Oh Dear: Doomed !

[milanbenes]

http://www.telegraph.co.uk/news/main.../nrates117.xml


some quotes from the article...

'Nearly five million home owners are facing dramatic increases in their monthly mortgage bill next year, as "devious" lenders raise their rates despite the Bank of England signalling that it will cut interest rates.'


'Mortgage experts warned that other lenders will follow, as they are forced to recoup the lost profits from the credit crunch which led to the crisis at Northern Rock in September.

Yesterday, the Newcastle-based bank's beleaguered chief executive, Adam Applegarth, finally fell on his sword, tendering his resignation.

His resignation came on a day of further turmoil in the financial markets:

• Goldman Sachs, one of America's most influential investment banks, warned that the credit crunch could trigger "a substantial recession" in the US.'




oops they did it again...


Milan.

[MrMark]

Boom to bust

One suspects the Govt will try and keep the house boom going as long as it can. After-all there's all those nice Stamp Duty revenues coming in. Plus local government can keep charging extortionate council taxes. The trouble is, as the previous Tory lot found out (ERM) you can't buck the market in the long run. I suspect this could be the death blow to Gordo's Prudence myth. Incidentally, there appears to be a lot of dealings and links between Sir Derek Wanless (ex non-exec director of Northern Rock) and Gordo. Worth Googling on. Beginning to look very sleazy.