gmh454 wrote:
Marc, I have had the privilege as a public accountant to get to know in enormous depth the lives and business practices of maybe over 1,000 clients, in 35 plus years.Over the years we had seen a variety of breaches of ethics, morals and laws.  Mind you it is mainly through joining the dots, and making assumptions. My first eye…[Read more]

Marc, I have had the privilege as a public accountant to get to know in enormous depth the lives and business practices of maybe over 1,000 clients, in 35 plus years.In my practice alone I would say there is not one sucessful client who has not broken the law. That breach may be as small as lying about there financial affairs when applying for a…[Read more]

1Winner wrote:

Quote:
As for my previous post, the point I make is very simple. The virulence/ anger/ bias/ resentment/ general bad vibes or ridicule expressed by some be it  directly, indirectly or by elevation against "rich people" (regardless of the definition in the person's mind) is, in my view, a handicap to success if success as…[Read more]

daniellee wrote:

gmh454 wrote:

SHales wrote:

When a place at palm beach, a little weekender, bought for 5.5M with 100% finance no sales at a mortgagee auction, for 2.5m, the top end has tanked.

Is that the 40% drop that Assoc Prof Steve Keen was predicting about?RegardsDaniel

well if it had sold it would have been 54.5%, but as it did…[Read more]

1Winner wrote:
I find some of the comments amusing. There is an innuendo that "rich" people are somehow stupid for selling presumably at a loss having bought at premium price.. When that may be so in some cases, this is not exclusive of the (stupid) rich. Thousands upon thousands of (smart?) poor are selling below the cost at a loss. …..And…[Read more]

gmh454 wrote:

jparry1 wrote:
Predicting the downturn was a no brainer.  Lets see who is game to predict (guess) accurately what is going to happen in the next 12-24 months.  I'm surely not going to ………Cheers,JP.

well actually it is no more difficult than 2005, a no brainer actually.lets see, a kabillion (trilion is too small and ..…[Read more]

SHales wrote:
I keep hearing this "rich people are selling…" claim.  Can you tell me what substantiates it as fact?  So my question is, how do you know rich people are selling now, what are they selling and what is there to suggest that this is proactive strategy rather than reactive damage control that any of us are capable of?S

When a pl…[Read more]

harb wrote:
Just wondering, has the $5.5M always been the selling price in Palm Beach or did they ever sell for $500K or less sometime in the past ? 

Guess they did sell for 500k sometime ago.the guy who told  the storey of the banker who is evaporating before our eyes made the front page of the Fin Review once when Kerry Packer (rest his s…[Read more]

The top end is "coughing up a lung", in Sydney Mosman is a bloodbath, can give you many examples but one will do. " Palm Beach, little weekender, don't really stay there much, maybe 4 days a month, yeah work is a bitch, picked it up for $5.5M, …yeah should do nicely in the future, Oh borrowed the lot, yep the house at Mosman is worth $10M now,…[Read more]

Hmmmm…. $12k, buy some good Nikes and run in the opposite direction as fast as you can..

You need really good legal advice immediatley, you may be right but have gone about it the wrong way, seek out some good advice ASAP.

keiko wrote:
nd pay them $10k or something to move out. or pay 1 year in a retirement home

and after that one year, they will do what exactly……

 What happened to the great property shortage….damm I might not have had to sell that kidney afterall…

Hmmmmm……….first thought was firebombing, but damm that would effect the property……..but then again how much insurance do you think you could get on it, it could be a real win win……

gmh454 wrote:
Regarding our deep pocket friends, yep many are having to sell assets to fix their balance sheets, also nothing will bring you marriage woes more than finding out that an unpaid AMEX bounces.Are these people smart, financially sophisticated. Well two years ago many thought they were, however in hindsight, those who could'nt see…[Read more]

jparry1 wrote:
Predicting the downturn was a no brainer.  Lets see who is game to predict (guess) accurately what is going to happen in the next 12-24 months.  I'm surely not going to ………Cheers,JP.

well actually it is no more difficult than 2005, a no brainer actually.lets see, a kabillion (trilion is too small and …well..a  zillion was…[Read more]

Regarding our deep pocket friends, yep many are have to sell assets to fix their balance sheets, also nothing will bring you marriage woes more than finding out that a unpaid AMEX bounces.Are these people smart, finacially sophisticated. Well two years ago many thought they were, however in hindight, those who could'nt see this coming often made…[Read more]

jparry1 wrote:
Sure a lot of people predicted it, but hey it didn't take rocket science.  Nobody really cares who did or did not predict it.  What I was trying to say is if your income is secure, what is stopping you from investing now compared to any other time?

return is based on risk.If I can get "X" with no risk and no effort, and no s…[Read more]

Some very good points there about the distance now between wealth and control.I like to call our problem the triumvirate of terror"/turmoil or anything better that rhymes with…[Read more]

Wealth I say to clients what we are experiencing is not the end of the world, it is just Darwin's theory applied to the corporate world, survival of the fittest..and I agree. let the big boys die, cull the executive crap that got them there and reboot.