Wednesday, May 19, 2010
Let them rise; why should the country suffer to keep the profligate in their homes?
Times: Bank of England calls for stronger medicine to cut deficit
'The Bank of England piled more pressure on the Government over its emergency Budget today, saying that a more “demanding” plan to cut the deficit would be needed to prevent interest rates rising.'
Posted by hpwatcher @ 04:30 PM (1144 views) Add Comment
6 Comments
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1. hpwatcher said...
From the comments:-
Paul F wrote:
Back in mid 2004 when I lived in the UK I screamed when the BOE dropped rates because their dictator GB told them to do so. It was the worst BoE decision in history - the rest was plain to see as while we will always have highs and lows in economies due to a wide range of issues the cupboard in good times should be stocked. GB knew nothing about realities of economics - only how to impress the world through his stupidity and self esteem.
The BoE should remember 2004 - like many of the armchair economists do.
May 19, 2010 3:39 PM BST
2. chrisa said...
Paul F wrote:
Back in mid 2004 when I lived in the UK I screamed when the BOE dropped rates because their dictator GB told them to do so. It was the worst BoE decision in history -
Only rivalled by their decision to cut them in Aug 2005 just when the housing market appeared to be cooling naturally resulting in another surge of the bubble.
When the BoE says a more 'demanding' plan to cut the deficit is required don't assume they mean by cutting spending further. Cast Iron Dave and the BoE mean to cut the deficit by tax rises not cutting back Government spending and sacking public sector employees.
3. Ralph Mugrave said...
I'm very interested in the claim that GB put pressure on the B.o.E. in 2004 to drop rates. Anyone know of documentary evidence to back this claim? Any answers will be much appreciated.
4. magnifico said...
Chrisa I couldn't agree more. I was on a holiday in Egypt at the time and paid to go onto the internet at their Internet cafe'. I never felt a stronger feel of incredulity.
|By the way I am magnifico, been blogging here since 2004, one of the few old timers who never changed identity, a true gentelman with swarthy good looks and two bottles of cheap red down my Gregory!
I'm a shift worker and this is Friday night in my books!
5. Eternal Sceptic said...
I find the BOE response quite remarkable. Have they been asleep for the past 5 years? The wimps said absolutely nothing when it was quite obvious everything was ramping up and totally out of control. Bit late in the day now, to start bleating the coffers are empty.
Was not their brief to prevent catastrophe happening?
6. Positivo said...
I think the biggest change I have seen in my lifetime, isnt home computers or MP3's, but how we now tell our children that saving is a waste of time, just get in debt and let stupid responsible people pay it off while you live in a lap of false luxury.
I cant believe how house prices have become more important than the security of the nation or the welfare of the elderly and needy. Any other personal asset would not be protected the way a house is, what the hell is going on here.
I hope the CGT is raised to 50%, screw the BTL investers