trends over last three months, page-2

Then what?

It is going to get very ugly in the real economy.

We really only have ourselves to blame.

Everyone got too greedy.

We like to point the finger at the US and Greenspan and blame everyone else,but we had no qualms about price gouging the Chinese when it came to our mining companies.

And as shareholders, we loved it when BHP , RIO & co. were hitting up the Chinese steel mills with 100% price increases for iron ore.

We were quick to condemn the Middle East countries if they tried to do the same with Oil.

People in mining towns were renting out houses for $1500 per week,rooms from $300 per week,caravan spots from $500 per week.

Truck drivers were earning $85k a year in the mining towns,everyone could name their price and they did.

We killed the goose that laid the golden egg.

People were flipping houses in OZ.

People were borrowing beyond their means to build or buy McMansions.

People were living the good life.

Not many people saw it coming and very few were prepared for the consequences of this crisis.


It is going to be a very hard landing for many,many people.

Not much the govts can do but try and cushion the blow.

It will be very painful for those who didn't prepare accordingly.