koala_bear Posted February 18, 2011 Share Posted February 18, 2011 (edited) From Peston latest blog discussing the BoE new role in regulation http://www.bbc.co.uk..._financial.html There must obviously have been a business/economics editorial meeting at the BBC last week as they seem to be pumping out bear nibbles lately Or the FPC could direct the PRA to increase the risk weighting attached to certain categories of credit - which would have the effect of forcing banks to hold more capital relative to that kind of lending, and thus nip an incipient bubble in a particular market in the bud. So for example if regulators had done this for mortgages in the five years before 2007, it would have been more expensive for banks to provide mortgages, and there might not have been quite such a dangerous boom in the housing market as the one we experienced. The Treasury paper also talks about possibly giving the FPC powers to force banks to demand more collateral from borrowers in certain circumstances. In a housing boom the FPC could - as an example - ban mortgages worth more than 90% of the value of properties. Do any of us actually believe they would have been so bold as to take such action? Edited February 18, 2011 by koala_bear Quote Link to comment Share on other sites More sharing options...
Peter Hun Posted February 18, 2011 Share Posted February 18, 2011 Do any of us actually believe they would have been so bold as to take such action? Of course not. a booming housing market is a vote winner. Maggie did it and Blair copied. Quote Link to comment Share on other sites More sharing options...
Guest sillybear2 Posted February 18, 2011 Share Posted February 18, 2011 The FPC will be as useless as the MPC. Quote Link to comment Share on other sites More sharing options...
monks Posted February 18, 2011 Share Posted February 18, 2011 Like Gypsy Lee, they all saw the boom happening now... Quote Link to comment Share on other sites More sharing options...
BobBobson Posted February 18, 2011 Share Posted February 18, 2011 (edited) Like Gypsy Lee, they all saw the boom happening now... Yeah...these scumsuckers make me sick. Fortunately, thanks to the power of the interweb, we can all very easily look at the $hite all these mighty and wise 'experts' were spewing 5 years ago and easily distinguish the ar§eholes from the genuine sages. The only two experts who I am aware of who vocally predicted the housing boom was just a bubble doomed to implosion (through either talks, articles or books), were Peter Schiff and Richard Duncan. Edited February 18, 2011 by Retardstic Quote Link to comment Share on other sites More sharing options...
OnlyMe Posted February 18, 2011 Share Posted February 18, 2011 The FPC will be as useless as the MPC. Have you seen the collection of hoons that have been selected for it. Amazing, if they could find a set of people either directly reposnsible for bubble policy or responsible for oversight (but already totally failed) they couldn't have done a better job. Quote Link to comment Share on other sites More sharing options...
Tired of Waiting Posted February 18, 2011 Share Posted February 18, 2011 (edited) From Peston latest blog discussing the BoE new role in regulation http://www.bbc.co.uk..._financial.html There must obviously have been a business/economics editorial meeting at the BBC last week as they seem to be pumping out bear nibbles lately Do any of us actually believe they would have been so bold as to take such action? IMHO we have here an extremely important little piece of information. Peston sources - bankers and regulators - think the "boom" started in 2002! Look here: "So for example if regulators had done this for mortgages in the five years before 2007" Could this mean that they think average prices will go back to 2002?? Edited February 18, 2011 by Tired of Waiting Quote Link to comment Share on other sites More sharing options...
The Masked Tulip Posted February 18, 2011 Share Posted February 18, 2011 Sounds like Peston has been briefed to help bring down house prices - he needs to say it on the TV and Radio though and not in his blog. Let's wait and see if he does in the coming days. Quote Link to comment Share on other sites More sharing options...
MC Fur Q Posted February 18, 2011 Share Posted February 18, 2011 With my cynical hat on, I wonder, if there was a briefing, that everyone there has finally managed to sell up their 2nd/3rd/BTL homes and so they're happy to take their VI blinkers off now. Quote Link to comment Share on other sites More sharing options...
Tiger Woods? Posted February 18, 2011 Share Posted February 18, 2011 Do any of us actually believe they would have been so bold as to take such action? Of course they would have, if there had been a housing bubble during that period, but as we know, due to Zanu Liebor's brilliant stewardship of the economy, there was no housing bubble. It's people like you wot cause unrest. Quote Link to comment Share on other sites More sharing options...
tinker Posted February 18, 2011 Share Posted February 18, 2011 Have you seen the collection of hoons that have been selected for it. Amazing, if they could find a set of people either directly reposnsible for bubble policy or responsible for oversight (but already totally failed) they couldn't have done a better job. No I've not seen the list, but I'm not in the least surprised. It would seem that the 'expert' tag stays once the elite inner circle has been breach regardless of competence. Remember Bung Crosby, he who destroyed HBoS, being called in by Brown to advice on mortgages after the collapse. There really is no need to make it up, we are effectively a banana republic. Quote Link to comment Share on other sites More sharing options...
crash2006 Posted February 18, 2011 Share Posted February 18, 2011 From Peston latest blog discussing the BoE new role in regulation http://www.bbc.co.uk..._financial.html There must obviously have been a business/economics editorial meeting at the BBC last week as they seem to be pumping out bear nibbles lately Do any of us actually believe they would have been so bold as to take such action? when they speak of things like this it is always "could" when they talk about cuts/ taxs that affect the poor its always "will". Quote Link to comment Share on other sites More sharing options...
