A Quote by John Virgo
The worst time was in 1985 when house prices crashed and interest rates went up to 14 percent. I was not winning on the snooker table and I had this big image to keep up - and a lifestyle where I lived beyond my means.
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By the age of 14, I had stopped doing homework and stopped studying - as soon as I had any spare time, I was up to the local snooker club. I was fortunate my parents never forced me to stop playing snooker and told me to carry on at school. Nowadays, that probably isn't the best advice. I basically had nothing else to fall back on.
I don't think the market can keep going up. In the U.S., we see real estate not going up.. houses are selling at lower prices. You can't have anything going up 10 percent to 20 percent to 30 percent indefinitely.
The key is if the economic data stays soft, maybe we don't have to worry much about interest rates anymore. Then we need to worry about earnings. What gave us a really strong move in stock prices from late May until about two weeks ago was this heightened optimism that maybe interest rates are at that high. That gave you a relief rally. Now reality is setting in - if we've seen the worst on interest rates then we've seen the best on earnings.
To pump up consumer or government demand would force interest rates up and asset prices down, possibly by enough to destroy more jobs than are created.
Interest rates are to asset prices what gravity is to the apple. When there are low interest rates, there is a very low gravitational pull on asset prices.
I grew up in Kolkata in a traditional family. We had friends who lived in mansions just like the one in 'Oleander Girl.' Growing up, I was fascinated by the old house and the old Bengal lifestyle.
The underlying strategy of the Fed is to tell people, "Do you want your money to lose value in the bank, or do you want to put it in the stock market?" They're trying to push money into the stock market, into hedge funds, to temporarily bid up prices. Then, all of a sudden, the Fed can raise interest rates, let the stock market prices collapse and the people will lose even more in the stock market than they would have by the negative interest rates in the bank. So it's a pro-Wall Street financial engineering gimmick.
Former Senator Al D'Amato in 1991 offered an amendment to cap credit card interest rates at 14 percent.
It's sort of like a teeter-totter; when interest rates go down, prices go up.
I had a hard enough time in high school, fitting in without having to keep up with Instagram, Twitter, and Facebook - all these ways you have to keep up your image.
Let's have honest interest rates. Let's let the free market set interest rates in that zone where supply of savings is matched up with demand for real borrowing for capital projects.
A lot of people out there working hard and finally building up to getting a pretty good income. Higher tax rates on them, you know, the income rates going up, the dividend rates are going up, the capital gains rates all going up before health care kicks in.
In the U.S., you couldn't have job creation with interest rates of 30 or 40 percent. They had a philosophy that said job creation was automatic. I wish it were true. Just a short while after hearing, from the same preachers, sermons about how globalization and opening up capital markets would bring them unprecedented growth, workers were asked to listen to sermons about "bearing pain." Wages began falling 20 to 30 percent, and unemployment went up by a factor of two, three, four, or ten.
Big banks, highly leveraged casinos, do whatever they can to keep the cost of their gambling as cheap as possible. This means keeping interest rates as cheap as possible.
Sometimes I pick up the phone, listen to cold caller alias name, repeat it several times in an incredulous tone and then - bam! - pretend to recognise them. I ask them if they remember the hell of a time we had at the 1985 summer camp when we set fire to the wooden shed, and I keep making things up and go on and on until they end up terminating the call.
Interest rates are going to go up because employment is going to go up. If employment goes up, then our apartments get filled. And if employment goes up, our office buildings get filled. The reality is that increased economic activity combined with increased interest rates is basically bullish for real estate.
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