Bank Says Mpc's Walton Dies

[rainbow]

Whilst JT's post was in extremely bad taste, it's no different to what the majority of the media

will be saying after the next MPC meeting, headlines to read:-great news for home owners -MPC unanimously vote to hold rates, this means rates could stay on hold forever.

[Guest Bart of Darkness]

I read the post as satire on the way MEWers etc will take the news, rather than at face value. People on a forum that is generally pretty scathing and insulting of others that disagree with thier views shouldn't be running to the high moral ground at the first available opportunity.

I don't think Bruno (for 'tis he) can actually do satire. Unless his entire persona and all postings in various incarnations are part of some huge satirical swipe at someone. Or something.

Not to worry though, Bruno will be back in another guise. A gold star to whoever spots him first.

[Realistbear]

http://uk.biz.yahoo.com/22062006/323/dolla...t-euro-yen.html

LONDON (AFP) - The dollar drifted higher against major rivals as dealers monitored the outlook for interest rates, while sterling also weakened on news that a Bank of England policymaker had suddenly died.

1 U.K. £ =

1 1.8305

off about 150 points

[Waitingforthesun]

Who will decide the names of the two missing MPC members ?

Prime Minister, House of Commons, the Queen... ?

[The Undertaker]

I don't think there is a conspiracy. Sadly young people do die sometimes. Just like David Kelly and Robin Cook.

[Realistbear]

Who will decide the names of the two missing MPC members ?

Prime Minister, House of Commons, the Queen... ?

As it is Gordon's committee I think it is he that gets to chose. Until the Boe members are chosen independently they will remian a department of the treasury with independence in name only.

http://www.publications.parliament.uk/pa/l...mon/96/9605.htm

2.6 The second power is set out in section 13. This stipulates the membership in strict terms: the MPC is to consist of the Governor; his two Deputy Governors;

two members appointed by the Governor after consultation with the Chancellor

, one of whom is to be a person who has executive responsibility within the Bank for monetary policy analysis, and the other of whom is to be a person who has executive responsibility within the Bank for monetary policy operations;

and four members appointed by the Chancellor.

(The Governor and his two Deputy Governors are appointed by Her Majesty.) The Act also commits the Chancellor only to appoint a person to the MPC "if he is satisfied that the person has knowledge or experience which is likely to be relevant to the Committee's functions."[13] We have received evidence, not least from the Governor and the Chancellor as to what this means. They have taken a rather narrow interpretation in the sense of emphasising knowledge of monetary economics and monetary policy. The Act is sufficiently vague to allow such an interpretation, but its vagueness also allows for the appointment of people with a broader range of experience if the Chancellor thought that would be desirable.

The bottom line: THe entire MPC are at the will of Gordon/government of the day.

I don't think there is a conspiracy. Sadly young people do die sometimes. Just like David Kelly and Robin Cook.

Yes, sometimes they do. In the case of Mr. Walton who died at 43 we had better wait to see if there is a formal medical bulletin on the cause of death. The possibility is that we may never know what rreally happened.

[Stanley]

Personally I don't see why the bbc in their report saw the need to mention how Mr Walton voted at the last mpc meeting. I cannot see how it is anyway relevant. In fact by them doing this the reporter is perhaps giving a bit more away about their own personal views than they realise.

[ianbeale]

hopefully he will get his last wish

[Realistbear]

Personally I don't see why the bbc in their report saw the need to mention how Mr Walton voted at the last mpc meeting. I cannot see how it is anyway relevant. In fact by them doing this the reporter is perhaps giving a bit more away about their own personal views than they realise.

Insensitive as it is the news is all over Reuters. A poll has been taken to show that an IR hike is now unlikely with Walton out of the way:

http://today.reuters.co.uk/news/newsarticl...xml&src=rss

Walton death reinforces doubts on early rate rise

Thu Jun 22, 2006 3:33 PM BST

LONDON (Reuters) - The death of monetary policymaker David Walton has reinforced economists' expectations that Bank of England interest rates will stay on hold over the next few months, according to a Reuters poll.

Walton had been the sole member of the bank's Monetary Policy Committee to support a rate rise from 4.5 percent at its last two meetings, and as his death was announced on Thursday financial markets moved to reduce the high likelihood they had priced in for a rise as early as August.

The currency traders have also voted:

1 U.K. £ =

1 1.8285

Thats sterling down by around 200 points today.

hopefully he will get his last wish

As Gordon has said: OMDB

[Realistbear]

http://www.downingstreetsays.org/archives/002837.html

Thursday, June 22, 2006

David Walton

Asked if there were any words on the death of David Walton, the member of the Bank of England's Monetary Policy Committee, the PMOS said that the Prime Minister was obviously saddened by the news.

Briefing took place at 14:00 | Search for related news

[Dr Doom]

I think people should try getting a sense of humor.

Does anyone here know Walton personally? No, thought not.

Seemed like a pretty funny post FWIW, made me laugh anyway.

