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RIP

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  1. You too can play Bacon Lettuce and Tomato Bullsh1t Bingo: "got into property" "for my pension" "cheaper market value" "way to provide security" "money work harder than in the bank" "short-term sacrifices" "tough at times" "secure my income" "changes not going to affect me" "invested so much time and money" "landlords have increased their rents" "tried to keep my rents lower.... will have to increase eventually" "my tenants... worry about the changes" "hardworking people" "not just hurting landlords" "empty not habitable...invested to transform" "positive social impact" "many more empty homes" "growing population" "will continue to invest... mainly because of the social implication" (seriously? you're all heart) "return on investment of 25pc" "helping newcomers in a professional, informed and ethical way" May just as well have cut/paste whole article really. Nauseating. In fact, "calling BS" and "calling made-up informercial on behalf of the Landlord Party".
  2. Yeah, I'd love to trust you too Tapori. However that's exactly Boris, Gove et al said BEFORE the vote, and they immediately fukced off after it even when they'd won! Presumably because he realised that everyone would then say "well done, tell us The Plan then". There wasn't one then and there isn't one now, apart from "Breexit means Breexit" which is the most ludicrous catchphrase you've ever heard of. 3 months down the line and still no detailed Plan. "Take Back Control" - er, what like giving away our largest infrastructure project to the control of another country half way round the planet? Continuing what we've done for decades - flogging the family silver so it's no longer in our control. Half our "privatised" utilities are run by European (state!) industries - under our control? Are we going to take those back "into our control"? Of course not. Immigration? Nah, can't reduce that - our corporations say no, where do we get our cheap labour from. Government says, ah good point, forget immigration limits then. So, no control, no reduced immigration, and no £350m for NHS (it was on the side of a bloody bus for goodness sake!!! Farage: "ah that was one of Leave's mistakes". ONE of?? So you admit there was MORE than one?), no end to free movement because again Big Industry doesn't want to end cheapo labour, and surely Turkey was supposed to have joined the EU by now and swamped us with more migrants? Still, I'm sure it's all under control and being decided by our unelected PM. Or maybe our unelected Lords, whatever, who cares. "Remain" lied as well? Of course, but what's that got to do with it? So, 3 months later, GET ON WITH IT. You must have had The Plan ready for Vote Day +1 surely? Surely? What a bl00dy shambles for the "fifth largest economy in the world". It's irrelevant which way I voted - it's still a Big Mess.
  3. Had a six-figure sum (excl pence ;-)) with them a while ago. All elsewhere now after they bragged re their BTL book, and after the MD replied to my letter and told me that they "still lend" to FTBs but didn't apologise for "helping" the racketeers. If that's removed a prop from even one loan I'm happy.
  4. " QE is here forever, says Bank of England deputy governor " - never thought I'd despise anybody more than Krusty & Co but I've got a whole list of them now. Need to borrow a muck spreader and visit the Bank of England.
  5. "He's still not replied to my question about how he is going to force parasitelords to pass it [rate cut] on to renters as well." Well they've finally replied: "The Bank does not have within its powers the right of direction over landlords, therefore, if the mortgages on the properties they rent out are reduced, it is not within our control to insist they pass on rate reductions to their tenants. It would be inappropriate for us to act outside of the remit for which we are strictly accountable for". Hilarious! Interestingly I got a reply that was meant for someone else too! ... Have some fun guessing what that person's email to the BoE was..... "I note my colleagues have already corresponded with you and explained the Bank’s position regarding the economy and I have nothing further to add. However I would like to respond to the point you raised regarding quantitative easing, when the Bank buys assets, from the private sector under its so-called ‘quantitative easing’ programme, it receives something in return for the money it has created – typically government bonds. Your suggestion is quite different in nature. You suggest giving money direct to individuals – without the Bank receiving anything in return - on the basis that most of them would spend that money and thereby help the economy to grow. I think that would be more properly a matter for the elected government, rather than the Bank of England. But, even so, the precedents for the kind of operation you suggest – what Milton Friedman would have called ‘helicopter drops’ – are not good. It may be that an operation like this would have the effects you hope for it, but it could also undermine faith in the fiscal and monetary framework and, crucially, it cannot easily be reversed when the time comes to reduce the amount of money in the economy in order to prevent excessive inflation. By contrast, the Bank’s QE policy is easily reversible when that is judged appropriate." "RIP"
