news & politics:discussion

[pink_triangle]

My old constituency (Wrexham) MP is one of these that has joined this barmy new grouping. Stop people earning less than 38k coming in, what possible impact to health and social care may that have!

[steviewevie]

 

[steviewevie]

 

[steviewevie]

 

[mattiloy]

36 minutes ago, steviewevie said:

 

Whats interesting? More people have had fixed mortgage rates than had fixed savings rates.. mystery solved.

Or yeah, hooray for the banks if this twerp wants to spin it that way.

[mattiloy]

17 hours ago, Neil said:

starmer has taken his lead from no criticism-jezz.

 

17 hours ago, Neil said:

it makes me laugh when the Corbynites complain about starmers methods.

it shows a huge lack of self-awareness.

Go on then, please give us some examples of Corbyn’s tyranny.

[Neil]

3 minutes ago, mattiloy said:

 

Go on then, please give us some examples of Corbyn’s tyranny.

he loved to undermine his shadow ministers -  some wrote public letters outlining what had gone on.

[mattiloy]

5 hours ago, pink_triangle said:

My old constituency (Wrexham) MP is one of these that has joined this barmy new grouping. Stop people earning less than 38k coming in, what possible impact to health and social care may that have!

In a free market economy then the capitalists would have to pay more to attract domestic Labour at the risk of falling behind the pack and losing business.

In a state run economy, they’d already be paid more and the Labour supply gap wouldnt exist.

The UKs horrible outsourcing system for public services means that the govt doles out long term contracts to rent seeking capitalists and hands them a local monopoly for the supply of the service- the service user has no choice but to use them, the service provider doesnt care about quality and simply tolerates the Labour shortage knowing that it will still receive the same revenue from the taxpayer.

The worst of all worlds and no sign of it changing under labour or the tories.

[steviewevie]

16 minutes ago, mattiloy said:

Whats interesting? More people have had fixed mortgage rates than had fixed savings rates.. mystery solved.

Or yeah, hooray for the banks if this twerp wants to spin it that way.

Interesting that interest rates are having opposite affect than meant to be having...so far...

[mattiloy]

3 minutes ago, Neil said:

he loved to undermine his shadow ministers -  some wrote public letters outlining what had gone on.

Haha. So starmer removing the whip from a slew of MPs, kicking out anybody who even breathed the word israel (chickens coming home to f**king well roost now eh?) and blocking anybody who ever liked a tweet by a green party politician from standing is equivalent to some right wing shadow minister (who corbyn invited back into the shad cab after they mutinied) slagging off the leaders office to the press. Who was undermining who? 

You should fix up a windmill to the top of your house, the amount of hot air you generate could solve the climate crisis!

[steviewevie]

Just now, mattiloy said:

Haha. So starmer removing the whip from a slew of MPs, kicking out anybody who even breathed the word israel (chickens coming home to f**king well roost now eh?) and blocking anybody who ever liked a tweet by a green party politician from standing is equivalent to some right wing shadow minister (who corbyn invited back into the shad cab after they mutinied) slagging off the leaders office to the press. Who was undermining who? 

You should fix up a windmill to the top of your house, the amount of hot air you generate could solve the climate crisis!

you reached your twitter limit?

[mattiloy]

2 minutes ago, steviewevie said:

Interesting that interest rates are having opposite affect than meant to be having...so far...

Nope. That is to assume a flat rate of consumption across saving segments. Which is the kind of assumption only a thick idiot would make. Consumption is logarithmic as a function of income, saving is exponential as a function of income.

The extra saving income is concentrated in the hands of those who wouldnt spend it anyway. The effect is still going to be deflationary.

[mattiloy]

Just discovering that the economics editor for the flagship political news show in the uk is a historian. And evidently completely economically illiterate. Thats the UK for ya

[steviewevie]

20 minutes ago, mattiloy said:

Nope. That is to assume a flat rate of consumption across saving segments. Which is the kind of assumption only a thick idiot would make. Consumption is logarithmic as a function of income, saving is exponential as a function of income.

