pod Posted March 20, 2007 Share Posted March 20, 2007 This is amazing. The BoE confirming the views of HPCers after all these years...Because the BoE must raise next month and they know that another 0.25% will start the (publicly obvious part of) the crash? If this monster was created through interest rates, then presumably interest rates can also reverse it. Roll on 10% interest rates... Quote Link to comment Share on other sites More sharing options...
volvos60 Posted March 20, 2007 Share Posted March 20, 2007 I've posted it on Pistonheads - spread the word Quote Link to comment Share on other sites More sharing options...
Guest grumpy-old-man Posted March 20, 2007 Share Posted March 20, 2007 I feel a wheres CO thread coming on soon. Like where's wally but much more fun. Quote Link to comment Share on other sites More sharing options...
Monopoly Posted March 20, 2007 Share Posted March 20, 2007 I got so close to want to buy a house..glad now I didn't Quote Link to comment Share on other sites More sharing options...
Minos Posted March 20, 2007 Share Posted March 20, 2007 Seems that SKY news hasn't reported the whole thing..... there's a bit at the end you'll hate. "We are still waiting for it," he said. Quote Link to comment Share on other sites More sharing options...
surfcat Posted March 20, 2007 Share Posted March 20, 2007 I've posted this on MSE, get cracking everyone, spread the word. Quote Link to comment Share on other sites More sharing options...
It is different this time Posted March 20, 2007 Share Posted March 20, 2007 The group that decides the interest rate deliberately fuelled a consumer boom to boost house prices and personal debt so that "UK Plc" could avoid recession. Politicians, in a civilized country, would pay the penalty for that be it PM or Chancellor but surely someone should take the responsibility, resign & hold accountable for this financial corruption at its best. Well dream on this is UK in 21st Century so instead of being accountable, for this scandal, probably crash Gordon will become the next PM. Little Britain’s team has lot to learn from politicians when it comes to the comedy Quote Link to comment Share on other sites More sharing options...
IMHAL Posted March 20, 2007 Share Posted March 20, 2007 Beware the ides of March.....et tu Eddie? Sorry I'm HAL - but wish I could have thrown a good 'Eddie' knife like that into Brown's back - he is behind this - he knew that unless there was growth he would not stand a chance of becoming PM - so he engineered growth - viola - 5 years later we have massive debt and a bigger crash in the making - throw in those millions of disgruntled voters who will have negative equity (including public servants), add a little Iraq war anger and NuLabour will be kicked so far out of office they will be lucky to get into fifth place rankings as a political organisation. The MPC now have no option but to increase IR's and keep increasing them until HPI grinds to a halt or until the public get the message that they have been duped HAL HAL Quote Link to comment Share on other sites More sharing options...
Guest mattsta1964 Posted March 20, 2007 Share Posted March 20, 2007 Politicians, in a civilized country, would pay the penalty for that be it PM or Chancellor but surely someone should take the responsibility, resign & hold accountable for this financial corruption at its best. Well dream on this is UK in 21st Century so instead of being accountable, for this scandal, probably crash Gordon will become the next PM. Little Britain’s team has lot to learn from politicians when it comes to the comedy Still no mention on the BBC but I did find this! February Lending Record 20/03/2007 Can u Adam n Eve it????????????? *****S Quote Link to comment Share on other sites More sharing options...
Guest mattsta1964 Posted March 20, 2007 Share Posted March 20, 2007 That is the most shocking thing I've read for some time. :angry: It is! And you know what'll happen about it? Absolutely fekk all The Sheeple should be out on the streets right now! Quote Link to comment Share on other sites More sharing options...
Minos Posted March 20, 2007 Share Posted March 20, 2007 Concerns have been raised that the present official rate of inflation does not reflect the everyday experience of many voters. The former governor also dismissed calls for the MPC to be given powers wider than setting interest rates - insisting it must not be drawn beyond purely technical decisions. He also advised caution over predictions of a collapse in the housing market - pointing out that experts were saying one was about to happen when he left office. "We are still waiting for it," he said. Copyright Press Association 2007. Quote Link to comment Share on other sites More sharing options...