  6. I'd just like to thank BU et al (no not Al Greenspan) for the superb comment and analysis in this thread. I thought I was fairly well clued in, and reasonably perceptive, but I'm just nowhere :-). Thanks again folks. So next rate decision this Thursday then is it? Anyone fancy a sweepstake? I'm going for 0.00000001%
  7. Was going to start this thread but the site was down, you've all said everything there is to say :-). Quite nauseating isn't it. Several have pointed out that a/ it's been Carnage's job all along just to protect asset prices and banks, and b/ nothing else. However I'm not sure he's been quite so blatant up to now about "mortgage costs", but this time he's wide open: "historic low of 0.25% helped support house prices". "considerable improvement in mortgage borrowing costs "and we are seeing pass through of our actions". " "Bank expected "virtually" all the rate cut to be passed on to borrowers" He's still not replied to my question about how he is going to force parasitelords to pass it on to renters as well. Can someone much more on the ball than me tell us the current proportion of renters V mortgage-debtors V house-owners V children. If mortgage-debtors are far less than renters+house-owners+children (all of whom spend money in Carnage's economy as well as the overindebted sheeple), and I assume they are, then he's targeted completely the wrong people. What he should have done was kept well out of it and "forced" the government to put ten quid in the pocket of everyone in the country. or better still a cheque (remember them?) to each person for ten quid made out to "any business that will keep this ten quid in the UK economy". "RIP"
  8. "rapid action saved the day" ;-) - but of course he always used to say that rate cuts "take time to filter through to the economy". So he takes "rapid action" and everything's fine and dandy by the next morning! Amazing. "RIP"
  9. Yes do please join in and ask him, the more the merrier: email Enquiries @ bankofengland.co.uk and copy to public.enquiries @ hmtreasury.gsi.gov.uk and your MP.....
  10. [i realised too late I should have put my original post under the "Interest Rates 10 years from now" thread, ah well!]. Anyway, today's missile: "Dear Mr Carney, Well there we go. Service sector in strongest rebound for 20 years. House prices up yet again. Please can you give me some “forward guidance” so I can decide whether to tie in to a fixed-rate savings account now, or wait until next month. Jacob Rees-Mogg is right – rates have been cut far too early with no time to collect enough data. Whenever in the past we’ve needed a rate rise you always said you were “looking through the short-term fluctuations” and we never had one in the end. Yet one month’s non-existent data and we have an immediate cut! Oh, and I’m sad to see that I’ve had no reply to my question: “if you are forcing banks to pass the rate cut on to mortgage-debtors so they can spend to help the economy [which doesn’t seem to need it thanks], will you be forcing landlords to pass on their rate cut to tenants so RENTERS can spend to help the economy?”. If you aren’t, please can you tell me why not? "RIP""
  11. Well there we go then! As predicted, 'service sector' doing fine. So put the rate back where it was Carnage you charlatan.
  12. ... i guess BoE would say 'oh we can't force landlords because we can't interfere with private businesses'. Well what the hell do they think banks are? I must grudgingly admit that back in 2009 i would have been amazed if anyone had said the can could have been kicked this far down the road though. What a surreal world we live in these days, yet sheeple think everything's completely normal and sustainable. Surely it's obvious that with far more debt than 2008 and no appreciable increases in gdp the next blow-up will be spectacular...... now where's me crystal ball.....
  13. Thank you for your kind and supportive comments folks. With a bit of luck Carnage will cut again and tip me over the edge again . What's funny now is of course this month's stats seem to be showing that sheeple' and businesses' confidence are fine and a cut wasn't warranted after all. The boe knee-jerked it, after years of refusing to INCREASE rates because they were 'looking through short term noise'. Blimey, maybe theyll admit they were wrong and increase again this month! I'd like an excuse to email them again because on reflection i really would like a reply to my question why he isnt forcing landlords to pass the cut on to tenants....
