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Is Macrobusiness operating illegally?; ASIC and Internet Discussion Sites (IDS) - Regulatory Guide 162
Topic Started: 28 Apr 2012, 02:02 PM (6,036 Views)
nipa hut
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Strindberg
1 May 2012, 10:20 PM
I'm doing nothing about it. How would it benefit me to complain to ASIC? I don't give a toss for the sycophantic followers of MB bloggers who lose their shirts buying Becker's latest share tips. Much more fun for me to being giving Leith van Onselen, Chris Becker and David Llewellyn the shits. They have already complained about me to Alex, so he reported here, so I know I'm being effective. They annoyed me on Macrobusiness by being rude to me for correcting them and then banning me. Try googling Leith van Onselen and see if you can avoid a giggle.
Exposing them as clear flouters of ASIC regulations pisses them off and is fully justified. I suspect we'll see no more shares they own being spruiked on macrobusiness - they are now too shit scared now they have been exposed as possibly criminal spruikers.

What narks me most about MB is the hypocrisy. They slag off property investors as being unproductive and complain about a lack of manufacturing and productive work in Australia. And what do they do? They all work in leeching finance in merchant banks and second-hand share trading outfits. They stink.
So there's no point of principle involved in any of these recent posts, just a personal animus caused by being banned from MB.

That's refreshingly honest--if a little worrying, considering how much effort you invest in these anti-MB screeds, for a psychic return that amounts to pure spite.

But poor Shadow seems to be labouring under the delusion that there's some point of principle involved, in attacking MB, but not Chris Joye, for the same supposed sins. You should really rescue Shadow from his misapprehension.

Both sites spruik, but only one allows you an occasional voice. And therein lies the only appreciable difference between them.

:lol :lol :lol
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Shadow
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nipa hut
1 May 2012, 09:15 PM
I don't see how you could reasonably argue, Shadow, that Joye has not promoted the "RP Data-Rismark’s daily hedonic home value index, which is also published by the Australian Stock Exchange".
He has promoted its existence, and the fact that it is fairly unique in being the first ever listed house price index in the world or something like that, but he hasn't given advice or recommendations on what people might choose to do with the index... go long, or short, ignore it or whatever. I don't think ASIC would be interested in that type of 'promotion'... it would be like promoting the fact that the ASX200 index exists.

That's quite different to what Macrobusiness did. They recommended specific shares (and shares that they actually owned) as 'buys', for example stating that JB Hi-Fi was great value at $16 (shortly before JB Hi-Fi began its steady decline to its current value of around $9). This would be bad enough, but even worse if they really are licensed financial advisers as suspected... they should have known better.
Edited by Shadow, 1 May 2012, 11:17 PM.
1. Epic Fail! Steve Keen's Bad Calls and Predictions.
2. Residential property loans regulated by NCCP Act. Banks can't margin call unless borrower defaults.
3. Housing is second highest taxed sector of Australian Economy. Renters subsidised by highly taxed homeowners.
4. Ongoing improvement in housing affordability. Australian household formation faster than population growth since 1960s.
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Shadow
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nipa hut
1 May 2012, 11:01 PM
But poor Shadow seems to be labouring under the delusion that there's some point of principle involved, in attacking MB, but not Chris Joye, for the same supposed sins.
CJ isn't a licensed financial adviser (as far as I know) and he hasn't given advice or recommendations on any specific shares or indices.

So I don't really see the relevance of CJ to this discussion.

One of my reasons for exposing the blatant hypocrisy and misinformed views of Macrobusiness include a similar reason to that offered by Strindberg - i.e. David Llewellyn-Smith was very rude to me, and then he banned me, simply because I pointed out one of his many errors. But that's not my only reason for highlighting their mistakes. I also do it for the same reason that many of us here debate the various issues on this forum... I am argumentative, and when I see people presenting false information, I like to correct them and set the record straight. It's not as if Strindberg and myself only target Macrobusiness.

Similarly, the bears here target their attacks towards people like Chris Joye, Andrew Wilson and other so-called 'vested interests' and 'spruikers'.
Edited by Shadow, 1 May 2012, 11:28 PM.
1. Epic Fail! Steve Keen's Bad Calls and Predictions.
2. Residential property loans regulated by NCCP Act. Banks can't margin call unless borrower defaults.
3. Housing is second highest taxed sector of Australian Economy. Renters subsidised by highly taxed homeowners.
4. Ongoing improvement in housing affordability. Australian household formation faster than population growth since 1960s.
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Rastus2
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any chance this thrilling accusation posed as a question can be moved to the lounge ?

unless alex somehow thinks this topic is directly housing related ?
Shadow - Defrauded his Bank ? 2015 I have 9 different loans and my bank had no idea which ones were personal and which were investment. They had half of them classed incorrectly. When this change came in they asked me to tell them if any personal loans were incorrectly classed as investment, which I did, and they switched them to personal for the lower rate. They also had a couple of investment loans incorrectly classed as personal. They didn't ask me about those. So they stay on the lower rate too. Worked out pretty well. :)
Shadow - 2008 Sydney Median House Price 1.25M by 2014-2015

Shadow : I think this boom has already begun in several cities. My prediction :
Peak of boom: 2014-2015. Sydney Median Price: $1,250,000 Bottom of bust: 2017-2018. Sydney Median Price: $1,100,000

Shadow's Original 2010 House Boom and Crash prediction http://s836.photobucket.com/user/rastus22/media/shady-orig-2010-chart.png.html?sort=3&o=0

Shadow's attempt to edit his 2010 chart in 2015 and replace it with one that does not show a crash in 2013 http://s836.photobucket.com/user/rastus22/media/Screen%20Shot%202015-06-06%20at%207.12.52%20pm_1.png.html
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Strindberg
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nipa hut
1 May 2012, 11:01 PM
So there's no point of principle involved in any of these recent posts, just a personal animus caused by being banned from MB.

