The Bankers Whore Asks For Public Sacrifice
In a moment of candor Bank of England Governor Mervyn King :
"The squeeze on real take-home pay from higher fuel bills will arguably be an even more significant restraint on consumer spending this year than the credit crunch.
That will also further deflate the housing market.
The squeeze on real-income growth is likely to mean that both house prices and consumer spending weaken together.
The era of cheap mortgage finance that underpinned the housing market in 2006 and the first half of 2007 is over and,
as a result, it is reasonable to expect the ratio of house prices to incomes to fall back."
King also said that British living standards will slip and economic growth needs to weaken as policy makers refuse to flinch in their fight against accelerating inflation.
"It will not be an easy time, and I know that some families will find it particularly difficult.
These changes to our spending power and to the housing market are real shifts that, although not easy to accept, we cannot side-step."
The Nattering One muses... ah yes, we do agree with Mr. King in that housing prices must fall back to match income.
Translating the latter part of Mr. King's statement into the King's English...(no pun intended)
The Central Banks banking and stock broker friends have made their money, now its time for the people to sacrifice their future for these douche bags.
In American English, we got ours, ha ha, toodle loo and fuck you.
We wonder how many statements of this nature will be forthcoming from our prostitute politboro spokespersons and our bankers whore, the Fed?
"The squeeze on real take-home pay from higher fuel bills will arguably be an even more significant restraint on consumer spending this year than the credit crunch.
That will also further deflate the housing market.
The squeeze on real-income growth is likely to mean that both house prices and consumer spending weaken together.
The era of cheap mortgage finance that underpinned the housing market in 2006 and the first half of 2007 is over and,
as a result, it is reasonable to expect the ratio of house prices to incomes to fall back."
King also said that British living standards will slip and economic growth needs to weaken as policy makers refuse to flinch in their fight against accelerating inflation.
"It will not be an easy time, and I know that some families will find it particularly difficult.
These changes to our spending power and to the housing market are real shifts that, although not easy to accept, we cannot side-step."
The Nattering One muses... ah yes, we do agree with Mr. King in that housing prices must fall back to match income.
Translating the latter part of Mr. King's statement into the King's English...(no pun intended)
The Central Banks banking and stock broker friends have made their money, now its time for the people to sacrifice their future for these douche bags.
In American English, we got ours, ha ha, toodle loo and fuck you.
We wonder how many statements of this nature will be forthcoming from our prostitute politboro spokespersons and our bankers whore, the Fed?
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