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Old 25th Nov 2008, 07:04
  #4 (permalink)  
Join Date: Jan 2008
Location: Tallong NSW
Posts: 280
we'll all be rooned

At the moment in country NSW that big local talk is the imminent boom in pensioners spending the special payment they are getting to stimulate the economy. The way I hear the locals talk, it is all going on plasma TVs, home repairs, teeth, and a few knees-up at bingo which will probably see more of the old dears drop dead with excitement.

I don't think any of them will be spending up on air trips, maybe just the odd coach load of desperates heading for the casino.

Look I don't think the media has anything to do with it. They admit their sales and advertising are going down the dunny. I think print is dying and the electronic media just isn't up to it. You don't re listen to radio or TV, you hear it, see it, and then it is gone.

The reason the economy is rooted is the most of the brokers and a too many of the punters got shafted by what Business Spectator calls 'synthetic' trading. Loans or derivatives that didn't actually represent the making of anything useful, just massive bets on numbers and suckers and dodgy real estate bonds and the real one for idiots, CFDs or Contracts for Difference.

This has left a lot of people stuffed, even if interest rates keep falling.

As we often say out here, we'll all be rooned.
denabol is offline