Papa Serf Posted February 18, 2011 Share Posted February 18, 2011 IMHO we have here an extremely important little piece of information. Peston sources - bankers and regulators - think the "boom" started in 2002! Look here: "So for example if regulators had done this for mortgages in the five years before 2007" Could this mean that they think average prices will go back to 2002?? I think 2002 was when the bubble was kept alive, re-inflated. The boom was created between 1998 to 2002. So they're getting closer but still not quite there. It then got another pump up in 2005. What a complete and utter fu ck up. Quote Link to comment Share on other sites More sharing options...
Tired of Waiting Posted February 19, 2011 Share Posted February 19, 2011 I think 2002 was when the bubble was kept alive, re-inflated. The boom was created between 1998 to 2002. So they're getting closer but still not quite there. It then got another pump up in 2005. What a complete and utter fu ck up. Yes, you are right. And another pump up from the spring 2009 too! (The dead cat bouncing.) Quote Link to comment Share on other sites More sharing options...
Tired of Waiting Posted February 19, 2011 Share Posted February 19, 2011 Yeah...these scumsuckers make me sick. Fortunately, thanks to the power of the interweb, we can all very easily look at the $hite all these mighty and wise 'experts' were spewing 5 years ago and easily distinguish the ar§eholes from the genuine sages. The only two experts who I am aware of who vocally predicted the housing boom was just a bubble doomed to implosion (through either talks, articles or books), were Peter Schiff and Richard Duncan. You have inspired me to start a new thread. I hope you don't mind. Here: http://www.housepricecrash.co.uk/forum/index.php?showtopic=159795&view=findpost&p=2900466 I do think the whole country had plenty of warnings, but people just refused to listen, preferring to believe that money grew on trees houses. Quote Link to comment Share on other sites More sharing options...
Guest sillybear2 Posted February 19, 2011 Share Posted February 19, 2011 No I've not seen the list, but I'm not in the least surprised. It would seem that the 'expert' tag stays once the elite inner circle has been breach regardless of competence. Remember Bung Crosby, he who destroyed HBoS, being called in by Brown to advice on mortgages after the collapse. There really is no need to make it up, we are effectively a banana republic. Regulatory capture. We might as well just abolish their agents in the form of the political class and let them exercise direct control, at least it would be more transparent. Quote Link to comment Share on other sites More sharing options...
oracle Posted February 19, 2011 Share Posted February 19, 2011 (edited) The only two experts who I am aware of who vocally predicted the housing boom was just a bubble doomed to implosion (through either talks, articles or books), were Peter Schiff and Richard Duncan. did they tell you that world war 3 proper starts in 2014?,because I will. (it has started already,but I'm talking serious escalation of military,rather than propaganda/civic subterfuge) so the next housing "boom" may not be the variety many punters are inclined toward. ..oh how the mighty fall. Edited February 19, 2011 by oracle Quote Link to comment Share on other sites More sharing options...
blahsay Posted February 19, 2011 Share Posted February 19, 2011 Peston's report on the FPC proposals were interesting. Any proposals would be an improvement on a system that seems to have hardly changed since the credit crunch started in July 2007. I will be watching out for whom they appoint into the FPC. Who will be in it, and who put them there? If I were running the defacto kleptocracy, I would put someone into the FPC who pretended to be an intelligent expert, but actually was a malleable and manipulable idiot. With a few billion here or there in it, it would be worth the trouble to plot whom to plant into the FPC, don't you think? http://www.bankofengland.co.uk/monetarypolicy/overview.htm For comparison, currently the MPC consists of nine people, and FIVE of those, including Mervyn King are in the Bank of England. So if they want to keep their cushy jobs in the Bank of England by staying in the Governor's good books, then the Monetary Policy Committee will generally express the vote of Mervyn King. A clean simple design for the megalomaniac who masterminded it. Whether Mervyn is a stooge or a puppet, the rest of the committee usually will have to go his way. The likes of Andrew Sentance can get interviews galore with the media about being being an interest rate hawk, but the MPC will nonetheless always vote the way of Mervyn King. Quote Link to comment Share on other sites More sharing options...
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