petetong

How do you think 🤣

Can ride t'tandem

"Hundreds of thousands of older homeowners may be forced to sell their properties as rising interest rates and strict rules from lenders leave them struggling to find – or afford – a loan. A wave of interest-only borrowers, at risk of becoming so-called “pensioner mortgage prisoners”, will see their fixed-term deals end in the coming years but find they are too old to remortgage, experts have warned. This leaves no option other than move on to unaffordable repayment plans or sell up to pay off the debt." https://www.telegraph.co.uk/property/uk/bank-said-had-quadruple-mortgage-payment-sell-home/?li_source=LI&li_medium=liftigniter-rhr

Where did you see that ?

Funny you should say that, their twitter tagline/mandate is: "As the UK's central bank we work to ensure low inflation, trust in banknotes and a stable financial system. " What a joke ...

The labour MP on Question Time said no to any interest rates rise and lots of handouts, you couldn't make it up ...

The comments on T'graph are all very bullish, any article predicting a crash or lower prices is roundly savaged on the whole. I must say it was eye opening, the entitled greed in all it's naked glory.

Local news up north said there were 4 applicants for every vacancy. Probably more dodgy stats to get more tenants into the country to maintain house prices and keep BTL leeches happy.

Would shorting/selling GBP/USD on etoro be a decent hedge to at least recover some losses due to inflation as pound tanks ?

On the Powell WSJ interview tonight he said the FED will do whatever is required to bring inflation back to around 2% in the US. If that is the case does that mean BOE have to follow suit or will they just debase the pound against the dollar, which will lead to more inflation presumably via more expensive imports with the weaker pound. Surely they will be obliged to follow the FED's lead ? If so, what level of interest rates would be required to return inflation to 2% in the US and UK ?

Beat me to it ...

Not that I saw, they are either braindead or corrupt.

According to "Bailey the slug" in the select committee grilling today 80% of inflation is due to energy and food price hikes and the ukraine war. Nothing to do with near zero interest rates of the BoE or the government giving hundreds of billions away in the plandemic.

I hope the fat useless slug that is Bailey is replaced with someone with a clue and some balls ... fat chance probably.

It appears they think the biggest risk to them is a collapse in house prices. They don't care if the poor can't eat or heat and pensioners have to live on a bus to keep warm, given most won't vote for them. As long as their voters house prices stay at the current level or higher they think they are good in the polls. Plus of course they don't want their own property portfolios to decrease in value.

BBC said it was 6 to 3 in favour ?

Yep unfortunately i think you are right. Right to buy housing association property was probably the first attempt at that.

Was 0.5% the expected rise from the FED ?

It will but development in robotics/AI/machine learning is moving very quick: "Their robots can easily walk, climb stairs, navigate unstructured environments, carry packages, stack goods, and work indoors or out, all of which are skills that were elusive within robotics development even a short time ago." No doubt these or a variation of them will replace humans or most of them at some point at Amazon: https://www.zdnet.com/article/amazon-invests-in-robots-that-work-alongside-humans/

I've seen lots of IT roles go in the last decade due to offshoring and cloud requiring less staff partly due to the automation it can use. I think the general trend will be less not more/same.

The difference this time is that instead of manual jobs being automated, its "cognitive" roles that will go. If true, that is a whole swathe of white collar/professional jobs gone. What's going to replace those given we are largely now a service based economy, being in an influencer ?

If most work is automated, meaning many jobs no longer exist, how will house prices be sustained. I've read up to 90% of jobs will be impacted to some degree.

Yeah true I suppose, unfortunately..

Agree 100%. They will have no choice but to raise interest rates if the Fed does is my understanding. I hope that is correct.

Apologies just seen the existing post for this...