"I think later in the decade towards 2008, house price inflation will start to pick up." – June 2006
“So I don't see the end of house-price inflation for the country as a whole, and I think that by about next year you could start seeing a recovery in house-price inflation after some further decline this year...I think commercial property returns are going to be excellent for the rest of the decade.” – April 2007
“I expect to see a gradual uptick in demand for residential property towards the middle of the year...I don't think one should probably wait much longer. If one's holding out for price deflation I think you're probably going to be disappointed... I don't think it's a situation where we're going to see price deflation on a significant scale.” – February 2008
“You mustn’t count residential property out, from a point of view of getting into the market. The good time to get into residential property is probably just about here, as residential is probably near the bottom of the cycle.” – September 2008
“Yes, I’m afraid the whole global crisis has gone substantially further than most of us expected - it’s taken the property downturn that started back in 2004 to worse levels, and we’re into price deflation and there’s not a lot we can do about the situation as to where we are.” -- Business Day Summit business show transcript, January 13 2009
Remember folks our pal Loos works for the bank first. What they need to hear he tells them.
6 comments:
Brilliant post! Whenever Loos is interviewed on radio I generally aim for the opposite of his views as he's been so consistently wrong over time. That he now finally admits asset deflation is a reality is quite astounding.
It's rather pleasing to see his blatantly institutional 'talk the market up' views discredited by reality
You ever notice how he never commits himself to his comments? He always uses terms like 'we', 'possibly', 'probably' and 'likely'. An economist who uses these words liberally is not giving considered and researched opinion but just regurgitating institutional drivel.
And there are many of them out there...
john loos has the best job in the world. if i was this wrong (in public nogal) so many times i would be fired.
well things must be looking up if he says we are in a recession.
Is it John Loos or John Doos???? He is he BIGGEST bullshitter since I can remember. I have been tracking his comments for the past 2 years and he is so wayyyyyyy off track! I hope FNB fires his underestimating ass!!!
It is SO refreshing to see someone cast 2 years of lies into the cold reality of today, but how I WISH someone would do the same for ALL of the thieves out there - that TWIT Chris Hart, the Goldings idiots and all the rest - then we could make them eat their words, pu licly, sometime in the future, and do everyone a favour by discredting them completely
How about a website
www.propertyutterances.co.za
or something like that
collects ALL public statements made on property, and publishes them - have a nice search feature so you can for example group all utterances by some twit like John Loos and then laugh yourself sick as to how wrong he actually is
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