Thursday, July 5, 2007

BBC sponsored Complain-fest about Interest Rates

Interest rates: Your stories

Why not just have Kirtsie Allslopp and sidekick F Spencer on to have a good whinge while you're at it BBC Online editors? What the MPC giveth, the MPC taketh away ...

Posted by paul @ 06:05 AM (430 views)
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25 thoughts on “BBC sponsored Complain-fest about Interest Rates

  • It’s good to see the BBC use an intelligent source to reference.

    Quote:
    “Mr Wills believes that should rates rise substantially, it could spell the end of the UK house price boom.”

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  • Russmeister says:

    Would be nice to hear from some grateful savers too.

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  • George Sore Ass says:

    All crashes are based largely on the stupidity of people piling in without understanding the risks or the fundamentals of how markets work. This guy who supposedly has a good job and four kids but has not allowed for his mortgage to rise from 1200 to 1500 is a chump. Commercial director indeed – clearly one without any idea of financial matters. If he was my employee, I’d sack him now, don’t want a moron like that making financial decisions for my company.

    AngloIrish are currently giving me over 6% on savings, tax free. Roll on the next rise, and the next and the next. The US market is heading south fast, the UK will surely follow. And even if it didn’t, with my nice pile of GBP converted into weak USD combined with the ailing US housing market, I can get a lovely place in Malibu rather than Margate. Good things come to those who wait 🙂

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  • Annoying ignorant wingers!!!

    1st moaning that he can’t service his re-re-re-mortgage debt – duh – dumb move then wasn’t it – should have saved more and not used that credit card.
    2nd – she can’t complain – she’s had a fixed rate and is now coming to the end she always knew would come – your point Miss?
    3rd – well he’s just a prat – he says he doesn’t live a lavish lifestyle – well you perhaps didn’t but now you do – a little forward thinking and research would have told you what you comfort zone would have been if inflation and IRs started to bite.

    Same old VI rant – House Price Inflation and low Interest Rates are fine when you are credit hungry – but Inflation and IRs bad when you are all spent up.

    I really can’t see why they are moaning.

    Funny thing is – will we just get a dual economy – people with overstretched mortages who have used up all thier credit – not wanting IR rises and feel very poor – but a whole bunch of non-home owners with more spare cash – spending away like mad – oh and throw in the Bonuses and City Rich Boys too – crackin’!!!

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  • Annoying ignorant wingers!!!

    1st moaning that he can’t service his re-re-re-mortgage debt – duh – dumb move then wasn’t it – should have saved more and not used that credit card.
    2nd – she can’t complain – she’s had a fixed rate and is now coming to the end she always knew would come – your point Miss?
    3rd – well he’s just a prat – he says he doesn’t live a lavish lifestyle – well you perhaps didn’t but now you do – a little forward thinking and research would have told you what you comfort zone would have been if inflation and IRs started to bite.

    Same old VI rant – House Price Inflation and low Interest Rates are fine when you are credit hungry – but Inflation and IRs bad when you are all spent up.

    I really can’t see why they are moaning.

    Funny thing is – will we just get a dual economy – people with overstretched mortages who have used up all thier credit – not wanting IR rises and feel very poor – but a whole bunch of non-home owners with more spare cash – spending away like mad – oh and throw in the Bonuses and City Rich Boys too – crackin’!!!

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  • george monsoon says:

    Where are all the savers who are loving the extra interest.

    This is completely missguided rubbish. If I ever get cha.nce to air my views on interest rates, I will let them know the truth

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  • Pray what is wrong with Interest Rates returing to their long term norm ?

    Shouldn’t this have been anticipated?

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  • Phoneymcringring says:

    All three have been borrowing too much, simple as that. I bet number three didn’t even think £100k was a lot of money, in todays house prices that is small change. Just shows how detatched from reality these prices are.

    Phoney

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  • Muppets. These type of people showed no sympathy for the priced out.

    The BBC should be ashamed of itself for siding with the VIs and joining the bleeting…. “Plleeease Mr MPC don’t raise IRs, there will be lots of homeless people if you do”.

    [email protected] what about the entire generation of people that will never get a sniff of having a place to call their own???? Where is the balance in the reporting?

    If the MPC do not raise rates today I predict that tomorrow the BBC and other VIs will restart their campaign for the next two weeks to talk the market up and up, only to start to talk it down again once the MPC meeting is again in sight. It is so predictable.

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  • It’s a slam-dunk 0.25% increase today, so what’s the point of this nonsense from the BBC?

    I guess it’s just the BBC pretending to be “the voice of the people”.

    The media is the opium of the sheeple.

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  • As usual people forget that if they borrow they have to pay it back. To my mind it’s a bit like gambling, “if you can’t afford to lose then don’t gamble.”

    Roll on 6%

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  • Is it really necessary to snear and snipe at the financial ignorance of these people? I

    They have big problems and have often made foolish decisions (encouraged by lenders) but not everybody is wise.

