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Post by Pacifico on Jun 29, 2023 15:45:53 GMT
I agree with much of this, but I don't see a way out of the mess that doesn't involve the whole UK agreeing to a major downward adjustment in the standard of living.That is already going to happen with all the Net Zero stuff - saving the planet is not cost free. |
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Post by johnofgwent on Jun 29, 2023 18:38:29 GMT
i disagree. The interest rates were historically low because for 20 years after Brown’s failure to wake up and see the iceberg until Lehman Brothers brought attention to it by being crushed by it, the UK has been in a depression. Neither the historic low nor the return of the repo man now are controlled by the bank, they are just reacting using the only tool they have. That was lending in America remember? The bank of England don't control their interest rates nor their sub prime lending. no, that won't wash. The sub prime lending was rife in the UK where far too many institutions that were able to call upon the bank of England as their lender of last resort authorised by Blair and Brown and the Treasury stretched themselves to breaking point. I spent several years in the very banks and saw their operations first hand. |
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Post by zanygame on Jun 29, 2023 18:47:57 GMT
I disagree all seemed well until Bailey took over. Bailey only the got the job in 2020 - it was Carney who implemented the low base rate policy and massive QE since 2009. He inherited the structural problems that Carney created - although I do accept he failed to do anything about them. I'm not sure I agree on quantitive easing. What's your objection to it. I guess they used it to much and bought interest rates down too low, but its better than boom bust. |
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Post by zanygame on Jun 29, 2023 18:50:02 GMT
I agree with much of this, but I don't see a way out of the mess that doesn't involve the whole UK agreeing to a major downward adjustment in the standard of living.That is already going to happen with all the Net Zero stuff - saving the planet is not cost free. Not saving the planet has its downsides as well. |
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Post by zanygame on Jun 29, 2023 18:51:31 GMT
That was lending in America remember? The bank of England don't control their interest rates nor their sub prime lending. no, that won't wash. The sub prime lending was rife in the UK where far too many institutions that were able to call upon the bank of England as their lender of last resort authorised by Blair and Brown and the Treasury stretched themselves to breaking point. I spent several years in the very banks and saw their operations first hand. But Blair banned self assessment mortgages and stopped much of it happening here. |
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Post by johnofgwent on Jun 29, 2023 19:28:46 GMT
no, that won't wash. The sub prime lending was rife in the UK where far too many institutions that were able to call upon the bank of England as their lender of last resort authorised by Blair and Brown and the Treasury stretched themselves to breaking point. I spent several years in the very banks and saw their operations first hand. But Blair banned self assessment mortgages and stopped much of it happening here. no he didn’t. Perhaps i did not make myself entirely clear earlier. Very well. Blair buggered off in June 2007 In the Summer of 2006 i finished my last freelance contract of my main freelance career repairing the damage done to Ladbrokes and Coral’s betting shop terminals by the loons who outsourced the contract to update the system to a bunch of pakistanis who had not the slightest idea what they were doing. With three months to go to the kick off of the world cup i was recruited with two others to fix the betting terminal system those twonks wrecked. I fixed it in six weeks and even when SHOWN the fixes the pakistani twonks had no bloody idea. I took my money and the lifetime ban from betting at a Ladbrokes or Coral bookmakers (in case i exploited what i had done for them) and shook hands and left. No hard feelings and BetVictor are happy to take what money i choose to flutter which is barely £25 a year… But i then rocked up at Firstplus Financial the secured loan arm of Barclays where i helped write and roll out a system designed to filter the 60%LTV 50%DTI employed only applicants for secured loans from Barclays and siphoned them off to our internal Financial Advisors and left the dross to spin down the plughole to be brokered out to at the low end Nemo Personal Finance and at the insane end Swift Niche Brokerage. I personally witnessed the selling of a £250,000 secured loan from Swift that brought the customers total LTV - this was a second secured loan after the first charge mortgage - to 125% of a property valued at £750,000 with a DTI of i think 85% at an APR of 26.9%. And PPI of course. That was in 2008. A year after Blair pissed off. And of course the customer had self declared their income. Things started to shrink quickly after that i admit. 100% LTV became a rarity and then the world fell out of the arse of the market and that was that. |
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Post by sandypine on Jun 29, 2023 19:31:05 GMT
That is already going to happen with all the Net Zero stuff - saving the planet is not cost free. Not saving the planet has its downsides as well. I would agree however who decides what saving the planet entails, where are the policies to be adopted put to the electorate for a vote and which experts should we listen to as polarisation, name calling and mutual denigration is rife. It is almost like a pofo discussion. |
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Post by zanygame on Jun 29, 2023 20:53:17 GMT
Not saving the planet has its downsides as well. I would agree however who decides what saving the planet entails, where are the policies to be adopted put to the electorate for a vote and which experts should we listen to as polarisation, name calling and mutual denigration is rife. It is almost like a pofo discussion. I agree, I'm still waiting to get my vote on who needs brain surgery. |
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Post by Pacifico on Jun 29, 2023 20:56:29 GMT
That is already going to happen with all the Net Zero stuff - saving the planet is not cost free. Not saving the planet has its downsides as well. But for who?. Teresa May (and I suppose you) think it something to celebrate that we became the first G7 nation to set a legally-binding net zero target. And what do we get out of it apart from accelerated decline?. Net Zero is not a race where the winner is saved for all eternity - it is a hit to the living standards of people in this country which may (or may not) be replicated by other countries. |
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Post by zanygame on Jun 29, 2023 21:41:46 GMT
Not saving the planet has its downsides as well. But for who?. Teresa May (and I suppose you) think it something to celebrate that we became the first G7 nation to set a legally-binding net zero target. And what do we get out of it apart from accelerated decline?. Net Zero is not a race where the winner is saved for all eternity - it is a hit to the living standards of people in this country which may (or may not) be replicated by other countries. What's in it for us? Where's our pay out. Its so sad that some people still think like this while we destroy the planet. |
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Post by Pacifico on Jun 29, 2023 21:44:42 GMT
But for who?. Teresa May (and I suppose you) think it something to celebrate that we became the first G7 nation to set a legally-binding net zero target. And what do we get out of it apart from accelerated decline?. Net Zero is not a race where the winner is saved for all eternity - it is a hit to the living standards of people in this country which may (or may not) be replicated by other countries. What's in it for us? Where's our pay out. Its so sad that some people still think like this while we destroy the planet. funnily enough our competitors don't think this way - they are laughing all the way to the bank.. |
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