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Topic: High rise living
Posted By: Tlazolteotl
Subject: High rise living
Date Posted: 03 Jan 2019 at 10:02am
"Moscow: Search crews in Russia pulled more bodies on Wednesday from a huge pile of rubble where part of an apartment building collapsed, bringing the known death toll to 33 and the number of missing residents down to eight as the grim recovery work continued for a third night."

https://www.smh.com.au/world/europe/death-toll-in-russian-apartment-collapse-rises-as-rescued-baby-stable-20190103-p50pbw.html" rel="nofollow - https://www.smh.com.au/world/europe/death-toll-in-russian-apartment-collapse-rises-as-rescued-baby-stable-20190103-p50pbw.html

I'm surprised apartment blocks aren't collapsing all over the world- there are so many shonks about. Maybe they are. Where in the world can you have complete confidence in building regulation? Switzerland, maybe. The more you learn about the way it's done in NSW the less confidence you have.


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An honest politician is one who when he is bought will stay bought.

Simon Cameron




Replies:
Posted By: Redemption
Date Posted: 03 Jan 2019 at 1:48pm
Ive been saying it for years on here.

Australia: "building tomorrows slums, today".

Clearly its not just Australia.

My friend and I always have a giggle, that in centuries from now, archaeologists are going to be digging up old neon Mcdonalds signs, and apartment building rubble. Buildings that were basically already rubble, while they were being built.

Crap culture, pop culture, build for the "now", live for the "now", cheap, corrupt, "donations" from developers, etc etc
Whole thing is a disgrace.

You are essentially spending $half a million, for plaster. And cheap plaster at that.

Hopefully the whole Opal tower debacle is now truly opening up the eyes of people that the property industry is a scam

RIP to those in Moscow.


Posted By: maccamax
Date Posted: 03 Jan 2019 at 3:54pm
Lot of sense in what has been said.

The developers are building to minimum strength. ON EVERYTHING


Posted By: Tlazolteotl
Date Posted: 03 Jan 2019 at 4:01pm
Apparently somebody's gas blew up in Russia. But that's the problem with living on top of one another like that- you are stuck with the stupidity of the biggest idiot in the village.


-------------
An honest politician is one who when he is bought will stay bought.

Simon Cameron



Posted By: Second Chance
Date Posted: 03 Jan 2019 at 4:12pm
Originally posted by Tlazolteotl Tlazolteotl wrote:

Apparently somebody's gas blew up in Russia. But that's the problem with living on top of one another like that- you are stuck with the stupidity of the biggest idiot in the village.

Thankfully none of us live in close proximity to...*

* villagers are invited add the most appropriate names, as you would for a write-in at the US elections.  Wink


Posted By: Mr Prospector
Date Posted: 04 Jan 2019 at 3:58pm
The latest public planning wants Australia to adopt High Rise living to a greater extent , but as the latest problem in Homebush highlights the consumer has minimal protection . 
It looks like the Tower in Homebush was built on reclaimed swamp or mangroves and the liability may fall on to the builder or probably the professional liability of the Engineering firm who designed the Tower . 

Apart from that warranty , if the more unscrupulous developer has a company that fails shortly after each project or has no assets at all , then the consumer has no protection . No insurance will cover a buyer in that situation from what I understand . 

You hear some horror stories of buying of the plan in some of these projects . 




Posted By: acacia alba
Date Posted: 05 Jan 2019 at 12:24am
I have been wondering about that.  Being built on reclaimed marshes.  I know what that area was like when I was a kid,  just swamp and marshy waste land right down to the river,  with lots of chemical seepage from the plants in the area  thrown in to the mix , and now when they have bragged about reclaiming it and building on it, I  have always thought no way would I want to be living there.  Thumbs Down  I am not at all surprised at whats happening with this building, having seen what the land was like years ago.


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animals before people.


Posted By: Mr Prospector
Date Posted: 05 Jan 2019 at 8:01am
There was a project some years ago in Chatswood with building defects that went to the high court and they ruled that the residents were investors and the builder had no liability outside of warranty .

