34 Daylight robbery: there’s no shortage of housing
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Daniel Dorling
Abstract
‘Our system for regulating markets and for prosecuting market crime is completely broken. If you mug someone in the street and you are caught, the chances are that you will go to prison. In recent years mugging someone out of their savings or their pension would probably earn you a yacht.’ Sir Ken Macdonald, a former Director of Public Prosecutions, The Times, 23 February 2009.
‘Joining an investment bank was like “joining a gang of jewellery robbers just after they made the heist of the century and just before they got caught by the police.”’ 32-year-old mergers and acquisitions banker with an MBA quoted by Adrian Cox in the Financial Times 10 February 2009.
It would hardly be surprising if the average homeowner felt they’d been mugged during the past 12 months, and were bruised and battered from an average loss of about £25,000.
It’s not so much the money. If you’re philosophical, you know you never really had it anyway. But the cash’s disappearance was out of your hands – and you can’t help feeling that you’ve been taken for a ride by people who walked away with riches before the crisis hurt everyone else.
Down the average street, 40 properties are now worth an aggregate of £1 million less than last year. All those millions of lost £25,000s. If you had a mortgage it was money that was yours, not the banks.
If you are a mortgagee, wherever you live in Britain, the bank now owns a higher proportion of your home. If the government properly nationalised the banks then we would all be a little more equal, but the government is trying desperately not to take that course, even printing money to avoid it.
Abstract
‘Our system for regulating markets and for prosecuting market crime is completely broken. If you mug someone in the street and you are caught, the chances are that you will go to prison. In recent years mugging someone out of their savings or their pension would probably earn you a yacht.’ Sir Ken Macdonald, a former Director of Public Prosecutions, The Times, 23 February 2009.
‘Joining an investment bank was like “joining a gang of jewellery robbers just after they made the heist of the century and just before they got caught by the police.”’ 32-year-old mergers and acquisitions banker with an MBA quoted by Adrian Cox in the Financial Times 10 February 2009.
It would hardly be surprising if the average homeowner felt they’d been mugged during the past 12 months, and were bruised and battered from an average loss of about £25,000.
It’s not so much the money. If you’re philosophical, you know you never really had it anyway. But the cash’s disappearance was out of your hands – and you can’t help feeling that you’ve been taken for a ride by people who walked away with riches before the crisis hurt everyone else.
Down the average street, 40 properties are now worth an aggregate of £1 million less than last year. All those millions of lost £25,000s. If you had a mortgage it was money that was yours, not the banks.
If you are a mortgagee, wherever you live in Britain, the bank now owns a higher proportion of your home. If the government properly nationalised the banks then we would all be a little more equal, but the government is trying desperately not to take that course, even printing money to avoid it.
Chapters in this book
- Front Matter i
- Contents v
- Sources of extracts vii
- Foreword xi
- Acknowledgements xiv
- Introduction 1
-
Inequality and poverty
- Prime suspect: murder in Britain 13
- The dream that turned pear-shaped 31
- The soul searching within New Labour 41
- Unequal Britain 49
- Axing the child poverty measure is wrong 57
-
Injustice and ideology
- Brutal budget to entrench inequality 63
- New Labour and inequality: Thatcherism continued? 65
- All in the mind? Why social inequalities persist 83
- Glass conflict: David Cameron’s claim to understand poverty 93
- Clearing the poor away 97
-
Race and identity
- Ghettos in the sky 103
- Worlds apart: how inequality breeds fear and prejudice in Britain 111
- How much evidence do you need? Ethnicity, harm and crime 115
- UK medical school admissions by ethnicity, socioeconomic status, and sex 121
- Race and the repercussions of recession 125
-
Education and hierarchy
- What’s it to do with the price of fish? 133
- Little progress towards a fairer education system 139
- One of Labour’s great successes 147
- Do three points make a trend? 149
- Educational mobility, England and Germany 155
- Cash and the not so classless society 159
- Britain must close the great pay divide 165
- Raising equality in access to higher education 170
