The controversial headline from Lord Young.
His point was that anyone with morgage has seen a big drop in what they have to pay. This is largely true! (base rates at 0.5%!)
He didn't say this, but unemployment is a lot lower in this recession than in that of the 1990's.
We haven't seen carnage in the ridiculously over valued housing market either. The ready availability of cheap money fuelled this burgeoning market. Lenders are much more conservative now (and quite right too).
We are told this crisis is the biggest one since records began, since the war, depending on who you take notice of. There is no dispute, the econimic situation is much worse than that of the 1990's recession. So why hasn't there been any real pain for the majority yet? Quantative easing?
The last administration commited us to excessive spending and the huge increase in the numbers employed in the public sector to skewed the economy. I don't know if this was intentional, or circumstantial. Knowing Labour and their financial incompetence, i'm with the latter.
Whilst Lord Young's comments are insensitive to those who are suffering as a result of the downturn, he has a valid point. I'm suffering, but the comments don't offend me. What IS offensive to me is the stifling of free speech and not being able to state the obvious!!!
I'm not really sure why Cameron is so upset. Have you got any idea? I'm not feeling much confidence in the coallition!
