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I have just watched in disbelief Dermot interviewing some guy from "the city", as to what the future holds for our economy.Very bearish.At the end he was asked what he thought Merv would be thinking, and he said " he will be crossing his fingers, hoping something will turn up". It`s all coming out now, by the looks of it.

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Didnt see it, but when has any of the City suits interviewed given much "analysis". Monkeys looking at screens.

We are nearing the end game now. Japan reduced its rates from 0.1% to 0.0% or whatever last week, a bit of reality biting in Eire, the US, UK and Japan national banks/reserves all openly talking about possibility of printing more money.

Banks have been given all this money because they went bust. They then lent on 2.5%/3% mortgage deals on assets that are still coming down in value, all based on money given by governments that are struggling with their own debts. And people think a corner has been turned. :D

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I have just watched in disbelief Dermot interviewing some guy from "the city", as to what the future holds for our economy.Very bearish.At the end he was asked what he thought Merv would be thinking, and he said " he will be crossing his fingers, hoping something will turn up". It`s all coming out now, by the looks of it.

Is that a hint he won't print?

Edited by Timm

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I have just watched in disbelief Dermot interviewing some guy from "the city", as to what the future holds for our economy.Very bearish.At the end he was asked what he thought Merv would be thinking, and he said " he will be crossing his fingers, hoping something will turn up". It`s all coming out now, by the looks of it.

At the beginning of the week I was watching an interview on the program about the Tory Conference with some tory grandee and he said someting like

"everybody is in agreement that indications are that in 2-3 years the economy will be boomimng again and that 100 of thousands of new jobs will have been created"

And I thought "in your dreams mate"!

(and I will take no satisfaction from being right, I'm one of the people relying on these jobs being created!)

tim

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http://www.bloomberg.com/news/2010-10-07/bank-of-england-keeps-rate-steady-makes-no-change-to-asset-purchase-plan.html

The nine-member Monetary Policy Committee, led by Governor Mervyn King, held the target for bond holdings at 200 billion pounds ($319 billion),
as forecast by all 36 economists
in a Bloomberg News survey. The panel also kept the benchmark interest rate at 0.5 percent at its decision today in London.

There is an overwhelming consensus it seems that the BoE need do nothing other than to do what they did when HPI was rampant: remain "vigilant."

Edit:

http://www.bloomberg.com/news/2010-10-07/pound-rises-above-1-60-for-first-time-since-february-as-boe-holds-rates.html

“The pound jumped as there were a few people out there worrying about the risk of more quantitative easing today, and maybe a few with speculative short positions on the pound,” said Chris Turner, head of foreign-exchange research at ING Groep NV in London. “A move towards further quantitative easing was very unlikely, but there has been this debate in the U.K. in the past two weeks about it coming through.”

The pound strengthened as much as 0.8 percent after the decision, breaking above $1.6 for the first time since Feb. 3. It traded 0.5 percent stronger at $1.5964 as of 2:26 p.m. in London. Sterling was little changed at 87.67 pence per euro, after earlier depreciating to 88.05 pence, the weakest level since May 7.

The bank’s decision to hold its asset-purchase plan at 200 billion pounds ($318 billion) was predicted by 35 of 36 economists in a separate Bloomberg poll, with one forecasting a rise to 250 billion pounds.

Pound Weakness

U.K. government bonds stayed lower, with the 10-year yield rising 3 basis points to 2.92 percent. The two-year yield rose 3 basis points, to 0.65 percent.

The pound declined 0.3 percent against the dollar and was little changed versus the euro after the central bank’s last policy decision on Sept. 9. The 10-year bond yield jumped 6 basis points that day.

Edited by Realistbear

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At the beginning of the week I was watching an interview on the program about the Tory Conference with some tory grandee and he said someting like

"everybody is in agreement that indications are that in 2-3 years the economy will be boomimng again and that 100 of thousands of new jobs will have been created"

And I thought "in your dreams mate"!

(and I will take no satisfaction from being right, I'm one of the people relying on these jobs being created!)

tim

So who are we invading?

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At the beginning of the week I was watching an interview on the program about the Tory Conference with some tory grandee and he said someting like

"everybody is in agreement that indications are that in 2-3 years the economy will be boomimng again and that 100 of thousands of new jobs will have been created"

And I thought "in your dreams mate"!

(and I will take no satisfaction from being right, I'm one of the people relying on these jobs being created!)

tim

Was it Heseltine?

He is almost certainly correct but being selective. The key hand waving around it is this: Depending on your political views you pick the numbers of jobs lost, the numbers of jobs created or the net unemployment figure. Hesser got into a spat on Newsnight this week because of it that - his opponent was concentrating on the jobs that will be lost and he was trying to point out the anticipated net position will not be any worse than it is now. Whether it is going to work out like that or not remains to be seen. A consensus of opinion doesn't make it true.

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Maybe a peek at the Halifax index put the brakes on QE2 for now..................... Me thinks had QE2 taken shape we would have had a run on the peso pound?

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  • 146 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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