Quote:
Originally Posted by nightstalker
I know of somone in the last week who has had to already had to deal with the fallout from this .. He has run a smallish overdraft on his (droughtproof) rural buisness for the last 20 years without problems so you couldn't really say its a marginal loan .. yet the bank has called it in for payment.
You wonder where this sort of thing will go in time with many small buisnesses using this sort of credit to survive..
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i remember in the late 80,s in victoria, pyramid went down, estate mortgage went down .... panic.... banks mercilessly closed overdue accounts, the buisinesss i worked for was hammered by the bank that 1 month before was offerring more money... end result ... buisiness closed.
currently the world is in a panic , and like lemmings everything is running over the edge of a cliff, somewhat unnessecarily in this country,
the sun is still shining, there is still PLENTY of money around ..... people will just hold on to it . self fullfilling in a way. hold on to it just in case and there it is recession.