[Guest grumpy-old-man]

As it is Gordon's committee I think it is he that gets to chose. Until the Boe members are chosen independently they will remian a department of the treasury with independence in name only.

http://www.publications.parliament.uk/pa/l...mon/96/9605.htm

2.6 The second power is set out in section 13. This stipulates the membership in strict terms: the MPC is to consist of the Governor; his two Deputy Governors;

two members appointed by the Governor after consultation with the Chancellor

, one of whom is to be a person who has executive responsibility within the Bank for monetary policy analysis, and the other of whom is to be a person who has executive responsibility within the Bank for monetary policy operations;

and four members appointed by the Chancellor.

(The Governor and his two Deputy Governors are appointed by Her Majesty.) The Act also commits the Chancellor only to appoint a person to the MPC "if he is satisfied that the person has knowledge or experience which is likely to be relevant to the Committee's functions."[13] We have received evidence, not least from the Governor and the Chancellor as to what this means. They have taken a rather narrow interpretation in the sense of emphasising knowledge of monetary economics and monetary policy. The Act is sufficiently vague to allow such an interpretation, but its vagueness also allows for the appointment of people with a broader range of experience if the Chancellor thought that would be desirable.

The bottom line: THe entire MPC are at the will of Gordon/government of the day.

Yes, sometimes they do. In the case of Mr. Walton who died at 43 we had better wait to see if there is a formal medical bulletin on the cause of death. The possibility is that we may never know what rreally happened.

some people also think Dr David Kelly commited suicide, I don't.

my condolences to his family

[Shropshire Lad]

JT's comments are completely inappropriate. A man of 43 has died. The effect on his children will be devastating, his wife widowed and left to hold the family together and awful for his parents to see their own son die - to find a positive aspect out of his death is disgusting. To try and suggest that it is satire is a poor attempt to excuse this disgraceful remark. I can only conclude that JT enjoys making shocking statements knowing that it will get a reaction from people.

Totally agree. I too am sickened by his comments.

What happened to respect and decency?

All in the name of 'comedy' or 'satire' is no excuse.

I think people should try getting a sense of humor.

Does anyone here know Walton personally? No, thought not.

Seemed like a pretty funny post FWIW, made me laugh anyway.

You're not one of these people who downloaded the beheading of Ken Bigley are you???

I know people who did for supposed 'entertainment.' Sick!

The point I'm making is that there has to be some subjects that are 'off limits' to satirists, otherwise people in general become de-sensitised to other peoples misfortune, and before you know it, you'll get kids video-ing each other kicking the crap out of another kid.

[Paperclip]

Who will decide the names of the two missing MPC members ?

Prime Minister, House of Commons, the Queen... ?

Read this article from the Daily Telegraph less than a week old:

Tensions rise at BOE

Quote from the article:

"This "operation" is the logistical exercise of arranging and paying for Blanchflower's flights and accommodation while he stays in the UK. The arrangement certainly put a few noses in the Bank out of joint. This newspaper was told last week that David Walton, another member of the committee, promptly asked King to be reimbursed for his rail ticket to the monthly meetings.

It is thought this remark was made in jest. The Bank does not deny it, although it notes wryly that such a claim would be in breach of personal tax rules."

It sounds as though David Walton was not only fighting for a common sense rate rise but also questioning Browns apointment of the American based 'Blanchflower' to the committee and the blatent frivolous waste of money in accommodating him. It sounds as though Walton was becoming a bit of a loose cannon and getting very close to opening up a can of worms. I wouldn't be in the least bit surprised if there is more to this than meets the eye. It sends a shiver down my spine anyway.

Edited June 22, 2006 by Paperclip

[RichM]

I really dont think it was satire gents, really I don't.

I could give you a great satirical post, but I won't, doesn't seem right.

[Dr Doom]

All in the name of 'comedy' or 'satire' is no excuse.

You're not one of these people who downloaded the beheading of Ken Bigley are you???

I know people who did for supposed 'entertainment.' Sick!

The point I'm making is that there has to be some subjects that are 'off limits' to satirists, otherwise people in general become de-sensitised to other peoples misfortune, and before you know it, you'll get kids video-ing each other kicking the crap out of another kid.

I don't think you can really you can really equate an off-the-cuff comment about some

anonymous bloke dying to downloading and watching hardcore snuff-films.

Personally I'm in favour of free-speech as long as it adds something to the discussion,

whether that is a cheap laugh or some useful information, I'm not really bothered.

[Realistbear]

Read this article from the Daily Telegraph less than a week old:

Tensions rise at BOE

Quote from the article:

"This "operation" is the logistical exercise of arranging and paying for Blanchflower's flights and accommodation while he stays in the UK. The arrangement certainly put a few noses in the Bank out of joint. This newspaper was told last week that David Walton, another member of the committee, promptly asked King to be reimbursed for his rail ticket to the monthly meetings.

It is thought this remark was made in jest. The Bank does not deny it, although it notes wryly that such a claim would be in breach of personal tax rules."

It sounds as though David Walton was not only fighting for a common sense rate rise but also questioning Browns apointment of the American based 'Blanchflower' to the committee and the blatent frivolous waste of money in accommodating him. It sounds as though Walton was becoming a bit of a loose cannon and getting very close to opening up a can of worms. I wouldn't be in the least bit surprised if there is more to this than meets the eye. It sends a shiver down my spine anyway.

