Australian Housing Myths: Responsible Lending
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Uploaded by ProfSteveKeen on May 31, 2011
Australian banks claim that the reason the US had a housing crisis was because American lenders were irresponsible, while Australian banks were much more responsible in who they lent to.
If that's so, why has Australian mortgage debt risen from half the US level (compared to GDP) in 1990 to more than 10% higher now?
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Oh Shit! Sorry to hear that there is a current housing bust in Australia. It just seems a waste, after the un-ignorable US housing bust.
I'm not so sure the well meaning professor quite understands that many affluent people in the US also stretched their credit to the breaking point by buying "second homes" to get rich.
I thought the US market was going to top out in late 2005, but the bubble just kept growing and growing. The rent vs. own ratio was way out of line by then in SoCal.
ZombiedustXXX 3 months ago
@tri400 JUST to buy a roof over their heads????
danielrbowles 5 months ago
@Robonza the only value that matters is AUD/GLD. All paper currencies are falling in value when measured in gold/silver/rice/oil/wheat/sugar ect In 1980 you an adverage median price home cost 70-80 ounces of gold today an adverage home cost 300 ounces of gold.
harrybath 6 months ago
too right....people in AUS are spending 30% of their income, on average, just to buy a roof over their heads
tri400 8 months ago
nice one steve, keep up the great work
cityslickeroz 8 months ago
@DavidAKZ I don't have time to go into a lot of detail, but when people talk about the "Aussie dollar" the assumption is they are comparing it to the US dollar. We all know assuming is a killer. Good analysts always detail AUD/USD. As the US dollar bleeds to death slowly it becomes less relavant, the AUD/XAU AUD/JPY AUD/CHF become more important as a reference guage when discusiing the Aussie dollar. Especially the AUD/XAU. Where this goes is important to my positions and future actions.
Robonza 8 months ago
@Robonza please explain ? :-(
DavidAKZ 8 months ago
@DavidAKZ Thanks for the response. I had a quick look, and Martin doesnt seem to be saying anything original or unique. He also does not reference currencies as "pairs" eiither. This is very important in my opinion.
Robonza 8 months ago
@kiche83 re June 2011 , do you have a reference thanks ?
DavidAKZ 8 months ago
@Robonza Google 'Martin Armstrong' and "Outlook for the land down under "
DavidAKZ 8 months ago