How would you like to be an owner and have to front up for major repairs on a large multi story apartment block .
Ouch!



Posted By: Tlazolteotl
Date Posted: 05 Jan 2019 at 9:37am
Originally posted by acacia alba acacia alba wrote:

I have been wondering about that.  Being built on reclaimed marshes.  I know what that area was like when I was a kid,  just swamp and marshy waste land right down to the river,  with lots of chemical seepage from the plants in the area  thrown in to the mix , and now when they have bragged about reclaiming it and building on it, I  have always thought no way would I want to be living there.  Thumbs Down  I am not at all surprised at whats happening with this building, having seen what the land was like years ago.


Plenty of cities built on swampland, e.g. St Petersurg, Shanghai, but not Washington.Wink


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An honest politician is one who when he is bought will stay bought.

Simon Cameron



Posted By: Tlazolteotl
Date Posted: 05 Jan 2019 at 9:40am
Originally posted by Tlazolteotl Tlazolteotl wrote:

Originally posted by acacia alba acacia alba wrote:

I have been wondering about that.  Being built on reclaimed marshes.  I know what that area was like when I was a kid,  just swamp and marshy waste land right down to the river,  with lots of chemical seepage from the plants in the area  thrown in to the mix , and now when they have bragged about reclaiming it and building on it, I  have always thought no way would I want to be living there.  Thumbs Down  I am not at all surprised at whats happening with this building, having seen what the land was like years ago.


Plenty of cities built on swampland, e.g. St Petersurg, Shanghai, but not Washington.Wink


Houston- they have a problem.


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An honest politician is one who when he is bought will stay bought.

Simon Cameron



Posted By: acacia alba
Date Posted: 05 Jan 2019 at 9:41am
so does New Orleans.


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animals before people.


Posted By: Redemption
Date Posted: 05 Jan 2019 at 10:30am
Docklands, Melbourne.


Posted By: oneonesit
Date Posted: 05 Jan 2019 at 10:36am
Originally posted by Mr Prospector Mr Prospector wrote:

There was a project some years ago in Chatswood with building defects that went to the high court and they ruled that the residents were investors and the builder had no liability outside of warranty .

How would you like to be an owner and have to front up for major repairs on a large multi story apartment block .
Ouch!

The repairs is one thing. The other is the drop in its resale value. The only way I would buy one of those units is if it was about a third of the price they were originally asking. No one will pay full price for those places now - & probably never will.

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Refer ALP Election Promises


Posted By: oneonesit
Date Posted: 05 Jan 2019 at 10:40am
Nightmare for some of those owners. One bloke paid almost a million for one as his first investment - highly geared. Cannot afford to live in it as needs a good income in order to help cover his repayments. Rents a much cheaper place himself for himself.

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Refer ALP Election Promises


Posted By: Whale
Date Posted: 05 Jan 2019 at 10:41am
It seems to be a massive failure of regulatory and planning authorities.

Many cities around the world have thousands of high rise apartments which are very desired and pricey


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Victor Orban 1.74 m, Michael Bloomberg 1.73 m, Emmanual Macron 1.77 m, George Soros 1.8 m


Posted By: Whale
Date Posted: 05 Jan 2019 at 10:44am
According to this report (Page on Housingnyc) which is based on Census data, there were 2,581,170 apartments in New York City in 2008. With modest growth, I would guess the number is around 3M at this point in time

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Victor Orban 1.74 m, Michael Bloomberg 1.73 m, Emmanual Macron 1.77 m, George Soros 1.8 m


Posted By: Whale
Date Posted: 05 Jan 2019 at 10:48am
Originally posted by oneonesit oneonesit wrote:

Nightmare for some of those owners. One bloke paid almost a million for one as his first investment - highly geared. Cannot afford to live in it as needs a good income in order to help cover his repayments. Rents a much cheaper place himself for himself.


Sorry but not a wise move to gear yourself so highly and totally require rental return to make repayments. 

