Where does it stop

[runutz698]

Sorry I hate to be the dumb idiot here but as a 28yr old first home owner at the minute, I strongly belive that people should take care for there own borrowings and dealing. I for one have started out small not cause I had to but through my own choice of not being over stretched if things went belly up.

But it seems to me that all logic of starting small and working up to something are gone, Borrow big buy big and worry about the rest later.

 People are so eager to look for a scape goat when things go wrong like the new car loan, the 5five credit cards(to offset one another) the 400thousand dollar 90% loan on a house. I mean really do you need to be a genius to work out that if your in coming are less than your out goings there is a problem.

What ever happened to the person in the mirror saying "Streched myslef to far...

Are people really that stupid and thick?? or in other words Dumb?? Really.

[mx250]

I didn't see 4 corners last night nor did I see any ads leading to it. Probably a good thing by the sounds of it; very depressing.

I think there is another time bomb ticking both here and America, and that is private debt as credit card and personal loan debt. There's billions of 'easy money' owing for LCD's, overseas holidays etc. I suspect there is an avalance waiting to happen as people lose jobs and can't make repayments. Seeing Esanda or GM Money 'go to the wall' wouldn't exactly bring eyes to my eyes but it will still cause lots of financial grief for the economies.

You might like to watch this,

http://www.keatingeconomics.com/

I can't vouch for it but it pretty much confirms what I have read elsewhere. All pretty sad and depressing.

Here's something a little more light hearted on the subject.

http://patdollard.com/2008/10/it-is-here-the-banned-snl-skit-cannot-hide-from-louie/

[Wombat]

You're right there!
The credit card and personal debt has been an issue for some time but it will certainly get worse.
The 'in Store' cards pushed by large Retailers like Myer are a real trap for the unwary.
and I think it's a crying shame we remain 'unwary'.

Teaching life skills (budgeting etc) should be a part of the School curriculim (did I spell that right?).
Credit is faaar too easy to attain.
We scream about the stupidity of the big Players getting into so much debt but it's so damn easy for us all to follow suit.
The multi credit card trap must be so hard to escape from.

We have to start somewhere so let's start training the new generation coming through.

[YSS]

I will get Tim on this straight away  Tim !  Sorry he cant hear me , he is trying to start his Lanz Bulldog again. 

[cappra]

I'm one of those "damn Yankee's" that is so pissed at the government,
banks, wall street and anyone else that caused this mess.  I will blame
mainly the congress on this one.  No money down? no job? no problem.
Fannie Mae will get you into a house!  If your a minority, or poor, no problem
we will get you into a house.  Interest only payment for three years,
no problem, by the time the three years is up, you can refinance or step
up to a better home and start again.. Kaboom!  housing market goes flat,
houses are worth less than the mortgage is for, People can't make the monthly
payment after resetting,  and the rest is history...Who's at fault?  Democrats?
Republicans? Wall Street? Banks?  They all are too some degree.  No one is stepping
up to the plate and taking responsibility.  They should all be shot!  They all new better
and they were all greedy and now middle class Americans (and now the world) have to
take a bite of this shit sandwich.  This is not the America that I grew up in, and
not the America that I have known for the past twenty years.  So, I am opting out.
Not going to vote for Obama or McCain, nor any Democrat or Republican this cycle.
I'm pretty sure that Obama will win the election, so I will have 4 or 8 years of socialism,
and other assorted BS programs to contend with as they suck me and the rest of the
so called middle class dry with increased taxes.  By the way, gold and gun sales are
at an all time high.  Stay tuned, if there are runs on the Banks and that "bail out" money
has no effect, there could be a reaction.  The revolution will not be televised!

[Tim754]

Walter the Lanz is away at present (actually in Townsville QLD!)  doing a country show circuit  and may be away for a couple of years:D 
Cappra your at the coal face imput is very respected and appreciated by me . Thanks and Cheers Tim

[mx250]

Jared, sorry to hear you so pissed off and angry but we fully understand your anger (we get pissed over with our pollies but for scale and thoroughness your's 'take the cake' ).

You can probably see from my writing I put the whole debacle fair at the feet of your political leadership (ably aided and abetted by other equally culpable scumbags who were in a position of trust)  - and both political parties equally - this problem has its origins over 20 years - both parties have contributed and both parties had their opportunities.

I would never suggest that anyone in a democracy not vote. I reckon all of America should simple make it there business to vote out any incumbent polly, regardless of party - a 'clean sweep' - get rid of the mothers - they have all contributed by commission and omission.

