Doddery old Tory "Is Not Nostalgic" shocker!
Posted by Mark on 27th Nov 2010
An Old Etonian prime minister, Democrats in power in the States, the ruling elite telling the little people "You've never had it so good"; no wonder Lord Young has no need to hark back to the 1950's, it's almost like they never went away!
However, his view that most people are better off is not really the experience of most folks.
John Charcol, the mortgage broker, estimate that there at 10m households with a residential mortgage, of which 8 million would have benefited from lower rates; a substantial constituency I concede. However in the context of an estimated 23.6m households, they could at best be described as a sizeable minority.
When you further consider that a substantial number of the remainder are, for example, very poor and are about to be hit with welfare cuts or are retired and have to live on income from savings, then you can see why some of the most vulnerable haven't exactly been cracking open the Cristal to celebrate recently.
Indeed, if you view (with the benefit of hindsight) high LTV mortgages (both commercial and residential) as a highly levered punt on property prices always going up (which I do), then it is very clear that the beneficiaries of the current extraordinary monetary policy are speculators who bet on red and lost, but who now expect the state to pick up the tab. The irony that those first to complain about higher taxes are now having their loses socialised will be lost on lost on the leader writers of the Daily Express. Who in any case probably think they are working for Lord Beaverbrook, not the (former) publisher of Asian Babes.
However to really recreate that 50's feeling, all we need to do is embark on an ill-conceived, unpopular foreign war.