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JAMIE C | Interest Rates - should they be reduced now? |
Given the current economic climate, should interest rates be reduced now to avert people losing their homes? |
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AMY
|
Screw the banks. I want to buy a house, lol. Lower those puppies!!!
:) |
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Lorne
|
No - the Bank of England has one remit which is to keep inflation under control and it isn't - it is meant to be 2-3% and it is nearly 5%, according to the deeply fiddled inflation measure we use. |
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MUNCHKIN
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What does it matter were all having it bad whatever country your in.
so NO! |
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Voda
 |
No, then everyone with savings loses out. Why is that fair? |
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miss young
 |
interest rates have lowered. and lowering them do help people because people have variable rate mortgages and if they go up people are going to loose their houses, also when they reduce rates housing market will pick up slowly |
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Robbie
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Very difficult one this.
Risk inflation increasing even more but help keep people on their homes and avoid financial catastrophe as Banks will perhaps start to lend to each other again or Curb inflation rising even more but risk the end of Capitalism as we know it as repossesions soar and lenders go broke due to lack of financil liquidity?
The rate of inflation is well over 4.5% and should be around 2.5%.
Therefore the theory is that if interest rates are cut, this leads to people having more money in their pockets and arguably will lead to greater consumer spending. Greater consumer spending means demand outweighs supply and this means that the price of things will inflate making inflation even higher which would be a disaster. Don't forget Christmas shopping time is fast-approaching and will fuel this issue too.
However, in reality I think times are such that if rates were to be cut the extra money households would have would actually be used more sensibly than previous times when rates have been cut. I believe that many householders would either save the money in anticipation of very hard times approaching, or use it towards some of the daily essentials that have also got very expensive like running the family car etc... I don't believe for a minute that it would go on that next holiday or new car like before when rates have been cut as I feel people are now being much more cautious given everything that is happening.
Therefore on balance I think the BOE has to make a rate cut don't they, even if it's only 0.5% to just ease pressure at the moment as it's the lesser of the two evils.
That said I wouldn't bet on it as it's a very close call.
EDIT* Well Interest Rates were cut were'nt they and I was the only answer that said they should and would be so that makes me Best Answer doesn't it?! |
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donyute13
 |
Keeping people from losing their homes is what your hoping to achieve by lowering interest rates?
Keep in mind that many of these people who entered the loan took on a far larger payment than they could afford or support. That means they had negative cash flow from day 1. Naturally, they can only support their payments for so long while their credit lines come to a screeching halt!
If you want to reduce foreclosures, what needs to happen is renegotiation between the lenders and borrowers; reducing not only interest rates, but the principle as well. This applies only to the people who are actually capable of paying w/o the bank taking a huge loss.
Interest rates are still at a relatively all time low. The reason interest rates get lowered is to put money into the economy. The reason money is not as free flowing as it should be is due to fear of lending. Banks are even scared enough not to lend money to another bank!! You believe that?
Anywhoo, the only thing lower interest rates would achieve at this stage is stagflation, not that we're not already experiencing that as it is.
Anyway, the point is you would be hurting the very people your trying to help. They will have to pay more for food, gas, clothes, water, electricity, plane tickets, car ins, house ins, etc. without a pay raise. This list goes on! The result would be people going bankrupt faster! |
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Omgitshim1
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It would only be a short term reprive, which would make any recession longer and deeper. Theoretically, I would expect a small rise in interest rates soon. A politically weak government would reduce rates, and on balance I expect the answer will be no change.
Labour has all but lost the next election, so it might as well be tough now for the long term good. |
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Emma is here!!!!! 11/14/08
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No rates are already low. Lowering interest rates dont help everyone. |
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johndoe3214
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No interest rates should be raised by about 6% to knock out inflation. I could care less about some deadbeat who does not makes his/her house payment. They are the st**** idi*** who got us into this mess in the first place. The US Fed Reserve is composed of a bunch of uneducated pea brains to be lowering interest rates when inflation is so high. |
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RM
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No they shouldn't. If people are going to lose their homes, a reduced interest rate would mean the banks wind up losing out. It's the people's fault for getting an interest only or adjustable rate mortgage- the papers are VERY clear stating that after _ years your payment will increase to the market rate- which is usually a LOT higher.
Odds are rates will be increased before they're decreased. |
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