Repossessions still the greater and growing threat

Jeff Randall has a good column in the Daily Telegraph this morning titled "Debris from the City and Wall Street will destroy innocent lives" linked here, my own comment Number 63 is this:

Comments: 63

I saw the same couple on Channel 4 News referred to by D. Rumsfeld at 05:28 AM. It was indeed gut-wrenching! I have been stressing, here and elsewhere, for some time, that home repossessions are an area of the present panic most open to governmental influence where the penalty for the present policy inaction is most likely to lead to the direst consequences for society as a whole. The latest international stock market collapse hugely increases the masses facing negative equity thus swelling the numbers considering walking away from their loan commitments and payments. Local government and charity cash losses in Iceland will be as nothing if large sections of Britain's working population feel justified in turning their backs on their homes and obligations.

Martin Cole

on October 10, 2008

at 09:06 AM