Nicholas Cage Posted March 20, 2007 Share Posted March 20, 2007 (edited) I found the edit:Gaurdian report on it Lord (Eddie) George, the former governor of the Bank of England, said the chancellor had always allowed him to put his own view. But he said he had been "very surprised" when Mr Brown set up the Financial Services Authority without talking to him about it. http://newssniffer.newworldodour.co.uk/art.../32854/diff/2/3 Edited March 20, 2007 by maxwell Quote Link to comment Share on other sites More sharing options...
underpressuretobuy Posted March 20, 2007 Share Posted March 20, 2007 Seems that SKY news hasn't reported the whole thing..... there's a bit at the end you'll hate."We are still waiting for it," he said. With that bit stuck on the end the article doesn't make sense. The article starts with: Bank of England chiefs deliberately fuelled a consumer boom they knew would massively boost house prices and personal debt to avert a recession, a former governor said today. and ends with: He also advised caution over predictions of a collapse in the housing market - pointing out that experts were saying one was about to happen when he left office."We are still waiting for it," he said. He admits boosting house prices so obviously they weren't going to crash while he was boosting them. If he was arguing that the BOE still have tools to hand to continue boosting house prices then I could understand it but he doesn't. Quote Link to comment Share on other sites More sharing options...
Pluto Posted March 20, 2007 Share Posted March 20, 2007 The bottom line here is debtors are screwed. Interest rates will rise at least .5% next month, and on from there. The days of cheap credit have going. Quote Link to comment Share on other sites More sharing options...
Johnny Cash Posted March 20, 2007 Share Posted March 20, 2007 Im sorry if I appear thick by asking this but, why is this such a sensational story? I and many others on this site have long known that what has been admitted by Eddie George today was fact. Does the admision in itself make that much difference? The fact remains that interest rates have been artificially low for a long time but the average bloke thinks that all in the garden is rosy. His house is worth more, economy is doing great, theres virtually no unemployment etc. He knows this because the government and the papers and the telly and his mates tell him its so. Is one little admission by a former B of E governor going to change all that? Quote Link to comment Share on other sites More sharing options...
Guest AuntJess Posted March 20, 2007 Share Posted March 20, 2007 FTSE 100 +40 since the news was posted.It's either under the radar or not relevant. I suspect it's the latter in the sense that: 1. The markets all know full well what the BOE/Fed etc have been up to 2. They were quite happy to go along with it and 3. They know the game's up so the revelation comes as no surprise I think we are going to face facts. We have been screwed and the b4stards have got away with it. End of story. I can't help wondering why 'fess up - and why now? There is SOME consolation in having one's beliefs affirmed. Quote Link to comment Share on other sites More sharing options...
Guest Cletus VanDamme Posted March 20, 2007 Share Posted March 20, 2007 We bears were right all along. So if you were right all along, presumably you would have seen this coming and bought at all costs in 2002/03, knowing full well that you would make an absolute mint by selling in 2006. But you didn't, did you? Quote Link to comment Share on other sites More sharing options...
underpressuretobuy Posted March 20, 2007 Share Posted March 20, 2007 Im sorry if I appear thick by asking this but, why is this such a sensational story?I and many others on this site have long known that what has been admitted by Eddie George today was fact. Does the admision in itself make that much difference? The fact remains that interest rates have been artificially low for a long time but the average bloke thinks that all in the garden is rosy. His house is worth more, economy is doing great, theres virtually no unemployment etc. He knows this because the government and the papers and the telly and his mates tell him its so. Is one little admission by a former B of E governor going to change all that? It is sensational because they are saying that they knew their actions were unsustainable at the time. The average bloke may think everything in the garden is rosy but what we will he think if the papers and the telly and his mates start talking about this? OK that might not happen. Not everyone is going to get the message in this article. Not everyone will ignore it though and some will be genuinely shocked by this. Quote Link to comment Share on other sites More sharing options...
Guest AuntJess Posted March 20, 2007 Share Posted March 20, 2007 Im sorry if I appear thick by asking this but, why is this such a sensational story?I and many others on this site have long known that what has been admitted by Eddie George today was fact. Does the admision in itself make that much difference? The fact remains that interest rates have been artificially low for a long time but the average bloke thinks that all in the garden is rosy. His house is worth more, economy is doing great, theres virtually no unemployment etc. He knows this because the government and the papers and the telly and his mates tell him its so. Is one little admission by a former B of E governor going to change all that? No not in this country. In a banana republic they would all get lined up against a wall. It is worthy of note that the FORMER BoE Gov. had come clean. Was he the sacrificial lamb, to save the hides of so many of his allies and trough snouters? Quote Link to comment Share on other sites More sharing options...
