A whistle blower on the ABC 7.30report, has thrown a bucket of SH.. over Australian Banks and Brokers. The story that the whistle blower told was one involving all the major banks in Australia including the big 4. Seems like they were fudging home loan applications from the poorest section of our community, altering income and assets and even getting them an ABN number to give them a better chance for a home loan. Maybe someone here on SS can provide a link to 7.30 so that everyone can see how bad the situation is in Australia as if you don't already know. Regards Errol 43
I watched it, it was really disturbing, if it is correct Australian banks were following the exact playbook from the US banks, and what they did should have people in jail, it was pure fraud.
HANG THE BANKERS IN THE STREETS for all to see them And than maybe the next guy might learn something
No subprime here, nothing to see. It's not like the crazies of the stacking community haven't been saying this for a decade anyway, denounced even by other property permabulls on these forums - yet alone in the MSM. The entire Australian 'it's different here' bullshit property market is based on a fraudulent ponzi scheme anyway, set up to enrich the participants on cheap credit and to be bailed out by the tax payer. You were either with them in perpetual con-man denial, or you were a crazy lunatic and were to be laughed at. They all deserve what's coming IMHO and to hell with them all.
The government will 'prove' that is was just a couple rogue bank managers/brokers, and the rest of the industry is clean and totally honest/trustworthy.
[youtube]http://www.youtube.com/watch?v=mor10bQYiB8[/youtube] Just remember... It's different here. More safer.
When the party is going full-tilt all improprieties are ignored or swept under the table. After all, no-one wants to spoil the fun and everyone's making so much money anyway. Everyone else is doing it so what's the problem? When the music stops, it all starts to come out. Happens every time, and anyone who thinks Australians are somehow different from other human beings really needs to take a few basic biology lessons.
I think the people who rail against the free market completely miss the point. We are the market. The govt protects banks and financial instituitions from us. That is what it means when you hear people deriding the free market. They want govt protection from their customers. And govt goes along with it because they get paid well if they do that. It's all a big scam. Leave the financial insitituions and banks to our, (the market's) mercy then we'll see some better behaviour from them. Because if they don't we'll just take our business to someone who will look after it better. Leave them to the mercy of "the regulators" (their friends in govt) with a get out of jail free card (actually multiple cards) and you will get continual bad systemic wide behaviour.
Only a small clique made money. Everyone else was forced to pay for it. But you're right on your assumption that when the pigs are at the trough, no one wants to spoil the party. Even the UN condemned this country for it's housing policy as a breach of human rights : Link : http://newmatilda.com/2007/06/06/un-condemns-australia%26%23039;s-housing How quickly was that swept under the carpet to hide the embarrassing truth? Fact is, our entire system was complicit in the process, with some of the biggest protagonists being the capitulators down here at ground level with the rabble, sounding off on forums and in the media and scathing any voice of reason. Well it's far too late now to take issue with what was known for well over a decade and muffled at every opportunity. This country deserves what it's going to get IMHO.
So much for the "It's different here. Australian banks have higher lending standards." argument many property spruikers use. I've even heard a few on this forum use that argument. Looks like it may be even worse than US sub-prime issues. Look out below!
Well, a lot of people have been making good money, been on good salaries as a result all surrounding the housing industry, RE, construction, banking, etc. Just like the dotcom boom when IT people everywhere were making great money. Then the boom ended, people were laid off en masse and salaries returned to more normal levels. People get upset and start turning on each other. It becomes a competition to be the first to blow the whistle on bad procedures almost as if to say "look, yes, I was part of it, but I've performed my penance by blowing the whistle". Maybe make a few bucks with an exclusive story. Meanwhile, the others make the foolish assumption that just because everyone kept quite during the boom they will all keep quiet when it ends. But that's not in human nature. And no, I don't have any sympathy for most Australians either. This kind of thing happened all over the world and they've had years of warning now.
Like most people, until I learnt the truth about fractional reserve banking I didn't know that the counterfeiting, fraud and embezzlement are not only enabled but encouraged by our government.
Were those gold coins flashing up on the screen near the end of the report? [imgz=http://forums.silverstackers.com/uploads/478_untitled_asdfljsa.png][/imgz]
