More Brexit Hysteria

The media elite love whipping up hysteria about the dire consequences of Brexit, esepcially on the poor bastard voters who supported it but didn't know any better (according to the elites' narrative).

The front page story in yesterday's Washington Post is a perfect case in point. The headline in the hard copy edition read, "Britain's Hot Housing Market Might be Making its Way Out the Brexit Door." (Curiously, the online edition of this story has a different, more accurate, headline - "London's lavishly high home prices take a Brexit hit."

First is the question of whether this story even belongs on the front page of the paper. Must have been a really slow news day.

Second, the story breathlessly warns that the "This is still the land of the $200 million condo, with prime central London real estate forming the foundation of British wealth. But a flood of price drops and canceled contracts is coursing through London's streets, hitting even the immaculate enclaves of celebrities and oligarchs and becoming the most tangible sign yet of economic trouble in the aftermath of Britain's vote to exit the European Union."

The story then goes on to cite several anecdotes of million dollar estates having to be sold for about 5-10% less than the asking price. Clearly this is a One-percenter problem as the story notes, "the uncertainty is pitting the megarich against one another in a high-stakes game of who blinks first."

And, indeed, it isn't till the 20th paragraph when the reporters reveal that, actually, the price drops might be a good thing because, "Unaffordable housing has beome a chronic problem here [London] - with a new report this week showing home ownership falling to a 30-year low."

Did you get that? Brexit is causing housing to become more affordable in London?! Egads! Of course, that doesn't fit the dire predictions of Brexit catastrophe and is certainly at odds with the portrait of Brexit voters as rubes who voted against their economic interests in supporting a British pullout of the EU. But the Post suggests, upon closer reading, that the voters knew exactly what they were doing and are reaping tangible economic benefits in the form of more affordable housing.