From British daily The Morning Star:
Fixation on the market
(Friday 08 August 2008)
THE dreadful figures on the soaring rate of house repossessions give added emphasis to the decision of the Bank of England monetary policy committee to maintain interest rates at 5 per cent.
This was a decision that hit hard the struggling mortgage payers in the interests of controlling inflation which, it should be pointed out, is none of the mortgage-payers’ fault but can be attributed largely to fuel profiteering, speculation, oil and gas company super-profits and the resulting transport cost rises which affect almost every commodity.
It also brings into sharp focus the Financial Services Authority warning to lenders earlier this week that specialist mortgage firms are “too ready” to take court action against borrowers.
But these are not the only factors which have affected and damaged the 18,900 families who have lost their homes in the first six months of this year or the 45,000 whom the Council of Mortgage Lenders forecast will fall victim throughout the full year.
The real elephant in the room is, as seems to be increasingly the case, the policies of a government which point-blank refuses to abandon its fixation with the market and take real measures to solve a housing crisis which is totally of its own making.
US government survey: Most corporations pay no taxes: here.
American depression: here.