RED ALERT: FSA & BOE fiddle while Rome burns.

[noomill060]

Agreed.

 

Bank charges are hoovering up any spare cash that many peeps may have.

 

If its swallowed up by the banks at source they cant use it to buy stuff with, so the whole economy suffers while millions are scammed into debt becoming no more than indentured slaves if they cant earn money fast enough to keep up.

 

(I suspect this is what a certain part the establishment actually want)

[rory32]

5 threads merged.

[alecmac18]

Thanks.....good work on the merge.......it works well.

[alecmac18]

Looks like the meltdown has started.....

[the main man]

So what's going to happen when the American market opens?

0.75 rate cut, will that stem the slide?

[alecmac18]

Total corporate and personal insolvency looms.

 

 

Will at .75 basis cut stem the slide?

 

Unlikely......the stock market may get a quick bounce........but basically its resting on a cushion of air now.........the dollar is being trashed........at the end of the month the BOE will slash UK int rates by .5%......that wont help because mortgage providers wont even pass them on (or if they do its because they all raised them today in expectation of a cut at the end of the month) smoke and mirrors.

 

The UK economy is going down the toilet - fast.

 

However - there is one upside.........as interest rates fail to work....the authorities will look at other ways to stimulate the economy.........and they might just think about refunding bank charges.

 

 

 

-

[noomill060]

".........and they might just think about refunding bank charges"

 

now, theres a thought...

[noomill060]

Yes, the economy is going down the toilet, but the boom of the last 15 years has been artifical, fueled by credit, the invention of the Interweb and the good old British delusion that their old bricks and mortar was actually worth more than they paid for it.

 

Many peeps under 35 will have known nothing but this era of fake prosperity

 

The party had to end sometime. Heres what Spitting Image had to say the last time the party ended:

 

YouTube - Spitting Image - Madness sing Our House spoof

 

Still, maybe satire will make a comeback.

[noomill060]

...just as long as Thatcher doesnt.