Terry Bradshaw On Nfl In London: ‘nobody Cares About That Game’

COLUMN-Foxtons, the London bubble stock: James Saft

According to a recent report in the Daily Telegraph , an expansion team could call London home by the end of the decade. This timeline echoes what CBS Sports NFL Insider Jason La Canfora wrote in June: That we’ll see American football being played on Sundays in Wembley Stadium within the next 10 years. So we can all agree that at some point in the not-too-distant future and NFL team will be based in London. But that doesn’t mean we all have to embrace change for change’s sake. Take Terry Bradshaw, for example. The Fox Sports analyst and Hall of Fame quarterback hates the idea that teams now are forced to play in England. “I think it’s the most disrespectful thing you can do to these teams, to make them travel over to London to promote our NFL product,” Bradshaw said during an appearance on WFAN . “You’re not ever going to have a team (relocate) over there. If you’re going to do anything, go to Canada every year — could be somebody (moves) up there eventually. But I don’t get it. “Nobody cares anything about that game,” he continued. “The players don’t want to go. You can’t enjoy it. Now preseason, OK, have some fun. It’s regular season, so yeah, I don’t get it — never will.” Actually, Bradshaw does get it (even if he’s wrong about a team eventually relocating there).

NOT A NORMAL UNIVERSE In a normal universe you would expect it to end there – bad loans and bad policies are followed by a crash and lenders mop things up. But we don’t live in a normal universe. British and global monetary policy has been kept exceptionally loose since the crash, at least in part to support asset values. At the same time, while parts of financial services in Britain have been hard hit, a failure globally to adequately regulate the industry means it remains huge in relation to the rest of the British economy. Britain seems unable, politically or otherwise, to wean itself from its addiction to property price gains. Exhibit A is the government’s Help to Buy scheme, under which the state subsidizes mortgages by guaranteeing a portion to the bank, allowing borrowers to buy houses with as little as 5 percent down. That’s active for new properties now and will shortly be allowed for existing homes. Sound like state-sponsored subprime lending to you? Nice for banks and older property owners who can cash out, but not so good for ordinary people trying to buy ordinary houses on ordinary salaries. All this has also not been great for Britain, as is shown by the fact the economy has even now only clawed back about half the 7.2 percent of output it lost in the crash. It has however, been fantastic for London property prices, and by extension for real estate agents in general and Foxtons in specific. Prices in London are now 6 percent above their pre-crash peak and are rising at the fastest rate in nearly seven years. For Foxtons it has been a wild ride.