Friday, Nov 07, 2008
When in doubt, blame the banks
Independent: When in doubt, blame the banks
Dominic Lawson gives an alternative view to the Government and media obsession with dropping interest rates.
Posted by becky @ 08:35 AM (304 views) Add Comment
2 Comments
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1. 51ck-6-51x said...
Thanks beckby. Good post.
This article talks some sense for once.
(Unlike the politicians - all I see is "Banks must pass on cuts", well they do - if the rates at which they borrow go down, the rates at which they lend go down, so long as they want to compete for the pool of outstanding loans. i.e. Let's just forget that (1) the base rate is not directly linked to the interbank market, and (2) the caveat of competition!)
2. Magnaman said...
Excellent post - have been trying to explain this to my colleagues and friends - just emailed the article to a couple of them and HEY PRESTO!!....only one of them got it!