Wednesday, Jun 10, 2009
Another brilliant front page from the express
Daily Express: BANKS PUNISH HOUSE BUYERS
BRITAIN’S greedy banks were accused of “blatant profiteering” yesterday as they threatened to hinder chances of continued recovery in the property market by pushing up mortgage costs.
Despite the current record low interest rate of 0.5 per cent – and taking billions of taxpayers’ cash to escape bankruptcy – lenders are still failing to pass on effective mortgage help to customers.
Posted by sold out @ 07:32 AM (983 views) Add Comment
10 Comments
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1. Unhappysaver said...
Makes a change from penalizing the savers with historically low interest rates. About time prudent people who save are rewarded rather than forcing the prudent to bail out the irresponsible.
2. quiet guy said...
"they are being warned that they are putting recovery of the property market at risk as potential buyers and movers see the cost of mortgages rise."
Curious logic. The real story is that the banks are pricing in future rate rises and maybe now is the time to get a fix. Is a five year fix at 4.92% really so outrageous?
"Ray Boulger, of mortgage broker John Charcol, said: “If interest rates continue to rise then the current recovery in the housing market may well wobble."
Ah yes, the 'recovery'. Just gotta keep those rate low and HPC will all be over by Christmas.
3. paul said...
4. mark wadsworth said...
I agree that they shouldn't have thrown all that taxpayers' cash at the banks (debt for equity swaps would have sorted that all out at little cost), but two wrongs don't make a right - we, the taxpayers, now own those banks and AFAIAC they ought to be making as much money as possible (or in this context, losing as little money as possible).
5. ketha said...
we're not a socialist country, we've never voted for socialism. I'm not even against it but if you side with right of centre capitalist market based economies you have to see this stuff through... the idea of banks being forced to lower rates when the rates are a pricing of risk (and not directly related to 'boe base rate', and the risk is still there long term) is a form of radical interventionism. The writers of this piece, rabid capitalists until they lose out, know this.. cheap popularism.
6. denzil said...
Great picture of that BNP bloke. It looks like the egg goes in one ear and out the other. And look at the face on that bloke to the left, there's surely a village missing an idiot somewhere.
As for the article, same old Express tripe. The Daily Express like most newspapers is simply about selling volume, with quality of the reporting being secondary. To maximise profits most papers just print VI spin verbatim. I'm surprised the mainstream papers do not simply change their business model and sell columns or pages to VI and let them edit directly.
Within 20 years there will be few newspapers remaining as people see through the crap and choose alternative news sources delivered digitally, which is of course happening already.
7. An Bearin Bui said...
Those horrid, meanie banks!! Couldn't have anything to do with the massive overhang of their bad debts weighing on the public finances by any chance, could it?
I mean vast amounts of public debt being generated to cover the banks' losses couldn't possibly be pushing up rates, could it? I'm sure this has nothing to do with the 125% interest-only mortgage over 40 years that the Daily Express reader got out with Northern Rock a couple of years ago...
8. Crashpad4me said...
Denzil @ 6. Great comment. Puts me in mind of Chris Eubank's observation about racists having tiny brains.
9. magnifico said...
Yes denzil I agree. I find that I can no longer abide reading a paper, not only tabloids, which I never liked anyway, but also other.
I feel I have to be led through an article/column by the writer, at his pace, on his terms.
I prefer online browsing of sites like this one with free-thinking people. I used to get annoyed by trolls but I can spot a windup better now.
10. a saver said...
For Rank Stupidity those Express writers take some beating!
Although the BBC are close behind them - or are they just putting out propaganda?