Checking out two news stories on the Telegraph website yesterday, both on the subject of "drops" - the ongoing drop in house prices and a "surprise drop" in consumer spending - I soon found the "Comments" more interesting than the main articles; and particularly this advice from "Jacqui" quoting "Descartes, Discourses on Method": "Accept nothing as true, unless clearly recognised as such." My sentiments exactly !
The "Discourses" revealed that most people weren't at all surprised by the drop in consumer spending, and nor apparently were "the markets" whom the Financial Times report, quoting one lunching - albeit at his desk these days - stockbroker "only respond to surprises". What does "The Old Lady of Threadneedle Street" make of these imprudent hussies of today's markets I wonder, when they can't even register a drop in the sales of lingerie ?
Nevertheless, the price of lingerie has undoubtedly come down in recent years, almost certainly an achievement for "The Spender of Last Resort": to quote another commentator called, I think, "Princesschipchops" (surely the pseudonym of a female impersonator !). My guess is that house prices will follow a similar downwards trend, a bit like those pants that barely covers the buttocks, and which the young seem to favour and the middle aged and over to revile.
If some readers wish to deduce from the above account that I think the bottom may yet fall out of the housing market, please feel free to do so. My own guess is that there are some within the present Government who would like to see a further downward adjustment in property prices, and others who would not: a political reflection for once of the position of wider society. In the meantime, "The Old Lady" should surpise the bankers by witholding money from their hussies.
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