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mervyn king - this is the worst

2

Comments

  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    ILW wrote: »
    Does make you wonder why the BoE etc never saw it coming.

    What Greece defaulting?
  • pqrdef
    pqrdef Posts: 4,552 Forumite
    A._Badger wrote: »
    It's hard to escape the conclusion that they are all bluffing. If economics was a proper science it would be able to make accurate predictions and take steps control situations. It isn't and it can't.
    Law of Inertia applied to European politicians - Every body remains in a state of rest until acted on by an outside force, whereupon it enters a state of total paralysis.
    "It will take, five, 10, 15 years to get back to where we need to be. But it's no longer the individual banks that are in the wrong, it's the banking industry as a whole." - Steven Cooper, head of personal and business banking at Barclays, talking to Martin Lewis
  • 97trophy
    97trophy Posts: 915 Forumite
    As George Soros once said the bigger the bubble the bigger the burst (when the bubble pops).
  • black_taxi_2
    black_taxi_2 Posts: 1,816 Forumite
    Debt-free and Proud! Mortgage-free Glee!
    merv--is trying to save the banks--f0ok the economy
    £48515 interest £181 (2009)debt/mortgage-MFIT/T2/T3
    debt/mortgage free 28/11/14
    vanguard shares index isa £1000
    credit union £400
    emergency fund£500
    #81 save 2018£4200
  • oldvicar
    oldvicar Posts: 1,088 Forumite
    edited 7 October 2011 at 5:31PM
    ILW wrote: »
    Does make you wonder why the BoE etc never saw it coming. Or if they did why they did nothing years ago.

    The BoE probably did see it coming. I heard their whispered warnings. That idiot Brown wouldn't listen.

    The BoE pension Trustees are also very prescient and heard the warnings - they saw 'it' coming, worked out that something like QE would be the inevitable consequece, and moved most of the BoE pension funds out of equities and into index-linked Gilts.
  • oldvicar
    oldvicar Posts: 1,088 Forumite
    black_taxi wrote: »
    merv--is trying to save the banks--f0ok the economy

    He's doing his job - saving the banks and dealing with crunchy credit. The economy has been f0ok'd by our profligate 'leaders'
  • black_taxi_2
    black_taxi_2 Posts: 1,816 Forumite
    Debt-free and Proud! Mortgage-free Glee!
    i thought mervs job was inflation under 2%
    £48515 interest £181 (2009)debt/mortgage-MFIT/T2/T3
    debt/mortgage free 28/11/14
    vanguard shares index isa £1000
    credit union £400
    emergency fund£500
    #81 save 2018£4200
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    black_taxi wrote: »
    i thought mervs job was inflation under 2%

    Least of the worries at the moment,
  • pqrdef
    pqrdef Posts: 4,552 Forumite
    black_taxi wrote: »
    i thought mervs job was inflation under 2%
    Only ever a feeble and misguided attempt to imitate the Germans. If we'd ever meant it, we might as well have joined the euro.
    "It will take, five, 10, 15 years to get back to where we need to be. But it's no longer the individual banks that are in the wrong, it's the banking industry as a whole." - Steven Cooper, head of personal and business banking at Barclays, talking to Martin Lewis
  • oldvicar
    oldvicar Posts: 1,088 Forumite
    black_taxi wrote: »
    i thought mervs job was inflation under 2%

    No, its 2% +/- 1%. :p

    The official forecast for 2 years hence is just under 2% so all is satisfactorily on target :j. :rotfl:

    The trouble is the forecast always is on target, by definition. Otherwise some different policy or action would have to be taken so that the forecast complied.

    I feel sorry for Sir merv because although the forecast is OK, if you look into his eyes you can see the panic and tell that he believes it about as much as I do. But if he wasn't complicit in presenting the situation this way then we'd be well and truly f0ok'd like Greece.
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