Jump to content
House Price Crash Forum
Sign in to follow this  
R K

Carney Speech Live Tonight 9Pm

Recommended Posts

We all know that hes got the bubble under control, not that there is a bubble to be under control.

And if there is a bubble there is nothing he or the BoE can do about it, thats down to Gidiot who has outsourced control over any bubble to the BoE. (who are doing a fantastic job of re inflating it)

Edited by Corruption

Share this post


Link to post
Share on other sites

We all know that hes got the bubble under control, not that there is a bubble to be under control.

And if there is a bubble there is nothing he or the BoE can do about it, thats down to Gidiot who has outsourced control over any bubble to the BoE. (who are doing a fantastic job of re inflating it)

And let's not forget that if there were to be any limited adverse affects from this latest housing boom then they are absolutely and completely confined to London only.

Cue George Osborne making a follow-up statement about Help to Buy helping hard-working families and wondering if Londoners have considered the marvellous opportunity that Shared Ownership represents.

But who knows, Carney might surprise us. I suspect he actually is aware of the problems and does know what needs to be done. Whether the politicians will let him, and whether he is brave enough to contemplate the massive collateral damage any economic surgery would cause (given our still apparently ill-managed and precariously positioned banking sector, even six years after the first crisis), is another matter.

Share this post


Link to post
Share on other sites

And let's not forget that if there were to be any limited adverse affects from this latest housing boom then they are absolutely and completely confined to London only.

Cue George Osborne making a follow-up statement about Help to Buy helping hard-working families and wondering if Londoners have considered the marvellous opportunity that Shared Ownership represents.

It truly is like living in a George Orwell novel.

Share this post


Link to post
Share on other sites

"High house prices and extreme levels of household debt in general aren't a problem, as long as we keep interest rates low forever. I proved it in Canada. So let us continue to suck the shorts of bankers, while they continue to rip savers off, using our interest income destroying Funding for Lending and trap our house buyers in ever increasing amounts of debt".

housepricetoincome_600px.jpg

housepricetorent_600px.jpg

Share this post


Link to post
Share on other sites

What a choice...watch a bunch of over paid muppets who just dive and cheat and squeal like big girls when they dont get their way.....or watch the football

Genuine guffaw. :lol:

Share this post


Link to post
Share on other sites

This is Osborne's set piece speech too remember. I should have said that in the thread title.

Anyway, looks like he'll be announcing giving the BoE FPC fresh powers (which I think they already have) to somehow restrict multiples of household income and/or LTVs. FPC already have macro pru tools to ensure 'financial stability' so the devil will no doubt be in the detail.

Looks like Osborne is doing his best to make sure Carney's the patsy if/when it all goes t.u. though.

Pestowire with the announcements

http://www.bbc.co.uk/news/business-27819117

Tonight therefore the Chancellor is announcing, in his Mansion House Speech, that the FPC is unambiguously the boss of the regulators, by giving it the power to order these curbs on lending, rather than just propose such curbs.

This power of instruction would extend as well to loans that are a high proportion of the market value of a house - although such high loan-to-value mortgages do not seem to be today's problem.

In other words, the FPC will henceforth unambiguously have the ability to take the heat out of the housing market.

We will learn later this month whether it is choosing to employ these powers right now.

PS: George Osborne will also make it clear that these powers for the Bank of England to rein in risky mortgage lending will equally apply to mortgages insured by the Treasury's controversial help-to-buy scheme.

Sounds like he's leaving the actual metrics to Marx Carney/FPC

Up to now the FPC would 'propose' and the Chancellor would 'agree'. Seems Osborne wants the primary responsibility (blame) to lie firmly with the Bank. Nicely dodged.

Edited by R K

Share this post


Link to post
Share on other sites
PS: George Osborne will also make it clear that these powers for the Bank of England to rein in risky mortgage lending will equally apply to mortgages insured by the Treasury's controversial help-to-buy scheme.

So-to clarify- Osborn creates a scheme called Help to Buy which may cause a damaging housing bubble- but although he created it he cannot ascertain what kind of a threat it may represent so he has decided to give someone else the power to limit his scheme in case it blows up the economy.

So what he is actually saying here is that he is too irresponsible to act wisely but hopes someone else will intervene to limit the damage his lack of responsibility may cause.

And this is the man we have in charge of managing the nations finances?

Surely it must be obvious that the need to give the B of E the power to shut down the scheme means that the bloody thing should not exist in the first place?

Or does the calculation go like this:

1) Create Help to Buy in order to win the next election

2) This may cause a financial crash bringing misery to millions

3) Set up the Governor of the Bank of England to take the hit if (2) should happen

4) who gives a f*ck about screwing the economy as long as we get another five years of power. B)

Yeah- this is the kind of people we need running the country.

Edited by wonderpup

Share this post


Link to post
Share on other sites

nobody will believe me but i just said to the GF that if the news is REALLY bad, Carney and Osborne will pay off the Brazl team to score an own goal... DAMN what were the odds? I could've been Rich.. Rich, I tell ya.

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
Sign in to follow this  

  • Recently Browsing   0 members

    No registered users viewing this page.

  • The Prime Minister stated that there were three Brexit options available to the UK:   209 members have voted

    1. 1. Which of the Prime Minister's options would you choose?


      • Leave with the negotiated deal
      • Remain
      • Leave with no deal

    Please sign in or register to vote in this poll. View topic


×

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.