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Well take a closer look at the Fannie Mae and Freddy Mac incident and the 1975 New York financial collapse and the similarities between the 2 . Quite simply we may be on the verge of something much worse than a recession,quite a few very odd similarities between the obama campaign,the current financial crisis and some books and papers written in the 60's and 70's have appeared.sure these things may turn out to be just some conspiracy but their certainly is a ton of evidence around and i hope its not true.:|
 
I'm suprised we reach that far with our economic influence, don't hate us to much we have to live in our own problems
 
jessb....( that the Howard govt was so proud of, which led to soaring interest rates and expansion-happy, irresponsible lending.)

soaring interest rates, well I'm not so sure about that. I brought a house in 1990 and the bank home loan rate was 16.5% and on the way DOWN from around 18 or 19%.
Makes todays interest rates seem bloody cheap.

/quote]

looking at buying a house atm...
tell you what, i;ll trade you the interst rates now for the interest rates you had.
over the course of the loan you will have paid a 3rd of what i would have....
median income hasn't gone up enough to cancel that out

so seriously, bring on a recession, bring on 20% interest rates!

Myself, I wouldn't be looking to buy a house within the next 12 months, house prices still have a fair way to come DOWN and interest rates will also come off a bit more.
 
i recently saw a couple on tv who were sad that their investments had dropped from 120,000to 40,000 and i felt really bad for them. i'm pretty lucky cause i don't have any investments...actually i don't have that much of anything at all!
 
Well take a closer look at the Fannie Mae and Freddy Mac incident and the 1975 New York financial collapse and the similarities between the 2 . Quite simply we may be on the verge of something much worse than a recession,quite a few very odd similarities between the obama campaign,the current financial crisis and some books and papers written in the 60's and 70's have appeared.sure these things may turn out to be just some conspiracy but their certainly is a ton of evidence around and i hope its not true.:|

A problem everyone has now is that this situation with the USA financial system hasn't happened before and as such nobody really knows how it's going to pan out.

This is totally different to the crash of 1928, when after the crash for some reason the USA gov INCREASED interest rates and put on restrictions to some overseas trade.

A problem the USA gov has now is that with their official interest rate at 1.5% it doesn't give them much room to move to stimulate the economy.

The sooner George W is gone the better, elections next Wednesday. Funny having polling day mid week.
 
I am very ignorant of economics.

A recession is apparently just 2 quarters of negative economic growth.

But what is economic growth? Politicians and economists are always pushing for growth....but what happens when we follow this through to its logical conclusion.

The resources of our planet are finite...we cannot have unsustained economic growth. Figures out in the last couple of days shows that Australians have I think the 5th largest eco footprint of any country in the world!

For too long the economic costs to the environment have been omitted from economists calculations and projections.

Can someone please explain to me just how long economic growth can be sustained for??
 
i recently saw a couple on tv who were sad that their investments had dropped from 120,000to 40,000 and i felt really bad for them. i'm pretty lucky cause i don't have any investments...actually i don't have that much of anything at all!

This is something I can't understand, people crying about their (stock market) investments dropping so much. Until you sell at a loss it's only a paper loss.
While you may not have any direct exposure to the market, if you are working than most likely a portion of your super is invested in the stock market.

Unless someone HAS to sell their investments it's only a paper loss and the values will come back up again.
I'm down more than I care to think about, but the companies will still be paying dividends and the stock price will increase.
 
i like how people blame political leaders, and it comes back on to john howard. howard left our country in a great way. ressions are brought on by different things happening around the world and normally out of our political leaders hands. if we were on an even keel with america, why is our dollar and the rest of the worlds compared to theirs? thats right, change your australian dollar to american now and you will get around 65 cents. wow thats a fair swap. now think of how many dollars australia has and, and how many cents in each dollar is writen off. now when kevin rude goes in to panic and starts promising to surcure peoples bank accounts, which looked a great thing for himto do. but all as it did was panic people and scare people in to having no confidence in spending their money. if your seeing any pattern, you will see how ressions come about
 
what is our dollar compared to yours? I believe canada already beat us haha that doesn't happen very often.... Although most of the time I think they have it right I don't think they have been in a war once, have they had any recessions?
 
Oh and frankly our problems haven't affected me to much but I'm young and I don't have stocks, or a home yet, I do rent though but really the biggest influence was the gas prices other than that for me and my friends not much has changed. (this is for college aged people)
 
I feel for all the people who have gone out and started businesses that are non essentials.Ie, dog groomers,personal trainers,lawn mower crews as these will be the first things that people cut back on. Gerry Harvey stated that he beleived over 1000 retailers would be broke buy Christmas, now thats alot of retail workers out of a job. Lets hope it is only a minor glip and that the resources sector which is the only thing propping up the economy at present contiues to do so.
 
