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The Money Thread - tips, advice and articles 
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Legend
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pcernie wrote:
What? Do something that might see people walk into a branch? Are you mad? ;)

I was thinking more along the lines of better savings rates for walk in customers.

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Sun Sep 26, 2010 8:12 pm
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Legend

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Amnesia10 wrote:
pcernie wrote:
What? Do something that might see people walk into a branch? Are you mad? ;)

I was thinking more along the lines of better savings rates for walk in customers.


You are mad ;)

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Mon Sep 27, 2010 9:28 am
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Legend
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pcernie wrote:
Amnesia10 wrote:
pcernie wrote:
What? Do something that might see people walk into a branch? Are you mad? ;)

I was thinking more along the lines of better savings rates for walk in customers.


You are mad ;)

Quite possibly but I do nit think that better rates for the walk in customers would be a bad thing.

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Mon Sep 27, 2010 3:48 pm
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Bank of England 'should consider fresh cash injection'

The Bank of England should consider pumping more money into the economy to help the recovery, according to a monetary policy committee (MPC) member.

External member Adam Posen advocated resuming the policy of quantitative easing (QE), under which the Bank has already pumped £200bn into the economy.

But one of his fellow MPC members, Andrew Sentance, has said there is no need for such a monetary boost.

Mr Sentance has called for a rate rise in the past four MPC meetings.
'Self-fulfilling prophecy'

In a speech to the Hull and Humber Chamber of Commerce, Mr Posen said that low interest rates and stimulus measures by the Bank would not secure the recovery on their own, but they did have an important role the play.

"Policymakers face a clear and sustained uphill battle, in which monetary easing has an ongoing role to play," he said.

"The risks that I believe we face now are ones of sustained low growth turning into a self-fulfilling prophecy.

"Inaction by central banks could ratify decisions both by businesses to lastingly shrink the economy's productive capacity, and by investors to avoid risk and prefer cash."

Many economists expect growth to slow in the coming months as a result of government spending cuts. The government will detail its cuts, designed to reduce the budget deficit, next month.

Mr Posen argued that sustained high inflation was not a threat, leaving the way open for further injections of cash into the financial system through QE.

"I believe that if we were to loosen monetary policy further, it must primarily take the form of large scale asset purchases," he said.

Changing interest rates, or making commitments to keep them low, would only have a marginal impact, he argued.

Mr Posen admitted that his speech, which BBC economics editor Stephanie Flanders described as "unusually forthright", was likely to trigger considerable debate within the MPC, which voted to keep policy unchanged at its most recent meeting.

Mr Posen's speech comes after the US Federal Reserve indicated in its most recent statement that it was open to the possibility of further stimulus measures for the US economy.
Rate debate

Fellow MPC member Andrew Sentence has consistently highlighted the risk of inflation, and has voted to raise interest rates in the past four MPC meetings.

And in an interview with the Nottingham Post newspaper, Mr Sentance said there was "no need" to restart QE.

"I actually think we should be preparing the ground for gradually increasing interest rates in a measured way to reflect the fact that the economy has improved and the inflation situation is not where we would like it to be," he said.

The latest inflation figures showed the Consumer Prices Index inflation at 3.1% in August, above the government target of 2%.

"Doing more QE would give the wrong impression on the state of the economy. We need to create a perspective of getting back to normality," Mr Sentance said.

http://www.bbc.co.uk/news/business-11428319

Thoughts?

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Tue Sep 28, 2010 5:18 pm
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Legend
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QE is a con. All it does is pump the insolvent banks full of money which they will not lend out anyway. They need to raise interest rates to clamp down on inflation and print the money to give to the government to spend. £200 Billion would mean that services would not even need to be cut.

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Tue Sep 28, 2010 8:49 pm
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Fitch downgrades Irish Republic's credit rating

http://www.bbc.co.uk/news/business-11483696

I have said that it would get worse for Ireland and the ratings agencies have come to the same conclusion. Another couple of years and they will have defaulted. Then lets see what happens to the coalitions policies. :shock:

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Wed Oct 06, 2010 10:57 pm
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Amnesia10 wrote:
QE is a con. All it does is pump the insolvent banks full of money which they will not lend out anyway. They need to raise interest rates to clamp down on inflation and print the money to give to the government to spend. £200 Billion would mean that services would not even need to be cut.

I know Im not an econamist but the suggestion that "to get out of debt and prevent cuts to services because of the debt we generate even more debt" sound ludicrous. At some point it has to be paid back/generated.
For years we have had governments that borrowed to improve services, generated an incredibly wasteful system and avoid at all costs the reality of the situation that at some point the house of cards will get blown down.

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johnwbfc wrote:
I care not which way round it is as long as at some point some sort of semi-naked wrestling is involved.

