He's a banker Kaz, what more could you expect?
They are basically pissed off that some people have paid off their debt and not now utilising the Banks very expensive facilities (despite record low BoE interest rates). We paid off ALL our debt before the crisis hit and so very glad we are too. We have now cut our cloth according to what we have available and I'm buggered if I'm going to listen to a money salesman telling me how to live my life now!
As my dear 'ol Gran used to say, if ya can't afford it, ya can't have it!
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Spend our way out of the gloom
Quote by Kaznkev
He's a banker Kaz, what more could you expect?
They are basically pissed off that some people have paid off their debt and not now utilising the Banks very expensive facilities (despite record low BoE interest rates). We paid off ALL our debt before the crisis hit and so very glad we are too. We have now cut our cloth according to what we have available and I'm buggered if I'm going to listen to a money salesman telling me how to live my life now!
As my dear 'ol Gran used to say, if ya can't afford it, ya can't have it!
We too refuse to have debt,but he is on the board of the Bank of England,and therefore responsible for policy,supposedly,not just lining the pockets of his mates.
pmsl
Money Sales Manager then...
Quote by Kaznkev
And i thought i was cynical!
i suppose i just vainly hoped that the general rather than the specigic good would be a motivating i still dont see how people afraid of unemployment can be encouraged to spend?
I agree Kaz.. why should they spend their way into debt they cannot hope to service. The only people to benefit are the bankers, as flower says.
Quote by flower411
i found this a very interesting think for a banker to say.
For those who dont do links a brief quote
""What we're trying to do by our policy is encourage more spending," Bean told Channel 4 News. "Ideally we'd like to see that in the form of more business spending, but part of the mechanism that might encourage that is having more household spending; so in the short term we want to see households not saving more but spending more."
To me this is madness,for two with unemployment rising people are nervous,saving is a perfectly rational thing to do.
Secondly this unemployment is a government policy,if this guy wants people to feel confident about spending,then surely he needs to speak about the cuts first.
More spending is beneficial for the banks and therefore the bankers.
Constant economic growth is beneficial for the banks and therefore the bankers.
Large amounts of cash being hoarded or even put in banks accounts for a rainy day are detrimental to the banks and therefore the bankers.
The unfortunate thing for the bankers is that the population in general has learnt a valuable lesson and it`s possible that banking may have to return to being a service rather than a bonus generating machine for the super rich........don`t hold ya breath tho
is your point maybe undermined a bit by the fact the person quoted is a central bank official, not a retail banker?
Sex God
This is happening to some extent already, but surely its not a good thing, I thought we were encouraged to save, not spend?
My job involves servicing touring caravans, many of my customers have purchased new caravans during this current financial crisis.
Many have said to me, they were getting so little interest on there savings/money they thought, they might just as well spend some of it!
But, if lots of people spend all there savings, then the government will have to support them all when they are pensioners
My job involves servicing touring caravans, many of my customers have purchased new caravans during this current financial crisis.
Many have said to me, they were getting so little interest on there savings/money they thought, they might just as well spend some of it!
But, if lots of people spend all there savings, then the government will have to support them all when they are pensioners
Quote by Bluefish2009
This is happening to some extent already, but surely its not a good thing, I thought we were encouraged to save, not spend?
My job involves servicing touring caravans, many of my customers have purchased new caravans during this current financial crisis.
Many have said to me, they were getting so little interest on there savings/money they thought, they might just as well spend some of it!
But, if lots of people spend all there savings, then the government will have to support them all when they are pensioners
Makes sound sense... if their home gets repossessed, they can up sticks and tour the EU like the Roma do...
