Quote Of The Week.

[Guest Time 2 raise Interest Rates]

This one definitely goes down as my brainless quote of the week. Travis perkins, Group chief executive, Geoff Cooper said in today's Evening Standard,

"Time will prove that the MPC have not reacted quickly enough to the consumer market and the lack of confidence in the future has meant people have not raised money by withdrawing money from the value of their property."

Says it all, really. He obviously wasn't listening to Mervyn King when he said in June, "Consumer debt was a threat to economic stability."

[lowrentyieldmakessense(honest!)]

This one definitely goes down as my brainless quote of the week.  Travis perkins, Group chief executive, Geoff Cooper said in today's Evening Standard,

"Time will prove that the MPC have not reacted quickly enough to the consumer market and the lack of confidence in the future has meant people have not raised money by withdrawing money from the value of their property."

Says it all, really.  He obviously wasn't listening to Mervyn King when he said in June, "Consumer debt was a threat to economic stability."

<{POST_SNAPBACK}>

and this guy is in charge of a plc?

[Elizabeth]

the lack of confidence in the future has meant people have not raised money by withdrawing money from the value of their property."

<{POST_SNAPBACK}>

WHAT?

[Guest Time 2 raise Interest Rates]

and this guy is in charge of a plc?

<{POST_SNAPBACK}>

Yeah, it makes you wonder. He also said that he blamed the BOE's monetary policy committee for not doing enough to restore consumer confidence.

[Flick]

and this guy is in charge of a plc?

<{POST_SNAPBACK}>

Yes. Savers should have their savings confiscated by low interest rates, during a period of high inflation, just so that his company can continue to make lots of money.

What a complete tosser.

I'm sure theres a place for him on Gordons team somewhere.

[Nurse Bubb]

He is probably preparing the market for a profits warning or about to annonuce a wave of redundancies within the group.

The high oil price must be biting.

[erd]

Yes. Savers should have their savings confiscated by low interest rates, during a period of high inflation, just so that his company can continue to make lots of money.

What a complete tosser.

I'm sure theres a place for him on Gordons team somewhere.

<{POST_SNAPBACK}>

To be honest, they should be entitiled to all your saving if we don't spend them in that month. That will serve us right for not giving it to them!

[oracle]

He is probably preparing the market for a profits warning or about to annonuce a wave of redundancies within the group.

The high oil price must be biting.

<{POST_SNAPBACK}>

I have that distinct feeling also.Redundancies really aren't very helpful to consumer confidence either,so expect some suitably naff retail sales figures come autumn,and a crap christmas to boot.

[Guest Time 2 raise Interest Rates]

He is probably preparing the market for a profits warning or about to annonuce a wave of redundancies within the group.

The high oil price must be biting.

<{POST_SNAPBACK}>

Quite right.

Travis Perkins, owner of the Wickes chain of DIY stores, has already shed 735 jobs

over the past few months, and another 150 would go over the next 6-9 months.

[OnlyMe]

If the BOE had left well alone and not encouraged the biggest debt binge in history we may not have any looming or actual crisis in consumer confience at all, we may have had normal transaction levels going through and people spending money on housing as they normally do (not priced out and falling transcations) we may also have a few more manufacturing jobs and service jobs not being crippled by the huge esacalation int the cost of living. How kind it was for the BOE to let Gordon pump everything up including the public sector and let him get away with it by keeping rates on the floor and printing presses going.

Time to boot out the BOE and bring in a real independant organisation in its place or revert control back to elected govt so that those responsibility for failed economic policy are once again fully accountable.

[DonnieDarker]

We are living in a (debt) culture that seems to elevate the Richard Pryor film, "Brewster's Millions" from a comedic morality play to some kind of blueprint for 21st century life.

So tragic it's

[apom]

See, the trick of the boom was releasing equity from the value of your home..

mewers you were used to be the smoke and mirrors that protected the economy from the titanic debts buyers and btl investors were entering into..

To achieve this you had to get into titanic debt yourself..

Which you did.. and the true investors made a mint and like lambs to the slaughter you gave these people your money.

