I suggest if you have just viewed the recent story on tonight’s 4 Corners then perhaps you should jump in for an online chat with some of the guests of the show.
It is certainly a check up from the neck up for the future of the Aussie pocket.
Did you see the guy who brought his house in Mt Druitt NSW 30 years ago? His wage was 8.5 K per year and the house purchase price was only 10k for a brand newie. Do you get my drift?[baaa]
What about this comment “When the federal reserve raises the primary inter-bank lending rates by 1% from 1%, the cascade effect is that interest rates to the borrower is then 100% more than it was….
The amount of borrowing per mortgage is up from 5% to 30% of household disposable income. When indeed the next rise comes, does anyone have a model on the effects that a doubling of interest rates will have on household income – will the NEXT generation have to pay for current credit indulgences?”[blink]
“We did some rough modeling of the impact of a 1%, 2% and 5% increase on the average mortgage in each State – in May last year. It was pretty sobering even then. When I hear BIS Shrapnel predicting rises up to 9.5%, that means hundreds of extra dollars a month in mortgage repayments for many Sydney mortgagees – what ‘comfort margin’ have they built into the household budget to provide for that contingency, or will they ‘put the rate rise on the plastic’? Transferring other spending onto credit to accommodate the increased housing repayments cost?And if rates to rise, what will people do but reduce their discretionary spending – for an economy reliant in recent years on a retail and construction boom, that’s bad news.
“
“…Interesting that Robert Mellor is confidently forecasting higher rates in 2006 which may in themselves (if they come to pass) prove extremely painful for many people.
“
[suave]I suppose all of these comments will be shot down as useless rhetoric and forgotten about. I do remember having some debate before about rising interest rates, and was hammered by Mr. K and friends.We will see who is going to pay the pied piper. We will all share the Burdon of the over committed, its only a matter of tick tocks…..[withstupid]
We are all made from StarsHi Salubrious,
Armageddon???
Yep, armageddon really tired o’ all the crap that is floatin round in this here media na na land!!!!!
Jo [upsidedown]
So what you are saying is that you have watched the program?
We are all made from Stars
No I didn’t, but judging from what you have outlined (much to my ignorance at the time of posting my sarcastic jibe) nothing much has changed……..there is a great deal of speculation, some factual evidence, but basically it all boils down to a shitload of media hype; of which I can’t be bothered with……at least not today!!!
Jo
Then why comment? The program was not based on media hype, and I certainly dont fit 4 Corners into your typical TTonight/ACA module.
We are all facing a crises on a monumental scale, and I am not talking just about your variable interest rates.
Oh, and I just thought I may add this “Plenty has changed Monopoly”..
“Plenty”
We are all facing the “life of high finance” as an acceptable part of the Australian lifestyle.
A recent example is from this forum site with this one I am sure most of you are familiar with…
“Heya guys…
Someone is bound to come up with a suggetion on here!
Ok heres the go. After several posts on the website about the problems with my mortgage broker, she has finally managed to get the finance approval through for my second property. -This took 6 weeks mind you!!
The only problem is that settlement is in 3 weeks (June 11) and they have only approved the loan to 84.99% when it needs to be approved at 86% to cover ALL costs. She has been back to the lender and they said no more.
Now I have to come up with $3800 in less than three weeks, and I have no savings (as she knows) to cover this…
Has anyone here got any suggestions on ways I could find a short term loan or anything else creative and legal? (without selling my body)
Would my normal bank give me a personal loan in that space of time? -Help!-
Thanks in advance,”
What was the answer????? Extend the credit card![blink] Up to the eyeballs. Why not suggest that one is over extending one’s situation and sit back. What ever happened to having a life?
A life that you own and not someone else?
We are all made from Stars
Wow…….hey Salubrious, Chill out!!!!!
Why you getting so steamed????
Originally, I posted my (as I stated) sarcastic note as a form of humour, but you went in and edited your original post, thereby it looked as though I was having a dig…..which I was not!!!
