By: communism.is_evil
4/05/2009
7:26 am |
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By: gremarx
22/04/2009
5:41 pm Yahoo! Profile:
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| Oh Healthmaster, what are you on? Whatever it is I'd like some of it too. Oh to be one of the "lotus eating flower people". |
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By: bhup3
22/04/2009
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| We are living in a very different world now as copared to in 1930's, we are all able to connect to each other all the time , mobile , net,... , if we all panic or we all are sure that things look as if a storm is at our door step, then ..., that's it... , it's impact would be nothing compared to the 30's. |
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By: mentawaisurf
22/04/2009
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| Al, technical semantics aside, if it walks like a duck and quacks like a duck - I call it a duck. |
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By: almurrie1@y7mail.com
22/04/2009
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Menta
If you live by the definitions of economics you can't change them at will. You can say we are in recession, you can change any definition to what you like to prove it, but where does that leave you. Both the RBA and the Prime Minister are political doublespeak masters. They actually believe they create the meanings of definitions! Negative growth, what on earth does this actually mean. It is nonsense. Until the next quarter's figure are out it is only guesswork, and so what if it might be true, wait until they ARE out. THEN say we are in recession, or rewrite all the text books and change the definitions of Economics. I know Wayne Swann is "sus" but he at least is still going by the text books, and waiting for the quarterly figures to come out. Glenn Stevens is an opportunist only working for the benefit of the Banking masters, not the people, so anything he says is doublespeak too. Economic crisis - drop rates, pay less for deposits, and then let the banks put up their lending rates! Who benefits from this, certainly not you or I. Yes Menta, I am sticking to the definitions, which resposible people do. Recession is coming, and MAY be here now, which will be shown when the figures come in. Until then you can't proclaim it as fact.
Al |
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By: jaymarcel
22/04/2009
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You don't have to have your money with the banks. If you don't like the service they are providing move banks or remove your money totally.
Shareholder are to blame for any excessive bonuses to execs.
As for the doom & gloom in 12 months time it will start to turn around again. |
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By: depressionbeliever
22/04/2009
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| There is no coubt about it a great depression is comming. from what I read its going to hit hard and turn many poeple into beggars. some already are and its geting worse so if you have any money left put keep it ina safe place like your house in a secret place. everyone on here knows its comming and say so everyone says so. it will be the worse depression sinse the dawn of time. |
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By: hisfirstime
22/04/2009
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Oh to be a bank...
Oh to charge whatever we like
Oh to pray on poor consumers with champagne taste
Oh to reap the benefits of soft regulation
Oh to please our shareholders
Oh... mercy!
Lets stop atm fees!!!
AUSTRALIA IS ONE OF VERY FEW PLACES IN THE WORLD WHERE ATM FEES ARE TOLERATED.
... oh, but the population ratio is against us, say the banks.
Perhaps the Rudd Govt can use the next stimulus to fund an enquiry into Australian banking practices and perhaps tighten things up a bit? |
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By: jaymarcel
22/04/2009
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| People keep talking about unemployment nearing 10% soon, isn't 4% of these aboriginal & I wonder how many of the other 96% live in gov housing not even in the equation of effecting house prices if they lose their jobs |
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By: healthmaster2003
22/04/2009
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Oh no! The sky's falling in. Doom and gloom.
So where do we go from hear? Revert back to the dark ages and living in caves?
So we are in a recession, whoopee. Just keep reminding everyone because it sounds so bad.
If you have your health, a positive attitude and live in great country like Australia whats the worst that can happen?
Recession, recession, recession...... honestly I am over it.
Doom and gloom has always been a popular topic with mankind. We actually talk ourselves into a hole.
We are a tiny planet spinning in a mass of space, if a giant asteroid was heading towards us for a direct head that would be doom and gloom.
Perspective! |
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By: ang101000
21/04/2009
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I don't think that many people are aware of the size and depth of this crisis. For a simple but informative world-wide insight see link below:
http://www.guardian.co.uk/business/dan-roberts-on- business-blog/interactive/2009/jan/29/financial-py ramid
Inflation is a real worry in Europe, *** an and USA. At this stage IMF estimates 5.7 trillion global write-off ... |
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By: kingat33
21/04/2009
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| menta, some people just simply refused to face reality that we r already in recession n unemployment is goona get worse. I believe such people r afraid of change and most likely have invested all their money on the property market hoping for a quick buck so as to retire early. Fat hope to these people and should get back to pure hard work. Time to wake up from ur dream of the yester years. |
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By: mentawaisurf
21/04/2009
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| Al, so do you disagree with our Prime Minister and our Reserve Bank chief who both have publicly stated that Australia is already in recession? |
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By: mentawaisurf
21/04/2009
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It seems apparent most Australian's still do not realise just how serious this crisis is and how much worse it is going to get. Unemployment has just jumped to 5.7% when a consensus of our leading analysts and economic experts forecasted we'd see a rise to only 5.4%. This is just the beginning of this trend. At this rate unemployment in Australia we will reach 8% by the end of 2009 and double digits by late 2010.
Combine this with record high personal debt levels and it's a recipe for disaster - any way you try to spin it. As people lose their jobs they won't be able to pay their mortgage and they won't be able to pay their rent. It's that simple. |
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By: almurrie1@y7mail.com
21/04/2009
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Guys
have you seen the results of world wide plotting by the banks? They have INCREASED their margins by 1% in these "tough" times. They are set to make a record profit in 2009. Lend at 6%, RBA rate 3%, so pay depositers nothing and lend at a huge profit AND close most of the branches so internet banking and ATM only. AND increase ATM fees in the guise of being more competitive.
