Yes the market has caused a devaluing of housing. The only...

Yes the market has caused a devaluing of housing. The only saving grace at the moment is the first home buyers grant (ends june) and low interest rates. As part of the stimulus that complete idiot Swan would want to extend this cut off date indefinitely (rather than keep posting useless $900 cheques out)

What has got me totally baffled is why the Reserve Bank did not cut interest rates at the last meeting. I mean what charts and reports are they looking at? Do they somehow think we are not going to get polaxed by trading partners positions? Do they think we are immune from the world? Why would you not give interest relief now?

The Reserve Bank must cut by at least 0.75% at next months meeting or we risk seeing more people loose their houses.

The IMF has already said they got it wrong as we are in what will become known in history as "The Great Recession".

I just missed the Great Depression but my parents didn't and from their stories it was "horrific".