[Finance] BoE Interest Rise

[dazzer6666]

I paid those interest rates, it was difficult for a couple of years, people lost their homes. But Sussex house prices were 1/7th of where there are today.

First time buyers don’t have it easy now, unless rich parents have paid a huge deposit.

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I had to sell a place in Devon to move to Sussex for work in 1991…….ended up with a mortgage of about 110% due to negative equity after losing so much on the Devon property. Tough few years on one income with a young family and mortgage rates of about 10%

 

[Marshy]

We have been printing money for years, and more in the last 2 than the last 10 combined i would nott mind guessing

this is the deliberate crashing of the world wide economic system to usher in the new..

 

[BLOCK F]

Other than people with savings/no debt who seem rather excited, or the folk bizarrely enjoying the ‘punishment’ on JCL’s born in the 80’s/90’s who’ve bought their first home.

Well, as an old fellow with no debt, but with savings and investments, as one would imagine quite a few 74 year olds are, I am certainly not excited about interest rate rises, and having children who were born in the 80’s and 90’s, only one of whom has been in a position to buy their own house, I am not going to ‘enjoy’ any ‘punishment’ that unfortunate youngsters may have to suffer.
Who are these strange folk? I’m glad I don’t know any of them.

 

[Weststander]

Well, as an old fellow with no debt, but with savings and investments, as one would imagine quite a few 74 year olds are, I am certainly not excited about interest rate rises, and having children who were born in the 80’s and 90’s, only one of whom has been in a position to buy their own house, I am not going to ‘enjoy’ any ‘punishment’ that unfortunate youngsters may have to suffer.
Who are these strange folk? I’m glad I don’t know any of them.

The NSC poster who on a previous thread welcomed these interest rates rises as they'll sort out the folk who in his opinion had over stretched themselves.

In this thread, apparently people should've thought harder about interest rate rises when taking on a home, they only have themselves to blame.

My former boss who welcomed the 2008 Gordon Brown crash, because it would wipe out JCL businessmen who'd made their money under the Clarke/Brown boom.

 

[BLOCK F]

The NSC poster who on a previous thread welcomed these interest rates rises as they'll sort out the folk who in his opinion had over stretched themselves.

In this thread, apparently people should've thought harder about interest rate rises when taking on a home, they only have themselves to blame.

My former boss who welcomed the 2008 Gordon Brown crash, because it would wipe out JCL businessmen who'd made their money under the Clarke/Brown boom.

As the saying goes, it takes all sorts, but I would hope they are outnumbered by those who take a more benign and considered view.

 

[WATFORD zero]

The NSC poster who on a previous thread welcomed these interest rates rises as they'll sort out the folk who in his opinion had over stretched themselves.

In this thread, apparently people should've thought harder about interest rate rises when taking on a home, they only have themselves to blame.

My former boss who welcomed the 2008 Gordon Brown crash, because it would wipe out JCL businessmen who'd made their money under the Clarke/Brown boom.

They named the worldwide credit crisis of 2008 after Gordon Brown ? Or are you referring some automobile incident which coincided

 

[BBassic]

They named the worldwide credit crisis of 2008 after Gordon Brown ?

Nah there was a strange phenomenon one day in 2008 where everybody in the world named Gordon Brown crashed their bikes.

Proper weird.

 

[Weststander]

They named the worldwide credit crisis of 2008 after Gordon Brown ?

"They"? He did. Blaming Brown on:

a) Abandoning the much stated "prudence" of his early years, with a spending boom.
b) Soft touch supervision by the FSA, rather the earlier and later Regulation. Leading to a Wild West in lending.

And guess what, he wasn't even one of your much loved Tories. Instead a Hove Liberal, with a loathing of the Tories and Labour.

 

[WATFORD zero]

"They"? He did. Blaming Brown on:

a) Abandoning the much stated "prudence" of his early years, with a spending boom.
b) Soft touch supervision by the FSA, rather the earlier and later Regulation. Leading to a Wild West in lending.

And guess what, he wasn't even one of your much loved Tories. Instead a Hove Liberal, with a loathing of the Tories and Labour.

I don't remember any other other political parties campaigning for stricter regulation at the time (if anything the exact opposite) whether blue or yellow.

Regardless of his political views, he just sounds like a bit of a ****

And again you are mixing up my views on the current Johnson cabal with my views on the Tory party which, as I have explained before, are very different.

 

[BLOCK F]

Nah there was a strange phenomenon one day in 2008 where everybody in the world named Gordon Brown crashed their bikes.

Proper weird.

Oh, I thought that was ‘ Gordon Bennett.’

 

[drew]

"They"? He did. Blaming Brown on:

a) Abandoning the much stated "prudence" of his early years, with a spending boom.
b) Soft touch supervision by the FSA, rather the earlier and later Regulation. Leading to a Wild West in lending.

And guess what, he wasn't even one of your much loved Tories. Instead a Hove Liberal, with a loathing of the Tories and Labour.

Wasn't the wild west lending in the states though?

 

[Weststander]

Wasn't the wild west lending in the states though?

Yes, across many nations.

In the US they gave mortgages to likely bad debts through Fanny Mae and Freddie Mac, then later derivatives were created and sold as investments which were in effect a bundle of likely bad debts.

Here, Vince Cable dined out for years post Northern Rock that he predicted some of this in 2003, when questioning Gordon Brown in the Commons.

 

[beorhthelm]

Wasn't the wild west lending in the states though?

the lending went everywhere, hence the core problem - no one knew who had what debt or what quality it was. Dutch ABN Amro blew up RBS which had taken it over, the former having alot of exposure to US mortgages through subsidiaries, the later over paying in hubris to become a bigger bank. Other lending on these shores wasnt too clever either, with >100% loans and self cert mortgages.

 

[Paulie Gualtieri]

Wasn't the wild west lending in the states though?

Primarily yes, although I worked for a UK Sub Prime firm who were equally reckless, who Lehman Brothers acquired. I am still listed as a creditor as technically they owe me £38.74 in expenses


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