Kwasi economics....

[stowie]

I saw that interview. Fascinating.

Does he really believe all that?

Nah.

Dunno. He might.

Flagship news programme on the BBC during an economic crisis and the government digs up Redwood to field the questions. No sign of the PM, the chancellor, or indeed anyone else from the cabinet. Maybe they are hiding in Boris' fridge - it must be getting pretty crowded in there.

The interview was also quite illustrative of what I term the "Rees Mogg" delivery. That is a somewhat supercilious attitude with a slow speech delivery as if he was teaching algebra to a small child. I think this is deliberate and learned.

One problem is that the excuses used are so... weird.... that interviewers are probably unprepared to counter. They might cover likely responses, but I doubt they cover excuses like this. The correct interviewer response would be "hang on... the BoE declared the Gilt sale in August and it doesn't start until 9th October. But the markets decided that Friday - the day of the mini-not-a-budget statement - to go batshit crazy over it? Why then? And why does the BoE need to buy Gilts from the market to stabilise and not just revise sale plans, if that is the real reason?". But then that is the benefit of hindsight and Google rather than in real time on a live interview. As much as I think he is a cockwomble, that is why Andrew Neil is feared. He seems to just be able to hold a lot of stuff in his head, and there is a chance he would be able to counter. Not many people have this capability.

According to some reports, the BoE intervened because some big pension funds were getting mighty close to insolvency. I guess they hold a lot of UK gilts and use them as collateral so when they drop by a third things start to look rather dicey.

 

[cookiemonster]

Silver lining and all that, I suffer from all the above (except a dentist as I pay private) and benefit from none but moaning and whinging will get you nowhere.

But sitting back and saying/doing nothing is not helpful either.

 

[newfhouse]

And imagine if the amount you wanted to borrow had fallen too?

OK, let’s imagine. It’s quick and dirty so feel free to use your own assumptions.

Say house prices suddenly fall by 10%. First time buyers thought they would pay £250,000 but now it’s £225,000. Let’s imagine that the seller can still afford to sell at that price so the transaction proceeds. With a 10% deposit saved for the original price the buyer now needs to borrow £200,000 instead of £225,000.

The monthly repayment was about £1067 but is now up to £1290. On top of that there’s the worry that negative equity may bite if rates increase and values continue to fall.

I am all for a planned transition to a sensible housing market but this has happened pretty much overnight. The only ones that gain will be the already cash rich who can pick and choose and don’t need to borrow.

Great work.

 

[Deleted member 49]

Silver lining and all that, I suffer from all the above (except a dentist as I pay private) and benefit from none but moaning and whinging will get you nowhere.

Should we all be such as yourself and live such a charmed life maybe there'd be no reason to moan ?
There again you must moan and whinge like feck about Wolves...

 

[albion]

They got rid of a competent Theresa May for freeloading waster Boris Johnson. No doubt all those rich elderly members who wanted mad Truss will make a killing on the destitution of the masses.

It is actually looking part of the long term plan.

 

[newfhouse]

a competent Theresa May

Relativity distorts reality.

 

[newfhouse]

Oh look, those woke lefties at The Economist have an opinion.

My only quibbles are that Kwarteng has a paddle and there’s too few raw turds floating by.

 

[Salty seadog]

Silver lining and all that, I suffer from all the above (except a dentist as I pay private) and benefit from none but moaning and whinging will get you nowhere.

Happy about that? Or just happy to suck it up for some strange reason?

 

[Deleted member 28]

Happy about that? Or just happy to suck it up for some strange reason?

What can anyone do apart from vote someone else in at the next General?

Don't tell me, go on a protest march (and spend more tax payer's money on policing) or write to my MP (which if he's not a Tory what can he do?) or better still go on the Internet and whine?

 

[Rusty Nails]

Silver lining and all that, I suffer from all the above (except a dentist as I pay private) and benefit from none but moaning and whinging will get you nowhere.

Yet still you constantly post on here moaning and whinging about people moaning and whinging.

Getting you nowhere!

Strange.

 

[Salty seadog]

What can anyone do apart from vote someone else in at the next General?

Don't tell me, go on a protest march (and spend more tax payer's money on policing) or write to my MP (which if he's not a Tory what can he do?) or better still go on the Internet and whine?

All of the above.

 

[Deleted member 28]

I take from your posts that you're not too bothered about the impeding collapse of the UK economy?

What about your job? Your son/daughter's jobs?

Pension fund? Six pension funds would have collapsed without the BOE's intervention yesterday. That'll affect you and your missus.

I would be a lot more concerned.

These guys explain it better. They are experts and we know what many of us feel about experts.


View: http://www.youtube.com/watch?v=OjTOMqQFCEw

I'm looking at retirement in the next few yrs and if a package came my way tomorrow I wouldn't be too bothered as I've got plenty of mates in various trades who can give me a couple of days every week to top my pension up, (which has dropped about 10k recently but not overly worried) Missus retired 3 yrs ago after 35 yrs in a Superannuation scheme with is perfectly safe, Son is a Prison Officer so doubt he'll be short of work and Daughter is TA in a school so would imagine there's always going to be a need for her services, house is paid for so won't be too worried on that score either.

Next?

 

[newfhouse]

What can anyone do apart from vote someone else in at the next General?

Don't tell me, go on a protest march (and spend more tax payer's money on policing) or write to my MP (which if he's not a Tory what can he do?) or better still go on the Internet and whine?

It’s like you think of politics as something that is done to you rather than an activity in which you participate. If that’s how you see it you’re right, nothing can be changed.

 

[Deleted member 28]

Yet still you constantly post on here moaning and whinging about people moaning and whinging.

Getting you nowhere!

Strange.

I'm not trying to 'get anywhere ' are you?

Is asking why people moan, moaning then?

 

[stowie]

View: https://twitter.com/CuriousUkTelly/status/1575232011056582656