Things always go wrong, trouble renting, rent not as high as you thought, repairs, bad tenants etc, I think people should always leave themselves some room to move, maybe the ability to ride out 6 months


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Victor Orban 1.74 m, Michael Bloomberg 1.73 m, Emmanual Macron 1.77 m, George Soros 1.8 m


Posted By: oneonesit
Date Posted: 05 Jan 2019 at 10:59am
Originally posted by Whale Whale wrote:

Originally posted by oneonesit oneonesit wrote:

Nightmare for some of those owners. One bloke paid almost a million for one as his first investment - highly geared. Cannot afford to live in it as needs a good income in order to help cover his repayments. Rents a much cheaper place himself for himself.


Sorry but not a wise move to gear yourself so highly and totally require rental return to make repayments. 

Things always go wrong, trouble renting, rent not as high as you thought, repairs, bad tenants etc, I think people should always leave themselves some room to move, maybe the ability to ride out 6 months
100% agree - however I don't see any short-term relief from the issues this fellow would be facing - all unforeseen. Even rental returns will probably be impacted.

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Refer ALP Election Promises


Posted By: Mr Prospector
Date Posted: 05 Jan 2019 at 1:44pm
An article in the paper this morning said the banks are already pushing many of those highly leveraged (interest only) loans to renegotiate to interest and principle . 
On $1m loan you will need approximately an extra $1K per month . 
 
 I'd be looking for a good Lawyer .


Posted By: Mr Prospector
Date Posted: 05 Jan 2019 at 1:49pm
I wouldn't be surprised if some of those Class Action type of law firms haven't been on the phone already . 


Posted By: Redemption
Date Posted: 05 Jan 2019 at 2:27pm
Originally posted by Mr Prospector Mr Prospector wrote:

I wouldn't be surprised if some of those Class Action type of law firms haven't been on the phone already . 

They have been.
Shine Lawyers are the likely rep at this stage.

I believe the residents will win a class action, as from early reports, its been built with very poor foundations. The grounding foundations are everything for a buildings integrity.
Decent engineers put massive emphasis and extra time into foundations until they are totally satisfied.

Who knows though. Its the damn lawyers that ultimately win.

Im hoping the Taxi Class action wins against Uber, as taxi drivers were totally screwed over on multiple levels.
Same thing though, either way, lawyers win.


Posted By: Whale
Date Posted: 05 Jan 2019 at 4:12pm
Looking on the bright side at least they did not invest in Neo and sit back and watch their money grow as recommended by our resident successful "businessman " Dr E Confused

Was $135 at the time is now $7.50, now that is real talent, losing 95% in 1 year LOL


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Victor Orban 1.74 m, Michael Bloomberg 1.73 m, Emmanual Macron 1.77 m, George Soros 1.8 m


Posted By: Dr E
Date Posted: 05 Jan 2019 at 10:43pm
25% of Sydney's population live in high-density accommodation. That figure will increase because there is a growing number of people like Whale than we realise - people who can only live alone.

-------------
In reference to every post in the Trump thread ... "There may have been a tiny bit of license taken there" ... Ok, Thanks for the "heads up" PT!


Posted By: Dr E
Date Posted: 05 Jan 2019 at 10:50pm
Originally posted by Mr Prospector Mr Prospector wrote:

An article in the paper this morning said the banks are already pushing many of those highly leveraged (interest only) loans to renegotiate to interest and principle . 
On $1m loan you will need approximately an extra $1K per month . 
 
 I'd be looking for a good Lawyer .

On what grounds? ... the last time that I entered into an interest only investment loan, it was only ever for a finite term (5 years I think) with principal and interest repayments to apply thereafter. Pretty sure it was always that way, and I assume all loans are the same ... you can't sue a bank for your own greed and stupidity, can you? ... the newspapers and Tracey Grimshaw would know.Wink


-------------
In reference to every post in the Trump thread ... "There may have been a tiny bit of license taken there" ... Ok, Thanks for the "heads up" PT!


Posted By: Mr Prospector
Date Posted: 06 Jan 2019 at 9:07am

Borrowers with interest-only mortgages worth about $300 billion are bracing for a credit crunch as their fixed terms, taken out at the height of the property boom, begin to expire.