Properties are now lemons.. sucked dry of all potential reward..

if you owe the debt required for current property prices you have been used and discarded.

Look at the news links posted today.. dixons.. the diy store..

This is what happens when you spend on all of your toys today based on 25 years of repayments..

Now people have lost the inclination to free up this money.. then the curtain has been drawn back, we have lost a generation to become debt slaves for 25 years..

The eonomy has had their money and now can have no more as they repay their debt.

Tere is going to be a rocky ride..

Oh yes, Travis perkins, Group chief executive, Geoff Cooper... you should have stepped aside like the other finanical companies..

A speculative market, like an elevator.. you have to know when to get of.. because when it reaches the top, its useless and can only move down.

Edited September 5, 2005 by apom

[Guest Time 2 raise Interest Rates]

See, the trick of the boom was releasing equity from the value of your home..

mewers you were used to be the smoke and mirrors that protected the economy from the titanic debts buyers and btl investors were entering into..

To achieve this you had to get into titanic debt yourself..

Which you did.. and the true investors made a mint and like lambs to the slaughter you gave these people your money.

Properties are now lemons.. sucked dry of all potential reward..

if you owe the debt required for current property prices you have been used and discarded.

Look at the news links posted today.. dixons.. the diy store..

This is what happens when you spend on all of your toys today based on 25 years of repayments..

Now people have lost the inclination to free up this money.. then the curtain has been drawn back, we have lost a generation to become debt slaves for 25 years..

The eonomy has had their money and now can have no more as they repay their debt.

Tere is going to be a rocky ride..

Oh yes, Travis perkins, Group chief executive, Geoff Cooper... you should have stepped aside like the other finanical companies..

A speculative market, like an elevator.. you have to know when to get of.. because when it reaches the top, its useless and can only move down.

<{POST_SNAPBACK}>

Nice post.

[Guest muttley]

He is probably preparing the market for a profits warning or about to annonuce a wave of redundancies within the group.

The high oil price must be biting.

<{POST_SNAPBACK}>

That's how the City interpreted it too.Travis Perkins down 73 points today.That's 4.7% in one day.Ouch!

[apom]

The high oil prices are insignificent..

Its the mewers.. they have gone.. everyone is just in tonnes of debt..

and paying it back.. the mewers have stopped spending.,..

bang goes £600,000,000,000 worth of debt hitting the economy in one fell swoop.. is was always there.. but when the mewers stopped their spending.

It became time to payback...

thats what is happening..

Petrol doesent help..

Glad I havent re-mortgaged a house to buy a big four wheel drive that gets 19mpg and has never got its tyres muddy.

I would feel like an ****.

[SE1]

Of course, what a director says "in public" and what they say in the boardroom might be quite separate things.

[Guest]

and this guy is in charge of a plc?

<{POST_SNAPBACK}>

Yes. I respect him for that.

But he knows the some homeowners aren't.

(If you see where I'm coming from on this!)

[the end is a bit nigher]

Of course, what a director says "in public" and what they say in the boardroom might be quite separate things.

<{POST_SNAPBACK}>

in the boardroom they'll be cr*pping themselves

[erranta]

Oh this is from August but made me chuckle

"Success is a 100% loan and NO deposit"

The new HSBC 'Homestart' Ad

What I want to know is - What do you actually own?

[RichM]

I had a feeling that we might see this eventually. Didn't think they'd lie down and die...

Britain could soon be Europe's sick man again

Basically... "Barely noticed, Germany has overtaken America to become the world's biggest single exporter, shipping the hardware that powers the rising economies of Asia and eastern Europe. Its trade surplus is now greater than that of China, Japan and India combined, reaching a staggering 16.8 billion euros in June alone. The profits made by German companies are running at over 33 per cent of national income, the highest in 40 years."

Hmmm. And they don't have our crippling levels of personal debt.

[Property Dreamer]

What I want to know is - What do you actually own?

One thing's for certain you don't own the house. What you do have ownership of is the debt.

[Money lender to OO] - "Ohhh that's a lovely 'debt' you have there Sir, it suits you Sir."