Quote- "if you have children they'll be paying off the Kruddcard debt until they are middle aged."
____________ At least they'll be able to pay it off as they won't be working for little more than the proverbial bowl of rice, eh john ? :ugh: |
Aint that the truth Ditch!! :ok:
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yes ditch your descendants may work for more than a bowl of rice with some sashimi added but, if all you make is heavily taxed you'd find you have nothing left to do much anything else.
and ain't that the truth.:= |
Icarus2001
Yes the US and parts of Europe are stuffed BUT we are riding the resource boom and unless China and Japan stop buying we will survive. Some suggest that the US and Europe are not buying Chinese product and so they will tank as well, not really, their domestic demand is huge. So then I hear some ask why did Australia report today a positive GDP of 0.4% and avoid a technical recession? The simple answer is the $900 cash hand out and exports rising. Why would exports rise in a downturn? Well the simple answer is that China has been stoke piling our resources because they are cheap. Next quarter will be interesting because there isn’t anymore cash handouts and China will probably reduce their imports of Australia’s commodities significantly as their stockpiles fill up. ditch handle At least they'll be able to pay it off as they won't be working for little more than the proverbial bowl of rice, eh john ? |
Icarus 2001.
I agree with you 100% People who have a stable job are better off for the time being and they are still spending as nothing has happened. But here in QLD ,electricity,car rego,s ,fuel,rates etc etc are all going up to pay off massive debts,which i suppose the average person can handle but its still going to take a fare bit more out the weekly budget. Record car sales for the last 3 years.Unless you buy a car every 3 years of course demand will drop. Mining--some have closed down because the price has dropped.Others are no worse off than they were 5 years ago-----the boom hype is over. Iron ore was around $30 a tonne 5 years ago.In the boom years that went to nearly $200 and now i see Rio has signed with all but China for $90 a tonne. The world had to come back to reality sooner or later. The first home owners grant is a savour for the real estate and building sector but once finished we will see a dive.Then once rates start going up there will be a lot more people in the sh-t. My super has snuck back to be only minus 20% now but in a 3 year period it went up over 30% so i cant complain and interest on cash has dropped 100%. So retirees ,unemployed(and rising),low paid struggling workers etc cant afford to spend or go on holidays,hence all businesses say get a 20% drop,then they have to lay more workers off ,so no one is safe for a long time ahead. Australia is a year or two behind the rest of the world so we havent really seen it yet. Share markets are rising------are they getting back to a reality price after a panic sell of-----who knows,im making a bit of beer money,but im waiting for a big crash again. |
People a lot smarter than me ( yes, there are some ) have said that unemployment lags 6-9 months behind everything else, so IF there were signs of recovery, unemployment is not an immediate sign either way. It makes sense as businesses are not just going to start making money all of a sudden, at the first sign of recovery. ( Like those poor impoverished people we work for 404 :hmm: )
I am always wary of experts, like the ones that said the Oz dollar would reach parity and beyond, I know it was close but it did'nt, they also said the initial dip in the dollar was just a " correction " , yeh it corrected alright. Also a lot of these experts ( eg Buffet ) can gain significantly from depressed markets, think Rene Rivkin on a much larger scale. My 2 cents worth and unlike 404, I was always a pilot :} |
Two very appropriate comments I have seen....
You've only got to look what happen during the Great Depression to see that history is repeating itself. im making a bit of beer money,but im waiting for a big crash again. Prepare for the worst, hope for the best! |
Icarus2001 wrote:
So overall, from a purely personal, selfish point of view, I am better off now than at the height of the boom when interest rates, petrol; and inflation were eating into my income. Now I realise that many people are losing their jobs and those that are close to retirement will be hurting with their superannuation fund losing capital, for this I am sorry and you have my sympathy. So, Icarus2001, I have some questions for you (answers below) (1) Where is the interest on the borrowings coming from? (2) Where will the principal of 220BN be repaid from? (3) If the retirees you feel sorry for end up tapping into the pension because their super funds are worthless, where will the pension payments come from? (4) When (not if) unemployment skyrockets, where is the benefit coming from? . . . . . . . . . . . . (1) TAXATION, (2) TAXATION (3) TAXATION (4) TAXATION So while you may be a true believer for now, reality will set in one day (soon). |
The cost of Rudd's stimulus package is to be paid back by having to work another 2 years before retiring. A big price to pay for 900 bucks.
