I *always* thought that it was an odd move when the government allowed banks to set their own interest rates instead of government.I sort of thought hang on a minute whats all that about then ? even though at the time i knew very little about that sort of thing.It was Labour who did this IIRC.
I just thought it was an odd thing to do and it didnt attract much scepticism at the time .
Economic stability lasted about 10 years.
"There will be NO return to boom and bust economies..." said Gordon Brown in that famous speech in parliament knowing full well it was inevitable.
Politician reverse speak.Thats the only way to get the truth out of them.Reverse what they say.
Thats the golden rule.
BUT as i kept saying and thinking at the time was that you are fucked either way generally speaking .
Low interest rates mean cheap easy lending which has pushed up the price of property artificially making it unaffordable to some or even most in some cases.
Compare this to much stricter lending policy like it always used to be in ye olde dayes when mortgages where much much harder to obtain back in the 70s or [early] 80s.There was relative stability when this was the policy of lending and it was a big deal being unmortgaged then and it still is to a certain extent.
So its like economic policy extremism in a way regarding lending and borrowing.
Extremism never works.
Surely the best way forward is a compromise between the 2 ?
That makes sense to myself anyway.
I found a load of old screwed up newspaper stuffed behind skirtings at work that were from the 70s or early 80s and it had property pages.
4 bed house 80,000 quid and that sort of thing and it seems cheap but it wasnt obviously.I dont understand inflation completely at all.
I dont really remember the recession in the very late 70s or early 80s at all.I was vaguely aware of it on news etc but it mostly passed me by and went over my head and the winter of discontent.Dont recall that either.The next recession after that in the late 80s i didnt notice much either as i wasnt paying any attention to that sort of thing then.
I hope i dont notice this one too much either but i am not quite so optimistic that this latest downturn is going to be a 21 month wait until recovery begins.
So either way the average person is fucked with a capital F.
The system is economic slavery.
The only winners in recession are those with cash.
Fucking stupid load of Cunts are the idiots that we elect to run this planet.
And these fucking Cunts [I actually dislike using this particular term of abuse for obvious reasons but i cant be bothered to be more creative so apologies to any females present if there are any] get away with it EVERY time they Fuck us over collectivly and leave US in the SHIT each FUCKING time !!.
Yet all YOU people just lap it up each time.
So i ask this :WHEN will everyone finally wake up and start paying attention and start acting like responsible adults instead of a load of shallow uneducated children with no interest in anything beyond immediate self gratification and self interest ??
Its like banging your head against the wall .
Its the 11th hour so wake the fuck up .
Its already too late .
What a dead loss and a massive disappointment all you people are.