Thursday, Mar 19, 2009
Guy who was appointed by the government to review mortgage market in 2004 promoted to a rate setter!
Timesonline: David Miles joins BOE rate-setting committee
The Bank of England has appointed David Miles to its rate-setting committee to replace arch-dove David Blanchflower.
Professor Miles, who was appointed by the Government to carry out a review of the mortgage market in 2004, will become an external member of the Bank's nine-strong rate-setting committee in June.
Posted by flintster1994 @ 04:23 PM (1000 views) Add Comment
7 Comments
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1. inbreda said...
That is the most shockingly poor example of the english language I have ever seen in an article. The idiot can't even spell his own name. And as for:
"Announcing the appointment, the Alistair Darling, the Chancellor said: "
I assume that is the Alistair Darling the Chanceller, as opposed to Alistair Darling the internationally recognised gay icon?
2. mark said...
so he is well qualified then....as if..lol
3. crunchy said...
He will be just perfect for the agenda ahead!
4. 51ck-6-51x said...
flinster1994, mark, crunchy -
Maybe you should actually read David Miles' report before jumping to conclusions about what it's aims were and what it's recommendations were?
I quote, "Monetary policy will be easier to manage if households make well-informed decisions about mortgage products that are priced in a transparent and sustainable way".
A summary of the recommendations:
• improve the information and advice households receive;
• make the pricing of mortgages in the UK more transparent, fairer and sustainable;
• remove some potential obstacles to the emergence of new types of contract which allow borrowers to hedge interest rate risk; and
• improve the ways in which fixed-rate mortgages can be funded and the ways in which the risks they generate can be hedged.
5. icarus said...
Blanchflower became redundant after the last rate cut.
The thing about Miles' report was that there wasn't a word about the possibility of house prices rising unsustainably.
6. alan said...
"He was one of the first economists to predict that house prices would tumble, saying in 2007 that prices would drop by 10 per cent in 2008"....Wow, he must be smart!!!
Hey, wait a bit, Wasn't that 2 years after the Chris Parker video? (If you are new to the site, it's on the homepage).
7. magnifico said...
Bet Mervin's s******g himself as Krusty gets lined up to take over