... the great consumer crash of 2009 ..., page-11

It is no different to what has happened in OZ.

I KNOW OF PEOPLE WHO TOOK LIAR LOANS AND LOW DOC LOANS TO BUY HOUSES that they couldn't possibly afford.

They were laughing about it at the time.

One of my employees asked me to say he was earning $50k a year when he earns about $35k.

The loan originator rang me direct and asked me to lie about his earnings.

I didn't lie ,but he got the loan anyway.

In the US in particular it was designed to help minorities into housing.



The intention was good but the outcome has been disastrous.