What an idiot!!

Dan:_4

iantojones40 wrote: »

I tell you what, come back on here when you're 38 years old, mortgage free, house worth 3x what you paid for it and you're working a grand total of 40 hours a month.

If you can do that I might consider you to be one of lifes winners, until then I'll just consider you to be another indoctrinated, obedient little debt slave worker drone who's got suckered in to buying into the biggest property ponzi scheme the world has ever known and celebrates like they've won the lottery whenever the establishment throw them the most meagre of worthless crumbs

Haha :beer:

spikyone

Graham_Devon wrote: »

The pound surged the two days before the referendum (rising from 1.46 to 1.49 as the experts got things wrong again and it was assumed we would remain. It therefore took a hard tumble.

All the data is out there, so picking reference points as goal posts is silly.

It was 1.32 directly after the brexit vote and then rose again to 1.34 on 29th June, until Carney took action and talked down sterling, where it fell directly to 1.32.

Carney then made another statement on the 5th July which saw the pound fall from 1.32 to 1.29.

This is pretty much the problem. The pro-remain camp have been endlessly talking down the economy since the vote happened (and possibly long before that). Sadly, the pro-remain camp constitutes most of the "establishment" in the UK - the government, the media, the BOE. Carney is now acting based on what he, from his pro-EU stance, expects to happen, rather than looking at what is actually happening. Meanwhile the predictions of an impending crash in the UK economy have come from economists whose track record on such predictions is barely better than any of us taking a guess.
It is absolutely wrong to make economic decisions based on, effectively, six weeks of economic data (in fact it's considerably less, as the rate cut was being talked about a matter of days after the referendum). We have nothing like a clear picture on what will happen to the UK economy in the weeks and years ahead, and cutting interest rates will only serve to further damage consumer confidence. The prophecies made by Carney and chums, and the actions taken based upon those prophecies, are more likely to result in an economic downturn than the referendum vote itself.

If everyone got on with making the best of the current situation, taking advantage of export opportunities from the cheap pound and looking towards the potential for improved global trade deals rather than bleating because the result didn't go their way, the economy would already be in a far better place.

mwpt

spikyone wrote: »

This is pretty much the problem. The pro-remain camp have been endlessly talking down the economy since the vote happened (and possibly long before that). Sadly, the pro-remain camp constitutes most of the "establishment" in the UK - the government, the media, the BOE. Carney is now acting based on what he, from his pro-EU stance, expects to happen, rather than looking at what is actually happening. Meanwhile the predictions of an impending crash in the UK economy have come from economists whose track record on such predictions is barely better than any of us taking a guess.
It is absolutely wrong to make economic decisions based on, effectively, six weeks of economic data (in fact it's considerably less, as the rate cut was being talked about a matter of days after the referendum). We have nothing like a clear picture on what will happen to the UK economy in the weeks and years ahead, and cutting interest rates will only serve to further damage consumer confidence. The prophecies made by Carney and chums, and the actions taken based upon those prophecies, are more likely to result in an economic downturn than the referendum vote itself.

If everyone got on with making the best of the current situation, taking advantage of export opportunities from the cheap pound and looking towards the potential for improved global trade deals rather than bleating because the result didn't go their way, the economy would already be in a far better place.

Yeah. It's always someone else's fault. Don't take responsibility for your own actions.

societys_child

It's always someone else's fault.

. . . . . said the remoaner :rotfl:

Sapphire

If this continues, I can see savers removing their savings from banks and storing them themselves. It's what has happened in Switzerland and Japan because of ultra-low interest rates (I think negative ones, at that). Sales of safes (and burglaries) have increased in those countries as a result, I believe.

I'm sure it will be of great help to the banks if people extract their savings from those wonderful institutions…

HAMISH_MCTAVISH

spikyone wrote: »

Carney is now acting based on what he, from his pro-EU stance, expects to happen, rather than looking at what is actually happening.

The glaring hole in your 'theory' is that, well, those are both the same thing.