That's refreshingly honest--if a little worrying, considering how much effort you invest in these anti-MB screeds, for a psychic return that amounts to pure spite.

But poor Shadow seems to be labouring under the delusion that there's some point of principle involved, in attacking MB, but not Chris Joye, for the same supposed sins. You should really rescue Shadow from his misapprehension.

Both sites spruik, but only one allows you an occasional voice. And therein lies the only appreciable difference between them.

:lol :lol :lol
We all have own own reasons for what we do but Shadow is quite correct in distinguishing between the actions of MB and Joye. ASIC, and it seems law, are quite specific about what they mean by financial advice. See the ASIC consultation paper I linked in the OP pages 8 and 9. There they refer to a specific precedence case which:
Quote:
 
turned on whether postings on the site constituted ‘reports about securities’
(and thereby fell within the definition of ‘investment advice’) within the
meaning of the Corporations Law.

The key phrase is "reports about securities". The index which Joye blabs about is definitely not a security. Securities may come to be based on it but Joye has said nothing about those. On the other hand ASX:JBH and ASX:COH are securities which MB spruik and therefore fall "within the definition of investment advice" according to ASIC and apparently the law.
Housing costs to Income broadly unchanged since 1994 - re-ratified here
The People of Australia have the highest median wealth in the World
2002-2012 10 year house price growth the SLOWEST since 1952-1962
"There are two kinds of people in this world: ones that fiddle around wondering whether a thing's right or wrong and guys like us." (Hugo to Gagin in Ride the Pink Horse)
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BubbleBoy
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Rastus2
1 May 2012, 11:28 PM
any chance this thrilling accusation posed as a question can be moved to the lounge ?

unless alex somehow thinks this topic is directly housing related ?
I agree. Talk on Michael Yardney's past sexual offence convictions are moved to the lounge on the basis that it is irrelevant to property.
My name is based on a Seinfeld character, not on a belief of a housing bubble.
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Shadow
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BubbleBoy
2 May 2012, 06:45 PM
I agree. Talk on Michael Yardney's past sexual offence convictions are moved to the lounge on the basis that it is irrelevant to property.
LOL, once again BubbleBoy introduces his favourite subject to a totally unrelated thread. Obsessed much?

Maybe your Yardney rants get moved to the lounge because you repeatedly use them to derail unrelated threads?

This thread is about ASIC regulations, and how those regulations impact property and finance sites such as APF and Macrobusiness.

Therefore the subject is on topic in my opinion... unlike your weird sexual obsession with Yardney.

I bet you wouldn't even be allowed to bring up Yardney's history for discussion on Macrobusiness... they would just delete your Yardney rants on sight.

Try it. At least here you're allowed to get it all off your chest. And you do. Often. And in completely unrelated threads. :re:
Edited by Shadow, 2 May 2012, 07:52 PM.
1. Epic Fail! Steve Keen's Bad Calls and Predictions.
2. Residential property loans regulated by NCCP Act. Banks can't margin call unless borrower defaults.
3. Housing is second highest taxed sector of Australian Economy. Renters subsidised by highly taxed homeowners.
4. Ongoing improvement in housing affordability. Australian household formation faster than population growth since 1960s.
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BubbleBoy
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Shadow
2 May 2012, 07:51 PM
LOL, once again BubbleBoy introduces his favourite subject to a totally unrelated thread. Obsessed much?

Maybe your Yardney rants get moved to the lounge because you repeatedly use them to derail unrelated threads?

This thread is about ASIC regulations, and how those regulations impact property and finance sites such as APF and Macrobusiness.

Therefore the subject is on topic in my opinion... unlike your weird sexual obsession with Yardney.

I bet you wouldn't even be allowed to bring up Yardney's history for discussion on Macrobusiness... they would delete your Yardney rants on sight.

Try it. At least here you're allowed to get it all off your chest. And you do. Often. :re:
What a post - does everything but address the point. Which is as follows:

Talk on Yardney's past sexual crimes was taken to the lounge because it was believed that it was not related to real estate.

Using that criterion, why should this MB topic NOT be taken to the lounge. ? Your explanation that "This thread is about ASIC regulations, and how those regulations impact property and finance sites such as APF and Macrobusiness." makes about as much sense as Yardney related comments staying on this area of APF because "that thread is about criminal laws, and how those laws and regulations impact on real estate developers such as Yardney"

(I do not believe I am obsessed with him - unlike your MB obsession - but you think what you want, your opinion just isn't that significant.)
Edited by BubbleBoy, 2 May 2012, 08:02 PM.
My name is based on a Seinfeld character, not on a belief of a housing bubble.
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Admin
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BubbleBoy
2 May 2012, 07:59 PM
Talk on Yardney's past sexual crimes was taken to the lounge because it was believed that it was not related to real estate.
Hello BubbleBoy. That's not true. Members are welcome to discuss a broad range of topics in the main forum. Politics, economics, real estate and other topics at my discretion. Sex crime isn't a subject I encourage in the main forum. If you wish to discuss sex crime, please take that subject to the lounge. Thank you. Further posts on that subject will be moved to the lounge.
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BubbleBoy
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Alex Barton
2 May 2012, 08:07 PM
Hello BubbleBoy. That's not true. Members are welcome to discuss a broad range of topics in the main forum. Politics, economics, real estate and other topics at my discretion. Sex crime isn't a subject I encourage in the main forum. If you wish to discuss sex crime, please take that subject to the lounge. Thank you. Further posts on that subject will be moved to the lounge.
OK, Alex, I respect and accept your decision.
My name is based on a Seinfeld character, not on a belief of a housing bubble.
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