B0ycey wrote:Do me a favour and actually quote where I said average wages in 1969 were £585 and then you might have a leg to stand on. Wages are on average £585 TODAY hence why the figure was brought up.
But you then apply the inflation since 1969
average weekly wage, which makes no sense at all. Why do this? What are you trying to prove? What's your point?
I can't help it if you failed to understand this. That is your problem.
@ingliz said: "Allowing for inflation, £500 in 1969 should be worth £7,104.52 today," to which you replied: "Fuck me. If I was working in 1969, I would be fucking RICH!"
You clearly thought that people earned £585 a week in 1969, and could therefore have afforded to buy a new house every couple of weeks. Just admit your mistake, and we can all move on. This is becoming embarrassing.
But you haven't actually answered they question this all came about anyway. Do you believe the UK is in the same problem as China finds itself in today. Do you think our bubble is about to burst?
Not any time soon, no, since people, are still willing to buy houses even at their currently vastly inflated prices. So long as that is the case, and so long as it makes people feel that they are wealthy so they keep spending money on consumer goods, then all will be well. As Keynes pointed out, a lot of economics is governed not by natural laws but by what he called "animal spirits", what people feel
is the case. The same logic applies to China too, of course.
"Politics is the art of looking for trouble, finding it everywhere, diagnosing it incorrectly and applying the wrong remedies." - Marx (Groucho)