Did anyone read the lead story in the Sindo today, Jerome Reilly;http://www.independent.ie/national-news ... 23663.html
'A RECOVERY in the property market is being stopped dead in its tracks by the banks, which are turning down at least half of all mortgage applications...With many experts now convinced that the market has gone below bottom'
The level of rage I experienced reading just one paragraph is difficult to communicate. This reads to me very much like a deliberate attempt to influence the attitudes of the reader through deliberate misrepresentation of the facts.
Misdirection # 1, where is this recovery? Surely it would have to have started to be stopped dead in it's tracks. With his opening sentence he takes us from the facts - property prices are still falling as fast as they ever have, applications to mortgage approvals are down 80% since the 2006, etc. - to a fairly land where buyers are desperate to take advantage of the huge 'value' out there but are being prevented from doing so by the evil banks.
Misdirection # 2, many experts? REALLY. Who? For one thing I don't actually think they exist and if they do I can be almost certain they were of the same breed of experts who predicted a soft landing.
After years of shameless cheerleading, causing many of their readers to suffer horrific financial losses and all the stress that goes along with negative equity, I am astonished that the paper has the cheek to lead with a story like this.
The media is so important in democracy, there has to be some kind of mechanism put in place to prevent this kind of thing from happening. If he wants to give his own opinions then it's up to individuals to decide whether or not to listen. But using words like experts should at least be followed up with a reference to the source.
Is there any way we could start a new thread on this? I feel I'm getting a bit off topic on this post and I'm only getting started on this rant!
Your wish is my command, Objective Investor - and since I saw Harry Potter last night, I can even wave a magic wand and add a
to that Sindo article.