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Bank of England finally admit they've ramped up the property market

surfcat
surfcat Posts: 734 Forumite
in House buying, renting & selling
Hi all,

tha BoE have finally admitted that they've shafted you good and proper, by ramping the property market to avoid short term recession.

It's all going to come crashing down I'm afraid.....

http://news.sky.com/skynews/article/0,,30400-1256664,00.html

SC
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Comments

  • BobProperty
    BobProperty Posts: 3,245 Forumite
    1,000 Posts Combo Breaker
    Oh dear, and those nasty M3 figures are whose fault?

    "But we knew that we were having to stimulate consumer spending; we knew we had pushed it up to levels which couldn't possibly be sustained into the medium and long term.

    "But for the time being, if we had not done that the UK economy would have gone into recession just as has the United States.

    "That pushed up house prices, it increased household debt ... my legacy to the MPC if you like has been 'sort that out'."
    A house isn't a home without a cat.
    Those are my principles. If you don't like them, I have others.
    I have writer's block - I can't begin to tell you about it.
    You told me again you preferred handsome men but for me you would make an exception.
    It's a recession when your neighbour loses his job; it's a depression when you lose yours.
  • Generali
    Generali Posts: 36,411 Forumite
    10,000 Posts Combo Breaker
    As per my other post, it is a pretty startling admission that they have not been pursuing price stability despite that being their stated aim.
  • nelly_2
    nelly_2 Posts: 17,863 Forumite
    10,000 Posts Combo Breaker
    lots of familiar news brewing to the surface lately isnt there?


    Anyone remember 1990;)
  • dealornodeal_3
    dealornodeal_3 Posts: 603 Forumite
    As per my Post in the Thread on Interest Rise, we can only blame one Person, and that is Brown! He should take responsibility, as he was the one whom handed the reins(Power) to the BOE!
  • ManAtHome
    ManAtHome Posts: 8,512 Forumite
    Part of the Furniture Combo Breaker
    Brown at fault - never! Didn't he build our miracle economy single-handed? (see previous budget speeches).

    Anyway, the BoE lost their credibility a long time ago - even now we get the "doing nothing as inflation will fall later this year". It's been (even on Cheese and Plasma Index) 30-50% over target for nearly a year which suggests they were more than a little "economical with the economics" a couple of years ago.
  • nelly_2
    nelly_2 Posts: 17,863 Forumite
    10,000 Posts Combo Breaker
    Cheese and plasma <
    :rotfl:

    They have actually stooped to adding the cost of ringtones in the inflation index now !!!!!! what the hell sort of drugs are they on? cos I want some!
  • hearts
    hearts Posts: 1,191 Forumite
    Does this mean the start of a house price crash then ;-)
  • nickj_2
    nickj_2 Posts: 7,052 Forumite
    house prices have only gone up because people have been prepared to take out the huge mortgages to pay for them
  • Nick.._5
    Nick.._5 Posts: 11 Forumite
    nickj wrote: »
    house prices have only gone up because people have been prepared to take out the huge mortgages to pay for them

    Not quite, they've been lulled into false security through artificially low interest rates and lax lending criteria, which are now being proven to be a sham to keep Gordos miracle going, and everyone who's bought a house has been one of his pawns
  • surfcat
    surfcat Posts: 734 Forumite
    budget should be fun tomorrow
This discussion has been closed.
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