Amnesia10 wrote:
Yes but the opportunity to legally kill someone with a giant dildo does not happen every day.

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Thu Oct 07, 2010 10:15 am
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Legend
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bobbdobbs wrote:
Amnesia10 wrote:
QE is a con. All it does is pump the insolvent banks full of money which they will not lend out anyway. They need to raise interest rates to clamp down on inflation and print the money to give to the government to spend. £200 Billion would mean that services would not even need to be cut.

I know Im not an econamist but the suggestion that "to get out of debt and prevent cuts to services because of the debt we generate even more debt" sound ludicrous. At some point it has to be paid back/generated.
For years we have had governments that borrowed to improve services, generated an incredibly wasteful system and avoid at all costs the reality of the situation that at some point the house of cards will get blown down.

You need to watch this video, and explains why austerity will not work this time around.

http://demandsideblog.blogspot.com/2010 ... twice.html

It is called the fallacy of composition

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Thu Oct 07, 2010 11:00 am
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Raising interest rates is what needs to be done, but they won't do it because it will spark a property crash due to people being unable to afford their mortgage repayments.

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Thu Oct 07, 2010 11:08 am
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tombolt wrote:
Raising interest rates is what needs to be done, but they won't do it because it will spark a property crash due to people being unable to afford their mortgage repayments.

Agreed. It will help the pensioners and reduce the pensioners credit, which is a good thing. It will drive down house prices which is very good for those wanting to get on the housing ladder. It will also curtail the surge in housing benefit, which has been created by booming house prices. I personally see property in a long term slump lasting for ten or more years. If you are going to lose your home wouldn't you prefer to lose it now, go bankrupt and use the next seven years to rebuild your finances so in ten years time be able to buy a house much cheaper and with a bigger deposit? I doubt that anyone in Ireland is now looking at property as an investment. The US is facing the prospect of another 40% fall in property prices. Effectively returning the market to its long term mean and hitting the banks with even bigger losses. This next quarter will look grim for the big US banks, and I suspect that it will be the final straw that breaks the back of the stock market. If that happens in the US watch out for big falls here on the FTSE.

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Thu Oct 07, 2010 11:22 am
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Property prices drop £6,000 in a month

http://www.telegraph.co.uk/finance/pers ... month.html

Quote:
House prices have suffered their biggest drop on record, with more than £6,000 wiped of the value of the average property last month.

That will be the topic at dinner parties for a while. How much they have lost.

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Thu Oct 07, 2010 11:03 pm
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Amnesia10 wrote:
Property prices drop £6,000 in a month

http://www.telegraph.co.uk/finance/pers ... month.html

Quote:
House prices have suffered their biggest drop on record, with more than £6,000 wiped of the value of the average property last month.

That will be the topic at dinner parties for a while. How much they have lost.


good

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johnwbfc wrote:
I care not which way round it is as long as at some point some sort of semi-naked wrestling is involved.

Amnesia10 wrote:
Yes but the opportunity to legally kill someone with a giant dildo does not happen every day.

Finally joined Flickr


Fri Oct 08, 2010 10:38 am
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A guy in work recently knocked 20k off his house (and that's a further drop) - he still hasn't sold it :lol:

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Fri Oct 08, 2010 5:33 pm
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pcernie wrote:
A guy in work recently knocked 20k off his house (and that's a further drop) - he still hasn't sold it :lol:

At this time I would make an offer about 30% lower than the asking price. They still have a long way to fall.

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Fri Oct 08, 2010 5:40 pm
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House prices heading for a fall, surveyors warn

http://www.bbc.co.uk/news/business-11515818

Quote:
House prices are still under downward pressure as sellers outnumber potential buyers, surveys suggest.

The Royal Institution of Chartered Surveyors (Rics) said 44% of its members had seen prices fall in the past three months.

Only 6% reported that prices had risen, while 50% said they had been stable.

Meanwhile, figures from the Council of Mortgage Lenders showed that the number of home loans approved for house purchases in August had fallen by 8%.

The CML's figures showed that 51,600 mortgages were approved last month. Although this was down 8% on the previous month, it was still slightly higher (up 3%) on the same period the previous year.

'Correction'
The figures from Rics highlight the picture painted by other recent surveys which have indicated that prices have drifted down in recent months, although new data from the government. also released on Tuesday, found prices had risen by 0.7% in August from the month before.

Rics spokesperson Ian Perry said it was "very much" a buyers' market.

"First-time buyers are in particularly short supply as the high deposits required by lenders prevent them from taking their first steps on the property ladder," he said.

"Without sufficient demand, property prices continue to slip back.

I have said this for months even when prices were rising. The housing market was false for the last year.

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Tue Oct 12, 2010 7:41 pm
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