Do you want to discuss boring politics? (33 Viewers)

CCFCSteve · Nov 3, 2022

clint van damme said:
2 year recession incoming.........

Im a little bit sceptical about that. There’s a lot of variables. I’m still kind of hoping that the war ends and that has a positive impact on energy prices/wider economy. my worry though is whether it’s too late and now we’ve all cut off Putin/Russias oil and gas, prices just can’t be brought back down very quickly

The government need to be focussing on boosting productivity and investment. Simple stuff like a better deal with EU (follow certain standards) and tweaking immigration rules to fill some skills gaps should also be easy wins but ideology will probably get in the way. Finding a way to get people who want to work more but can’t due to child care etc is also something that shouldn’t cost a lot (net) but would help

New mini budget is massive for the Tories. Fuck that and there’s no way back at next GE

wingy · Nov 3, 2022

He's not the most inspiring of BOE leaders is he?

Rusty Trombone · Nov 3, 2022

Interest rates have been too low though haven't they? There must be a fair few people that are mainly savers and would like to rely on those savings generating a decent income. I'm not claiming to be an expert in economics but wouldn't it be a good thing if the base rate stayed at around 3%? What rate would be viewed as affordable for borrowers whilst still giving decent interest to those who have managed to build up some savings?

clint van damme · Nov 3, 2022

Rusty Trombone said:
Interest rates have been too low though haven't they? There must be a fair few people that are mainly savers and would like to rely on those savings generating a decent income. I'm not claiming to be an expert in economics but wouldn't it be a good thing if the base rate stayed at around 3%? What rate would be viewed as affordable for borrowers whilst still giving decent interest to those who have managed to build up some savings?

Due to inflation savings are still losing value while mortgage are, or are going to, rise sharply, not great news for anyone really.

JAM See · Nov 3, 2022

wingy said:
He's not the most inspiring of BOE leaders is he?

I don't want inspiring, I don't want charismatic, I don't want characters, I don't want populists.

Can we just have some competence please? In the BoE and parliament.

Is that too much to ask?

Deleted member 5849 · Nov 3, 2022

CCFCSteve said:
New mini budget is massive for the Tories. Fuck that and there’s no way back at next GE

I may regret asking, and it's not just aimed at you but, you've given me an 'in'...

Is there *anything* that can persuade you and other potential Tory sympathisers to vote for them at the next election, after the past three years? I don't even mean voting Labour either (there are other options!) but just what it would take to vote Tory next time out?

wingy · Nov 3, 2022

[QUOTE

clint van damme said:
Due to inflation savings are still losing value while mortgage are, or are going to, rise sharply, not great news for anyone really.

Well it's all and was the last time down to assetization of the property market and will again.

Rusty Trombone · Nov 3, 2022

clint van damme said:
Due to inflation savings are still losing value while mortgage are, or are going to, rise sharply, not great news for anyone really.

Only losing value if you spend at the inflated prices, I don't spend a lot so the extra interest I'll be getting is more than than the inflation on my costs. I don't see that everyone is losing out with this, and 3% is still low really.

clint van damme · Nov 3, 2022

Rusty Trombone said:
Only losing value if you spend at the inflated prices, I don't spend a lot so the extra interest I'll be getting is more than than the inflation on my costs. I don't see that everyone is losing out with this, and 3% is still low really.

I don't think that's right, prices aren't going to drop on anything any time soon so whether you spend your savings or not their buying is diminished.

And 3 percent may not seem that high but its going to spell hardship for a lot of people.

wingy · Nov 3, 2022

Rusty Trombone said:
Only losing value if you spend at the inflated prices, I don't spend a lot so the extra interest I'll be getting is more than than the inflation on my costs. I don't see that everyone is losing out with this, and 3% is still low really.

Not if savings are your only form of income.

Rusty Trombone · Nov 3, 2022

clint van damme said:
I don't think that's right, prices aren't going to drop on anything any time soon so whether you spend your savings or not their buying is diminished.

And 3 percent may not seem that high but its going to spell hardship for a lot of people.

The only thing of any great value that I'd be buying would be a nicer house, and there's all sorts of figures coming out today about how much they will drop in value, so for me, and I know I'm not representing the majority here, that would be good as well. House prices are too high aren't they, isn't that universally accepted, at some point they were always going to have to come down.

I'm not suggesting high inflation is good, I just don't see that a base rate of 3% is a bad thing, and isn't the idea that increasing it will bring down inflation anyway? What is the alternative?

David O'Day · Nov 3, 2022

That new leader bounce that Rishi was meant to give the Tories?

Yeah it's gone

clint van damme · Nov 3, 2022

Rusty Trombone said:
The only thing of any great value that I'd be buying would be a nicer house, and there's all sorts of figures coming out today about how much they will drop in value, so for me, and I know I'm not representing the majority here, that would be good as well. House prices are too high aren't they, isn't that universally accepted, at some point they were always going to have to come down.

I'm not suggesting high inflation is good, I just don't see that a base rate of 3% is a bad thing, and isn't the idea that increasing it will bring down inflation anyway? What is the alternative?