About 900,000 loans – or about one in six mortgages based on the nation's $1.7 trillion mortgage loan book – will need to be extended with their existing lenders, switched to higher principal-and-interest repayments or transferred to a new lender.

It is contributing to  https://www.afr.com/real-estate/aggressive-shadow-banks-grow-market-fourfold-by-cutting-rates-easing-terms-20181227-h19hqk" rel="nofollow - explosive growth for the lightly regulated shadow banks that are targeting subprime borrowers with easier terms and faster approval times, according to new analysis.

In some cases lenders are forcing buyers to make the move to principal and interest before the fixed-term loan rate expires. SHUTTERSTOCK

It catches federal politicians in a three-way bind between the impact on voters in this year's election, the continuing need to cool the property market, and dealing with the findings of the banking royal commission, due next month.

Investors who fuelled the boom in  https://www.afr.com/real-estate/residential/are-house-prices-dictating-monetary-policy-20181030-h17an0" rel="nofollow - property prices  about 2014-15, particularly in Melbourne and Sydney, are estimated to account for 40 per cent of buyers facing increased rates.

Advertisement

A borrower with an average interest-only loan of $316,000 will need to find an extra $400 a month to meet the higher principal-and-interest rates, according to analysis by Finder.com.au based on typical repayments.

For a $1 million borrower, the monthly repayments from switching to a principal-and-interest loan will blow out to about $880, its analysis reveals.

"Red lights are beginning to flash. It's going to be a tough period for many property buyers," said Graham Cooke, insights manager at Finder, who based his analysis on research published by the Reserve Bank of Australia and Australian Prudential Regulation Authority.

In some cases lenders are forcing buyers to make the move to principal-and-interest before the fixed-term loan rate expires.

Related

https://www.afr.com/real-estate/aggressive-shadow-banks-grow-market-fourfold-by-cutting-rates-easing-terms-20181227-h19hqk" rel="nofollow">
Aggressive shadow banks grow market four-fold by cutting rates, easing terms

https://www.afr.com/real-estate/aggressive-shadow-banks-grow-market-fourfold-by-cutting-rates-easing-terms-20181227-h19hqk" rel="nofollow - Aggressive shadow banks grow market four-fold by cutting rates, easing terms 

By Duncan Hughes

Julie Klein, 64, who is paying off an apartment in Kew, a leafy inner-Melbourne suburb, said her lender demanded she switch to principal-and-interest after she lost her job because of health problems.

Ms Klein, who bought her apartment about nine years ago, said: "The bank basically told me it was going to happen and there was nothing I could do about it. I had been a loyal customer for more than 40 years and they basically told me that was 'too bad'. I am too small for them to matter."




Posted By: Red Hare
Date Posted: 06 Jan 2019 at 12:33pm
Originally posted by Redemption Redemption wrote:

You are essentially spending $half a million, for plaster. And cheap plaster at that.
99.9% of the plaster is manufactured locally (too fragile to import for decent margin). Buyers have never paid more for their plaster than they are right now. That said, I’d be a tad wary of the joints Mr Triguboff built around Barangaroo...

The shonkiness isn’t limited to high rise construction. Sunland, for example, are having to undertake a multimillion dollar rectification on their townhouse developments because the contractors they hired didn’t build the inter-tenancy walls (the fire barrier between dwellings) to spec.... at least in this case, the developer is on the front foot.


Posted By: Dr E
Date Posted: 06 Jan 2019 at 2:50pm
Originally posted by Mr Prospector Mr Prospector wrote:

Borrowers with interest-only mortgages worth about $300 billion are bracing for a credit crunch as their fixed terms, taken out at the height of the property boom, begin to expire.

About 900,000 loans – or about one in six mortgages based on the nation's $1.7 trillion mortgage loan book – will need to be extended with their existing lenders, switched to higher principal-and-interest repayments or transferred to a new lender.

