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A 50% drop in house prices across London and the UK?   Share:  
Thrust of argument: Paul Hodges tells Merryn Somerset Webb 'We've seen price falls in the housing market in the past in the early '90s and they went down 50%, and I think that we're at the start of that kind of decline now as I think, indeed, fairly soon we will be at the start of that in the stock market as well. As I say, I'm not depressed about this, because it's just something that we have to go through to get to reality'. Direction of resistance / implied resistance: Someone on the Keiser Report (Mitch Feierstein, who also writes at the Independent) suggested that a 90% drop will eventually come to the London and UK property market.


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Removal of resistance: Webb, Hodges, Feierstein and Keiser have a lot of wealth and success backing them. The way people write off their view as 'propaganda' is very disturbing. If the market depends on people with such views (i.e. that these criticisms are 'propaganda') - how can the market survive? It doesn't seem very shrewd. Unification: Being from the 'elite' I know that the assumption really is that those with might can hold on to might using might and therefore rationality doesn't have to be 'trusted'. Reason itself is ignored.

Michael Hudson is another man whose writings about the UK and world property market are very much worth knowing and understanding.
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