why so many homes for sale, page-57

Well I have been waiting 8 long months for whisky67 to rejig his highly entertaining rant into a HC mod friendly format but I can wait no more and besides it`s the weekend so here goes, be interesting to know if he still holds this view

PART 1 Rant by whisky67 ... 8th November 2008

There are so many homes for sale because people can't pay their mortgages, because they fell for the advertising and the hype, because the plebs thought they were worthy of having a big new house a plasme TV 2 new commodores and a gold mastercard when they were only earning 50k a year or less.

Instead of living within their means, saving frugally and showing thriftyness and sensible money management, they fell for the banks and the real estate agents spin.

The banks just wanted to get the numbers up anyway they could so any wally with a tiny little income was given massive 90% and above loans on dog boxes that were never worth even a fraction of what the idiots paid for them.

Because real estate agents are leeches.

Because the Howard goverment was in lala land.

Because stupid people that 30 years ago would be lucky to get a 2nd hand car loan were fooled into thinking that huge debts would lead to huge profits when they could sell their crappy overpriced house in a crappy overpriced suburb to the next idiot for a 30% profit.

Because Rich greedy people thought that they were Warren Buffett and margined their way into huge positions that have now reversed and they are getting margin calls all over the place and have to sell their investment properties asap.

Because Australians fell for the line that this is still the lucky country and just used and abused what little resources the place actually has.

Because people that thought they were gonna make a huge profit when the next sucker came along and bought there house from them for 600k when they paid 450k for it (and it was actually only worth 200k) they ran out of suckers.

I have never seen so much ignorance, naivity and plain stupidity in the working classes as we have witnessed in the last decade.

Wake up people, you were duped, you are idiots, you suck.

Real estate bubble hasn't even begun to burst in this country yet, house prices still have 60% more to fall.

I expect to see at least 2 major Australian banks failing within the next 12 months, as this credit madness unravels.

People bought 4 grand plasma tv's on credit from harvey Normans that are eventually gonna cost them 6k and more, and they are now worth jack cos the next 3 or 4 model releases totally superceded them. and the 16 months interest free, no money down, no payments for 2 years con job was perfectly executed by the likes of GE finance.

If you are earning 40k a year as a low end worker, what the hell were you thinking when you believed you should have a lifestyle like a millionaire.

At the end of the day, someone has to pay.

China is slowing to a halt, no more resources boom, its over. The Boston Dry Index is at a standstill, down 90%, no ships are moving freight anywhere. The world econony is screwed and tin pot little upstart nations like Australia that were so up themselves are gonna be hit just as hard as the dimwit redneck yanks who should have been happy to stay in the trailer parks, eating mayonaise, making love to their sisters and listening to John Cougar Mellencamp records.

Welcome to reality people, its gonna get 10 times worse.

PART 2

Obviously touched a few nerves here.... lol

Looks like ****** is a very disgruntled investor/trader that just can't deal with the fact that this bear market had to happen.

I actually own my property outright, no mortgage.

I trade cfd's and scalp trade the Spi, Ftse and Dow fur a bit of fun.

Trick is, dont risk anything more than you can afford to walk away from laughing.

In this current environment, every trade is a gamble, seeing as the whole deck of cards is based on greed, lies and fantasy.

Not that there is anything wrong with that.
lol

It's just that I am sick of seeing people that lost money making stupid investment decisions whinging and whining and screaming victim victim poor me.

If you do a decent days work you expect and deserve to receive a decent days pay, anything else is just lazy ass exploitation and gambling is always risky.

If you bought a house for 300k more than it was worth, ITS YOUR FAULT dummy.

If you bought shares in a company that went belly up, (see ABC learning) then thats your problem, you should have done your research.

If you racked up massive consumer debt and maxed out your credit card trying to keep up with the neighbours (who were probably over exposed even more than you) then tough titties.

Go back to watching channel 7's lifestyle shows and dream of your mediteranian style backyard makeover with pretentious fountains and a day bed, while you sit in your crappy mass produced furniture that harvey Norman bought from Malaysia for 10 % of what you paid for it, its probably made out of old growth borneo woodchiped particle board.

No one wants to take responsibility for believing the hype, buying into the bulldust and having ideas above their station.

Know your place.

Dont even get me started on the gov or on the yanks, they are an abomination to good sense and are ethically and morally lower than whale poo.

But the ultimate responsibilty lies with the individual.

Hopefully the plebs that got burnt by their own greed and stupidity will learn from the experience and base their future decisions on reality rather than plastic hollywood dreams and glitter.

Get real people, its all you have left.