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Britain may need 0% interest rate to avoid a depression, leading economist warns

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posted on Nov, 6 2008 @ 06:45 AM
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the banks wont pass all this on though..so..we have this situation:

1: our money has been used to buy banks.
2: these banks are evicting more people from their houses than before the bailout.
3: these banks are not passing on this rate cut to the public.
4: lower interest rates means less interest on your savings and pensions etc.


we are being screwed on all sides..people who saved are being punished..people who didnt save are being punished..the only people who benefit are...yep...the banks...

why does that surprise anyone?




posted on Nov, 6 2008 @ 07:38 AM
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As someone has mentioned, the Banks are really quite a despicable crew, they will not automatically pass on the cuts to mortgage holders, but will make sure your savings rates decrease (similarly they will make sure they pass on any BOE rate increases to mortgage holders!)

Also, the small print of many tracker deals is an absoloute scum trick- with a tracker deal you AUTOMATICALLY track he BOE rate, say, 0.75% above the BOE rate- so if rates went to 0% you would think you would pay 0.75%

WRONG

in the small print many lenders say they will amend the level the product tracks the BOE rate if the BOE rate drops below a certain level, say 3%- so if the BOE rate drops to 2%, and you were tracking the BOE rate by 0.75%, they will just increase the rate you track the BOE rate to 1.75%



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