And once again , being told to do the research myself .
" Go look at the lending commitments statistics from the ABS during 2008."
Anyway , where is my evidence ?
Here's some real on the ground experience . I didn't have to google this .
I was about to start a small property project in 2007/2008 which required financing . I also had a lot of money in the stock market including a margin loan . So , as I watched the value of my stock portfolio fall , watched absolute blue chip companies halve in value , watch the Australian government guarantee to back Australian banks etc , I got pretty nervous .
I watched people get margin calls around me . I watched those people try to sell their stock but nobody would buy it .
I spoke to my bank and while they were very cautious they agreed to lend me money as I had the assets to cover it and I have a very well paid very secure external income . I reckon there were very few people in that position at that point .
I did a bit more on the ground research . People that have businesses that I know were doing it tough . Those that had overdrafts had them cancelled and their business numbers dropped off . This was across the board . Builders , building suppliers , nurseries , mechanical services , car dealerships etc . Consequently , some of them went out of business , despite their hard work . And that was in Australia where we were still doing well compared to the US , Greece , Ireland , Iceland , Spain and many others .
So , I decided to wait awhile . I put the project off . After about 2 years even though things weren't much better , I figured that the threat of banks collapsing had eased . In that 2 years , people in the building game went out of business . Some of them actually went to WA to work in the mines .
The builder that I ended up using , who was a local builder established 15 years and had built about 100 houses a year went broke not long after they had finished my project . The reason ? The bank called in their debt .
Similarly , some other guys in the building industry that I had dealt with ended up the same way as well .
So there's my evidence .
How many houses did you own or were building in 2010 ? Were you involved in the building industry on a weekly basis as I was ( and still am ) ? Were you actually sitting in a bank manager's office providing them with all your financial details again and again ?
Did you see your quite valuable stock portfolio halve in value in a year ? Did you watch the biggest stock market crash in history during that period ? I did .
Not only did I observe it , I was well involved and , fortunately , survived it reasonably well .
What did you do during that period ?
You are just relying on google in 2016 and you can't even post the abs figures. Yeah , that's credible .