But I am tired, it’s been a long day, and was just having a bit of a giggle.
As for media hype, anything that is presented on television, regardless of its origin, is still media hype!!! I was not referring to commercial television such as Today Tonight, just the media in general.
No need to get so testy!!!! Lighten up, or you’ll blow a gasket!!!
As for plenty has changed, like what, interest rates may rise (nothing new), and crises of a monumental scale…..which crises are you specifically referring to interest rates, terrorism, religious wars?????
Get over yourself; and spare me the &%$#!! doom and gloom for one f……. DAY!!!!!
Jo
Will you please please pleazzzzzzzzzzzzzzzzz stop editing your posts whilst I am replying; you keep adding to them, that I am finding myself unable to give you the satisfaction of even a remotely acceptable answer.
At least have the bloody courteosy to wait!!!!
I am in the right forum???? Im just digging too Monopoly, I know your a lover not a fighter but its just been so boring in here I thought I would throw some stones and see how far the ripples travelled.
I am chilled, trust me, even Antartica puts on a jumper when I rock over. Just havin fun…
We are all made from Stars
I have!!!! Sorry monopoly!!
But did you know that for every $100 earned in the pocket of an Aussie worker, we also borrow $130!!
We are all made from Stars
Salubrious,
You are so lucky you’re not sitting next to me right now, I’d slap your backside silly!!!! LOL
Just kidding!!!
Man, you can edit faster than I can type!!!!!!
Glad to see you’re not pissed off with me…..I meant no malice to you, or the show for that matter; I have just had a hard day, and the idiot box annoys me at the best of times.
Still love me????????? [lmao]
Jo
Originally posted by Salubrious:But did you know that for every $100 earned in the pocket of an Aussie worker, we also borrow $130!!
Yes I know [blush2][blush2]……….it is both a sad thing, and a good thing too (for the sake of our economy).
Jo
Originally posted by Monopoly:Salubrious,
You are so lucky you’re not sitting next to me right now, I’d slap your backside silly!!!! LOL
Just kidding!!!
Man, you can edit faster than I can type!!!!!!
Glad to see you’re not pissed off with me…..I meant no malice to you, or the show for that matter; I have just had a hard day, and the idiot box annoys me at the best of times.
Still love me????????? [lmao]
Jo
How could i not love you! Your not silly, I have been here and read what you have done and all that Jazz. (you may not rmember me because I have changed my user name so many times lol)
Im sure if you had finished slapping me, we would be sipping on a Tea and bickies and having a good old laugh[biggrin]
Lifes to short and did you know that there are over One Million stars in the Universe for every grain of sand on our planet? Hard to fathom but true……[offtopic]
We are all made from Stars
Awwwwwwww ………that’s sooooo sweet [blush2][blush2][blush2]
I remember you; I can’t remember your username at the time, but I know your posts, and the style you use…..that’s why I’m glad you didn’t take me seriously.
Tea and bickies, sounds yummy!!!!
As for the stars, no I had no idea, and is a refreshing thing to ponder in today’s turmoil.
Keep smiling….it keeps them guessing!!!! LOL
Jo
No worries Jo, your da greatest!
We are all made from Stars
The program was nuttin’ new to us bears.
Fasten your seatbelts folks, the ride will be “interesting”.
http://www.321gold.com/editorials/hultberg/hultberg090303.html#4
Very thought provoking program.
One of the things that success comes from is doing things differently or being counter cyclical.
Perhaps being in cash and sitting patiently for the time being could prove fruitful if bis-shrapnel interest rate forecasts are accurate.
Over the years i have seen several people make predictions. Some have been right and some wrong.
If only I had known which!
Investors with no stategy in place to manage an interest rate rise could be in trouble very quickly.
Someone will have to buy their propertys to stop them from going broke[wink]
Purse
Very true Purse. Im actually pondering the the idea of selling my residence off and investing the cash awaiting the crash so that I will come out with a nice little stash out of the property ash!
Yo
We are all made from Stars
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