  14. Thanks FD. Take your point about "they couldn't possibly tailor a response to everyone" - fair enough.But I've probably emailed them six or seven times since 2003 and to be fair to them each of those had a response that was about as tailored as one could hope for. Either they've indulged me and now given up, or the black van's on its way round to my place as we speak....... "Reg"
  15. I don't post often despite being around this manor since about 2003/4 - mainly cos I can't add much, quick enough, to the amazing knowledge and comment punted out by my betters :-). Am here most days though. Anyway, sometimes I'll get riled enough to stick my head out of my bunker, and the latest I/R drop had me throwing weighty objects at the telly and unsuspecting passers-by. At the time, I lobbed a rant at the BoE, Treasury, and MP, as I usually do and interestingly this is the first time I've had no response. Have they finally given up defending the indefensible? The point I made in my mail to them was a/ why drop when stats show should be doing the opposite, and b/ why single out home-debtors, sorry, owners for a free bung yet again? Here's my email to them anyway: "Dear Mr Carney, [CC: Treasury + MP] Yes me again I’m afraid. “Insanity is doing the same thing over and over again and expecting a different result.” Attributed to Einstein but it was Rita Mae Brown. Whoever, they seem clearer minded than the MPC with yet another round of rate cutting and helicopter money. We have record employment, a plunging pound, FTSE rocketing, and house price speculation at 8.4%/year and rates go DOWN? You said on LBC Radio that this is specifically to “help” mortgage payers – but they don’t create wealth they lock it up, unlike job-creating businesses which have no need for any more loans. Mortgage debtors have had unlimited “help” since 2008 and they STILL need more? The existing £1.5Tn of household debt cannot possibly ever be repaid, so why reward over-indebtedness yet again? And why single out mortgage debtors as always? We have the lowest levels of home ownership for decades. How does it put more money into the pockets of the majority with no mortgage? How does it help renters? If you’re going to “force” banks to pass cuts on to mortgagees I assume you’ll force landlords to reduce rents so that renters have more to spend in the economy? No, thought not. You said a while ago that Brexit would cause rates to go UP – quite a miscalculation there! Still, even Theresa May isn’t immune to rapid about-turns: the day before becoming PM she said “monetary policy – in the form of super-low interest rates and QE – has helped those on the property ladder at the expense of those who can’t afford to own their own home.” Apparently you’re not in favour of negative interest rates, but you said there will be more cuts. To what - 0.1%? 0.0000000001%? You’re running out of decimal places. The rate cut isn’t interesting though, it’s the £170bn of QE. Put together they can only result in asset price inflation. No less than Adam Posen ex-MPC seems to agree: “The new TFS won't work as demand for loans remains weak. You’re still pushing on a string. Banks will simply refuse to take the extra reserves because there is no demand. The MPC is making a dangerous move by encouraging lending, considering real estate prices in the UK are already inflated”. You said: “What we've seen in other countries is, to be honest, they've got this a bit wrong, rate cuts haven’t been passed on”. If YOU have been right all along, why do we need another round of cuts and QE now then? By the way, my complaint has NOTHING to do with “poor old savers”. In fact lower rates will make me even LESS likely to spend any savings – which hardly helps the economy. More unrepayable debt. So yes, I think old Albert and Mae were right – insanity. “Reg” PS> Mortgage debtors need more “help” do they? They already have: Dual income mortgages, Interest only mortgages, buy-to-let tax advantages and unregulated lending, lowest ever interest rates, relatively lower Basel capital requirements/risk weightings for property backed assets, Funding for Lending, NewBuy Guarantee, FirstBuy Scheme, Homebuy, Help to Buy equity loans, Help to Buy mortgage guarantee, Shared Ownership, Housing Benefit, Support for Mortgage Interest payments, Build now pay later scheme, New Homes Bonus, Affordable Homes Programme, Get Britain Building Fund, Builders Finance Fund, Right to Buy, Proposed building standard and regulation cost cutting, Looser residential planning approval rules than for offices/commercial property, Releasing more public land for private rather than public uplift, New homes zero-rated for VAT, Build to Rent Fund, Stamp duty reforms, Rental Deposit Loan Scheme, Help to Buy ISA, main home inheritance tax allowance, 'Discounted' starter homes, Expropriated HA properties, Housing Growth Partnership, 40% HTB-London, blah blah, the list goes on and on..... " Having re-read my email recently I’m now even more riled about my point that if Carney is going to “force” banks to pass cuts on to mortgagees I assume he’ll force landlords to reduce rents so that renters have more to spend in the economy as well. Why should home-debtors get to spend more and not renters? And, if Brexit is a risk to the economy and an I/R drop is supposed to “smooth” things for a while, why hasn’t he said “this drop will last a year”. And and, what the hell has Brexit (his current excuse) got to do with someone’s ability to pay their mortgage? No more no less than any other risk to their ability to pay. So, he must surely not give a monkey’s about people’s repayment abilities, but is more concerned about putting cash in pockets. But that brings me to my original point, why single out mortgage debtors you hateful one trick pony??? And and and, (thanks for listening so far!): re my comment about forcing LL parasites to drop rents to match dropped IRs (in the same way as they jack them up with raised I/Rs), has anyone got any examples of individual altruistic (HAH HAHA HA!) LL’s doing just that – because they’d like to “put more spending money in their tenants pockets”? In fact, why haven't HB payments to landlords been dropped to match the I/R drop? Another bung right there, to a private individual. So angry at the moment I can hardly type. “Reg”
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