-
Elitism and geneticism
- The Darwins and the Cecils are only empty vessels 189
- The Fabian essay: the myth of inherited inequality 193
- The return to elitism in education 199
- The super-rich are still soaring away 209
-
Mobility and employment
- The trouble with moving upmarket 217
- Britain – split and divided by inequality 221
- London and the English desert: the grain of truth in a stereotype 225
- Are the times changing back? 237
- Unemployment and health 243
-
Bricks and mortar
- Mortality amongst street sleeping youth in the UK 249
- Daylight robbery: there’s no shortage of housing 251
- The influence of selective migration patterns 255
- The geography of poverty, inequality and wealth in the UK and abroad 263
- All connected? Geographies of race, death, wealth, votes and births 291
-
Well-being and misery
- Against the organization of misery? The Marmot Review of Health Inequalities 299
- Inequality kills 307
- The geography of social inequality and health 311
- The cartographer’s mad project 327
- The fading of the dream: widening inequalities in life expectancy in America 333
- The importance of circumstance 339
-
Advocacy and action
- Mean machine: how structural inequality makes social inequality seem natural 347
- Policing the borders of crime: who decides research? 351
- Learning the hard way 357
- When the social divide deepens 363
- Ending the scandal of complacency 365
- Our grandchildren will wonder why we were addicted to social inequality 369
- Mind the gap: New Labour’s legacy on child poverty 373
- Remapping the world’s population: visualizing data using cartograms 379
- If I were king 385
- Bibliography 387
- Index 389
Chapters in this book
- Front Matter i
- Contents v
- Sources of extracts vii
- Foreword xi
- Acknowledgements xiv
- Introduction 1
-
Inequality and poverty
- Prime suspect: murder in Britain 13
- The dream that turned pear-shaped 31
- The soul searching within New Labour 41
- Unequal Britain 49
- Axing the child poverty measure is wrong 57
-
Injustice and ideology
- Brutal budget to entrench inequality 63
- New Labour and inequality: Thatcherism continued? 65
- All in the mind? Why social inequalities persist 83
- Glass conflict: David Cameron’s claim to understand poverty 93
- Clearing the poor away 97
-
Race and identity
- Ghettos in the sky 103
- Worlds apart: how inequality breeds fear and prejudice in Britain 111
- How much evidence do you need? Ethnicity, harm and crime 115
- UK medical school admissions by ethnicity, socioeconomic status, and sex 121
- Race and the repercussions of recession 125
-
Education and hierarchy
- What’s it to do with the price of fish? 133
- Little progress towards a fairer education system 139
- One of Labour’s great successes 147
- Do three points make a trend? 149
- Educational mobility, England and Germany 155
- Cash and the not so classless society 159
- Britain must close the great pay divide 165
- Raising equality in access to higher education 170
-
Elitism and geneticism
- The Darwins and the Cecils are only empty vessels 189
- The Fabian essay: the myth of inherited inequality 193
- The return to elitism in education 199
- The super-rich are still soaring away 209
-
Mobility and employment
- The trouble with moving upmarket 217
- Britain – split and divided by inequality 221
- London and the English desert: the grain of truth in a stereotype 225
- Are the times changing back? 237
- Unemployment and health 243
-
Bricks and mortar
- Mortality amongst street sleeping youth in the UK 249
- Daylight robbery: there’s no shortage of housing 251
- The influence of selective migration patterns 255
- The geography of poverty, inequality and wealth in the UK and abroad 263
- All connected? Geographies of race, death, wealth, votes and births 291
-
Well-being and misery
- Against the organization of misery? The Marmot Review of Health Inequalities 299
- Inequality kills 307
- The geography of social inequality and health 311
- The cartographer’s mad project 327
- The fading of the dream: widening inequalities in life expectancy in America 333
- The importance of circumstance 339
-
Advocacy and action
- Mean machine: how structural inequality makes social inequality seem natural 347
- Policing the borders of crime: who decides research? 351
- Learning the hard way 357
- When the social divide deepens 363
- Ending the scandal of complacency 365
- Our grandchildren will wonder why we were addicted to social inequality 369
- Mind the gap: New Labour’s legacy on child poverty 373
- Remapping the world’s population: visualizing data using cartograms 379
- If I were king 385
- Bibliography 387
- Index 389
