Housing Timebomb

Max Keiser always sounds as if he's pumped up with a mixture of 17lbs of blue smarties and three pipes of crystal meth. He does though, in amongst the ranty delivery, have some salient points to make. He is right in large part about the economic distortions of the housing market, mostly engineered for political gain, (which is about to backfire on the Coalition at just the wrong time before the election), and he is accurate in some of his observations about the banking sector, particularly in the "mark to myth," problem with assets and a dependency on government subsidy be it direct or indirect. In short, many of the distortions which created the crisis five years ago remain unresolved because the political and moral courage, to do so is absent. 

I am a very right wing individual but by the Gods in Heaven these inept and self interested fools in Westminster are day by day, turning me into a raging socialist. Why, because to use the old phrase they are socialising losses but privatising the upside for the benefit of a microcosm of society. In doing so, they are shaming the City, (many in its ranks are arch critics of policy and have been for many years), and mortgaging future generations by spending today even more of what we don't have.

Anyway, I'll leave it there for the moment before I become completely unglued. Keisers rant is worth a listen to, especially the last few minutes.