Carney said before the referendum that if Brexit won he'd likely have to drop rates and provide additional monetary policy support due to increased headwinds to the economy.

Since the referendum we've seen exactly those headwinds emerge.

Britain's services sector, which accounts for more than 75% of the country's GDP, is tumbling towards a recession, according to the latest data on growth.

It completes a trilogy of dreadful post-Brexit economic figures released this week, following sharp slowdowns in the manufacturing and construction sectors.

http://uk.businessinsider.com/markit-services-pmi-for-the-uk-in-july-2016-8

These figures are not just bad, they're some of the biggest falls since records began, which is absolutely shockingly bad.

Activity in the UK's construction industry fell for the second month in July, according to the Markit/CIPS purchasing managers' index (PMI), with output shrinking at the fastest pace since June 2009.

http://www.bbc.co.uk/news/business-36956418

And it's not just one set of figures either.....

Britain’s labour market went into “freefall” last month according to recruiters, which have reported the sharpest drop in permanent job placements since 2009.

http://www.ft.com/cms/s/0/3a1e24d8-5ae0-11e6-8d05-4eaa66292c32.html#axzz4GSyl4AKp

And...

A poll by market researchers GfK recorded the biggest slide in consumer confidence for more than 26 years in July. The group said people were on average gloomier about their own finances, the broader economy and whether now was a good time to make big purchases .

https://www.theguardian.com/business/2016/jul/29/uk-sees-biggest-fall-in-consumer-confidence-for-26-years-after-brexit-vote

Brexit has triggered a nose dive in the UK economy exactly as was predicted.

No wonder the BOE is adding stimulus.

And no wonder Hammond has been forced to abandon previous government plans for deficit reduction.

And before any of the usual suspects claim this slowdown is the result of Europe slowing as well....

Meanwhile, figures released on Wednesday also show the eurozone economy has been largely untouched by the Brexit decision.

Economically, Britain has cut off its nose to spite its face.

http://uk.businessinsider.com/markit-services-pmi-for-the-uk-in-july-2016-8

warehouse

DividedNation wrote: »

Truth is he has no idea what he is doing, he does not understand the economy at all. I knew his inflation predictions would be wrong, why didn't he?

Yeah, you know more about the economy than the governor of the Bank of England, (with the benefit of hindsight on your side).

Of course you do Rodney.

...and my gold is rising nicely thanks.

chucknorris

iantojones40 wrote: »

and celebrates like they've won the lottery whenever the establishment throw them the most meagre of worthless crumbs

Not exactly a 'lottery win', but I think that you would accept it was far from 'worthless crumbs', so far we've saved over £290k in mortgage interest payment since the base rate was reduced to 0.5%, and of course we are still counting. It might even reach £500k by the time the base rate gets back up to 5.5% (at which point we were making good profits anyway).

westernpromise

warehouse wrote: »

Yeah, you know more about the economy than the governor of the Bank of England, (with the benefit of hindsight on your side).

Of course you do Rodney.

...and my gold is rising nicely thanks.

I love his handle too. We're a "Divided Nation" because we didn't all vote Labour.

64% didn't vote Labour in 2005 but he got the election result he thought he wanted, so we weren't a divided nation then. We're only divided when we agree we don't want a ruinous Labour government.

westernpromise

chucknorris wrote: »

Not exactly a 'lottery win', but I think that you would accept it was far from 'worthless crumbs', so far we've saved over £290k in mortgage interest payment since the base rate was reduced to 0.5%, and of course we are still counting. It might even reach £500k by the time the base rate gets back up to 5.5% (at which point we were making good profits anyway).

Yes, I've saved about £90,000 in mortgage payments just on my BTL and it's gone up by about £450k. Call it half a million quid up since 2009.

I can only envy the wealth of iantojones40 if he thinks half a bar is worthless crumbs. Clearly he is a greedy rich fatcat who is robbin' da yoof and who can afford to pay a LOT more tax so I don't have to!