turnbull waffle is becoming unbearable, page-78

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Lapdog

47,691 Posts.

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24/05/16

16:52

Post #: 17854202
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Originally posted by benbradley ↑

GFC was primarily a US/EU problem since Australian banks and lenders did not fall into the same Clinton-initiated lending frenzy based on liar loans and crazy housing valuations, and since most Australian financial institutions did not purchase the "toxic waste" of these collateralized debt obligations predators like goldman (Turnbull's previous master) were pushing onto those dumb enough to believe the fantasy of "AAA ratings" that the Warren Buffet owned rating companies were peddling...

Since the main customer for our commodities at the time, China, in response to this Clinton-initiated US/EU GFC launched one of the most massive financial stimulus packages in history to, in part, convert their massive stockpile of then depreciating USdollars into hard assets like our commodities, purchasing to stockpile in excess of their planned usage, Australia was largely immune from the financial problems of the US/EU except of course for the consequenes and subsequent instability from the panicked, bed-wetting, "throw money out of helicopters" foolishness of the clownish Rudd...

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Benbradley, that's not what reputable economists such as Ken Henry have concluded but I accept that it's a true reflection of your understanding of the GFC.

What's your view of the record levels of household debt and the property bubbles which have worsened so dramatically since September 2013?
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