Saturday, February 21, 2009

More Brown stuff from Brown

Brown wants 'old-fashioned' banks

Wait for it - Brown says 'banks should not dabble in complex international investments', people should 'save longer before buying their first home and not be handed mortgages without a deposit. Brown also wants 'to see the reinvention of the traditional savings and mortgage bank in Britain', which are all things we used to have before his watch.

Posted by enuii @ 10:23 PM (1439 views)
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17 thoughts on “More Brown stuff from Brown

  • The more that I see or here from this man, the more nauseous I become.

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  • He also wants lending to return to 2007 levels.

    He needs to make up his mind. What does he actually want?

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  • @jonb

    I don’t think he knows.

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  • Brown is a mere pawn, like so many others.

    Who is pulling the strings?

    Maybe one day we will find out.

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  • inflation is eating my savings says:

    text refers to a “new banking act” yesterday- along the lines of special powers for the MPC.
    I must have missed that- please could someone set me straight- did something happen??
    It felt like the Dow had a bouncy cushion around 8000 until last week. What has changed?

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  • It’s sad. Brown should be pensioned off and sent packing up North for the rest of his delusional retirement. Aside from his revolting hypocrisy, he is a great national embarrassment. Labour urgently need to get rid of Brown, admit mistakes, call an election and start healing themselves. They’re going to lose the next election anyway but they can start damage limitation for themselves and the country.

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  • I’ve been wanting to write a ranting email to/at Brown since September last year. However since then the number 10 web site has been being re-developed to improve standards. I wonder whether this is the true reason?

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  • Eternal Sceptic says:

    So why cannot he come clean and say the average house price should be 100k?

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  • QG

    Pensioned off.

    All right for some, I wouldn’t mind £100k a year and a holiday for the rest of my life for failing.

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  • “we should do more to encourage the risk takers”

    Mansion House 2004

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  • brown now wants people to save well put the bleeding interest rates back up then IDIOT

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  • Eternal Sceptic says:

    So crash gordo wants a return to how things used to be. It only changed because he encouraged it. I take this to be an admission of his total failure. If he had any integrity he would call an election now.
    If he continues much longer it is likely the masses will force him out.

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  • @ shining wit : Tory, labour – inept, corrupt and in it for themselves. Nationalise, privatise, new paradigms and then the same old toot.

    This is a big bugbear of mine too – Brown was a symptom, not a cause. He followed a well worn path to power – to get elected, and do the peoples will. The Tories are just as clueless at the momement, and just as oppertunistic – mabye even more dangerous.
    And ultimately this has been caused by neo-con lassire-faire, sow should be careful about what we wish for.

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  • More Brown stuff from Brown-great title that tells it like it is, enuii!
    How can anyone take this guy seriously, after saying no more boom and bust then allowing 6 times salary and 125% mortgages? Not to mention stupidly low interest rates and council taxbreaks for second homes etc.

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  • Is it me or is everything I am reading of late contradictory? Of course Gordon Brown is simply reiterating what Sir John Gieve BOE chief said on Friday, that mortgage lending MUST be capped as it is what got us all in this mess, but why does he say on the one hand buyers must save deposits and lending must be linked to income and not at 6 x’s income, whilst also saying lenders must lend to people without deposits, how does that work? I keep doing the figures, if someone earnt £50000 (top 1/5th) or two wage earners on £25000, and they are leant 3 1/2 times their income that is £175000 isn’t it? Even with a hefty deposit you could not buy a small house in Dorset (£235000 – 3 bed semis ) so how does Mr Brown think the mortgage lenders will lend to those without a hefty deposit? So why can’t somoene PLEASE JUST SAY “ACTUALLY HOUSE PRICES ARE GOING TO HAVE TO COME DOWN BECAUSE NOBODY CAN AFFORD THEM”. There I have said it, now lets just hope that we will hear more and more people saying this and as hard as it is, as long as they government and the BOE contd to cap mortgages, which they are going to have to (we borrowed 750 billiion from overseas in 2007 to finance our mortgage market and it broke the banks), then more and more will be able to afford houses as they come back down to the level they would have been if the lenders had not been lending 180% over what they had coming in because house prices had gone up 50% and not in line with incomes. Its awful, loads of people have lost out big time with negative equity etc., but ITS WAKE UP TIME now and hopefully we are going to get all thoughts that the market will ever return to what it was for a few short years , see realistic house prices that are not going to shoot up again because everyone thinks I HAD BETTER BUY NOW BEFORE THEY GO UP…….and life at least re- housing can return to some kind of normality. Houses for living in not VAST PROFITS. How could we have ever thought otherwise?

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  • It’s a silly idea, impractical and very easy to get round unless you make unsecured loans illegal.

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  • How about some old fashioned house prices then Brown, you one eyed Scottish idiot?

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