Abbott just muddles up words. The guy who knifed him, Turnbull, is on an entirely different level. Ever hear how Turnbull ruined his career as a lawyer before turning to investment banking?
I read alot about the housing bubble in the major city,s but we are behind that in the Netherlands that bubble popped for us in 2008 but now with the low to little intrest rates the prices start to rise again... People are willing to more in debt cause the media keeps blowing the bubble up again but each time a new loan/morguage for a house is created new freshly made money is put into the economeny so on paper our econemy grows. People are convinced prices keep rising each year 3 4 5 6 7 8%...If we had 5% intrest rates prices would plummet today and the bubble has bursted again... But i am sure less and less tourist come to australia cause saving cash here is quit hard.....Ure mining industry is taking a hit in terms of prices of commoditys. Isnt the goverment doing things they do here like: Make taxes go up like GST and tax fossile fuel and cars hard and cut bit by bit from the social securety.. Or is the show still going on? Time i shut visit again but i prefer saving metals vs expensive holidays (i got me 10 50cent coints from 1966 today from australia) and in the coming weeks i am going to put in my own old shipped in Holden 304 v8 from a VR Commodore in my car so i need some parts so i go give ure econemy a boost
VR Commodore? That's a hardcore passion. If you're into that sort of thing I can put you in touch with a guy looking to sell his SS Commodore (not sure year - mid 90's?) He's a mechanic and has put lots of extras into it. Been the love of his life for a long time but he just bought the latest model and needs to sell the old one. One of the biggest regrets I have in my life was selling my 1969 HK Premier. Original everything and not a spot of rust. Oh to have that car back..
I find this 'Bail In' thing a bit confusing. Are they going to take the money from a pensioners bank account? What percentage? Same % for all account holders? Will all pollies have their bank accounts raided too? Will this bank account confiscation be 'property' as covered by the Constitution Sec 51. xxxi And the Government that does it will stink to high heaven for decades! OC
It's not confiscation so Section 51 doesn't apply. It's primarily a change in the bankruptcy process - principally one that tries to keep the financial institution operating as a going concern without having to rely on shareholders pouring new cash in or be broken up and sold.
OC... under the bail in laws, you are no longer regarded as a depositor but rather as an unsecured investor. In the case of the bank becoming insolvent, Derivatives get first bite of the cherry, followed by bond holder, then shareholders and then low and behold the pensioners. Run for the hills! People think that their money is safe in the banks but does the government have enough $$$$ to pay everyone out in full!? Regards Errol 43
Errol - to be clear, you have always been regarded as an unsecured investor. That's the basis for the legality of FRB's. The bail-in laws don't change that. In essence they simply change the bankruptcy process.
