Beyond a Joke, page-27

I have been waiting for the property crash since 1997, went to the bank on $170 week for a $80k loan on a $90k house. Bank said come back next year. Ended up not buying unto 2006 in a better location for $280k, I was extremely pissed off as I thought I paid 10k too much, it is worth $950k now in 2022. As far as the last 25 years the young agent is correct. When did it last crash 1992?

The banks hold the prices up and don't let the mortgagee sell unless they come up with the valuation short fall. Housing is a rigged market held up by the banks. Look the banks Central or Normal, governments etc have unfortunately decided everything is just too big to fail they just will not allow it to happen.

Sure they will let some (companies) go but when it comes down to it they are sh$? scared and will let inflation run as hard as possible to get the debts down. I'm more surprised in Australia we haven't had wage increase blow outs but a union mate says that is coming, EBAs for teacher and nurses are getting 3-4% per year plus guaranteed extra increase subject to CPI up to max 6%. I didn't believe it until the wife showed me the clause in her teacher EBA. I hear today the CPI is being released monthly now.

We cannot get labour skilled or unskilled it can only lead to wage growth. I believe we get asset stagnation and then a boom in Australia for the next 10 years in mining and building. The next year will be hard for most but we will see a slowdown in rate increases next year and then crazy growth in wages but a reduction in company profits.