Te Mata Posted March 20, 2007 Share Posted March 20, 2007 So if you were right all along, presumably you would have seen this coming and bought at all costs in 2002/03, knowing full well that you would make an absolute mint by selling in 2006.But you didn't, did you? What was unknown was the extent of the muppettness of the general populace. Quote Link to comment Share on other sites More sharing options...
brainclamp Posted March 20, 2007 Share Posted March 20, 2007 Well, the UK poltical system is no longer based on funding from membership, it instead relies on cronies after favours of one sort or other to bung them millions in funds, so the UK policy executive now has the characteristics of a third world power base. By upping G and C as part of GDP = C + I + G + (i - x) , through wasteful inflationary government spending - both large deficit spending (printing money) and massive tax transfers, and relying on 'stealth' mass immigration to create deflation in the wages of the private sector we have been setup for a third world society. I believe there is only a certain extent, (with a welfare state), to the degree that you can continue to use a high influx of mass immigration of millions of low skilled labour in order to deflate real wages while increasing government jobs. We may now be set-up for a into a third world economy, as real inflation continues unabated and the G part of GDP demands more spending to compensate. As mainstream poltical parties all have the same (pro-mass immigration) policies, funded by the rich, to offer the illusion of choice, they each make pronouncements on green issues which now are swamping the media day and night to the exclusion of all else. Of course we have the conservatives changing thier logo into a tree, Cameroon engaging in PR stunts - cycling to work (followed by his lexus), Labour polticans such as Milliband and Brown setting out large carbon taxation plans to reduce emissions by such and such a level in 2020 etc... What doesn't seem to matter is that the very mass immigration they seem to rely on as the way forward, creates huge enviromental damage and increased Co2 output! With ID cards the co2 taxes would extend poltically correct dominance to every area of activity and life, creating a far greater level of control than the south african id card experiance(*) in an economy based on modern day serfdom. (*) The south african id card (passbook regulations) enabled 2m whites to control 30m black's in a state of modern day serfdom. Quote Link to comment Share on other sites More sharing options...
Gone baby gone Posted March 20, 2007 Share Posted March 20, 2007 So if you were right all along, presumably you would have seen this coming and bought at all costs in 2002/03, knowing full well that you would make an absolute mint by selling in 2006.But you didn't, did you? I did! Bought in North London in 2001, sold in early 2006, now living in Scotland by the coast and own the house outright thanks to HPI and some greedy buyer in London Quote Link to comment Share on other sites More sharing options...
tenroom Posted March 20, 2007 Share Posted March 20, 2007 So if you were right all along, presumably you would have seen this coming and bought at all costs in 2002/03, knowing full well that you would make an absolute mint by selling in 2006.But you didn't, did you? Well put, Cletus . . . Momentous as this news is, I don't really know what people think is going to happen next. Even if the BBC, Channel 4, The Sun et al publish the interview in its entirety, what can possibly happen ? Are lenders going to apologise and write off half everyone's mortgage as a show of goodwill, is PropertyGuru going to give 2 million quid back to the "other fool" he sold his BTL empire to, are property prices going to plunge 40% by the time Blair quits office ??!! Everyone knows that the country had to keep spending post 9/11 and many of us were only too happy to do so. I certainly won't blame the MPC for any of my debt - I had a choice, I took the dosh. Quote Link to comment Share on other sites More sharing options...
liquid Posted March 20, 2007 Share Posted March 20, 2007 Hopefully we can have a full transcript of Mr George's comments which are related to a committee that will review the treasury's performance for the past ten years. However there is a full video of the meeting here. http://www.parliamentlive.tv/Player/index.aspx?Encoding=6495 It appears many folks have submitted evidence to support appraisal: http://www.publications.parliament.uk/pa/c...299/299we01.htm Equally, it also appears you can submit your own evidence: http://www.parliament.uk/parliamentary_com...ees/witness.cfm Quote Link to comment Share on other sites More sharing options...
Guest The_Oldie Posted March 20, 2007 Share Posted March 20, 2007 I'm trying to get my head around what's going to happen now. The BoE, or rather a former Governor, has admitted that they have created a housing bubble and they have been waiting for it to burst. Having made that admission, surely they must now intend to do something about it. Interest rate rise of 1% next month? Quote Link to comment Share on other sites More sharing options...
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