On Apr 1, 7:32 am, Benway <captai...@[EMAIL PROTECTED]
> wrote:
> kangarooistan wrote:
> > On Mar 31, 7:56 pm, Benway <captai...@[EMAIL PROTECTED]
> wrote:
> > > kangarooistan wrote:
> > > >http://www.abc.net.au/4corners/
>
> > > > Debtland , Australians bleeding to death for Israel ?
>
> > > >www.costofwar.com
>
> > > > kanga
> > > > =====
>
> > > > Re****ter: Stephen Long
>
> > > > Broadcast: 31/03/2008
>
> > > > Mortgages doled out to people on disability sup****t pensions;
loans to
> > > > refugees with no English and no jobs that leave their families
with
> > > > next to nothing to live on; home loans so large they push
borrowers
> > > > below the poverty line...
>
> > > > This isn't America's sub-prime meltdown - it's Australia's debt
> > > > debacle, the legacy of a credit binge that's sent household debt
> > > > through the roof and lending standards through the floor. Now the
> > > > hangover is kicking in.
>
> > > > As many as 300,000 Australian households may be at risk of losing
> > > > their homes. It mightn't take much - another rate rise or two, a
> > > > family illness or maybe just the car breaking down - to send
people
> > > > under. And for thousands more who are better off but feeling the
> > > > pressure, this credit crisis is getting too close to home.
>
> > > > Dianne and her family are frontline casualties. Their home is
being
> > > > repossessed after constant refinancing landed them with two
mortgages,
> > > > one at 10 per cent and another - on terms they didn't understand -
at
> > > > 20 per cent.
>
> > > > Four Corners meets them as they despairingly pack their belongings
and
> > > > give up the keys. Why did they take out loan after loan? "Because
they
> > > > keep giving them to us," is Dianne's blunt reply.
>
> > > > It's not just fringe lenders but also big banks which have pushed
> > > > unaffordable credit. "We lent to whoever we could and as much
money as
> > > > they wanted," admits a former bank credit salesman.
>
> > > > Four Corners reveals how one major bank dished out unsustainable
loans
> > > > to numerous refugee families in one area. Some had no English and
no
> > > > job. In one such transaction a nine-year-old girl acted as
> > > > interpreter. Elsewhere a disabled pensioner tells how her welfare
> > > > cheque and small part time wage were enough for another bank to
lend
> > > > her $200,000. She is now in penury.
>
> > > > These cases exemplify how lending standards have slackened. Not
long
> > > > ago the rule of thumb was that mortgage payments should not exceed
30
> > > > per cent of gross household income. Now lenders leave borrowers
> > > > teetering on the poverty line.
>
> > > > Mortgage stress is compounded by plastic debt. "The banks are just
> > > > handing out money on credit cards like there's no tomorrow... It's
quite
> > > > terrifying to think that the average household... now has three
months
> > > > of their disposable income on a credit card balance," says one
> > > > analyst.
>
> > > > All the rage now are store-branded cards offering in-house credit
with
> > > > zero to pay for several years - then, typically, puni****ng
interest
> > > > takes effect. More than 10,000 stores offer these cards and many
> > > > shoppers have several of them - but behind nearly all of them is
one
> > > > global financial colossus.
>
> > > > Many Australians have gone deep into the red to fund a newfound
love
> > > > affair with the stock market. The amount they have borrowed to buy
> > > > shares now equals the total they have racked up in credit card
debt.
> > > > And as Four Corners discovers, when the market plunges and a
margin
> > > > call comes, some people are just reaching for the plastic...
>
> > > > Re****ter Stephen Long surveys the human wreckage of the household
debt
> > > > crunch and looks at the key players and tactics behind recent
> > > > aggressive lending. Long's disturbing re****t also throws doubt
over
> > > > the data that banks rely on to make crucial lending decisions.
>
> > > > "Debtland" - 8.30 pm Monday 31 March, on ABC1.
>
> > > > This program will be repeated about 11.35 pm Tuesday 1 April; also
on
> > > > ABC2 at 8 am Tuesday.
> > > > Feedback
>
> > > > Have your say in the Four Corners guestbook.
> > > > Tip Offs
>
> > > > If you have information relevant to this story, we'd like to hear
> > > > about it.
> > > > ABC Online Home
>
> > > *********************************************
> > > This is the Howard/Costello "prosperity" - debt!
> > > *********************************************
>
> > Hi Benway
>
> > I live about half way between a major retail store offering no
> > interest no deposit no repayment goods for sale on credit
>
> > AND a big pawn shop
>
> > You can see daily people carry stuff from the store straight into the
> > pawn shop to sell for cash , still in the box , pawned for perhaps
> > 10% of what they just bought on credit
>
> > sad
>
> > kanga
> > =====
>
> ************************************
> Kanga, if that is what it seems to be,
> we are seeing an awful price being
> paid for crazy John's piss-up.
> ***************************
Howard was a traitor , and a war criminal
But yes Benway , I know if you put a TV news crew outside the local
big store outlets , that are offering no deposit no repayment for 4
years , you can DAILY see people walk from the counter at the mega
store straight into the " big Pawn shop " and sell stuff they just
bought , for a pittance , these are white people , desperate for
twenty dollars , willing to do almost anything to get it
its probably worse in big cities
The western capitalist system is finished
the wars were supposed to save western economies that were about to
fall over in 2001 when the CIA and Mossad carried out 9/11 , and
banks started this crazy lending to try and stall the collapse
they juggled the books for 5 years , but they can no longer keep
revaluing up asset values to hide their bankrupt shells
www.costofwar.com
Did you watch the 4 corners program , it repeats later today I think
I suspect the right wing pollys are glad they got out before the
collapse started
kanga
=====
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