Mortgage deals 'should be capped', says Sir John Gieve

[PM-Junkie]

I'm sure there used to be a cap. However this was removed in the early years of the nu-lab balls up...

The cap was called "sense", or "intelligence".

[tim123]

This guy is/was one of the people on the MPC

Which proves what? They were specifically instructed not to take house prices into consideration.

My grandmother, who is not exactly playing with a full deck these days, said it would end in tears because people were borrowing too much money and the banks were too greedy at least 4 years ago - and if she could see it this idiot should have, and more importantly done something about it.

So in your job your boss tells you to do something in a way that you think is wrong.

Do you -

Knuckle down and do as told

or do you shout from the roof tops that he is wrong and risk losing you job?

tim

[PM-Junkie]

Which proves what? They were specifically instructed not to take house prices into consideration.



So in your job your boss tells you to do something in a way that you think is wrong.

Do you -

Knuckle down and do as told

or do you shout from the roof tops that he is wrong and risk losing you job?

tim

What, exactly, do you think the MPC is there for??

I suspect you are taking the mick. I won't rise to the bait, sorry.

[tim123]

What, exactly, do you think the MPC is there for??

I suspect you are taking the mick. I won't rise to the bait, sorry.

You snipped the bit where I told you. They were specifically instructed to ignore house prices in their considerations.

So ISTM that complaining about house prices would have been doing something that they were specifically told not to do, and therefore implying that they thought that instruction wrong.

Whilst it might have been appropriate to say this in private, saying it in public would have been dangerous to them keeping their job.

tim

[PM-Junkie]

You snipped the bit where I told you. They were specifically instructed to ignore house prices in their considerations.

So ISTM that complaining about house prices would have been doing something that they were specifically told not to do, and therefore implying that they thought that instruction wrong.

Whilst it might have been appropriate to say this in private, saying it in public would have been dangerous to them keeping their job.

tim

...which of course was why the MPC mentioned house prices in just about every set of minutes since April 2007, but didn't see fit to point out that house prices would have a direct and dramatic effect on inflation and interest rates, even though anyone with the slightest clue about economics knew that the bubble was going to burst sooner or later.

You haven't the faintest idea what you are talking about. Goodbye.

[Cyberman]

Mortgages are effectively capped now by the fact that all banks are asking for a percentage deposit. What a shame that that has not been the case in recent years.

[SueEllen]

Which proves what? They were specifically instructed not to take house prices into consideration.



So in your job your boss tells you to do something in a way that you think is wrong.

Do you -

Knuckle down and do as told

or do you shout from the roof tops that he is wrong and risk losing you job?

tim

Depends on what it is.

Actually I'm quite serious I personally know people who have refused to do what amounts to fraud in their job and have been pushed out.

Those in the private sector actually have had a lucky escape as the companies soon afterwards has gone to the wall.

[tim123]

....

You haven't the faintest idea what you are talking about. Goodbye.

So taking your ball away wins the arguement does it?

tim

[Doggy Styles]

Why.

Don't you learn by your mistakes in your job and do a better job next year because of it?

I happen to think that what he says now is right, ignoring it becaue he didn't say it five years ago would be throwing the baby out with the bathwater

tim

Of course he is right.

However, he ignored the banks when they stopped carrying out due dilligence. That is one of the deadly sins of banking. He wasn't the only one, but he was still part of the problem.

Whatever his motivation was then, it makes people question what his motivation is now.