[Nathan S]

...
I'm pretty sure that Obama will win the election, so I will have 4 or 8 years of socialism
...

With all due respect, I'm yet to meet an American who would know what socialism was if it bit them on the arse.

You guys are in for a tough time regardless of who wins the election - the seeds were sown long ago, by many and varied different people.

And while I'm not wishing for it to be true, I can't help but think that at the end of it all, China will be the economic cornerstone of the world, not the USA. They've got a fund that's been estimated to be growing at the rate of US$100million per hour.
A little, fatalist part of me can picture the USA in 15 years time as being a lot like modern day Russia - basically a bitter and twisted shadow of its former self, but with enough military power left-over from the glory days to be a worry.
 

[cappra]

I'm still going to vote.  I have changed my registration to independant and will vote for the
independant or Libetarian candidate.

[jimson]

 A while ago I spoke to some Aussie soldiers that where training with some American soldiers and they said a lot were leaving so the U.S government was paying big money for them to resign up. swings and roundabouts if everyone is thrashing the shit out of this  who will want it in the end. Its always left for the average bloke to pick up the pieces and carry on    jimson

[firko]

With respect Jared...I'm in total agreement with Nathan. Most Americans wouldn't have the slightest inkling of what socialism is.
At a dinner party in California a few years ago I was approached by a guy in who gushed enthusiasm for Australia and its people. He finished the glowing wrap on Australia with the observation that " I really admire that Aussies can still be so laid back, considering the opressive socialist system you have to live under. It must blow you away when you come to America and see true freedom and democracy in action". I was so dumbfounded by the statement I couldn't speak. It was especially ironic when I discovered that his visit to our evil axis country was during the facist Howard regime. Most Americans sadly have no idea on political diversity.
Obama and the Democrats to my mind are politically moderate and while not being as right wing conservative as the Rebublicans, are still nontheless extremely conservative. I wonder how America would have reacted to Bob Hawke?

[mx250]

I wonder how America would have reacted to Bob Hawke?

How about Gough then , and the 'It's time' love in gang .

[cappra]

For one thing, we are not a true Democracy, but a Republic.
From my viewpoint, and I might be wrong, Socialism is the redistribution
of wealth and selected nationalization of key industries.  (like they are doing
to the banking industry)  from manys viewpoint, Obama is a raving radical lefty
who wants to take away our guns, open our borders, raise our taxes, and
clamp down on personal freedoms.  He is also far from being an outsider
of the system.  His hands are just as dirty as McCains and the rest of them.
I live in Arizona, and have had to deal with John McCain for the past 25 years,
so we know where he is coming from as well. (can you say Keating 5?)

[PJR]

who wants to take away our guns

Now, wouldn't that be a good idea!
Obama is about as left as Billy Graham. One only has to watch five minutes of the Fox "news" to understand the inaccurate propaganda that's being fed to the American people in the guise of news. The ultra right christian fundamentalist gun lobby have taken over and it's hard to take any of it seriously. A bit of good old fashioned genuine socialism would be a good thing in getting America back on the rails. It's greedy capitalism that got America into this pickle in the first place.

[Maicojames]

Firko, I will agree on the direction this is going( Obama).  While viewed internationally as perhaps moderate-he is viewed by some moderate Americans as quite liberal.
   Still, I have enough clarity to see that in relaity he will not be able to take all our guns. What is concerning to many is not the talk and record of opposing assault weapons( thereby classifying what does and what does not constitute an "assualt "weapon), but the banter of many gun control supporters.
I have heard many say-including my sister that NOBODY should have any guns except the military and the police. Since the inception of the Concealed Carry Permits in Texas some time ago, violent crimes have in fact dropped signifigantly.

 Personally , I was robbed at gunpoint while living in Az in 2004. I beleive in my heart that he took the $ and hauled ass out since Az has a policy of allowing open-non-concealed carry. I often saw a few customers in the store with pistols in their holsters. I prefer the Texas law. Same reason Japan did not invade the US in WWII-...a rifle ..could be behind every blade of grass. For the record, I have no problem at all with any background checks, or waiting period in some cases-and do not think every dipshit should be toting a gun. However, in a violent confrontation, you have reason or force-plan and simple. In fact, this is the only "liberty" I see many ( or all?) not having in Oz. Just a point of view difference. Respectfully, I hope.