Vince Cable

olly300

pickles110564 wrote: »

Clueless interest rates need to go up by at least 2%, that way it will be over sooner than later and all us savers will be rewared very well.

He's actually thinking about the larger economy.

There is no point rewarding savers if small businesses who employ something like 13 million people cannot afford to keep people in jobs.

fatpig_2

olly300 wrote: »

Vince Cable former job before being MP - Chief Economist for Shell

George Osborne - degree in Mordern History. No real job experience unless you count data inputting for the NHS and working in Selfridges. (BTW he was born in 1971)

Alistair Darling - previous job before coming an MP a solicitor than an advocate.

If we were choosing on qualifications alone then Vince Cable would be the only one qualified to be chancellor.

Gordon Brown, kenneth Clarke were meant to be great Chancellors of the Exchequers and neither had any Economics qualifications. So it doesn't seem to matter, studying Economics seems to be a waste of time

mewbie_2

pickles110564 wrote: »

Clueless interest rates need to go up by at least 2%, that way it will be over sooner than later and all us savers will be rewared very well.

Are you saying that you have more money in savings than in loans?

Heyman_2

pickles110564 wrote: »

Clueless interest rates need to go up by at least 2%, that way it will be over sooner than later and all us savers will be rewared very well.

It's not going to happen - I've shared your view in previous posts but there's just no way they'd do it, it'd be viewed as completely irresponsible given that the economy has essentially ground to a halt.

neverdespairgirl

lynzpower wrote: »

some MPs are my age! 30s, I dont know how they feel confident enough to be able to do whats expected of them, let alone be able to influence policy with such a narrow experience of the world.

Pitt the Younger was 24 when he became Prime Minister....

lostinrates

lynzpower wrote: »

I agree.

How can you make decisions about theworld with !!!!!! all life experience. Some MPs are my age! 30s, I dont know how they feel confident enough to be able to do whats expected of them, let alone be able to influence policy with such a narrow experience of the world.

Some people twenty years older than I have had a narrower exposure to life.

I feel that there is a place for professional politicians, just not parties made up soley of professional politicians but a mixture of people whose different experiences have lead them to a broad concensus and shared goals.

Walletwatch

I think he's trying to balance political correctness with what he really thinks should happen. There is no doubting the fact that he was one of the first among politicians to call the credit crisis and the extent of damage it could cause. He also has been asking for rate rises for quite some time, or some other form of control. But I guess he also realises that (a) it is too late to control the damage through interest rate rises and (b) rate rises would be especially unwelcome from the voting public (a majority of them) due to their already stretched finances.

The bigger question here is that with the exchequer already having spent so much on nationalising NR and B&B, and having given credit to banks with both hands (including the proposed auctions of 40 billion pounds every Tuesday from next week onwards), should they be giving away what would possibly be their last trick to infuse liquidity, i.e. reduce interest rates? If even a huge reduction, say 50-75 bps in rates does not work, the market will just collapse, knowing that the State has used up all their cards and has no more tricks left to salvage the situation.

epz_2

personally dont think an economic qualification is that necessary, most economics is pretty simple maths and a bit of psychology. I did think it was a bit off that the liberals got an 21 year old elected, I mean seriously its unlikely they would ever have had a proper job in the real world, what kind of experience can they bring to the house.

i find it interesting that the news services go strait to vince for economic comment before the chancellor. I think inflation is inevitable given the vast cheques being written but i know its going to be a problem in a decade.

Chris2685

Won't the pound just die on its !!!! if they cut interest rates? Inflation is already higher than the official figure by my reckoning... If you look at the cost of food/fuel/energy in the past couple of years, it has really gone up a lot. Surely it will go up even more if interest rates are cut?

People may lose jobs, etc, but there isn't much to be done about that. People think they have more money than they really have, and due to that, we are in a bit of a mess. Cutting interest rates will not help the economy at all from where I'm standing, it will just make a few voters a bit happier because of a perceived saving. People should never have been living on so much debt in the first place, and good businesses shouldn't have more debt than they can handle.

I hate to be the doomsayer or whatever, but I think that rewarding all of these people with bad debt is a really bad idea, and will teach people nothing. People need to cut down on this massive spending that is going on, because as a country, the UK has practically nothing of value to support this way of life for much longer! We have to buy pretty much everything from other countries, and if we cut the value of our money, it will just cost us MUCH more, and we will be giving away even more of our national wealth, which we don't even have in the first place.

neverdespairgirl

lynzpower wrote: »

Id suggest most of the people on this board could do a hell of a better job than the current pack of jokers. :cool:

They've got better things to do!