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Man Protests About Boe Raising Mortgage Rates

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I cant find the article but caught a quick clip of the man who was dressing up to protest on the street about the BOE decision to raise interest rates by 0.25%

This was on Thursday evening on BBC southtoday

He was complaining about how unfair it was as the BOE making his mortgage payments too high.

(yes, I know, we are at a all time low of interest rates, whats he complaining about???)

Did anyone else catch the story?

I cant find a link to it on BBC south today sorry

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Guest Alright Jack

Why are you bashing this guy?

For the brief moment he was allowed to be heard at the begining of the broadcast he basically said described the BoE as one tentacle on a very large octupus. He questions the authority of a few people to dictate policy over such a vast economy.

He is correct. Why should the government lord their self interest over the 'free market'? It shouldn't. It will backfire one day with terrible consequences and I think this guy probably understands this.

I for one think he has a point! He also sounded very well educated and well politely spoken. Ditto for the son.

you guys are the morons!

Sorry, I forgot my manners.

Thanks for the material OP. It makes for a far better experience to have stuff to read or listen to in addition to comments.

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A Daily Express reader, need we say more

He probably believed the crap that paper prints about house prices perpetually increasing forevermore.

You have to :lol: at him, what a prat

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Ha, Imagine what he'll be like when rates hit 5.5%! One of these serial protestors judging by that piece, "I dont care if the BOE think its in the best interest of the economy ! I want lower mortgage payments, rampant HPI and to MEW to pay for my living expenses as I cant work due to my protesting" :rolleyes:

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5.5% still a very very low rate!!!

The average rate over the past two decades has been 7%

I would suspect to manage inflation when it is revealed in all its glory (It exists today however is supressed with Gordons Miracle Shopping Basket) we will be looking at mortgage rates of 9% at least.

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5.5% still a very very low rate!!!

The average rate over the past two decades has been 7%

I would suspect to manage inflation when it is revealed in all its glory (It exists today however is supressed with Gordons Miracle Shopping Basket) we will be looking at mortgage rates of 9% at least.

Oh please let it be so! That would be my fantasies coming true :lol:

Edited by wayneL

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5.5% still a very very low rate!!!

The average rate over the past two decades has been 7%

I would suspect to manage inflation when it is revealed in all its glory (It exists today however is supressed with Gordons Miracle Shopping Basket) we will be looking at mortgage rates of 9% at least.

9%! I wonder how many millions of repos that would mean. Any way of calculating?

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Gordons Miracle Shopping Basket

Sounds like something out of Harry Potter.

Wait a minute - isn´t the author going to kill off some of the characters in her final novel?

Oops, oh dear Gordon - looks like your magic wand isn´t quite as magic as you thought it was ... :(

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For the brief moment he was allowed to be heard at the begining of the broadcast he basically said described the BoE as one tentacle on a very large octupus.

Yes, I was - for a fraction of a second - expecting a biting critique of the central bank system, pump-up-then-squeeze monetarism, a case for radical money reform.

Did they cut this out?

Then they showed the freeaking Daily Express.

I guess they didn't cut it out.

The son didn't seem quite the ticket, poor sod.

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Oh please let it be so! That would be my fantasies coming true :lol:

Really? Mine involve Angelina Jolie, Natalie Portman, Natalie Imbruglia and a giant vat of whipped cream... No interest rates involved! :lol:

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Why are you bashing this guy?

For the brief moment he was allowed to be heard at the begining of the broadcast he basically said described the BoE as one tentacle on a very large octupus. He questions the authority of a few people to dictate policy over such a vast economy.

He is correct. Why should the government lord their self interest over the 'free market'? It shouldn't. It will backfire one day with terrible consequences and I think this guy probably understands this.

Absolutely - this government has manipulated IRs to a historic low for their own urposes - they shouldn't have been allowed to do it and then we wouldn't have been in this mess in the first place

or is the octopus ok if IRs are coming down

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Really? Mine involve Angelina Jolie, Natalie Portman, Natalie Imbruglia and a giant vat of whipped cream... No interest rates involved! :lol:

What about Angelina Jolie, Natalie Portman, Natalie Imbruglia and a giant vat of whipped cream while in the midst of a house price crash ?

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For the brief moment he was allowed to be heard at the begining of the broadcast he basically said described the BoE as one tentacle on a very large octupus. He questions the authority of a few people to dictate policy over such a vast economy.

He is correct. Why should the government lord their self interest over the 'free market'? It shouldn't. It will backfire one day with terrible consequences and I think this guy probably understands this.

But the BoE controlls short-term interests only. Long-term credit is determined by the markets, supply and demand. And the worlds governments have no direct influence on long-term rates. The huge Fed's cut in short term rate from 6 % to 1.75 % in 2001 (possibly the biggest cut in recent history) did not have any effect on long-term interest rates.

Conspiracy theories are only attractive because they offer simple (too simple) answers and a boogy man or men.

Nothing unites quite as much as a percieved common enemy.

Edited by LazyDay

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Why are you bashing this guy?

Because he, along with most of the rest of this country, is too financially illiterate to understand that those who own the money that he’s borrowed to buy his house have every right to expect a fair return to protect them from inflation.

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But the BoE controlls the short-term interests only. The long-term credit is determined by the markets, supply and demand. And the worlds governments have no direct influence on the long-term rates. The huge Fed's cut in short term rate from 6 % to 1.75 % in 2001 (possibly the biggest cut in recent history) did not have any effect on long-term interest rates.

Conspiracy theories are only attractive because they offer simple (too simple) answers and a boogy man or men.

