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Victoria's unemployment rate hits 13 year high at 7%; Rising unemployment, rising speculation and rising house prices, POP!
Topic Started: 7 Aug 2014, 08:57 PM (5,108 Views)
Perthite
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Dr Watson
10 Aug 2014, 04:58 PM
Maybe it will. But are you going to put your life on hold waiting for such an event?
F oath I already have, putting the missus through uni to re-skill and increase our incomes.


This was even before the property downturn in China with all the possible impact to the ore industry.
Edited by Perthite, 10 Aug 2014, 05:04 PM.
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lulldapull
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Dr Watson
10 Aug 2014, 04:58 PM
Maybe it will. But are you going to put your life on hold waiting for such an event?

So you reckon GFC2 is on the way, is it?
Excuse us Watson, but looks like you're not keeping up with current events? :lol
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peter fraser
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So people are burning the only thing that is precious to them - time.

What a waste.
Any expressed market opinion is my own and is not to be taken as financial advice
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Perthite
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peter fraser
10 Aug 2014, 05:10 PM
So people are burning the only thing that is precious to them - time.

What a waste.
Something some of us have plenty of.
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peter fraser
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Perthite
10 Aug 2014, 05:13 PM
Something some of us have plenty of.
anyone over 40 has no time at all.

Any expressed market opinion is my own and is not to be taken as financial advice
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John Frum
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Dr Watson
10 Aug 2014, 04:33 PM
Thing is there are more owners than renters. The numbers are against you mate.
Incorrect, also deceptive.

There are more residential dwellings that are OO'd rather than rented.

If you read a little wider you would realise there's a pattern that emerges throughout history. The poor and impoverished are gradually marginalized and exploited by the property owning classes, so hard in fact that they will eventually band together and threaten violent insurrection against their oppressors. At this stage the oppressors realise that a mass slaughter of the oppressed will be a dreadfully messy and gruesome affair, and also leave them with nobody to shine their shoes.

The oppressors will therefore capitulate, and *some* concessions will be made to redistribute resources and power in a fairer way. And of course the whole thing will then repeat, as the wealthy gradually begin the task of recapturing their wealth and power, albeit with the poor getting incremental improvements to their quality of life each cycle.

When this moment of upheaval arrives it will be owner occupiers and over leveraged speculators that will lose out. The super wealthy and powerful will shift to other assets in advance of concessions being granted, and they know that people who hold mortgages are generally feaful people with little cohesion or shared interests (besides owning property) as a group, as well as being older. Therefore they will be easy to fleece, like taking candy from a baby.

I have no clue how far we are away from this point currently. It certainly feels remote when most are getting dinner on the table every night and smartphone upgrades every couple of years. But it's obvious from the London riots a couple of years back and talk of inequality still dominating many economist's ideas that we're still at flashpoint, so an event in the next few years such as an energy/food shortage or currency devaluation could set things off in a big way.
"It were not best that we should all think alike; it is difference of opinion that makes horse races." - Mark Twain on why he avoids discussing house prices over at MacroBusiness.
"Buy land, they're not making any more of it." - Georgist Land Tax proponent Mark Twain laughing in his grave at humourless idiots like skamy that continually use this quip to justify housing bubbles.
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Dr Watson
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John Frum
10 Aug 2014, 05:28 PM
I have no clue how far we are away from this point currently.
Are you going to put your life on hold waiting for such an event?
The trouble with the world is that the stupid are cocksure and the intelligent are full of doubt — Bertrand Russell
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newjez
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peter fraser
10 Aug 2014, 05:10 PM
So people are burning the only thing that is precious to them - time.

What a waste.
I really don't see how getting a uni degree or deferring an investment is wasting time. But blowing a deposit because you misjudged the market could be.
Whenever you have an argument with someone, there comes a moment where you must ask yourself, whatever your political persuasion, 'am I the Nazi?'
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Dave
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John Frum
10 Aug 2014, 05:28 PM
There are more residential dwellings that are OO'd rather than rented.
Yes, there are twice as many OO dwellings than rented dwellings, but it's also true to say there are more owners than renters, so Doc was not incorrect.
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Ned Flanders
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Dave
10 Aug 2014, 06:31 PM
Yes, there are twice as many OO dwellings than rented dwellings, but it's also true to say there are more owners than renters, so Doc was not incorrect.
Average number of persons per household is roughly 2.5, so in 7 dwellings there will be 7 owners and 17.5 renters. Right?
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" ... which is that all-too-familiar dynamic in Irish life where people tell lies, cover them up and create all sorts of collateral damage, sometimes spread out over decades, and never take responsibility."
- Alan Glynn
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