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" Northern Rock Fiasco Ends Era Cheap And Easy Credit"

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Northern Rock fiasco ends era cheap and easy credit

By Harry "Woh-loop" Wallop Consumer Affairs Correspondent

Last Updated: 3:13am BST 20/09/2007

The era of cheap credit and six times salary mortgages is now 'over' in the wake of the Northern Rock fiasco, financial experts warned last night.
Interest rates could even climb higher, analysts predicted, as the effects of the credit crunch spread through the economy.
The warning came despite hopes that the Bank of England would be forced to cut borrowing rates following the US Federal Reserve's decision to cut its rates for the first time in four years as a result of the sub-prime mortgage troubles.
Peter Spencer, chief advisor to the
Ernst & Young
Item club, the well-respected economics forecasting organisation, said the global credit crisis spelled the end for the era of cheap credit.

Miracle -- terminated. (Cue soundtrack from the Movie "Terminator III).

Hmm, that phrase "cheap and easy credit", seem to have seen that used by a certain person on this website quite a few times. I wonder if the Telegraph have been visitng HPC.co.uk? Mods?

I wonder if we will see "Great Crash 2" mentioned soon? :lol:

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RB, your big moment will come when Stephanie Flanders announces, "... and those poisons are now starting to hatch out." :)

Nah--the mejah know that the phrase belongs to "I Claudius." (BBC play circa 1978???) The Emperor knew the Empire was going to go pear shaped and he added to its delcine by encouraging certain poisons to hatch out after his death. I love the phrase as it fits Gordon's miracle economy so well. It is just taking soooo long for them to all hatch out. They are doing a good job keeping the press subdued and the VIs primed with positive data.

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