Jump to content
House Price Crash Forum
EmpiricalBear

Boe U Turn - Massive News.

Recommended Posts

Moving the goal posts again. What chance does Joe Public have of buying a family home and trying to stay financially stable with these fukkas at the helm!

Share this post


Link to post
Share on other sites
...commonly known as 'cooking the books'.....when these wraps are due ....the package will blow up in the hands of the bearer.... :o:o:o

Oh dear. They are going too far now.

The BOE is starting to bear the risk of the entire financial system.

Share this post


Link to post
Share on other sites

It has previously been reported he disagreed with Darling and Sants over the NR deposit bailout and now this U turn.

He has been bounced into all of this by Brown. I hope he will resign and point the finger at Brown but can't help feeling he has already been set up as the fall guy and won't get the chance.

Share this post


Link to post
Share on other sites

WOW! :(

That's Merv gone then.

In the past when people have said "There won't be a housing crash, the government wouldn't let it happen" I told them they were naive. Now I'm not so sure. :huh:

Share this post


Link to post
Share on other sites
It has previously been reported he disagreed with Darling and Sants over the NR deposit bailout and now this U turn.

He has been bounced into all of this by Brown. I hope he will resign and point the finger at Brown but can't help feeling he has already been set up as the fall guy and won't get the chance.

He is due before the Treasury Select Committee this Thursday - that's his chance to put the knife in, but I fear he's too reserved to say what he really thinks.

Share this post


Link to post
Share on other sites
What happens if people start defaulting on these mortgages?

Oh, I forgot, we don't have a problem with sub-prime lending in the UK! <_<

........well the FSA are carrying out a full review of UK sub prime started May end Nov 07....they wouldn't get it wrong and they would tell the BofE if any doubts.......and I am sure the BofE will carry out due diligence on all collateral........before the agree to hold......no problem..... :lol::lol::lol:

Share this post


Link to post
Share on other sites
I hope he resigns and makes clear that this is bad policy

Moral hazard, do that and he loses any chance of a gong from his master.

This is what you get when you have a fake independent BOE, you actually end up with the worst of all worlds - overt political control, overtly polotical economic policy, no control and no responsibility/accountability for policy.

I've been labouring this point for good reason.

Share this post


Link to post
Share on other sites

This from the FT article:

Mr King’s position will be very difficult after this announcement, since he has been so public in criticising similar moves.

"Position will be very difficult" = he's as good as gone.

Share this post


Link to post
Share on other sites
It has previously been reported he disagreed with Darling and Sants over the NR deposit bailout and now this U turn.

He has been bounced into all of this by Brown. I hope he will resign and point the finger at Brown but can't help feeling he has already been set up as the fall guy and won't get the chance.

100% agree. Have no doubt that this is a political move, and that it's Gordon Brown who's pulling the strings.

This move will probably help to stave off disaster for some time, and might get the government through the next general election if they are quick enough to call one. But the government's main aim in all this has been simply this: to find a pretext to remove Mervyn King from the Bank of England, because he has overstretched his "independence".

They are fools to do it. It is incredible that the central bank has been set up to take the fall for a corrupt and incompetent banking sector, and now the Governor is being set up to take the fall for the central bank.

Makes me sick.

Share this post


Link to post
Share on other sites

Proof if ever it was needed that in the minds of the government house prices ARE the economy and every economic decision is taken with house prices in mind. Whilst ever house prices are buoyant the government will not lose its grip on power.

Share this post


Link to post
Share on other sites
........well the FSA are carrying out a full review of UK sub prime started May end Nov 07....they wouldn't get it wrong and they would tell the BofE if any doubts.......and I am sure the BofE will carry out due diligence on all collateral........before they agree to hold......no problem..... :lol::lol::lol:

...some of the collateral will maybe have US sub prime included but I am sure Georgie has given Gordo reassurance....after all the Chinese did not want to play ball any more with these triple "As"......got to help them out....... ;)

Edited by South Lorne

Share this post


Link to post
Share on other sites
Had the Bank taken this step a week ago, the run on Northern Rock would have been avoided as it could have swapped mortgages for cash in a normal and confidential operation, but without the full glare of publicity that greeted it when it went cap in hand to the bank last Thursday seeking money under the Bank’s lender of last resort facilities.

Next time it will be behind closed doors , after that rate cut yesterday i've never felt so angry for a long time .....

AAAAAAAAAARRRRRRRRRRRRRRGGGGGGGGGHHHHHHHHHHHH..............Gordon Brown needs to be erased :ph34r:

Share this post


Link to post
Share on other sites

I have always liked dear old Merv - at times it has seemed quite obvious that he knows what he should do, but he is prevented from doing it. Would be interesting to get him in a corner over a few pints and find out what really happens in these decision making processes.

It looks now that he is going to be the fall guy and he probably knows it - who next? You can bet your bottom dollar it will be somebdoy who will toe the party line to the nth degree.

Rachel Lomax?

F

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...

  • Recently Browsing   0 members

    No registered users viewing this page.

  • 354 The Prime Minister stated that there were three Brexit options available to the UK:

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


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



×
×
  • Create New...

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.