i couldn't agree more with whiskey, i grabbed his comments and...

i couldn't agree more with whiskey, i grabbed his comments and will send it out to friends and family on email (crediting anon), with all the blue bits still in. we need nutjob rants to focus us on how big an issue this will be for a year or three, or more.

Japan went through something like 15 years of property bear market and flatlining after their land price bubble burst around 1990. we would all be wise to study what happened to Japan during those 15 years, what they did to get out of it, and apparently the groupthink state of denial they maintained that kept things flat for so long.

By the sounds USA has heavily indebted households, corporations and governments. Australia has governments in the black, that is the only difference.

we are told that the supply/demand equation is so much different here than USA (so much less supply), but if banks aren't writing housing loans like its going out of fashion as they have been for years till now, there won't be the money to buy all these houses coming onto the market. The 'latent demand' that govt and property industry points to will remain just that, latent, unless these buyers can access a barrel load of mortgage credit