Nothing unites quite as much as a percieved common enemy.

Quite right, the bank only sets short term rates, people who cant see the neccesity of a central bank setting short term rates is an mail/express reader!!

Central banks give you really low rates/liquidity when required september 11 etc.

Another crowd that annoy me are the CBI and exporters associations, if you cant compete with relatively benign rates get out of the business,althought they may have some case as the demand for sterling is probably so high because of Londons status as a world financial and cultural capital.

http://www.rte.ie/comments/incinterestrates.html

Heres some Irish person complaining about rates going from 2.25% to 2.5% earlier this year, hate to hear from her when ECB rates hit 4-5% in next 18months! If ya cant cope when rates are 2.5% your f00ked. Feckin morons.

Quote:

It is a disgrace to put up interest rates, especially for new people starting off and it will affect me.

Marie McCooey, Co Monaghan

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I couldn't decide if the reporter was trying to make a pun at the start of the piece - did he describe the guy as a lone protester or as a loan protester?

What about Angelina Jolie, Natalie Portman, Natalie Imbruglia and a giant vat of whipped cream while in the midst of a house price crash ?

Stop! I think I need a cold shower... :lol:

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Because he, along with most of the rest of this country, is too financially illiterate to understand that those who own the money that he’s borrowed to buy his house have every right to expect a fair return to protect them from inflation.

Also why can't we choose to be happy about IR raises, just like some of the population are happy about IR cuts? I am a net saver rather than someone in debt, so I would really like to see an IR of 9% so I could be confident that my savings interest is out-pacing inflation.

People will mortgages have lapped up the low IR's so they could have bigger mortgages and bigger houses for completely selfish reasons, so my desire for decent interest on my savings is no more selfish, and has nothing to do with wishing a HPC on the nation.

AFP

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Guest Alright Jack

IDIOT NUMBER 1

"But the BoE controlls the short-term interests only. The long-term credit is determined by the markets, supply and demand. And the worlds governments have no direct influence on the long-term rates. The huge Fed's cut in short term rate from 6 % to 1.75 % in 2001 (possibly the biggest cut in recent history) did not have any effect on long-term interest rates.

Conspiracy theories are only attractive because they offer simple (too simple) answers and a boogy man or men.

Nothing unites quite as much as a percieved common enemy."

IDIOT NUMBER 2

"Quite right, the bank only sets short term rates, people who cant see the neccesity of a central bank setting short term rates is an mail/express reader!!

Central banks give you really low rates/liquidity when required september 11 etc.

Another crowd that annoy me are the CBI and exporters associations, if you cant compete with relatively benign rates get out of the business,althought they may have some case as the demand for sterling is probably so high because of Londons status as a world financial and cultural capital."

RESPONSE TO IDIOT NUMBER 1

The government creates new money at will and in doing so increases the amount of money in available in the banking system. The cost of debt becomes cheap (supply & demand) i.e interest rates come down. The 'free market' is only responding logically to monetary conditions created soley by and in the interests of government. Does this sound like a free market to you?

The government can monetise any part of the yield curve they like by either, selling their debt (issuing bonds), or, using the reverse of this process which is having the central bank monetise their debt (buying those bonds).

The debt market is only free under a sound money system.

ANSWER TO IDIOT NUMBER 2

A central bank acting as a clearing house and to issue (hard) currency is not a problem in my mind, and is probably quite a useful idea. The current command and control regime is detrimental to liberty, security and free enterprise.

Why don't you ask yourself why governments set up this paper money fraud in the first place? How does it benefit you to have your purchasing power continuously stolen by government so that they can fulfill their own fancies. The result of government having as much money as they want is poverty and bondage. Look at the awesome power of the state today. They have all the guns and as much money as they want to do whatever they want to whomever they want.

WAKE UP YOU DICKWEED.

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What about Angelina Jolie, Natalie Portman, Natalie Imbruglia and a giant vat of whipped cream while in the midst of a house price crash ?

OK you guys are right! I have modified my fantasy.

How about this one then... Nadja Auermann, the bankers daughter... and 9% interest rates :lol:

nadja_auermann_150.jpg

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Also why can't we choose to be happy about IR raises, just like some of the population are happy about IR cuts? I am a net saver rather than someone in debt, so I would really like to see an IR of 9% so I could be confident that my savings interest is out-pacing inflation.

People will mortgages have lapped up the low IR's so they could have bigger mortgages and bigger houses for completely selfish reasons, so my desire for decent interest on my savings is no more selfish, and has nothing to do with wishing a HPC on the nation.

AFP

Quite right too.

Social opinion in this country is biased on the side of those in debt - therefore interest rate rises are always seen as "bad".

If we had less irresponsible borrowing/lending and more of a savings culture in this country, rate rises would be also recognised as often beneficial (as they already are to those of us with savings and no debt).

OK you guys are right! I have modified my fantasy.

How about this one then... Nadja Auermann, the bankers daughter... and 9% interest rates :lol:

nadja_auermann_150.jpg

Ah, but if they were mutually exclusive, which one would you choose, Wayne?

:P;)B)

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Absolutely - this government has manipulated IRs to a historic low for their own urposes - they shouldn't have been allowed to do it and then we wouldn't have been in this mess in the first place

or is the octopus ok if IRs are coming down

I think this statement is incorrect. Low interest rates have been a worldwide phenomenon, nothing to do with this government manipulating them to a historic low. Just a happy co-incidence for them. We have seen the rates go back up along with other rates of interest around the world. Not quite in tandem, but they have risen from their lows and indeed, the trend is upwards.

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  • 333 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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