jayhinrichs wrote:

Ziv whats Up?? this forum has died if you have not noticed. maybe we can resurrect it

Tends to happen when you cripple the tools the forum community need to communicate. They thought they’d upgrade the back-end and all but rendered the front-end barely usable.

Beny you’re a good guy who means well but some of the stuff you write is ..well ….rubbish. For example;

 But the US uses mainly non-recourse loans…Thus, our market would never be subjected to the wild swings that their system makes possible (in my humble opinion). 

Well no it’s not. last time I looked;

National Consumer Law Center (NCLC), at least 10 states can be generally classified as non-recourse for residential mortgages:

Alaska, Arizona, California, Hawaii, Minnesota, Montana, North Dakota, Oklahoma, Oregon, Washington

Recent legislation also makes Nevada non-recourse in most cases for residential purchasers for mortgages obtained on or after October 1, 2009

10/11 out of 52 States??

Note that some states like Florida which are full recourse actually got smashed the hardest. The Atlanta FED debates the recourse Vs non recourse research with researchers of a paper about their findings with regard to types of mortgages and how they affected the crises.

Did nonrecourse mortgages cause the mortgage crisis?

The US housing market collapsed because of the way derivatives (MBS) where developed, packaged, sold and other derivatives (CDS) where used to bet against them. While subprime loans are another product that is often named as cause of the crash that’s not correct either. Subprime default rates where in line with trend. The market lost confidence in MBS and the price crashed triggering massive CDS volumes that swamped Lehman’s and AIG.

 The rest is history as they say. The US and Australian markets are as different as chalk and cheese. To make comparisons and try to cross link causal affects is to not understand either market or its fundamental dynamics.

The affordability debate is a red herring. Affordability realistically only affects <13% of wannabe property owners. They’re price takers not price makers and have little to no discernible impact on the market.

The fundamental drivers of Australia’s market is credit availability (bank liquidity), investor sentiment (do they feel there is a viable safe market) and foreign (particularly Chinese) buyers. Mess with any one of those and the market is in trouble.

• This reply was modified 10 years, 7 months ago by  Long John.

Bank Incest

Big international banks own both the Australian big banks and the biggest Australian mining firms. They are in control for the financial adjustments and reset. The story is typical of the Western financial super-structures. In the West, Barclays is the banker’s bank that owns a significant portion of almost every important large Western bank. The integrated ownership of these banks reveals a vast incestuous network. The banking system in Australia is controlled by HSBC, JPMorgan, NAB, and Citigroup. The tree below displays the ownership of the largest banks in Australia. In parallel, Americans, British, and Europeans have no idea that Barclays owns a piece of almost every large Western bank. The same shareholder examination for National Australia Bank, JPMorgan, and Citicorp found that the these four companies not only control a vast array of mining and industrial companies, but also pull the strings as banks under a different name. Furthermore, the four financial firms which own Australia’s banks also have substantial holdings in Newcrest Mining Ltd, the largest gold producing company.

The NAB should be in a level between the first and 2nd levels. Go back a post and you can see that JPM HSBC and Citi own the controlling interest in the NAB

So who do you think actually runs the country? The government or the banks? Specifically American banks.

• This reply was modified 10 years, 7 months ago by  Long John.
• This reply was modified 10 years, 7 months ago by  Long John.

Have you ever heard the sound of disappointment?

It tangles your head like a winter rose

Comes up eager and shining

And it likes to leave a scar before it goes

Here comes that sinking feeling

Here comes that sinking feeling

Here comes that sinking feeling

Here comes that sinking feeling

Annie Lennox

YouTube Clip

The Japanese Sales Tax Hike Verdict Is In: It’s A Disaster As Sales Plunge

Chinese Exports Collapse Leading To 2nd Largest Trade Deficit On Record

Japan To Downgrade Economic Assessment In April, So More BOJ QE Right? (Spoiler Alert: No)

Abe can’t take a trick these days but I’m sure property’s doing just fine.

• This reply was modified 10 years, 7 months ago by  Long John.
• This reply was modified 10 years, 7 months ago by  Long John.
• This reply was modified 10 years, 7 months ago by  Long John.
• This reply was modified 10 years, 7 months ago by  Long John.
• This reply was modified 10 years, 7 months ago by  Long John.

We are seeing a “cycle” as we have seen over decades. And yes, there are peaks and troughs. I believe we will see harder times, and easier times. And we will see decisions made by Govts that help, and others that don’t help.

You should be a poly Benny. You’re talking a lot without really saying anything or committing to any position. That usually indicates one doesn’t understand the problem or have an inkling of which way things are going.

As for the RTA quote; CB’s wouldn’t know a bubble if it blew up in their face. Steven’s is well known for waxing lyrical but not actually saying anything. It’s why reporters spend numerous hours dissecting CB speak for hidden messages which generally leads the MSM to slant their finding in favor of their masters agenda. Given that Murdock controls the media in Australia you know even bad news will invariably be tweeked to mollify the masses.