60 minutes doing a special on lending too much money

Fear mongering journalism at its finest. Freaked my wife out till I told her that they invested in a town that's only form of employment is related to a coal mine. Why would anyone do that she said, seems pretty irresponsible.

 

We still know 'f' all.

 

What were you hoping to learn?

 

Simone and Shaayyyyne down on the bone of their arse. SELL IT ALLLL!


Massive loans failing Aussies

 

Anyone got link for that millions lost thread? Can't find it.

 

6.20 pm Perth time, still waiting

 

Please tell me this was the intro song

 

Don't hold your breath, it tells you nothing. Basic reporting with a lot missing.

 

ok, thanks
I was hoping for an interesting report, I will still watch it, have it on record.

My Kitchen Rules first

 

Same. MKR was way more interesting.

 

ffs, we're talking about human beings here. I don't think I've read a more ignorant comment:

Luck plays a huge part in success and to believe otherwise is foolhardy. So those of us who've been lucky should be saying 'There but for the grace of God go I'.

I, for one, take my hat off to @katemoloney :You were incredibly articulate and brave to come forward, knowing that Ross would ask some tough questions, knowing that you would make yourself vulnerable to attack.

I really admire you Kate and I hope that the banks do take some responsibility in this mess. You'd think that after the debacle of the 1980s they would have learned a thing or two about risky lending practices, but apparently not. Greed is still king for the banks.

I'd say that the banks are guilty of 'MORAL HAZARD' ; that is, they've taken a risk knowing the person paying back the loans bears the cost of those risks. The Banks have clearly acted with 'moral hazard', knowing that, on the balance of probabilities, borrowers would not be able to make their mortgage repayments.

 

I was waiting for you to come in here big kahuna, defender of the down trodden, protector of the realm.

That is investing for you, for someone to make money someone has to lose it.

 

Agree, I wonder how many were critical at the time when she was given the title Investor of the Year? Its easy to stick the boot in now. There's a lot of investors egging each other on around predicted future growth, which of course no one can predict, and loading yourself up on IO loans to take full advantage.

 

Best part of the 60 minutes segment was they played The Clash Bankrobber!

 

Jonathan Tepper, remember that expert now. Followed on Twitter Lindsay David, Phillip soos, and he's the other regular that is predicting massive crash in oz.

I just answered my own quote, wonder if I'll get an ALERT.

 

Human beings who decided to take on an enormous amount of debt to buy high risk investments. When said investments crash and burn, suddenly it's the fault of the people who lent them the money.

Sorry, but these people made their choice and knew the risks (or were perhaps ignorant and uninformed, which is just as bad). It's their fault and theirs alone.

Plenty of people deserve our sympathy. High risk investors are not those people.

It's tiring that there's such a low amount of self accountability in this world. There's always someone else to blame.

 

I disagree with Kate seemingly placing a fair bit of blame on the banks but I find a fair few people having no empathy for her situation a bit odd and disappointing to be honest.

She made a mistake, a massive one, at least she tried. I reckon shed be way ahead of most people (in terms of financial literacy and experience) who never or barely dip their toes in the water even though she's in huge debt and they might not have any.

Some people bounce back bigger and better and some can't handle the huge loss, hopefully she's in the former.

 

Nope, no alert if you reply to yourself.

 

The point is that many here are doing the same thing, albeit on a smaller scale. Glass houses and all that..

 

Im sure since the bank forced her to buy all those properties had they all doublrd in price she would have donated a chunk of the profit to them