Who Predicted The GFC Global Financial Crisis: Nouriel Roubini, Steve Keen, Peter Schiff, Marc Faber; Harry Dent, Robert Shiller, Paul Krugman, George Soros, Jeremy Grantham, Dean Baker, Gary Shilling, Nassim Taleb
Tweet Topic Started: 14 Mar 2012, 07:46 AM (13,276 Views)
As for examples , there would be plenty , probably tens of thousands, who really knows. They are called lo doc or no doc loans and have been going for over ten years now that I know of and maybe a while longer.
At one stage , all you needed was an abn registered . No tax returns , no proof of income whatever and no proof of assets. Just a declaration made by the borrower. When things started going downhill in 2008, they cracked down on this slightly, to the point you needed a registered an as well as a letter from an accountant stating that you were earning so much a year, but again with no proof what soever, no tax returns, and there were plenty of hard up accountants willing to type out a page of bullshit and charge you $450 for doing so, this was standard procedure on no doc loans and every broker knew an accountant mate who could do this for you, remember there are lo doc and no doc loans, which pretty much says it all .
As far as I am aware the later of what of I have said it still what goes on .
Peter Fraser could verify what I have said is true , go on Peter , tell the boys how it works....
And stinky , how's Canberra going down there apart from cold.
Yeah, I understand that if you make a false declaration you could get a loan. There weren't many of these in the scheme of things, or we would would have seen an *actual* crash.
Canberra is going well. It isn't growing much, of course, but decent property has held up well. Depending on what the budget looks like in May, we'll almost certainly have a few more years of stagnating, but by mid to late next decade we'll see prices at least doubling in nominal terms. (Just my opinion... )
That's been a slow transition to constantly make the numbers look better as they have transitioned from the dole to sickness benefits. One learns the rort and the sheep follow to the greener paddock, it turns to a snowball , shown in people from dole to sickness benefits, and constantly improves the unemployment rates, no rocket science , just the government trying to pull the wool over all your eyes.
The number of people on the dole is not used to determine the unemployment rate.
The unemployment rate is based on a monthly survey - people are phoned up and asked how many hours they worked.
Whether or not they are on the dole is irrelevant.
And we've been using the international method for decades, since the 80s at least.
The number of people on the dole is not used to determine the unemployment rate.
The unemployment rate is based on a monthly survey - people are phoned up and asked how many hours they worked.
Whether or not they are on the dole is irrelevant.
And we've been using the international method for decades, since the 80s at least.
See you haven't argued with the many other things I have mentioned here today.
The fact you point to it being some survey to show the numbers, shows what a joke it is, we have lost jobs and buisiness in record numbers yet the unemployment rate stays the same. You might be right about it being a survey to get there numbers, but the fact is our economy is collapsing like never seen before, it was as clear as day , I have explained it for years , it will sink in eventually. And this had nothing to do with the Chinese, they have simply come along towards the end And added fuel to the fire. The feds self destruction has been building from decades ago , they owed 8 trillion in 2008 , and now with there economy far worse than then , they owe nearly 18 trillion. You see its now hit a brick wall , come to an end, in 2009 when I first tried to explain what will happen on another forum , where the thread went of the Richter for years until bit was shutdown by morons arguing . Anyway it has now got then point where there debt now exceeds the GDP., from 8 trillion in 08 to 18 trillion now, but now there jobs have and still are , going overseas, just like here, and will until there aren't too many left . This economy disaster would of happened without the Chinese, they have just destroyed what was left of our ponzi scheme. I will continue next post as it seems to have a limit on how much I can post as a guest. I have something interesting to say about china .
Yes, for years you have been explaining how the economy is collapsing, how gold is going to $5000, and how Sydney house prices are crashing.
The only problem is, you got it all wrong.
It was gold that crashed.
Sydney house prices are up 21% since 2012.
And the economy is still ticking along nicely - there was a huge gain in jobs last month.
Things are just taking longer to evolve thanks to extreme government interactions around the world, in a desperate bid to stave this off for longer, record lows interest rates , zero in Us for years on end , something never before seen seen in history , but you all want to tell me about historic growth levels, guess what , history is changing, from stable and secure to extremely unstable and secure. That wasn't enough , governments bailing out businesses and thinking things might come good, guess what they didn't , Just like we did here aka holden for one, I could of told them years ago they were wasting there time and money, just like the US . So in the states there zero rates weren't enough, so along comes qe 1 , not enough ,qe2, qe 3. All this did was increase there debt from 8 trillion in 2008 , to 18 trillion to match there GDP , was it real of there GDP is another story, just another government money thrown in thousands of different ways, unemployemt, food stamps , rent assistance and the million other things to prop the economy and GDP.
Gold has been engineered by the fed , but that bs is fast running out , the day after gold hit $1923 , the fed announced qe2 85 billion a month be program , to kick the can down the road. They created the be etc gold fund . The US claim to own 8,000 tonnes, I would say its closer to nothing as they couldn't give the Germans back there gold when they wanted it recently, the Germans then wanted a survey and see the gold. The Us refused , they let one or two into a storage safe area and showed the Germans a handfullnof bars. The fed shit there pants when gold was about to break 2000 as it rocketed towards it , thats why they announced qe2 the day after it hit 1923 or whatever it was. The fed have no gold and shit there pants, the etf gold fund is running out of gold, what there was anyway, The Chinese bought a record amount of gold last year .
It will keep rising as things decline further and there ain't much the fed can do anymore, can't lower interest rates further, they can only rise when inflation kicks in, the Arabs might not want your worthless printed paper soon , and may take payment in gold like they do from the Chinese, the worlds biggest oil consumer now. Will have to continues next post.
And Yes Sydney house prices are up 20% in some places, but the Chinese economy and there house prices have now started to collapse, something they have never experienced in their lifetime. So we will see what happens when the Chinese start to rush for exits like they are now, they have bought a lot of Australian property of the last few years, so will will see what happens when a country of over 1 billion starts a fire saleof property, again rewrktting the record books.
Will be like a packed movie ttheater on fire, as they rush for the exists, like the bulls say , those that do nothing will be burnt, not a truer word spoken.
I mean what do you do now, sit around and wait for prices to drop 10% before you even realize, then another 10% , year after year. I am now considering selling my other Sydney property, I have been paying 3.5k a month off the loan for a year or two now , and owe just over 20k on it which would have it paid out September.
And shadow , you also forgot to comment on the latest graphs posted by Alex, the thread has been sitting six deep for hours now, just in case you missed it, you might like to read my comments and assessments posted after it and add some comments of your own .
You saw property in your northern beaches area decline over 20% in some spots during 2011, clontarf being one from memory, after it went up on the back of interest rates drops in 2009-2010. But the economy was in far greater shape than when property in yr area crashed 20% an over in some spots in 2011. Interest rates cannot be lowered now like they could after yr property crashed 20% in 2011, the brick wall is here. And you can't give first home owner grants to people with no job, or a job they may lose in a month or two let alone ayear or two. Youth unemployment around the country is at record levels, many around 20%, you like to talk about low unemployment with yr bs graphs , 20% for the next long coming along , that should be an indicator of future house price growth.
Yawn. Why don't you come back when one of your forecasts actually comes true? In the meantime you can spend some time learning the difference between There and Their.
Collecting desperation. Ex-Bp Golly April 2 2015. "I see with a slight overshoot -70% [fall in Sydney house prices] as being well within possibility"
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