Interest rates cut 0.5%

WTF?_2

dannyboycey wrote: »

I'm sick of bailing other idiots out with my hard earned cash. Time to move abroad...

C'mon now - you benefitted from the Icesave compensation didn't you?

I didn't have any money with them, but I don't begrudge the govt using taxpayer money (if necessary) to guarantee failed savings accounts. It's vital to keep the system going.

mrstinchcombe

I think it will have some effect initially on the housing market because of the people with their head in the clouds.

If a property is on for £150k the attitude of the vendor could be "Why should I accept £130k? Interest rates have gone down 0.5% so I will get askng price. In fact I might put the asking price up".

Whereas in reality come early next year the will be accepting £120k!

Conrad

Well the cut has spurred me into offering on repos this morning

mrstinchcombe

Me! wrote:

I think it will have some effect initially on the housing market because of the people with their head in the clouds.

Conrad wrote: »

Well the cut has spurred me into offering on repos this morning

I rest my case!

dannyboycey

!!!!!!? wrote: »

C'mon now - you benefitted from the Icesave compensation didn't you?

I didn't have any money with them, but I don't begrudge the govt using taxpayer money (if necessary) to guarantee failed savings accounts. It's vital to keep the system going.

My problem lies more with the constant 'injecting' of money into the system. All these billions will not help the ordinary man on the street, they will not reduce utility bills or improve the NHS or public services. No, they will end up saving the ar*** of people who deserve to lose money because of the risks they took. I can't walk into a casino and say "I'll put the lot on red..... but if it comes up black, I want my money back" - that's exactly what many of the big players in the market are doing. Except, it's not the casinos money, it's ours! Well, it used to be.

bclark

dannyboycey wrote: »

I'm sick of bailing other idiots out with my hard earned cash. Time to move abroad...

Where are you going to go? Last time I looked there aren't too many place unaffected at the moment.

dannyboycey

Conrad wrote: »

Well the cut has spurred me into offering on repos this morning

Rather you than me.

WTF?_2

Banderman wrote: »

Tragic news.They must want to inflate the house price bubble yet again. Will they ever learn?

This might be a bull trap, if Conrad's post is anything to go by.

But the point is that these are measures designed to avert total financial meltdown, which would hurt everyone. They are trying to stave off the prospect of massive immediate term deflation (due to credit drying up) by bolstering the banks.

The fundamentals are still awful and this will probably have some nasty unintended consequnces but it had to be done.

dannyboycey

bclark wrote: »

Where are you going to go? Last time I looked there aren't too many place unaffected at the moment.

Quite right, but there are many places where they wouldn't allow themselves to be shafted like we are without so much as a squeak of disproval.

Answer me this... is it ok for banks to charge £30 fees for going overdrawn, yet when they effectively do the same, we foot the bill?

steadysaver

Heyman wrote: »

Well it's pretty off-shore now isn't it! And I doubt that the tax they got is going to be quite enough to cover that 4.5 billion you just mentioned.

Well one things for sure, iceland wont be getting any votes of the UK come eurovision time