Wednesday, Dec 10, 2008
Blanchflower writes, Darling I'm leaving...
Guardian: David Blanchflower to step down from Bank of England next year
Professor David Blanchflower has decided not to renew his tenure on the Bank of England's monetary policy committee when his current three-year term expires next May, the chancellor, Alistair Darling, announced today.
His departure will come as blow to the City and financial markets who think Blanchflower is the only MPC member who saw the recession coming and spent all this year urging his reluctant colleagues to make big cuts to interest rates.
Blanchflower, a British-born academic who also teaches economics at Dartmouth College, New Hampshire, said in a letter released by Darling today that he thought external members should only serve one three-year term on the committee.
Posted by 51ck-6-51x @ 02:45 PM (779 views) Add Comment
10 Comments
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1. inbreda said...
Is this because once rates hit 0% and can't go any lower, there will be no point in him pitching up cos he wont know what to say?
Or is it because once rates hit 0% and can't go any lower, and the carnage continues to get worse, everyone will suddenly realise that all he has ever said has been an ineffectual waste of everyone elses time, money etc?
2. bystander said...
"Is this because once rates hit 0% and can't go any lower, there will be no point in him pitching up cos he wont know what to say?"
Spot on inbreda. Made oi laarf. Thank you.
3. uncle tom said...
If they had heeded his advice, the ecomomy would have fallen off an even bigger cliff - he was wrong to advocate pre-emptive cuts in interest rates - they would only have made matters worse.
- Good riddance!
4. a saver said...
As uncle tom says, this is really silly. Rate cuts can be appropriate but DB suggests them all the time.
Didn't he panic and advocate a rate cut in 2005, when house prices wobbled slightly?
If house prices had been allowed to fall then, and keep falling, we would not be in such a diabolical state. Thousands of people would not have overpaid for their houses and the banks would not have lost so much in bad mortgages.
5. plato said...
Oh no!.......... I thought he was a contrarian and would soon advocate rises.
6. phdinbubbles said...
As with all the above.
7. paul said...
"Is this because once rates hit 0% and can't go any lower, there will be no point in him pitching up cos he wont know what to say?"
Very good, yes indeed.
8. inbreda said...
Never mind a one trick pony, the idiot yank is a one word moron.
Q: "which way should interest rates go?"
A: "DOWN"
Q: "which way should your pants go Mr Blanchflower?"
A: "DOWN"
Q: "What's the capital of Peru?"
A: "DOWN"
"DOWN!"
oh well, at least the way is being paved for the inevitable lurch from 0% base rate to a stagflationary 20%.
9. jack c said...
Guy's it is no big secret in the US that Mr Blanchflower's interest rate policy was based purely on a 1975 song by Staus Quo titled "Down Down" -
Get down deeper and down
Down down deeper and down
Down down deeper and down
Get down deeper and down
I want all the world to see
To see you're laughing
And you're laughing at me
I can take it all from you
Again again again again again again again
Deeper and down
Down down deeper and down
Down down deeper and down
Down down deeper and down
Get down deeper and down
I have all the ways you see
To keep you guessing
Stop your messing with me
You'll be back to find your way
Again again again again again again again again
Deeper and down
Down down deeper and down
Down down deeper and down
Down down deeper and down
Get down
Get down deeper and down
Down down deeper and down
Down down deeper and down
Get down deeper and down
I have found you out you see
I know what you're doing
What you`re doing to me
I'll keep on and say to you
Again again again again again again again again
Deeper and down
Down down deeper and down
Down down deeper and down
Down down deeper and down
Get down
10. The Baldman said...
Good ridance to the idiot looking for a new village.