China’s falling real-estate prices trigger protests, clashes, page-44

JUSTIS

"I also point out here in Australia banks have much more stringent lending practices and we have a much better welfare system so the possibility of foreclosures and people being forced to live on the street is much less."

A more stringent lending practices, what bank would that be Justis tell me the lending practices of these banks you speak of.
Ill give you some hard facts on the Big Four Banks lending practices and the cash reserves they have to keep.

The Big Four
They have about 80% of all business in Australian mortgages and that includes MacBank as well.
Of that 80% they are only required to keep cash reserves for 18% of all those mortgages.
Of that 18% of mortgages they are only required to keep an average of 8% cash reserves.
8% on 18% of their total mortgage commitment.
I guess that is what you call stringent huh. These figures are worse than what it was before the GFC
Worst hit wasn't just Detroit Justis, mate stop harping on one city and actually find out the states that were hit.

"We got through the GFC quite well" do you actually live in Australia.
The Banks were bailed out Justis they didn't get through the GFC at all they were very close to being insolvent that's why they took all that money to bail themselves out.

Have you been following the EU banks at all??
If you have you would know that Cyprus was bailed in. The EU is currently working on EU wide Bail In Laws. If you take the time to visit the IMF website and look up Australia you find the IMF is pushing Australia to legislate Bail In laws. This may well happen soon after the G20 Summit in Australia this year. It wont be called Bail In but that is what it will be. Before you say yes but that is better than using Tax Payer money to Bail the Banks, Ill say who do you think the people with bank accounts are if not Tax payers.

Just a few ideas Justis. I cant spend all my time on this thread as I have work to do bye now.