It is contributing to  https://www.afr.com/real-estate/aggressive-shadow-banks-grow-market-fourfold-by-cutting-rates-easing-terms-20181227-h19hqk" rel="nofollow - explosive growth for the lightly regulated shadow banks that are targeting subprime borrowers with easier terms and faster approval times, according to new analysis.

In some cases lenders are forcing buyers to make the move to principal and interest before the fixed-term loan rate expires. SHUTTERSTOCK

It catches federal politicians in a three-way bind between the impact on voters in this year's election, the continuing need to cool the property market, and dealing with the findings of the banking royal commission, due next month.

Investors who fuelled the boom in  https://www.afr.com/real-estate/residential/are-house-prices-dictating-monetary-policy-20181030-h17an0" rel="nofollow - property prices  about 2014-15, particularly in Melbourne and Sydney, are estimated to account for 40 per cent of buyers facing increased rates.

Advertisement

A borrower with an average interest-only loan of $316,000 will need to find an extra $400 a month to meet the higher principal-and-interest rates, according to analysis by Finder.com.au based on typical repayments.

For a $1 million borrower, the monthly repayments from switching to a principal-and-interest loan will blow out to about $880, its analysis reveals.

"Red lights are beginning to flash. It's going to be a tough period for many property buyers," said Graham Cooke, insights manager at Finder, who based his analysis on research published by the Reserve Bank of Australia and Australian Prudential Regulation Authority.

In some cases lenders are forcing buyers to make the move to principal-and-interest before the fixed-term loan rate expires.

Related

https://www.afr.com/real-estate/aggressive-shadow-banks-grow-market-fourfold-by-cutting-rates-easing-terms-20181227-h19hqk" rel="nofollow">
Aggressive shadow banks grow market four-fold by cutting rates, easing terms

https://www.afr.com/real-estate/aggressive-shadow-banks-grow-market-fourfold-by-cutting-rates-easing-terms-20181227-h19hqk" rel="nofollow - Aggressive shadow banks grow market four-fold by cutting rates, easing terms 

By Duncan Hughes

Julie Klein, 64, who is paying off an apartment in Kew, a leafy inner-Melbourne suburb, said her lender demanded she switch to principal-and-interest after she lost her job because of health problems.

Ms Klein, who bought her apartment about nine years ago, said: "The bank basically told me it was going to happen and there was nothing I could do about it. I had been a loyal customer for more than 40 years and they basically told me that was 'too bad'. I am too small for them to matter."



This is nothing more than the ALP's print media doing a little bit of gratuitous "bank bashing".

I work for myself, always read contracts and ask questions, always paid my insurances, and I'm afraid I'm sick of hearing about these "victims".

... even Julie Klein would have known what she was required to do after her interest-only period expired, after all, she has been a bank customer for 40 years! ... I wonder why she didn't take up the insurance that the banks are always vilified for offering to clients, to cover them in case of sickness and incapacity?

Oh well, it looks like she might have to sell her unit in Kew and downsize to a unit in Frankston or Altona ... I just hope she isn't concerned about the threat of African Youth Gang Violence.


-------------
In reference to every post in the Trump thread ... "There may have been a tiny bit of license taken there" ... Ok, Thanks for the "heads up" PT!


Posted By: Whale
Date Posted: 06 Jan 2019 at 3:54pm
 and I'm afraid I'm sick of hearing about these "victims".

How dare they complain, don't they realise you and your kind have an inalienable right to use any tactics in pursuit of the dollar.

So they have been lied to, misdirected, talked into unserviceable loans, pressured, confused, just suck it up and shut up Confused

And after all you have donated $500,000 in kind to charities, your children's sporting clubs. I am so glad for your vainglorious post advising us of your altruism, we all admire you so much now LOL


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Victor Orban 1.74 m, Michael Bloomberg 1.73 m, Emmanual Macron 1.77 m, George Soros 1.8 m


Posted By: Dr E
Date Posted: 06 Jan 2019 at 4:12pm
Originally posted by Whale Whale wrote:

 and I'm afraid I'm sick of hearing about these "victims".

How dare they complain, don't they realise you and your kind have an inalienable right to use any tactics in pursuit of the dollar.

