I was one of those so called optimists. Guess many of us felt that the rates, if dropped by .5% , from a psychological point of view would have done wonders in regaining some confidence in peoples minds to spend. This is not going to help much and will only be of benefit if accompanied by a number of falls from hereon in.
I get quite miserable when I think of the Bernie Fraser days, we are yet again going to repeat history and cause a slow financial death to many mortgageholders where some quicker relief to these battlers would have been more opportune.Eventually they are going to have to drop a lot more to restore some equilibrium.