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  • Is it really necessary to snear and snipe at the financial ignorance of these people?

    They have big problems and have often made foolish decisions (encouraged by lenders) but not everybody can be wise and enjoying the suffering of others hardly displays noble characteristics.

    I was stunned recently when during a conversation with my mother- in -law it became clear that she had no idea that switching her mortgage to ‘interest only’ to reduce her monthly outgoings, meant that she would never pay off the balance!

    Most people it seems are completely financialy dumb and yet are lent fortunes. Crazy days.

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  • I would like to know what car they drive, what house they live in and where was their last holiday – before they get my sympathy – because if my suspicions are correct its, a 5-series BMW, 6 bed house in Surrey and Disneyland Florida.

    Excuse me while I mop up the blood from my bleeding heart wont you !

    Spook

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  • No one answered my last comment yesterday…

    Who was it who said the marets were pricing in 6.25% ?

    This by the way if I wasn’t dreaming the article and if it happens is a whole 0.75% higher than that anticiated in the earlier part of this year so allowing for error of about 12.75%, they could go up to 6.25% x 12.75% = 7%.

    That is a conservative underestimate however and one that all experts based on events before the fall in bond values and the hedge fund revelations…

    We all know that underestimates can often be about 20%…

    Now 20% on 6.25% equates to the 7.5% most persons have been talking about worst case scenario, it doesn’t bear thinking about does it?…

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  • george monsoon says:

    Because of a comment I made earlier in the year on the BBC website, I have just been approached by the beeb to be interviewed for a programme to be broadcast in October called “the truth about house prices”.

    I am preparing my material now.

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  • George.

    Will you be giving this site a plug ?

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  • george monsoon says:

    Sirgoogle, that goes without saying.

    At this point, I do not know if I will be appearing on TV, or if it is just for research. I would hope that if I impress the reporter enough, I will be asked to appear on the programme.

    I will need to tailor my argument, so that the Sheeple will be able to understand, so no reference to subprime, hedgefunds..etc… Just the basics. Low interest rates, easy money…. Wages have gone up 12% in 8 years, and houses have trebbled in price. Two wages needed to obtain enough of a mortgage to buy a simple terrace, but no chance of a family because both wages needed to fund the mortgage payments… etc..

    I will plug BTLs as an issue, and it is an issue where I live. A lot of the lower end properties have been snapped up by wealthy people from the City, who are renting them out to the Locals. They pay over the odds for the house, pushing up the prices. [email protected]@rds!!

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  • Seenitallbefore says:

    Message to Tony Wallbank (51)

    You are old enough to have seen it all before in the late 1980’s early 1990’s. Ahh I hear you say “But, it’s different this time”. Point is, it ISN’t Geddit?. Basically, don’t have to have unsecured debts that require 2nd mortgages surely you can see the balance getting to 2nd mortgage proportions. Learn to say NO. . Think twice before you have FOUR sons. You throws your dice, you makes your choice. Or where they two sets of twins or Quads? Either way, tighten your belts it’s going to be a long ride.

    Also Mr Wills is quoted as saying…

    “Mr Wills believes that should rates rise substantially, it could spell the end of the UK house price boom. “Higher interest rates could trigger a crash. It would take very little for confidence to go,”

    Errr…ahh that is exactly what is needed Mr Wills unless you have been living on the moon for the last 3 or 4 years…

    WTF some people eh? The wonder the country is up S**T creek without a paddle with this kind of thinking.

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  • George, take a look at Merryns new book. She’s written it for the consumption of women who “like fluffy kittens” and she
    basically states that buying a property at the moment (2006 when she wrote it) is utter madness and financial suicide.

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  • Let us know how it goes George. Good on you!

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  • George – don’t forget the inflation tax, i.e., we’re all actually getting poorer (hence both adults having to go to work to make ends meet, versus my parents’ generation when only my father needed to work).

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  • george monsoon says:

    Thanks guys.

    I know that some of you are far better educated on this subject than myself, so I will be keeping things simple. I do not yet know if I will be required to appear on air. If I do, then as I stated earler, I must make sure that I get the message across to as many people as possible. For this to work, the message must be simple, accurate and harsh. I can’t buy a house because… BTL investment, easy credit making people spend more, low interest rates.. etc.

    Oh and houseprice crash will be mentioned as often as I am allowed…

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  • dohousescrashinthewoods says:

    Rock on, George, that’s fab. You’ll let us know if you’re going to be on the telly?
    I will go round to my parents in law (who still have a TV) to watch.

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  • autopilotengage says:

    Rock on George, right behind you. So the Beeb are capable of getting both sides of the story! I’m sure they’ll find a way to sabotage, perhaps they’ll be 17 sheeple for every HPCer! If you get on air you’ll have to let us know when.

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