Myself, I wouldn't be looking to buy a house within the next 12 months, house prices still have a fair way to come DOWN and interest rates will also come off a bit more.

under normal circumstances, neither would i....

however, try renting in melbourne....
rent on a 3bed house is the same as 20year repayments on 400k loan at 10%
and thts if you can get it....
my household income is 12k a month, and we havent been approved for nything, and been looking since feb.

the rental situation is causing house prices to be stable in inner melb
and the worse finacial situations get, the higher (or more to the point harder) rent is...

pooling money with housemates is the only viable way to avoid ever increasing rents.
if interest rates were 5% tomorrow, any land lord in melb could evict tennants, raise rent 50% and have it relet in a week!
 
I just nearly died when I saw the dollar value on the news 68 US Cents.....it was in the high 90's a few weeks ago. Thats the end of buying cheap off US ebay for the time being :(
 
under normal circumstances, neither would i....

however, try renting in melbourne....
rent on a 3bed house is the same as 20year repayments on 400k loan at 10%
and thts if you can get it....
my household income is 12k a month, and we havent been approved for nything, and been looking since feb.

the rental situation is causing house prices to be stable in inner melb
and the worse finacial situations get, the higher (or more to the point harder) rent is...

pooling money with housemates is the only viable way to avoid ever increasing rents.
if interest rates were 5% tomorrow, any land lord in melb could evict tennants, raise rent 50% and have it relet in a week!

Yeah I know what you mean about rental, seems stupid that rental can be close to house repayments but you can't get approval.

I still reckon that in 12 months time both house prices and interest rates will be lower and banks will be looking to lend money to improve their profits.
 
so our 1.00= your 68cents?


Nope, your 68c = our $1, meaning we'd give $1 australian and only get 68c of yours back.

Great for any of you guys if you purchase from OZ (although I don't see why you would since everything is so expensive over here!)

What makes it worse too is that if purchasing off ebay etc, Paypal and our banks usually charge a conversion fee and/or use a lower than official exchange rate which makes it even worse for us.
 
This is going to come off as a bit of a "rant" so I would like to apologize now for seeming very brash or hateful.
I live in sunny Florida, also known as "God's Lobby." Where all the old folks come to spend their children's inheritance.
I work for the county coroner's office. Thanks to the current economic state, I, regretfully, have job security.

Two years ago, if we saw one suicide a month, it was a shock. Now, due to houses being lost, savings being dried up and investment plans that are now worth nothing, we see, on average, six suicides a week. This downfall hasn't just hit the rich. I pick up my fair share of the dentists, doctors, lawyers, etc. But the normal, blue collar workers are affected, also. Factories closing their doors, down-sizing and "reconstruction" efforts have made alot of positions obsolete.

Well, when the main breadwinner looses his job because the business can't afford to keep him, he can't support his family. This is causing disharmony at home, bills to be late, if paid at all, fighting, arguing and in some cases, the family unit to come apart. Desperation has proven to be an ugly thing.

I, personally, can't wait for Bush to get out of office. I think he's a Warlord, hell-bent on bullying his way into global domination, just like his father was. We're all pawns in his 8 year long game of Monopoly. He sits in his cabin on the lake, eating his steak dinner while the rest of us are going to food banks to feed our families.

And now the 85 BILLION dollar bail out for AIG!? Are you kidding?? Heres an idea; Why not take the 85 billion and cut checks for all the over 18, legal US residence? Tax it, even! Then the government can immediately get some of that money back! Then we could all pay our mortgages, pay our electric bills, get current on child support, buy cars and house, afford medical treatment, etc. Wouldn't that stimulate the economy? Come on! How is bailing out AIG going to pay my final notice on my electric bill??

Again, I apologize for coming off so rabid. Its just so discouraging to see the horrible impact the current economic state has had on the population. I guess always staring at death has that impact. I realize theres alot more complexities to this than I'm seeing. At the moment, though, I just can't see anything more than the devastation right in front of me.
 
I, personally, can't wait for Bush to get out of office. I think he's a Warlord, hell-bent on bullying his way into global domination, just like his father was. We're all pawns in his 8 year long game of Monopoly. He sits in his cabin on the lake, eating his steak dinner while the rest of us are going to food banks to feed our families...

Hi Tanith,
I completely agree on the warlord sentiments and the similarities to his father (who also invaded
Iraq and failed miserably).
I'm certainly glad im not living in the United States atm, definitely not a good time to get sick if
you cant afford cover - we still have a reasonable free health care scheme here in Australia
similar to Canada, so at least if your on the bones of your ___ you can still get treatment.

What are fuel (gas) prices like over there now?

Matt.
 
Its gone down recently with the election coming up. Currently, regular is running about $2.65 a gallon. I'm sure it'll go back up soon, though.
I really wish we would implement socialized medicine here. We really need it.
 
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