Australian Economy about to Crash hard

[Reynod]

http://www.heraldsun.com.au/news/more-news/australia-in-the-grip-of-a-jobs-crisis/story-fn7x8me2-1226228053309

The figures are correct ... retail spending this Christmas is really down.

After the GFC Australia protected the local banks by keeping interest rates up ... and sacrificed the rest of us in the process.

In fact they kept them up so long that ordinary Australians have not had the chance to recover from the crash, as they have been struggling to pay high mortgages with no relief in sight.

You can only do that so long ...

The housing sector is dropping off (6 successive quarterly drops) with no end in site.

Most people owe more on their mortgages that their houses are worth ... we can that "submerged" ... due to the housing bubble bursting and house values dropping consistently over the past year or more.

The government need to drop the interest rates hard to respond ... the banks won't like that though.

Watch as it unfolds ... its going to get ugly quick.

 

[JAYDEEJOHN]

I said this months ago.
Funny Oz was using high interest rates tho, as values will plummet by the time theyve been lowered and, have an actual effect, which will take time.
China shouldnt have artificially kept their values low, now everyones racing to the bottom, which leaves China holding alot of overvalued nothings

 

[amdfangirl]

Us non-mining states like NSW have been in the red for a while now. :/

 

[dogman_1234]

I am surprised the Aussies have not learned from their Yankee Doodle counterparts!

 

[Reynod]

Well Moody, Fitch, Dr Spock and even Mother Theresa have just reaffirmed our AAA credit status today ... our Teasurer is going on about in on the news.

Poor deluded fool can't see the writing in the wall.

Finance figures are at least 3 to 6 mths in arears in terms of what is going on now.

 

[amdfangirl]

The same ratings agencies that caused the recession in the US .

 

[Reynod]

http://www.heraldsun.com.au/business/australian-share-market-loses-more-ground-amid-europe-fears/story-fn7j19iv-1226228331245

 

[jsc]

The same ratings agencies that caused the recession in the US .

That happened because gaining market share became more important than honest ratings.

That didn't really cause the recession, but it certainly enabled it.

 

[JAYDEEJOHN]

One good thing rey,since Oz is so late to the bottom, a few hopefully will be rising up again, where Oz just may gain from them.
After such a huge adjustment, itll take time to do this well, as other countries stabilize sooner, then start to grow once again.
If Oz can come to grips fairly quickly, theyll be able to gain sooner, as real numbers back the early gainers