Quote:
Originally Posted by Miaplacidus
Privatize the profits, socialize the losses. Love it.
I heartily recommend "Two Centuries of Panic" , a history of Australia's corporate and bank collapses. And another book, a history of the 1907 panic in the US, published last year. Same old same old, I'm afraid, and the latter goes a long way to explaining what's happening in 2008. (The first has this classic quote about how a bank is an institution that guarantees to give you your money back just so long as you don't ask for it.)
Anyone who didn't see this slow motion train wreck coming, I'm afraid, just wasn't paying attention.
Can't blame the Americans, since we Aussies have also been using our homes as glorified ATM machines. ("Hey, honey, we're $400 ahead in the mortgage. Let's go buy an ipod?")
See you in Armageddon.
Brian.
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Some of us have , not I , I own it (my home) and will never ever let a bank or building society or credit union or shock horror a finance company get any leverage on it ever again if I have any say on it.
If I can't afford something , I save for it , then I buy it when I can afford it.