So they have been lied to, misdirected, talked into unserviceable loans, pressured, confused, just suck it up and shut up Confused

And after all you have donated $500,000 in kind to charities, your children's sporting clubs. I am so glad for your vainglorious post advising us of your altruism, we all admire you so much now LOL

I'm sure that you would be one of these pathetic victims Whale!Dead

The bank didn't kidnap you and make you take out a loan at gunpoint, did they?

No, you were too greedy, and wanted to spend more than you could afford, you deceived the bank, and didn't bother to read the loan contract ... the bank did everything that they can possibly do to assess your position, and explain the terms and conditions, and then provided you with enough documents reiterating that to kill a tree, and even suggested that you seek legal advice before you proceed if you are unsure ... but of course, the virtue signalers at the ALP are claiming that YOU are a victim.

Take some responsibility for your greed and stupidity for goodness sake, you pathetic moron!

You made your own bed, you sleep in it ... I should imagine a cardboard box under a bridge in your case!Wink






-------------
In reference to every post in the Trump thread ... "There may have been a tiny bit of license taken there" ... Ok, Thanks for the "heads up" PT!


Posted By: Whale
Date Posted: 06 Jan 2019 at 4:19pm
[

I'm sure that you would be one of these pathetic victims Whale!Dead

The bank didn't kidnap you and make you take out a loan at gunpoint, did they?

No, you were too greedy, and wanted to spend more than you could afford, you deceived the bank, and didn't bother to read the loan contract ... the bank did everything that they can possibly do to assess your position, and explain the terms and conditions, and then provided you with enough documents reiterating that to kill a tree, and even suggested that you seek legal advice before you proceed if you are unsure ... but of course, the virtue signalers at the ALP are claiming that YOU are a victim.

Take some responsibility for your greed and stupidity for goodness sake, you pathetic moron!

You made your own bed, you sleep in it ... I should imagine a cardboard box under a bridge in your case!Wink




[/QUOTE]

This from the person who is so money hungry and scared of missing out when others are making profits, that he recommended crypto currencies, which he had no understanding of Confused

I posted exactly that at the time, his gilt edge recommendation Neo, has gone from $135 to $7.50 , a loss of 95% 

The only thing that saved him from his stupid avarice was the difficulty he had in actually buying the things, now that is luck Wink

The cardboard box under the bridge insult belongs to a member who has not been seen on this forum for years, it is as effective now as then LOL


-------------
Victor Orban 1.74 m, Michael Bloomberg 1.73 m, Emmanual Macron 1.77 m, George Soros 1.8 m


Posted By: Mr Prospector
Date Posted: 06 Jan 2019 at 4:36pm

This is nothing more than the ALP's print media doing a little bit of gratuitous "bank bashing".

I work for myself, always read contracts and ask questions, always paid my insurances, and I'm afraid I'm sick of hearing about these "victims".

... even Julie Klein would have known what she was required to do after her interest-only period expired, after all, she has been a bank customer for 40 years! ... I wonder why she didn't take up the insurance that the banks are always vilified for offering to clients, to cover them in case of sickness and incapacity?

Oh well, it looks like she might have to sell her unit in Kew and downsize to a unit in Frankston or Altona ... I just hope she isn't concerned about the threat of African Youth Gang Violence.
[/QUOTE]



You're missing the point of the article from yesterdays AFR . When these loans start to kick over and continue to do so, we will definitely see some fire sales in the property market . 

Also the banks aggressive lending policy was not sustainable or even good business for them as their risk was starting to get out of hand . 


Posted By: Dr E
Date Posted: 06 Jan 2019 at 4:47pm
Originally posted by Whale Whale wrote:

[

I'm sure that you would be one of these pathetic victims Whale!Dead

The bank didn't kidnap you and make you take out a loan at gunpoint, did they?

No, you were too greedy, and wanted to spend more than you could afford, you deceived the bank, and didn't bother to read the loan contract ... the bank did everything that they can possibly do to assess your position, and explain the terms and conditions, and then provided you with enough documents reiterating that to kill a tree, and even suggested that you seek legal advice before you proceed if you are unsure ... but of course, the virtue signalers at the ALP are claiming that YOU are a victim.

