Thursday, Aug 12, 2010
Is this 2008 all over again?
The Independent: The Gathering Storm: Britain's Faltering Economy
There was a thread on the main forum last night as to this article; shamelessly replicating it here to post my first link.
As per title really, nice to see it making the front-page. The only downside is that King and Brown get off quite lightly in the 'who's culpable roll-call'.
Posted by sibley's love child @ 09:22 AM (921 views) Add Comment
1 Comment
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1. str 2007 said...
I can't beieve how lightly Brown and King are getting off.
This could have all been sorted by now if only they'd listened to us.
One of the biggest mistakes IMO was to drop interest rates so low.
If they wanted to support the housing market they should have given mortgagees the opportunity to go interst only for say 3 years (regardless or the terms and conditions of their mortgage.
This would have left some income for savers who no doubt would have spent some of their 'real' money.
Now at this stage some 2 1/2 - 3 years into the problem they could have reduced interest rates by a couple of percent to cushion the change from interest only back to repayment for thos that took the option.
This would also have boosted the economy along as they would have saved a little ammunition to get it going.
Where as their policy has now left them in a catch22 fire fighting situation with inevitably a much worse potential outcome.ahead.
The Powers that Be should have stepped in long ago and stopped Gordon Browns nonsense.