Mark Carney is new Bank of England Governor

(34 Posts)
TalkinPeace2 Mon 26-Nov-12 15:56:00

a good thing?
I have my fingers crossed.

NicholasTeakozy Mon 26-Nov-12 16:38:06

Given that Gidiot has appointed him to "promote growth for families and business" and Gidiots own policies are failing abysmally I don't hold out much hope. Add to that the fact he was at Goldman Sachs for 13 years...

CogitoErgoSometimes Tue 27-Nov-12 10:42:47

I'm optimistic. He's a bit of a star in his home country having led Canada's finances successfully through the credit crunch. No mean feat. Not been promoted from within & not weighed down with BofE traditions so he's able to be a new broom. Supported by all sides of the House - fulsome praise for Osborne's choice from Balls - which has to be a good thing.

TalkinPeace2 Tue 27-Nov-12 12:37:18

I'm just a bit depressed this morning to have read his biog and he's younger than me shock

YDdraigGoch Tue 27-Nov-12 12:42:36

I'm sure we could have found someone British though. There are 70 million of us to chose from.

CogitoErgoSometimes Tue 27-Nov-12 12:42:46

You don't have to say you're an old gimmer TalkinPeace2.... the fact that you actually read his biog tells us that.... smile

CogitoErgoSometimes Tue 27-Nov-12 12:44:07

@YDdraig... but which British person with high-level international banking/economics experience would you be able to choose that wasn't tainted by the 2008 crash?

TalkinPeace2 Tue 27-Nov-12 13:19:03

YDdraigor tainted by over chummy emails to Bob Diamond when he was busy rigging Libor?

Cogito side effect of being an auditor - incurably nosy grin

YDdraigGoch Tue 27-Nov-12 16:59:30

Good point.

MoreBeta Tue 27-Nov-12 17:03:34

I am very dubious. Yes he got Canada through the financial crisis but with a booming economy based on natural resources and a tiny banking/finance sector compared to London.

He may be a good central banker, he may even turn out to be a very good BoE Governor but frankly his experience in Canada is near irrelevant to the UK situation.

MoreBeta Tue 27-Nov-12 17:07:09

What I want to see him do is come in and sell out all the Gilts the BoE bought under Quantitative Easing - without losing taxpayers money. I also want him to raise rates to equal the real rate of inflation so savers get a decent return. Finally, I want him to make banks reveal the true scale of bad loans on their balance sheets.

That will test his resove and his skills.

TalkinPeace2 Tue 27-Nov-12 17:25:53

Morebeta
its worth reading his full CV - and that of his wife.
I first heard of him in an Economist article, but his whole track record shows a different approach .....

nooka Wed 28-Nov-12 06:36:36

I live in Canada where he is very well regarded and where there is a certain amount of wringing of hands about his departure. He is very well thought of in banking and regulatory circles and certainly given a lot of the credit for Canada doing pretty well through the financial crisis despite huge exposure to the mess in the States. Parts of Canada do have significant natural resources but really only Alberta is booming, Ontario and Quebec where most of the people/industry/banking sector is based has struggled. The Canadian financial system is very conservative though, so it will be interesting to see how he does. Expectations are certainly very high.

nowwearefour Wed 28-Nov-12 06:54:30

I was totally shocked by the announcement but very keen to see what his approach will be and how things will turn out!

niceguy2 Wed 28-Nov-12 08:33:05

I think he will do a good job but it's important we don't have unrealistic expectations like many first did back when Obama was elected.

From what I've read he's well respected by just about everyone, has great experience, second to none contacts and is not only suitably qualified in his own right but is also able to manage & lead. Very important skills for a man in his position.

As Robert Peston said that even Ed Balls complimented the choice. And that's as rare as hen's teeth. Ed complimenting something that Gideon has done.

MoreBeta Wed 28-Nov-12 10:56:50

A somewhat realistic and slightly sceptical piece from the Telegraph sums it up for me under the following headline.

Carney the Canadian is 'the world's greatest central banker', since Alan Greenspan…

The final paragraph is how I feel about the appointment:

"The UK certainly needs this appointment to work out, but the new arrival deserves continuous scrutiny from sceptical parliamentarians and, yes, from a (hopefully) free press. After all, Mark Carney is a banker, not a magician."

I hope he does a great job but am also a little uncomfortable with the hype so far.

noddyholder Wed 28-Nov-12 15:15:05

I think interest rates will rise under his watch. Hopefully.

TalkinPeace2 Wed 28-Nov-12 16:27:09

unlikely - because the level of government debt massively outweighs the interests of savers

noddyholder Wed 28-Nov-12 17:31:45

Carney will be known as carnage before long! He will implement unpopular measures and then the tories can pass the buck to him on the back of his success in Canada.

GlitKnit Wed 28-Nov-12 17:33:29

PHWOARRRRRR

he can fiddle with my central reserve any day

GlitKnit Wed 28-Nov-12 17:33:45

* lowering the tone since 2003*

GlitKnit Wed 28-Nov-12 17:34:07

Mark Carney - come and ease me, quantatively

GlitKnit Wed 28-Nov-12 17:35:23

my interest rate is set to HIGH HIGH HIGH

PerryCombover Wed 28-Nov-12 17:50:13

agreed
like a straight Clooney

TalkinPeace2 Wed 28-Nov-12 17:52:59

but married with 4 kids and a hockey playing wife .....

GlitKnit Wed 28-Nov-12 17:54:22

oh i ve googled her.
id HAVE her

even though she has the brain of a HOUSE

DudeIAmSoFuckingRock Wed 28-Nov-12 18:01:05

grin @ glitknit

sorry for the grin folks i forgot this was a money thread. wink

noddyholder Wed 28-Nov-12 18:21:00

FGS you old strumpet this is a serious economic thread. Now go and find someone to sort your overdraft

GlitKnit Wed 28-Nov-12 18:21:19

Shiver

GlitKnit Wed 28-Nov-12 18:21:39

Imagine. My back account at the Bank of England

noddyholder Wed 28-Nov-12 18:25:50

He has done a good job in canada he has to be an improvement here. Merv is finished and too in the pockets of the govt even though they claim he isn't.

edam Fri 30-Nov-12 10:14:22

I'm not impressed by a former employee of Goldman Sachs being put in charge of the Bank of England. It's like putting a fox in charge of the hen house. He may or may not have done very well in Canada but still, Goldman are the problem, and he's contaminated by his background there.

We need a Leveson Inquiry into the banking crisis and the culture and practices of the industry...

MiniTheMinx Fri 30-Nov-12 13:48:01

Agree Edam, we are facing a possible triple dip recession partly because of stagnant wages, whilst Carney will be paid twice what King was paid. I wonder if he's heart is in it? he wasn't interested initially but was interested when he realised he would be getting a 50% increase on his current salary. It is money that has persuaded him to take the job.

sieglinde Mon 03-Dec-12 10:06:31

gods, no offence but Canada is just about the most right-of-centre place in the Anglophone world. He'll be a great help to the same old people, I bet.

Maybe we should discuss this elsewhere, but aren't we facing a triple dip less because of the banking sector than because of the balance of trade deficit?

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