I agree about the housing market and prices being too high. But I don't think it's a given that they'll drop significantly enough to make a difference to young people trying to get on the housing ladder.

fernandopartridge · Nov 3, 2022

CCFCSteve said:
Got to happen unfortunately. The Fed raised theirs again by 0.75 yesterday and then came out and said that they expect the terminal rate (when they finally stop raising) to be higher than anticipated as their core inflation hasn’t started coming down as hoped

Basically Americas fiscal policy* of chucking money at everyone and everything causing massive demand led inflation has fucked things for a lot of countries…especially the EU and ourselves that have also got the wars energy inflation to deal with…and then Trussenomics (although impact of that’s pretty much unwound now). International shitshow !

*in conjunction with post covid supply/demand issues

Still peddling this nonsense about money printing causing demand

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fernandopartridge · Nov 3, 2022

Skybluefaz said:
BBC News - Bank of England expects UK to fall into longest ever recession

Bank of England expects UK to fall into longest ever recession

The Bank of England raises interest rates to 3%, marking the biggest rise for 33 years.

www.bbc.co.uk

This is the plan they are actively pursuing

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CCFCSteve · Nov 3, 2022

Rusty Trombone said:
Interest rates have been too low though haven't they? There must be a fair few people that are mainly savers and would like to rely on those savings generating a decent income. I'm not claiming to be an expert in economics but wouldn't it be a good thing if the base rate stayed at around 3%? What rate would be viewed as affordable for borrowers whilst still giving decent interest to those who have managed to build up some savings?

Way too low for too long.

Deleted member 5849 said:
I may regret asking, and it's not just aimed at you but, you've given me an 'in'...

Is there *anything* that can persuade you and other potential Tory sympathisers to vote for them at the next election, after the past three years? I don't even mean voting Labour either (there are other options!) but just what it would take to vote Tory next time out?

Haha, ‘Tory sympathiser’…its softening ! Think i used to be seen as their head of comms You mean floating voters ?! Extremely unlikely. I’ve still got a major concern that the nutters on the right are running the show…or at least heavily influencing

Sensible, deliverable policies that benefit the country as a whole and a decent cabinet is all I ask for. I’m a simple man

I still have some misgivings about Starmer but he comes across as credible and competent which is certainly better than the previous two PMs. Early days for Sunak, will know more after mini budget but he’s let himself down badly in my eyes by reappointing Bravermann

CCFCSteve · Nov 3, 2022

fernandopartridge said:
Still peddling this nonsense about money printing causing demand

Sent from my SM-G935F using Tapatalk

we’ll never agree on this Fernando but just look at the US and their stock markets and house prices since the start of covid. Printing vast amounts of money (and maintaining minimal interest rates) boosts asset values and predominantly benefits the richest in society and there is no way all their inflation is just post covid supply issues

ps QE stops, interest rate rises, surprisingly stock markets and asset values start to dip

David O'Day · Nov 3, 2022

CCFCSteve said:
we’ll never agree on this Fernando but just look at the US and their stock markets and house prices since the start of covid. Printing vast amounts of money (and maintaining minimal interest rates) boosts asset values and predominantly benefits the richest in society and there is no way all their inflation is just post covid supply issues

ps QE stops, interest rate rises, surprisingly stock markets and asset values start to dip

Grocery inflation in the UK is just over 14%, QE is not causing this. It's goods shortages, supply chain bottlenecks and increased production costs that are causing this.

Demand is driven by the lower percentiles who actually spend their money, the repeated failures of trickle down economics shows that the rich having more assets doesn't stimulate anything.

CCFCSteve · Nov 3, 2022

David O'Day said:
Grocery inflation in the UK is just over 14%, QE is not causing this. It's goods shortages, supply chain bottlenecks and increased production costs that are causing this.

Demand is driven by the lower percentiles who actually spend their money, the repeated failures of trickle down economics shows that the rich having more assets doesn't stimulate anything.

I was talking about US and their fiscal policy. Most of our current inflation is linked back to the war although some, especially initially, was caused by covid assistance to people who didn’t need it, others having spare cash post covid (due to not spending much during pandemic) and supply issues…oh, and some profiteering

Fernando brought up about QE and demand. I was saying in earlier posts QE in conjunction with Americas loose fiscal policy has fuelled their inflation through increased demand.

Ps I’ve been saying for weeks/months I see our inflation and Americas inflation as very different

Brighton Sky Blue · Nov 3, 2022

CCFCSteve said:
we’ll never agree on this Fernando but just look at the US and their stock markets and house prices since the start of covid. Printing vast amounts of money (and maintaining minimal interest rates) boosts asset values and predominantly benefits the richest in society and there is no way all their inflation is just post covid supply issues

ps QE stops, interest rate rises, surprisingly stock markets and asset values start to dip

It's almost like progressive economics is the way to handle this but we are stuck with a PM who wants to do the opposite. So he finds himself tied up in knots trying to find a small c conservative solution that doesn't exist.