I think the jury is out on this one until we see the medical report or Coroner's Inquest notes. That is, if there is going to be any reports. If there is fire where a little smoke seems to be rising perhaps the press will dig a little deeper. Hang on, the press are all in Gordon's camp except the Telegraph and they won't touch it with a barge poll. How about our friend over at the Beeb who did the EA expose?

The following quote from the Telegraph article suggests that the BoE Have been more like a performing circus trick under the Ringleader, er Ringmaster Gordon than an independent banking committee:

http://www.telegraph.co.uk/money/main.jhtm...2006/06/18/ixci

However, officials at the Treasury made it clear last week that Brown had no plans to change the way he makes his appointments to the MPC. "The proof is in the pudding," says one senior Treasury official. "We should be judged on the way the MPC performs - and so far it has performed extremely well. We have no plans to change the way members are appointed."

No one should be deluded into thinking that the MPC are anything but a committee under Gordon's control and direction. Step out of line and...........................

Edited June 22, 2006 by Realistbear

[ronnie]

Maybe the remaining members will vote for rises in his honour! or more seriously they may be more inclined to consider a rise by bearing him in mind when considering their descisions,unlikey though.

[redwing]

I know this is going over today's old ground but I can see little difference in content (only tone) between Jonathan Trees' view and the Economists reported in RB's post.

JT:

The death of David Walton is absolutely fantastic news because he was the MPC member who voted for a rise in interest rates and now that he has departed this mortal coil this means that interest rates are not likely to rise this year and will remain on hold for much longer than if he had stayed alive.

This is fantastic news for homeowners since the death of David Walton means that interest rates will no longer rise this year which means that house prices will continue to rise throughout this year and the next.

Economists:

LONDON (Reuters) - The death of monetary policymaker David Walton has reinforced economists' expectations that Bank of England interest rates will stay on hold over the next few months, according to a Reuters poll.

Walton had been the sole member of the bank's Monetary Policy Committee to support a rate rise from 4.5 percent at its last two meetings, and as his death was announced on Thursday financial markets moved to reduce the high likelihood they had priced in for a rise as early as August.

[teddyboy]

Yeah, put J Trees back Oldie. It sounded like satire to me too. Besides, I'm sure somebody could add his blunder to their signature to permantely discredit him if they so wanted.

I can understand ianbe: Walton has a wife and young family. They will be devastated: he was only 43.

But my view is that JT was just trying to highlight how peoples' minds work. Yes it was bad taste. Yes insensitive. But hardly a crime.

I hear what you are saying Sledge but what if his family or friends read this.. they certainly wont dismiss it as 'satire'. I am sorry but this is terrible bad taste.

I think the post and all references to should be removed at once!

TB

PS I have said some nasty words in my time but when it comes to a death, I do have a sensitive side to me.

The death of David Walton is absolutely fantastic news because

This is in-excusable imho

Edited June 22, 2006 by teddyboy

[Golden Shower]

Sad. The guy was only young and looked in good shape.

Although I have tried on many occasions and failed, even I couldn't get to the level of distgusting remarks made on this thread.

:angry:

As for the markets reaction, GBP down and house builders up. F*ckin' crazy world we live in, but the markets have no concept of right or wrong. Could we have equated this to a rally in the markets when the Iraq war started?

[dinsdale]

No - Jonathan Trees has completely overstepped the mark - he should not be allowed to post. Conspiracy theorists out there, chill out. No chance. None.

NO. This is classic knee jerk thought police. Bring back Trees. Let him say what he wants. God, don't you hate the middle class and their precious little sensitivities?

[Dr Doom]

I find it ironic that someone with the name "down with the bbc" is calling for (and getting) censorship.

Seems like you've become what you despise.

[Down with the BBC]

The death of anyone is not Fantastic news you sick c***!

If this is your standard and the quality (lack of) then moderators. Ban this pig!

[Moderator: jonathan trees is now permanently banned from the forums]

Thanks moderator.

I find it ironic that someone with the name "down with the bbc" is calling for (and getting) censorship.

Seems like you've become what you despise.

My name, dear sir does not mean what most people on here think. I am not requesting that we tear down the BBC. Maybe as we are possibly 2 generations apart (i'm 21) you dont understand what Down with the BBC really means.

It means I am "cool" (god i hate that word) with the BBC. It was an oxymoron. Yes i hate them but it was a play on words. Satirical if you like.

"Hey mate i'm down with that." for example.

Besides when JT says

The death of David Walton is absolutely fantastic news"

it is totally inexusable.

I await an apology.

[James516]

it is totally inexusable.

I await an apology.

Oh for pity's sake - get over yourself. A person has died, yes it's sad etc etc his poor family etc etc but making a joke about it shouldn't be a capital offence.

You may as well say all of us who ever made jokes about Diana or the Shuttle disaster are reprehensible people who should never speak again about anything.

Stop being so precious.

It was clearly satire - genuine happiness would not have been so over the top.

And along with other posters, I agree that conspiracy theories destroy the last vestiges of credibility this site has. I have lurked for over a year on this place, and it gets more and more unhinged with every passing month.