‘You can’t go wrong with bricks and mortar.’
This may go down in history as the most dangerously mistaken cliché ever uttered.
Over the weekend, another British high street bank has been nationalised. US politicians have been debating non-stop over an emergency bail-out that effectively part-nationalises the entire banking system.
Amid all the wailing about the capitalist system, all the blame-throwing between investment banks and government ministers, we should remember that all this boils down to one stupid but widely-held belief.
That property prices could only go up…
» The most dangerous financial cliché in history – MoneyWeek, 29th September 2008.