As far as I can see he wants to solve the crisis by restoring the property overvaluation - in which case we may get another collapse in a few more years.The problem is, all of the people who matter - the political class, the media, those who run the great finance houses - benefit from this bubble. Either they rely upon the votes of homeowners, or they own extensive property which they do not want to see devalued, or their incomes rely directly on a soaring stockmarket. They want to hang on for a few years more to make their packet and get out.
As we approach the election, if house prices are still dropping sharply I expect this venal corrupt swarm to propose that the state protects 'homeowners' and boosts the housing market (i.e. raise prices again). They will use taxpayers money to do it. After all, there will be votes in that, and we are in a Democracy, aren't we?
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