That’s exactly why the Governor says repossessions are desirable as a last resort. So mortgages are not one way bets on the property market.
Lane’s successor at CBoI sounds eminently qualified and no friend of McCanny’s. Expect no loosening of mortgage restrictions until housing supply increases to meet demand.
Clearly not our politicians choice. Is this Frankfurt’s call? Who really controls these appointments? Even Trump can’t get his man into the Fed.
but as head of their version in NZ, has he not overseen a massive property bubble there too, which is close to bursting?!
He was head of NZ Treasury i.e. the Department of Finance. I don’t think he can be blamed for the housing bubble there. Fiscal policy was restrained but other pressures drove the bubble.
This suggests he did what he could to tame the politicians.
New governor may be well qualifed but, uh, maybe keep him away from web design…
Indo headline gets it arseways.
Of course, he’s saying “if you want to spend more on the nurses and teachers, OK that’s a reasonable political choice but don’t think you can fund it by dumping more of your bonds on the ECB. I will be the chief economist there but I won’t be wearing a green jersey. The ECB bailed you out with QE but you’ve reached your limit. You should be saving for a rainy day”
Our media don’t understand and our politicians aren’t listening. We heard lots of ideas for spending public money during the recent election campaigns. Did anyone hear an idea about increasing taxes? Oh yeah, 10% voted for carbon taxes!