The extra saving income is concentrated in the hands of those who wouldnt spend it anyway. The effect is still going to be deflationary.

Yeah but more have fixed rate mortgages than fixed rate savings...

[steviewevie]

41 minutes ago, mattiloy said:

In a free market economy then the capitalists would have to pay more to attract domestic Labour at the risk of falling behind the pack and losing business.

In a state run economy, they’d already be paid more and the Labour supply gap wouldnt exist.

The UKs horrible outsourcing system for public services means that the govt doles out long term contracts to rent seeking capitalists and hands them a local monopoly for the supply of the service- the service user has no choice but to use them, the service provider doesnt care about quality and simply tolerates the Labour shortage knowing that it will still receive the same revenue from the taxpayer.

The worst of all worlds and no sign of it changing under labour or the tories.

Although public sector workers are either striking or leaving because not getting paid enough.

[mattiloy]

18 minutes ago, steviewevie said:

Yeah but more have fixed rate mortgages than fixed rate savings...

Which explains why savings income has gone up more than mortgage costs on average….

But the marginal propensity to consume of someone with savings is lower than those with mortgage costs…

What about this is difficult?

Demand drives inflation. On the whole, that savers are earning more does not drive demand. On the whole, that indebted people are spending more on their debt does suppress demand.

Why? Because savers arent spending their additional income, whereas indebted people would.

Honestly this is A-level economics. It is a baffling take from an economics editor.

Edited July 4, 2023 by mattiloy

[steviewevie]

5 minutes ago, mattiloy said:

Which explains why savings income has gone up more than mortgage costs on average….

But the marginal propensity to consume of someone with savings is lower than those with mortgage costs…

What about this is difficult?

Demand drives inflation. On the whole, that savers are earning more does not drive demand. On the whole, that indebted people are spending more on their debt does suppress demand.

Why? Because savers arent spending their additional income, whereas indebted people would.

Honestly this is A-level economics. Is it a baffling take.

I failed.

Also, it is Bloomberg that came up with all this, take it up with them 

[mattiloy]

1 minute ago, steviewevie said:

I failed.

Also, it is Bloomberg that came up with all this, take it up with them 

They came up with the numbers, they are presumably accurate but easily explained by the norm of fixed mortgages and the lagged effects on the average that that implies.

To then interpret them as meaning that interest rate hikes have been inflationary is absolutely bananas..

The economics editor of newsnight FFS!!

[steviewevie]

and anyway, no one said it would not have desired effect of bringing down inflation...eventually (except me)...just that savers are doing ok thank you very much.

[steviewevie]

1 minute ago, mattiloy said:

They came up with the numbers, they are presumably accurate but easily explained by the norm of fixed mortgages and the lagged effects on the average that that implies.

To then interpret them as meaning that interest rate hikes have been inflationary is absolutely bananas..

The economics editor of newsnight FFS!!

does he say that?

[lost]

2 minutes ago, steviewevie said:

just that savers are doing ok thank you very much.

That are not though? They would be if inflation was zero but the money is still being devalued.

oldies have left the work force, deskilled and have no way of replenishing savings.

oldies don't know how long they are going to live and if/when they are going to need those savings

savings are still being devalued in real terms for any potential future emergency and that's going to be even worse if they spend the interest component.

[steviewevie]

1 minute ago, lost said:

That are not though? They would be if inflation was zero but the money is still being devalued.

oldies have left the work force, deskilled and have no way of replenishing savings.

oldies don't know how long they are going to live and if/when they are going to need those savings

savings are still being devalued in real terms for any potential future emergency and that's going to be even worse if they spend the interest component.

True

[steviewevie]

...and these interest rate hikes...they are going to mostly hit people coming off their fixed rate mortgages later this year and next year...isn't it likely inflation will be much lower by then anyway?

[steviewevie]

 

[clarkete]

Bloody funny seeing how quiet they've gone now

BBC News - Nigel Farage bank account shut for falling below wealth limit
https://www.bbc.co.uk/news/business-66097039