Like all meltdowns, it takes a critical threshold being reached (thanks Rudd & Stevens) and a catalyst to trigger it (in our case we didn't really need one it's collapsing under it's own weight).
We have all the ingredients and conditions in place for a while now (all it takes is the stampede which you don't want to be on the wrong side of). The banks have already admitted the tipping point has been reached (by reference to a period of systemic low credit growth - but they will soon announce huge mortgage credit slumps for the current period and periods ahead - don't beleive me). As I say, living through the housing crash we always see at any point in time what happened months before and what is happening now will only be apparent months later).
Accordingly to RP Data, the falls registered so far wouldn't even be worth a sneeze at. Certainly no reason for why the rest of the world (our mainstream press openly acknowledge this) now sitting back in with bated breathe in eager anticipation of Kaboom !
All one needs to do in realizing what has already been happening and what ominously lies ahead is the relentless chorus of the "no crash" hypnosis dished out repeatedly by Joyce and his spuiker fraternity (their target audience are current investors and holders). That audience is more likely to me people like yourself rather than me and the purpose is to prevent a disorderly exit (not a nice piture if there are 1.8 million panicked speculators sensing trouble). The longer they can have these poor souls procrastinate, the bit longer they can keep the music going (at your expense).
In the case of Joyce (as opposed to agents, brokers, bank propagandists, Yardney - well we all know about hs past), he carries a heavy baggage associated with his image and credibility (many moms and pops investors now and soon in despair took his advise as gospel and further egged on by Robertson who publicly taunted Keen across all the media after his hike to Kosciusko) as the spiteful ridicule and personal attacks on Steve Keen over the years is now coming home to roost, not to mention his source of fat income will now significantly diminish and continue to trend in that direction for many many years. In other words, his career in property spruiking his FINISHED.
Who needs mickey mouse price data when the only way is down ???
