Over the past few weeks, you may have noticed excited talk of a UK housing bubble.
A few weeks back, we had the surveyors trade shop calling for the Bank of England to limit house price rises to 5% pa. Politicians are lining up to fulminate against the Help to Buy scheme, labelling it a UK-inspired attempt to land us on a Fannie Mae/Freddie Mac-style mortgage hook. Lurking in the background, we have the hard money, bond vigilante brigade muttering darkly that nothing good will come of this for the UK, and what we actually need is a housing price crash rather than yet another bubble. Given this torrential downpour of Minsky-inspired economic prognostication, it is...
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