Monday, Nov 02, 2009
Do I see a 'mole-hill' on the horizon, or the start of something bigger?
Www.BBC.co.uk: Lenders ease mortgage rationing
'lenders have lost some of their fear of losing ever larger sums of their money '. Could that be because there is little or no accountability for those responsible for irresponsible lending??? Have they not learnt anything???
Posted by markj69 str05 @ 10:18 PM (732 views) Add Comment
6 Comments
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1. paul said...
"A theenk that more of that quantatita ... quanti ... moohney printing is what is needed. It works exceellently."
2. crunchy said...
Why don't we just call QE electronic printing and stop beating round the bush.
It's much more honest.
3. estrader said...
@2 Crunchy,
"False Economy" - more honest and accurate.
4. crunchy said...
3. estrader
The banks will not provide credit, I wonder who is providing that?
We are getting deeper and deeper into debt without it.
Agreed.
Bring back the depression of 1920 please!
5. kruador said...
It should be fairly well known around here that the banks do a heck of a lot of the money creation in our society. The target is for money creation to exactly match the level of monetary destruction. If commercial banks aren't lending money, central sources have to create more money to make up for it.
However, it is not just the amount of money that's important, it's who has it. The QE programme is giving money to those who do not need it, causing escalating amounts of speculation in financial markets (shares, commodities which have been financialized), while businesses are being crippled. Instead of this crazy QE programme, the government should be directly spending on basic scientific and technological research, and providing lending facilities (possibly through one of the many government-owned banks) to businesses.
6. mark wadsworth said...
Markj69 "Have they not learnt anything???"
Yes, they have. They, the politicians, know that the bulk of people in the UK are Home-Owner-Ists and all they care about is steadily rising house prices. They know that if you get banks to lend recklessly, that prices will go up. They know that they can get away with printing money and bailing out banks with taxpayers' money. They know that this will help them get re-elected.