There is no way the banks are going to lose anything, and with this 1 year mortgage "holiday", out of work people will have a whole year to find work, which will be more positive in a year or so. Meanwhile everywhere else will feel the kick of inflation as a result of "quantitative easing". You don't think that USA will go for max. with this so that they can pay back their loans with ease. I predict 20% a year, (Zimbabwe style) so that eventually one year's GDP will pay back most of the loans. China will end up with 2 billion dollars buying power for its hoarded 2 trillion, and Australia will risk having too strong a currency unless it follows suit. All wild predictions, but following exactly what past practises have proven.
Remember that Australia is technically NOT in recession yet, and even with 10% unemployed, 90% are. This will not cause a massive collapse of lower end house prices as most housing ghouls are hoping, and will actually make housing a good investment with high rents, if mortgages are locked in at present rates.
Al |
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By: lasty49
21/04/2009
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Menta,
The banks are in the driving seat looking to take on quality lending.They arent desperate. They have a backlog of loans yet to be processed.
The investment property market however is very subdue.That may affect the rental market and squeeze more into the home buyers market. |
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By: kingat33
21/04/2009
3:58 pm Yahoo! Profile:
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| haha menta, u sure caught lasty by surprise. Well said mate. |
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By: mentawaisurf
21/04/2009
3:37 pm Yahoo! Profile:
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Well lasty, I think you just answered your own question;
Australian banks know they are about to experience their worst loan loss cycle in history over coming years. That is why they are hoarding cash and will be forced to demand a minimum 20% deposit on all home loans in an attempt to stem further loan losses. Such a mortgage policy would eliminate at least half the potential buyers from the housing market. That would indeed result in the final tipping point for a collapse in Australian housing values. |
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By: lasty49
21/04/2009
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kingat33,
I have a very close contact in the mortgage industry.Those are the unofficial rules and soon to be made public.Just watch.
We have been in an economic downturn for the past 12 months.
No news there. Economic indicators are laggers, they report on past events.
Look forward not behind. |
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By: lasty49
21/04/2009
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"Such an increase in forced and mortgagee sales will result in a dramatic fall in this key mainstream housing sector over coming years. Coupled with the falls already experienced and continuing in the high-end housing market and the value of every house in Australia will be under threat. This really should be of major concern to every Australian."
Why should it be Menta?
People need somewhere to live. This isnt a game of monopoly.
Most undertsand that they are in it for the long term and house prices go up and down every day, its just that its not publicised like shares or currency.
But you can do a Steve Keen if you want. Sell your house and pay away agents fees.Run the risk of landlords hiking up rents (they will interest rate hikes are coming) and then pay stamp duty getting back into the market.
On top of that you have removal costs and also the risk of getting back into an area you desired.
Onething I dont trade or gamble on is property.
I buy it to live in and close to where I want to be.
Shares or other investments dont matter where I live.
My BHP will just be the same value if I live in Sydney or the Nullabor.
As many of you debt deflationist beleive in inflation is just around the corner.Those who dont need to sell wont. |
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By: kingat33
21/04/2009
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| well lasty, u sure good at twisting words. First, u said that currently banks r demanding 20% as deposit, now u twist it to banks new lending criteria is on its way make no mistake abt it. Make up ur mind and I should be the one telling u not to get suck by property price going up, inflation going up and economy is recovering. Read what our RBA steve said today : Oz is in RECESSION. Make no mistake abt it! |
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By: mentawaisurf
21/04/2009
2:39 pm Yahoo! Profile:
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The first home buyers grant and lower interest rates are perceived as an impetus for support of our housing market. This is a myth. Since the government introduced the enhanced FHBG, a surge in FHB (now at record levels of almost a third of all home sales) has created a niche bubble in the lower-end housing market. A staggering 30% of these first home buyers have purchased on bank finance with a loan-to-value ratio of between 95-100%. Almost another half of these FHB have purchased on 90-95% LVR. That's about 80% of FHB with LVR of 90-100%!
Housing values only need to fall by 10% and most of these FHB will be under water (negative equity). As unemployment continues to grow many of our marginal mortgage holders will be forced into selling their homes or risk losing them to the banks. Such an increase in forced and mortgagee sales will result in a dramatic fall in this key mainstream housing sector over coming years. Coupled with the falls already experienced and continuing in the high-end housing market and the value of every house in Australia will be under threat. This really should be of major concern to every Australian. |
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By: lasty49
21/04/2009
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kingat33,
"if banks demand 50% deposit, property market will crash."
Thats if the property market does crash.
Banks new lending criteria is on its way make no mistake about it.Already some are refusing FHB as a deposit.
"I believe that banks increase interest rate are due to higher funding cost, not inflation on the way."
Funding costs?
Australia govt has guaranteed overseas loans to our banks.They have the best access to liquidity in the world.
Now lets what interest rates have been doing overseas.
http://online.wsj.com/article/BT-CO-20090416-70544 2.html
You like many others have been sucked into the banks spin doctors. |
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By: kingat33
21/04/2009
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| if banks demand 50% deposit, property market will crash, no doubt abt it. And who says Oz banks demand 20% deposit as most don't. I believe that banks increase interest rate are due to higher funding cost, not inflation on the way. |
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By: lasty49
21/04/2009
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Jay,
There are several ways to look at it.
Firstly, it may deter the property speculators from selling.
We know that unemployment will play its role in property sales but there are many cashed up looking for a slump.
New construction will cease as the regulations become tougher.
There is a housing shortage in certain areas, mainly where work is.
There are a few permutations like in all markets.
The property bears have a small window of opportunity to jump in.
The areas that they may want to live may not be available.
Inflation will be back on the agenda before we know it and so will wage rises.
Borrowing costs will rise and people will be assessed at the higher level and not the lower one now.
Its a gamble the property buyers have to take. |
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