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RandomBear

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About RandomBear

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    HPC Regular
  1. I think it's pretty awesome. Those sofas ARE awful though.
  2. RandomBear

    Tried Haggling With The Banks...

    No offense taken, I'll respond and say that honestly we will never see eye to eye. I will always see whay happened over the last 2 years as unfortunate but necessary. You seem to see a higher evil in it somehow. There is little way to reconcile those views. I will reiterate however that I agree with what you are doing generally and that I am surprised that with the numbers you are talking about the banks are not more willing to be negotiable. It may be worth you trying to get through to someone more senior as there may well be something they can do. Good luck either way.
  3. RandomBear

    Tried Haggling With The Banks...

    "what do you do within a bank, because you don't seem to understand the difference between QE and the SLS" As I say, the effect on the monetary base will be sterilised, almost certainly within a year, so I really haven't thought about it. The idea of the policy was to be inflationary - I suspect that even so, the economy has deflated mildly over the past 12 months, mainly in invisible ways i.e. asset price depreciation in illiquid/underwater property.
  4. RandomBear

    Tried Haggling With The Banks...

    Basically what they will do is either reverse repos on the bonds that they've bought (where they borrow money using the bonds as security) or they will issue extra t-bills to basically drain the excess liquidity from the market. They will want to get the liquidity out of the market at some stage, probably after the first few rate hikes.
  5. RandomBear

    Council Of Mortgage Lenders In A Panic

    True. The recovery rate set for Lehman CDS was 10%. So close enough to everything really.
  6. RandomBear

    Tried Haggling With The Banks...

    Ha, ah we're talking about the SLS, that's today's bugbear of choice due to being on the front of the public press today, I guess. OK. I don't really have a strong view on the SLS to be honest, or the CGS for that. There you go throwing mud again though, it's so constructive. As I said, I'm a QE-sceptic. The impact will be sterilised within 12 months though and inflation expectations appear to be staying well bounded so I'm fairly relaxed, I just don't think it actually helped much. Many people will argue that the effect on the risk free yield curve was incredibly stimulative though.
  7. RandomBear

    I Like The Stability Of Renting

    I agree to be honest. Although if the yield is supposedly 2% all that means is that the price is totally wrong one way or another.
  8. RandomBear

    Tried Haggling With The Banks...

    Interesting. Guernsey might be different. All other liabilities will be grandfathered to maturity as the I understand it, but I may be wrong. Thanks for the cheap digs, they are a rather flagrant attempt to cover the fact that you have no idea what you are talking about. I'm through responding to you. Banks don't fund at the base rate. That's what you are missing. I wrote a whole section on this. I can assure you that the Dudley BS's funding rate has gone from about 6% to about 4%, in fact I'd be surprised if it has dropped that much. That's why their SVR has hardly come down. Their real funding rate hasn't. And the Dudley BS is hardly some sort of gigantic subprime victim, is it?
  9. RandomBear

    Council Of Mortgage Lenders In A Panic

    No, there would be an incentive to do some research. Which people would do anyway if they had a clue. Just because you seem to think you would be better off taking currency risk doesn't mean it's automatically true.
  10. RandomBear

    Tried Haggling With The Banks...

    You are of course entitled to do anything you want but I can assure you that your money would have been guaranteed til Maturity. It's the FSCS btw. Rates are 0.5% because when you have the biggest recession since the Great Depression, cutting interest rates hard and fast is what you do. Do you really think that there would be no difference if interest rates had been left at 5%? The jobless count would be catastrophic. And where are these "bumper margins" that everyone loves to talk about? Go do some research, they don't exist. Hrmm. if you mean 200bio clues, then I'm guessing QE. And yes, you are right, QE did effectively help out the banks a lot, but at what cost? It isn't just a gift, although I would expect the cost of it on a mark-to-market basis to eventually top £30bio, I must confess (not that the press seems aware of this). I'm a QE-sceptic myself though, so you are preaching to the wrong person I'm afraid.
  11. RandomBear

    Council Of Mortgage Lenders In A Panic

    And there we differ. A part, or even whole-funded government backed guarantee is the same as a bailout, in my mind at least, since it provides moral hazard that shouldn't be there.
  12. RandomBear

    Why Was The Bailout Good For Me?

    The search light is good. Tighter, not necessarily greater, regulation, would be a good thing. It's a pity that most countries seem to be dodging the responsibility to actually shine that spotlight and just want to tax people more, without asking how best or why.
  13. RandomBear

    Tried Haggling With The Banks...

    If you are genuinely in the position where you have 100s of thousands with them I am surprised that they won't negotiate at all. I suspect you don't though. I was a little surprised at how easily HSBC took it when I moved about 150k to Barclays as well as my salary every month, but when I tried to have a rant they really didn't care. Retail banking is a numbers game and there doesn't seem to be much interest in playing to the smaller guys. Like I said too many people get angry rather than understanding. Rates are 0.5% because we are in a recession. Your savings rates are well above that. You should be happy, since if interest rates had not been cut, you would have lost your job. How is the government stealing your money exactly?
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