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Thousands trapped in negative equity

Bankers’ bedtime stories lead to Nanny Boom

Housing market in jeopardy as first-time buyers vanish

Larry: addressing inequality will benefit us all

Larry: why is everyone still spending?

Pawn shops thrive as credit tightens

No housing for Olympians now the Gods have failed

Dan: Inflation - ‘a year of going backwards’

Pets feel the crunch!

Dan: Housebuilders hit by ‘gazundering’


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    Welcome to The Gods That Failed blog.

    Our new book was published on 5 June by The Bodley Head, and we've set this up to give ourselves, and the public, the chance to learn about and discuss the economic crisis that we're currently all facing.

    It's high time people realised how and why we've reached the state we're now in. The Gods that Failed argues that we need a new system: instead of an increasingly risk-prone, privatised, profit-driven economic model overseen by a largely unaccountable and speculation-obsessed elite, we need an economy that is run and regulated in the interests of ordinary people.

    Thousands trapped in negative equity

    Posted by admin on August 1, 2008 at 12:46 pm

    The latest development in the rapidly deteriorating housing market is the news that many homeowners now have mortgages that are worth more than the value of their homes. These owners, granted 90 to 100% mortgages at a time when bankers were more than happy to give away cheap money, have found themselves in a situation where paying off their mortgage would leave them significantly out of pocket.

    The BBC reports today that 3 million people are now living in negative equity.

    There are also reports that some homeowners in America are actually abandoning their homes to repossession because, while they can afford to keep up on their mortgage repayments, if they continue to do so it will end up costing them much more than their property is worth.

    Bankers’ bedtime stories lead to Nanny Boom

    Posted by Editors on August 1, 2008 at 10:12 am

    The Gods that Failed shows how a reckless, largely unaccountable elite, have lulled the world to sleep with their economic fairytale and that now, with the fairytale having being exposed, ordinary people are waking up in a world of financial hardship.

    Even though this elite subcontracted the job of reading bedtime stories to their own children to an army of nannies, they were more than happy to tell fairytales to everybody else, tales in which everyone lives happily ever after.

    The Times reported yesterday that as a result of these financial fairytales, nanny agencies have been inundated with calls in recent weeks, as stay-at-home parents are forced to return to work just to make ends meet.

    The Gods That Failed
    How Blind Faith in Markets Has Cost Us Our Future

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