Take some responsibility for your greed and stupidity for goodness sake, you pathetic moron!

You made your own bed, you sleep in it ... I should imagine a cardboard box under a bridge in your case!Wink





This from the person who is so money hungry and scared of missing out when others are making profits, that he recommended crypto currencies, which he had no understanding of Confused

I posted exactly that at the time, his gilt edge recommendation Neo, has gone from $135 to $7.50 , a loss of 95% 

The only thing that saved him from his stupid avarice was the difficulty he had in actually buying the things, now that is luck Wink

The cardboard box under the bridge insult belongs to a member who has not been seen on this forum for years, it is as effective now as then LOL
[/QUOTE]

So you have no argument, you must agree with me that these people are in general, a victim of their own greed, envy, laziness, and stupidity.

You are gradually learning Whale!

I'm very proud to be able to call you my favourite stalker!Hug 




-------------
In reference to every post in the Trump thread ... "There may have been a tiny bit of license taken there" ... Ok, Thanks for the "heads up" PT!


Posted By: acacia alba
Date Posted: 06 Jan 2019 at 5:18pm
Originally posted by Whale Whale wrote:

[

I'm sure that you would be one of these pathetic victims Whale!Dead

The bank didn't kidnap you and make you take out a loan at gunpoint, did they?

No, you were too greedy, and wanted to spend more than you could afford, you deceived the bank, and didn't bother to read the loan contract ... the bank did everything that they can possibly do to assess your position, and explain the terms and conditions, and then provided you with enough documents reiterating that to kill a tree, and even suggested that you seek legal advice before you proceed if you are unsure ... but of course, the virtue signalers at the ALP are claiming that YOU are a victim.

Take some responsibility for your greed and stupidity for goodness sake, you pathetic moron!

You made your own bed, you sleep in it ... I should imagine a cardboard box under a bridge in your case!Wink





This from the person who is so money hungry and scared of missing out when others are making profits, that he recommended crypto currencies, which he had no understanding of Confused

I posted exactly that at the time, his gilt edge recommendation Neo, has gone from $135 to $7.50 , a loss of 95% 

The only thing that saved him from his stupid avarice was the difficulty he had in actually buying the things, now that is luck Wink

The cardboard box under the bridge insult belongs to a member who has not been seen on this forum for years, it is as effective now as then LOL
[/QUOTE]

I seem to recall I was accused of living under a bridge once, some time ago now, altho cant remember where or by who.


-------------
animals before people.


Posted By: Dr E
Date Posted: 06 Jan 2019 at 5:21pm
Originally posted by Mr Prospector Mr Prospector wrote:


This is nothing more than the ALP's print media doing a little bit of gratuitous "bank bashing".

I work for myself, always read contracts and ask questions, always paid my insurances, and I'm afraid I'm sick of hearing about these "victims".

... even Julie Klein would have known what she was required to do after her interest-only period expired, after all, she has been a bank customer for 40 years! ... I wonder why she didn't take up the insurance that the banks are always vilified for offering to clients, to cover them in case of sickness and incapacity?

Oh well, it looks like she might have to sell her unit in Kew and downsize to a unit in Frankston or Altona ... I just hope she isn't concerned about the threat of African Youth Gang Violence.



You're missing the point of the article from yesterdays AFR . When these loans start to kick over and continue to do so, we will definitely see some fire sales in the property market . 

Also the banks aggressive lending policy was not sustainable or even good business for them as their risk was starting to get out of hand . 
[/QUOTE]

Sorry, that is media hyped clap trap.

Here's a little secret that the AFR "journalists" are fully aware of, but always seem to forget to mention, but I know from experience.

If you apply for an Interest Only Loan, lenders actually assess the loan based on Principal and Interest repayments, over the remaining term. That is, the loan might be taken over 30 years, and be IO for 5 years, the remaining 25 years is P&I ... the original assessment is based on your ability to pay the loan off over 25 years - not based on your ability to pay interest only repayments.

