Yea I know. Darwin is stuffed. WA is also stuffed. QLD also slightly stuffed. Adelaide has always been stuffed
Those are the canaries in this coal mine of ours.
If people only have one mortgage, chances are they might get out of it alright. Have more than three with little or no equity but just the interest repayment... it's not going to be pretty.
The GFC put some 10 million families out of their homes. Most of them African Americans, Latin Americans and other recent immigrants just getting their first lesson in real capitalism. It pretty much destroyed all their savings and wealth.
So yea, no one except those like the few psychos now populating the White House and Trump cabinet wanted it to happen. I mean, the current US Secretary of the Treasury, Steve Mnuchin, became a billionaire from the crisis. He's the "foreclosure" king in California, literally kicking a grandma out of her home for owing his bank some 30 cents.
There were cases of those who already paid off their home but was convinced by the banks and their low interest rate to re-financed for a renovation; open up a new business; new tools; or a holiday they've never taken before. Then when they lost their job with the GFC, their house got taken from them... and Obama did jack all to help those people.
If we think our bankers, lenders and politicians are made of kinder stuff than the Yanks... well, good luck with that.
Just look at this chart... It's only to 2012... since then, properties in Sydney, Wollongong pretty much doubled.
It's going to affect everything. Shares included.
So I'm trying to buy businesses that can stand a recession/depression. Not brave or smart enough to just stay all cash. But then there's always drugs, alcohol, riot control companies to park at? That and if the company is strong and established enough, its share price can take massive hits but its dividends and business will soon enough recover so might not be too bad.
