Debtland - Part 1 of 5

Part 2: http://au.youtube.com/watch?v=WLxF2jKq2vw

Documentary on the ease of credit, predatory lending, and the resulting high level of debt for many Australians. First Broadcast 31/3/2008 - Four Corners - Australian Broadcasting Corporation.

Category:

News & Politics

Tags:

• predatory
• lending
• banks
• banking
• loans
• subprime
• credit
• cards
• debt
• mortgages
• bankruptcy
• economic
• collapse

[tyronebiggums3]

I'm puzzled why they're spending so much time cleaning the house. Although, here in the USA, people do the opposite--they trash the houses before vacating.

[WorldIssues2000]

They are doing it to sell it at an auction for a price good enough to clear their debts; unfortunately that didn't happen (see part 5).

[GoldisSound]

"Never spend your money before you have earned it." - Thomas Jefferson

[wowthungsten]

I think the best way to go about it is to talk to all the people in the same situation and form a group. Then they go to the bank and say: we get a better loan or we default on all our debt all at the same time.

It takes a couple of hundred thousand people to do that right. As Trump said: "If you owe the bank 100 million, you have a problem. If you owe the bank a billion, the bank has a problem. No reason not to share the pain, people."

[ChrisCapel1998]

How about you just think about your financial situation for two seconds before signing away for 50k worth of credit card debt?

These people have no one to blame but themselves. Sure, the banks are predatory. But they can't physically force someone to take a loan.

This is just like those ads against tobacco companies. Guess what? If people stop smoking, the companies will go out of business. Period.

People are stupid.

[cordoovab]

@GoldisSound, I have that "Jefferson's Ten Rules'' on my wall, but I just learn Jefferson was in debts all his life and die in debts. lol

[TheRewster1]

"Why do you keep taking out the loans"? "Because they keep giving it to us".  that says it all

[ltt989]

@WorldIssues2000

good serves them right. these bastards thought they could live in a big house without paying for it. stupid greedy fuckers. I'm so glad they are suffering now. I hope they die.

[ltt989]

I'm so happy all these people are suffering. It makes me laugh!

[CelticReject]

I wonder how this family are fairing now. I hope that they are ok and safe. This was very sad to see.

[beneehall]

This was all engineered by the bastards that own half the world's central banks. The Rothschild's. Look it up. It's all been done to suck up the wealth and capital of the poor. The rich get richer and the poor get destitute.

Look up,

the five dancing Israelis

the USS Liberty

Jonothan Pollard

whatreallyhappened(*)com

globalresearch(*)ca

[tyronebiggums3]

@piginasack

Well, that should have provided motivation to not overpay for houses. Thanks for the information.

.

Here in the USA they preach a recovery, yet foreclosures are still at record levels. Check out Dr. Housing Bubble if you get a chance. I'd say we're still in the early or middle innings of this game.

[piginasack]

@tyronebiggums3 - We can't just turn our homes in like in the USA. We still retain the debt. Once the banks sell the property we are left with the outstanding balance.