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macca13

Lbc Iain dale, Bank of England

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08/11/2017

1 hour or so into his time on air, get it on catch up.. worth a listen.. it’s on the app for free!

heard a long sigh when someone rung up asking about the current housing bubble..

what bubble is that then? 

Edited by macca13

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Lbc Clive bull 8:00pm to 9:00pm 

young people waste money that’s why they can’t afford a house! Says estate agent..  Worth a listen on lbc catchup app! 

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2 minutes ago, zugzwang said:

Mervyn King's exact words two weeks before Northern Rock collapsed.

For real?

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31 minutes ago, Si1 said:

For real?

The useless tosser really didn't have a clue.

Quote

A week devoted to Mervyn King and his eight-year reign at the Bank of England sounds like pretty turgid stuff. But, already, the series that has started in the Times (£)
this morning — building up to an interview with the man himself — is anything but. Here, for instance, is a snippet from one of its articles, by David Wighton, on how Mr King reacted to the crumbling of Northern Rock:

‘As the plight of Northern Rock and other banks worsened, Sir John Gieve and Paul Tucker were urging Sir Mervyn to act, but he would not budge. “He mocked them as ‘crisis junkies’ and more or less accused them of enjoying it,” one former official says.

Sir Mervyn took a different approach. “He locked himself in his room for several days and wrote a great essay entitled Turmoil in Financial Markets: What Can Central Banks Do?”

On September 12 members of the Court [i.e. the Bank’s board] met to be told Sir Mervyn wanted them to read the essay, which he was sending to the Treasury Select Committee. Several directors expressed concern about the letter, which emphasised the risks of moral hazard and concluded that the turmoil had “disturbed the unusual serenity of recent years, but, managed properly, it should not threaten our long-run economic stability”.

The next day Britain was on the brink of its first run on a bank since 1866. The members of the Court were phoned by the Bank. They were told to go to the McDonald’s by Liverpool Street Station and await instructions.’

 

king.jpg?w=497

Edited by zugzwang

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11 minutes ago, zugzwang said:

The useless tosser really didn't have a clue.

king.jpg?w=497

Ahh. He's in his Aston Villa replica kit there.

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YOU MUST LISTEN TO THIS

he destroys the first caller! BTL landlord James..

You can catch James O’Brien’s full show from Friday 17th on lbc catchup 1 hour of BTL talk..  first hour of the show! 

Edited by macca13

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2 hours ago, macca13 said:

Disagree with James on many things but LBC's variety of opinion is decent and he hits this.

Can someone animate this Phonejacker style and upload it to youtube? Possibly with a picture of our Mr Property 118!

Edited by Tapori

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7 hours ago, macca13 said:

There's no unfairness to IOBTL.

There *IS* chronic mispricing of the debt.

These are non amortising commercial loans. Basically, commercial bridging loans.

This debt should be attracting 1%-2% APR per *MONTH*

And regulated banks i.e. tax payer backed ones should not be touching them.

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5 hours ago, spyguy said:

There's no unfairness to IOBTL.

There *IS* chronic mispricing of the debt.

These are non amortising commercial loans. Basically, commercial bridging loans.

This debt should be attracting 1%-2% APR per *MONTH*

And regulated banks i.e. tax payer backed ones should not be touching them.

There would be less unfairness, if these were commercial loans priced and risk weighted appropriately.

As they are not, there is.

 

There is also an argument to say, what value does the country gain from commercial speculation in existing property? Build to let at least adds to the  housing stock.

 

Foreign money is another aspect that needs considering IMO

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18 minutes ago, disenfranchised said:

There would be less unfairness, if these were commercial loans priced and risk weighted appropriately.

As they are not, there is.

 

There is also an argument to say, what value does the country gain from commercial speculation in existing property? Build to let at least adds to the  housing stock.

 

Foreign money is another aspect that needs considering IMO

At the moment. Basel3 will see to this.

IO BTL was just one huge fuxing mispricing of debt.

BoE QE TLS and the like bailed out the BTL and the bank idiots who lent them the money.

Look at the providers of IO BTL , all smallish building societies, recently debuted or expanding their 'assets'.

The process for idiots att the like of NR, Natiowide went along the lines of:

'How much should be charge or BTL loans?'

Oh we've no defaulting loans on our books (because theyd never made these loans before FFS).

Lets prices them cheaper than 20% deposit OO mortgages.

 

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  • 406 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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