Skybluefaz · Nov 3, 2022

fernandopartridge said:
This is the plan they are actively pursuing

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Why though?

shmmeee · Nov 3, 2022

Rusty Trombone said:
Interest rates have been too low though haven't they? There must be a fair few people that are mainly savers and would like to rely on those savings generating a decent income. I'm not claiming to be an expert in economics but wouldn't it be a good thing if the base rate stayed at around 3%? What rate would be viewed as affordable for borrowers whilst still giving decent interest to those who have managed to build up some savings?

Really don’t see why savings should be prioritised economically. Investments sure, that’s money being productive in the economy, but just hoarding? No that’s the point of inflation: use it or lose it. Money that isn’t flowing is worthless to the economy, particularly in a modern economy where we have social safety nets.

Brighton Sky Blue · Nov 3, 2022

What a bizarre setup. It's almost like each person walks up to pray to Farage

Rusty Trombone · Nov 3, 2022

shmmeee said:
Really don’t see why savings should be prioritised economically. Investments sure, that’s money being productive in the economy, but just hoarding? No that’s the point of inflation: use it or lose it. Money that isn’t flowing is worthless to the economy, particularly in a modern economy where we have social safety nets.

Aren't the banks using the savings to lend to other people who can be productive in the economy? I'm not hiding it under the bed. Savings haven't been prioritised recently, and they aren't being prioritised now, it's just that they have finally started to increase above 1%.

PVA · Nov 3, 2022

Brighton Sky Blue said:
What a bizarre setup. It's almost like each person walks up to pray to Farage

What a wonderfully diverse audience.

Brighton Sky Blue · Nov 3, 2022

PVA said:
What a wonderfully diverse audience.

It gets worse. 'I have to get away from the London wokeries'

JAM See · Nov 3, 2022

shmmeee said:
Really don’t see why savings should be prioritised economically. Investments sure, that’s money being productive in the economy, but just hoarding? No that’s the point of inflation: use it or lose it. Money that isn’t flowing is worthless to the economy, particularly in a modern economy where we have social safety nets.

But I have a little savings, I'm going to hang onto my meagre savings just in case I need them to pay my fuel bills in 6 months.

Inflation isn't going make me buy a new tele now, rather than next year, in case the price will have gone up. I'll just stick with my current tele.

I'm NOT putting my savings into the economy with the current situation.

EDIT: Just reread this and noticed the last six words. Apologies, didn't notice the satire.

Sky_Blue_Dreamer · Nov 3, 2022

shmmeee said:
Really don’t see why savings should be prioritised economically. Investments sure, that’s money being productive in the economy, but just hoarding? No that’s the point of inflation: use it or lose it. Money that isn’t flowing is worthless to the economy, particularly in a modern economy where we have social safety nets.

Which is fine, except for the fact we seem hellbent on helping the rich, who have the ability to hoard, rather than the poor, who don't.

shmmeee · Nov 3, 2022

JAM See said:
But I have a little savings, I'm going to hang onto my meagre savings just in case I need them to pay my fuel bills in 6 months.

Inflation isn't going make me buy a new tele now, rather than next year, in case the price will have gone up. I'll just stick with my current tele.

I'm NOT putting my savings into the economy with the current situation.

EDIT: Just reread this and noticed the last six words. Apologies, didn't notice the satire.

Yeah sure. You should have six months living costs or whatever, but to the point where you’re making money off them? Nah.

JAM See · Nov 3, 2022

shmmeee said:
Really don’t see why savings should be prioritised economically. Investments sure, that’s money being productive in the economy, but just hoarding? No that’s the point of inflation: use it or lose it. Money that isn’t flowing is worthless to the economy, particularly in a modern economy where we have social safety nets.

Over 330,000 excess deaths in Great Britain linked to austerity, finds study

Research comes as government signals fresh round of public spending cuts

www.theguardian.com

Nuff said.

SkyBlueCharlie9 · Nov 3, 2022

Brighton Sky Blue said:
What a bizarre setup. It's almost like each person walks up to pray to Farage

Bunch of UKIP fruitcakes. GB News goes from strength to strength.

Terry Gibson's perm · Nov 4, 2022

PVA said:

I assume that his her ministerial car which has been driven down to meet her what a waste of resources.

JAM See · Nov 4, 2022

I see that they're already laying the foundations for the return of the ~~messiah~~ very naughty boy.

Boris Johnson had enough backers to challenge Rishi Sunak, says 1922 chair

Sir Graham Brady says ex-PM hit threshold of nominations to secure place on final ballot in Tory leadership race

www.theguardian.com

shmmeee · Nov 4, 2022

shmmeee · Nov 4, 2022

JAM See said:
I see that they're already laying the foundations for the return of the ~~messiah~~ very naughty boy.

Boris Johnson had enough backers to challenge Rishi Sunak, says 1922 chair

Sir Graham Brady says ex-PM hit threshold of nominations to secure place on final ballot in Tory leadership race

www.theguardian.com

Wait. Did he drop out … for the good of the party??

Do you want to discuss boring politics? (33 Viewers)

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