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Kev and Wayne are between a rock and a hard place - as the men running the country, (even if they didn't have a substantial personal/political investment in 'talking up' the economy at every opportunity), they can't, in their position, come up with a statement saying this is a false recovery for fear their comment would make it a self-fulfilling prophesy.
My financial advisor (the same one who lost me a bucket load of money in the last twelve months, but let's not dwell on that - despite all the signs, I was the one who elected not to go into 100% cash when I could have said to do so), told me back in January that she and her colleagues were expecting a recovery of sorts by mid year, but they were planning upon it proving to be unsustainable. I hope she's wrong, but fear she will be proven to be right in her predictions. I think we're in for at least another one to two years of very hard times. For everybody's sake, including my own, I hope I'm wrong. |
I can't believe how many of you blindly trust that the state of the economy is as portrayed in the media!
Don't believe everything that you are told on Televison or in the paper! Check this enlightening movie and then you might start to get a handle on just how much we are being manipulated without even realising it! Zeitgeist - The Movie Question everything! |
Bullwinkle,
Great that was enlightening, so the robots are going to take over and none of us will be flying?? Fantastic. Well at least everything will last. |
There's a lot of wisdom going on here.
You must prepare for the worst. 10 ways to do so:- (The ticker guy in the USA, gives this advice) http://market-ticker.org/archives/1091-Ten-Things-You-Must-Do.html OR Keep your head buried in the sand. Another history lesson:- When Germany invaded Russia, Stalin was in such deep shock, people couldn't even get him to answer the phone for 3 months. There will be a shock period. Use it to get people organised and functioning. People are resourceful and have incredible survivability. Try and fight that, you will lose. Work with it, you too will survive. May the Force be with you! |
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Employment figures are out tommorrow.....hard to maintain ones consumer confidence with rising unemployment.
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DJIA during the Great Depression and until direct US involvement in WW2 • DJIA reached a high of 381.17 on the 3-9-29 • The DJIA declines to 333.27 by the 18-10-29 or looses 12.56%. • Crash starts 21-10-29 and falls to 198.69 by the 13-11-29 or looses 47.87% from its high on the 3-9-29. • Market starts to revive. From the 13-11-29 to the 17-4-30 the DJIA rises to 294.07 or 48.00% from its 13-11-29 low. • From the 17-4-30 the market starts its long and by far more dramatic fall. By the 8-7-32 the DJIA has fallen to just 41.22 or looses 85.98% from its 17-4-30 high or 89.19% from its all time high on the 3-9-29. • Between 11-7-32 to 5-3-37 the DJIA rises from 41.22 to 194.14 or 370.98%. • Second market crash starts on 8-3-37 and lasts until 31-3-38. In this time the market declines to 98.95 or looses 49.03% from its 5-3-37 high. • From 31-3-38 to 7-12-41 the market is stagnant until Japan bombs Pearl Harbor. DJIA during the Great Recession 2007 - ???? • New high of 14164 on 9-10-07. • Market starts to decline on 10-10-07. • By the 12-9-08 the DJIA has declined to 11421.99 or lost 19.36%. • The crash starts from the 15-9-08. • Market finally bottoms on 9-3-09 at 6547.05 or 53.78% below high reached on 9-10-07. • Market starts to revive on the 10-3-09. By the 9-6-09 the DJIA was at 8778.32 or had climbed 34.08% from its low on the 9-3-09. So where are we now? On a strictly technical basis the current rally probably has no more than about two to three months to run. If history is to repeat itself and so far it has, we will probably see a long and protracted decline in the DJIA which could see it reach unthinkable levels by the end of 2011. Let’s just hope though that history doesn’t continue to repeat itself, for all our sakes. |
Dont forget the swine flu and rising oil prices....:uhoh:
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not to mention rising interest rates irrespective of the reserve changes. increasing water/electricity/rates bills.. :bored::{
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Commonwealth bank independently raises interest rates, how good is that? Fantatastic, making me plenty of money!:ok::ok::ok:
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Another point of view
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