Monday, May 19, 2008
Guess who voted for a cut
Reuters: BoE minutes expected to show 8:1 vote to hold rates
Minutes of the Bank of England's May 7 policy meeting on Wednesday are expected to show only arch-dove David Blanchflower voted for an interest rate cut this month.
Minutes of last month's meeting revealed a three-way split on the nine-member monetary policy committee. Blanchflower voted to cut rates by 50 basis points, two others voted to leave rates on hold and the remaining 6 voted to cut rates by a quarter-point.
Posted by little professor @ 03:20 PM (579 views) Add Comment
9 Comments
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1. Conrad said...
if we are importing our inflation then what difference does cutting domestic interest rates make?
2. plato said...
The Chicken.
3. hpwatcher said...
What a surprise....NOT
4. jack c said...
Lets hope that Ms Lomax's departure as Dep Gov doesnt result in the recruitment of another MPC member of Mr Balnchflowers mentality. He predictably always votes for a cut ! (the actual minutes however are not out until Wed)
5. stillthinking said...
David Branchflower.
http://en.wikipedia.org/wiki/David_Blanchflower
"Before his appointment, Michael Fallon questioned his non-residency at the parliamentary Select Committee on Treasury"
The telephone dove. He also went on to this, but I think they must have described this wrongly...
"one of the most devastating findings of contemporary economics". [4] The implications, that wages are highest when unemployment is lowest a..........
Amazing stuff. I am thinking I must have read this wrongly but I think this is the amazing insight that got him on the BoE board.
6. crash bandicoot said...
I already predicted this on the day. I also predicted that he voted for free ice-cream for himself too, although that was a little irreverant. He is such a one trick pony that he might as well just fill in two or three months worth of voting slips and take an extended holiday.
7. paul said...
Ah, yes the Idiot Savant (minus the savant) that is Blanchflower.
Has he ever voted for anything other than a rate cut?
Is he likely to hold up on rate cuts untik the UK pound is history and the dollar has finally started to look vaguely good?
Does he understand the connection between imported inflation from weakened currency (after previous rate cuts)?
Did he do GCSE economics (or its closest equivalent - a US university economics degree)?
8. it_is_going_with_a_bang said...
"Blanchflower has made no secret of his concerns over the economic outlook. He warned last month that Britain could enter recession and house prices could drop by a third unless interest rates were cut more aggressively."
Well lets hope they do and by more than a third.
What a disgrace he is. ONLY interested in keeping prices high. Out of reach of many millions of people and lining the pockets of the banks.
He should be thrown out.
So what if prices drop by 30%? ? ?
9. tyrellcorporation said...
"So what if prices drop by 30%? ? ?"
Exactly, that'll still only take us back to 2004 prices. WTF is Brown playing at?!?