impaler said...

If the government undewrite your mortgage,ie. own the debt, then you have a new master in the house. Maybe they might not agree with your own view of the world.It's only a short step to co-ercing a new view, or re-educating you with an eviction threat. .Stinks doesn't it ?

Man in a Shed said...

What I hate about these arrangement is that I pick up the tab, but have no say.

Perhaps they will hold back on this, but I think they know that a falling housing market in 2010 will mean they will all be looking for new jobs.

And there's no end of other peoples money they're willing to spend to avoid that one !