what is very scary is that if this is true ------------- then, what sort of dickweeds do we have running our banking -----
if they are doing the exact same tricks that lead the US into the GFC and devastated their economy?
Exactly the same things -- overstating income (rife) - etc. etc.
Are these people unable to read history ------------ and, recent history at that?
Are they incapable of seeing what state the American housing business went through and how this exact and precise catalyst - dropped the world to it's economic knees?
And, here we are --------------- Melbourne and Sydney prices sky high ------------- apartments like mushrooms ------------ deposits paid by Chinese - who may well not be able to pay the balance -
and, if we have a solid drop in prices ------------- WON'T pay - even if they could - and, who could blame them.
Mining recession and spinoff business dead as a do do.
Add in all the other lovely economic news.
Banks absolutely teetering on having their funding costs raised.
How will this pan out? -------- first up - banks will shut the gate on lending.
Then, as their bad debts rise -------------------- ref. -- read history all - they will get higher costs of lending ------------ and, away down the slippery slope we go -----
why?
Because we have absolute dorks running the businesses ----------- not only dorks - but, criminal dorks.
Lets not do the same as the yanks ------------------ lets nail some heads - lets put PLENTY of they in jail - where they belong.
