Pfitzy
George Gregan (70)
So the US is going to shit in a major way and the Govt has refused to bail out the greedy fucks of organisations that are in part responsible for allowing it to happen - the majority of the blame has to reside of course with the idiots who borrowed WAY above their means. Especially in the US where foreclosure is the easy option in a system basically unregulated for all intents and purposes. I also quietly chuckle to myself about all these people in a blind panic about the share market collapsing, because my philosophy is: never invest in something that relies completely on human confidence. If you've got the spare cash (and I mean spare i.e. have other money safe elsewhere) then speculate on the market. Otherwise I reckon you're already gambling your superannuation with these idiots so why give them more money?
Anyhoo, all sorts of statements are being thrown around here in the merry old land of Oz. Rhe one that pisses me off the most came up tonight from one of the Macquarie Bank dickheads, saying that the Reserve Bank should slash interest rates. This fucks me right off because I saw this storm coming when we had rate increases last year and the sub-prime rumblings started to make themselves known. I fixed my interest at a fairly good rate for a few years on the majority of our loan. Now, because there are millions of dickheads out there who borrowed above their means, I have to pay? Get fucked! People wanted the big house/car/tv when capitalism was sucking their sausage and now they're getting bent over with no KY or a reach-around they want to be socialists and get the Reserve Bank to lower their grief.
What also pisses me off is the CEOs of these companies - and the boards of directors and all the other senior people responsible - are going to walk away from this with a shitload of dosh despite them knowing it was all poor policy. The US government has a bailout plan and while I don't 100% agree with governments shoring up private enterprise in this way, I can see their point; no need for another 1987. Also, if it keeps people in the housing market so they can face up to their responsibilities over there, it will help us stay stable here so that we DON'T have interest rate cuts and we can learn to deal with the issue instead of having lower rates let a few people off the hook to get another credit card, or another lease/personal loan etc.
I hope the banks here tighten their shit right up on the lending front and prepare their shareholders for a few lean years so that we can adjust our ridiculous real estate market and, in a sense, hit the "reset" button. That way we all win.
Rant over.
Anyhoo, all sorts of statements are being thrown around here in the merry old land of Oz. Rhe one that pisses me off the most came up tonight from one of the Macquarie Bank dickheads, saying that the Reserve Bank should slash interest rates. This fucks me right off because I saw this storm coming when we had rate increases last year and the sub-prime rumblings started to make themselves known. I fixed my interest at a fairly good rate for a few years on the majority of our loan. Now, because there are millions of dickheads out there who borrowed above their means, I have to pay? Get fucked! People wanted the big house/car/tv when capitalism was sucking their sausage and now they're getting bent over with no KY or a reach-around they want to be socialists and get the Reserve Bank to lower their grief.
What also pisses me off is the CEOs of these companies - and the boards of directors and all the other senior people responsible - are going to walk away from this with a shitload of dosh despite them knowing it was all poor policy. The US government has a bailout plan and while I don't 100% agree with governments shoring up private enterprise in this way, I can see their point; no need for another 1987. Also, if it keeps people in the housing market so they can face up to their responsibilities over there, it will help us stay stable here so that we DON'T have interest rate cuts and we can learn to deal with the issue instead of having lower rates let a few people off the hook to get another credit card, or another lease/personal loan etc.
I hope the banks here tighten their shit right up on the lending front and prepare their shareholders for a few lean years so that we can adjust our ridiculous real estate market and, in a sense, hit the "reset" button. That way we all win.
Rant over.