Sunday, Feb 08, 2009
So glad you haven't forgotten us Mr King sir!!!
The Times: We won’t abandon savers, says Mervyn King
"MERVYN KING, the Bank of England governor, will insist this week that the monetary policy committee’s aggressive cuts in interest rates do not mean savers in Britain have been abandoned."...........Thanks for that Merv I feel better now
Posted by titaniccaptain @ 06:01 PM (1196 views) Add Comment
14 Comments
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1. shining wit said...
These people are devoid of reality.....Bit like Bernard Manning saying he wasn't rascist !!!! Or Crash Gordon saying he knows what he's doing!
"He will say the best interests of savers will be served by steering the economy out of recession as rapidly as possible and returning rates to normal levels"
Did you hear that ANYONE thinking of getting a mortgage out to buy in these dangerous days. Your interest free/low mortgages will BANKRUPT you if inflation takes off and they have to put them up to even 4% let alone 5 or 6%. All this talk of it being a good time to buy. Ask Antony Barrel Thompson whether he thinks it's a good time to open a restaurant !
2. greytornado said...
The man is a complete moron. He has got two tools - change interest rates and print money. He will find that nothing he can do will solve the problem. He will just make it worse.
3. inbreda said...
Actions speak louder than words. particularly concerning politicians.
4. paul said...
Yes, sorry to say that I don't believe a word of what Mervyn is saying and neither do the commentators.
This is a rather vain attempt to prevent the capital flight that is about to take a grip in the UK.
5. jackas said...
Merv used to talk sense until the govt put the squeeze on him a couple of years ago. Now he's just GB's puppet.
It's not just Merv's ar5e that gordon brown is shoving his big clunking fist up, it's everyones. I don't really like it that much tbh.
6. Crazyhorse1710 said...
Actions do speak louder than words...I'm taking most of money out of the my bank serious it's a joke. I am sick of banks, I'm sick of estate agents...patronising bunch of numbskulls...What can you do...? for a number of years now myself and girlfriend have saved in the hope that a housing crash would mean we might be able to buy a HOME, but it seems that the world economies can crumble, thousands of people can lose their jobs etc. but the only thing that doesn't seem to be affected are house prices and the attitudes of estate agents and vendor, they just won't have it..I'm sure I'm not alone in how I feel and I'm not trying to say I'm a special case, I'm sure there's thousands of people in the same position as myself and my girl....but when will these ludicrous attitudes change...for the better of everyone..
7. Ulfarus said...
Sorry Mervyn, but when do you think Crash Gordon will let you put up interest rates ?
Never is when because as soon as they go up all the indebted people are in the poo, these are the people Gordon is relying on to keep him in power.
8. Crazyhorse12 said...
Actions do speak louder than words...I'm taking most of money out of the my bank serious it's a joke. I am sick of banks, I'm sick of estate agents...patronising bunch of numbskulls...What can you do...? for a number of years now myself and girlfriend have saved in the hope that a housing crash would mean we might be able to buy a HOME, but it seems that the world economies can crumble, thousands of people can lose their jobs etc. but the only thing that doesn't seem to be affected are house prices and the attitudes of estate agents and vendor, they just won't have it..I'm sure I'm not alone in how I feel and I'm not trying to say I'm a special case, I'm sure there's thousands of people in the same position as myself and my girl....but when will these ludicrous attitudes change...for the better of everyone..
9. plato said...
Unfortunately this is either the Governor of the BoE being a spokesman for the government,or a man with political ambitions talking the talk.
Ordinary savers have already been abandoned. How could they ever buy a house without risking their savings in such a bubble?
Those that saw the problem and held back continuing to save/invest have seen those years wasted with the additional fear of total loss hanging over their heads like the sword of Damocles.
Those that moved abroad in search of value...(yes they actually got more for their money) have been stuffed.
Wages and jobs will now only go in one direction....the same as savings.
Those that can afford to lose(because just about everyone has) will at least eat well and keep warm unlike those that can't.
What a mess we are in!
10. troy said...
shining wit ~~~ reflection
white reflects black absorbs
electromagnetic fields
all is not black or white
all is not here and now
yamagooochie
what a platorial mess we are in
look back in anger ~~~ look forward with outrageous optimism
interested
11. Yoss said...
Fair play to Merv!
He did warned about reckless lending before the sub-prime bubble blew up in our face...but that is all he did.
Now he is assuring savers they will be OK...given the track record.?
12. it_is_going_with_a_bang said...
Well done Merv.
Buy now and pay higher rates later - is that not what he has just said?
13. Eternal Sceptic said...
He is quite right to say that he is not abandoning savers, he is destroying tham.
14. rm96696 said...
If people are suckered into plunging into buying a house with the current low level of interest rates, how will the BoE ever be able to raise them in the future? It would result in many people who stretched themselves to buy a house being unable to meet their mortgage payments and a new round of bank insolvencies.