The NYT Doesn't Know About the UK's Housing Bubble

May 06, 2010

That is what readers of this election eve article must assume. The bubble and its collapse are not mentioned once in an article that tells readers how the citizens of the UK will have to sacrifice in the years ahead. Remarkably, one of the people who is cited as an authority on this topic is Mervyn King. Mr. King, as the head of the Bank of England is the person who is most responsible for the country’s economic devastation. Like Alan Greenspan in the United States, King just sat back as the housing bubble in the UK grew to ever more dangerous levels. While the collapse and the resulting economic damage were totally predictable, Mr. King chose to do nothing to prevent this catastrophe.

The economic collapse following in the wake of the housing crash is the main source of the country’s current fiscal problems, not profligate spending, as the piece implies.

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