The vast majority of IO loans are to investors, and as is my experience, when your IO term ends, you need to renegotiate another IO term - and that will be assessed at the time.

People who took IO loans to buy a home would have been deemed creditworthy based on a 25 year P&I loan - and they would be aware that the repayments would change - if they claim they can't afford the P&I repayments, they may well need to sell or start living within their means.

As for fire sales, the only real reason for that would be a rise in interest rates (more likely we will see a fall), or a recession brought on by regressive economic policies - such as the Negative Gearing and CGT changes proposed by Labor and the Greens.

Anyone who bought in Sydney or Melbourne 4 or 5 years ago and has to sell, has made a capital gain of $3-400k on average just by dumb luck, and may well sell at below the peak anyway ... that's what usually happens.

As for "aggressive lending", the banks have policies designed to only allow people to borrow what they can afford - again if I want to borrow more, I need to deceive the bank in some way.

As the Banking RC has shown, any complaints about "aggressive lending" will be "aggressively" dealt with by the regulators ... I can't recall there being many mentioned as being prosecuted or even exposed in the home lending area?

By the way, these are ALL typical machinations of a property market cycle and a credit cycle ... there is nothing major that is going on that means any of this is much different to what we have seen historically ... again, the only artificial changes of concern are the crazy policies of the ALP/Greens, if they are elected.


-------------
In reference to every post in the Trump thread ... "There may have been a tiny bit of license taken there" ... Ok, Thanks for the "heads up" PT!


Posted By: Mr Prospector
Date Posted: 06 Jan 2019 at 5:53pm
I think the banks are more than a bit worried about overseas investors on interest only loans with their ability to pay P&I repayments on less than rigorously verified income documents . The article is indicating that the banks are nervous . 

If the market gets tougher and as well as that if China gets a cold , we get the Flu . The market is down about 8% from memory another serious drop will cause plenty of problems .
On a political note I think Labour may have to back off on their property policy if the market looks shaky if they get elected . 
 The banks want these loans normalised or off the books ASAP , Just iMHO . 


Posted By: Dr E
Date Posted: 06 Jan 2019 at 9:35pm
Originally posted by Mr Prospector Mr Prospector wrote:

I think the banks are more than a bit worried about overseas investors on interest only loans with their ability to pay P&I repayments on less than rigorously verified income documents . The article is indicating that the banks are nervous . 

If the market gets tougher and as well as that if China gets a cold , we get the Flu . The market is down about 8% from memory another serious drop will cause plenty of problems .
On a political note I think Labour may have to back off on their property policy if the market looks shaky if they get elected . 
 The banks want these loans normalised or off the books ASAP , Just iMHO . 

The Sydney market is down about 8.9% this past 12 months, off the back of a sustained boom which overshot. Again nothing to see here.

The risks of a thousand different economic disasters here and overseas could hurt us - yes if China or the USA sneezes, we could catch a cold ... and that is why we can't afford Labor fiddling around with stuff they don't get!

The Labor Property Policies should blow up any hope of an election win ... if they stand by them, and if the Libs can properly articulate the cost and the danger to the economy - it is a massive disaster waiting to happen, that is even without fully analysing the unintended consequences.

Otherwise, if sanity prevails, and we retain the sound economic policies that are in place, "worried banks" and "property bubbles" are just more fodder for the nervous Nellies on another slow news day ... we have heard and read it all before.

Chinese investors have been out of the market in any volume for over 2 years, and in spite of all of the stigma about them (you would think they owned the whole country), Chinese still surprisingly lag well behind our major overseas investors - the banks will not lose a penny on any of those loans, not even the fraudulent ones.

Normal market cycles will look after the rest of the Banks' risk ... the fact is, that for all of their implied "reckless, aggressive, unconscionable" lending practices, default rates are much the same as they have been over the past 40 years, and don't deviate much ... makes sense that as much as they are demonised, the banks are amongst our biggest and most profitable businesses, year in year out, and the main reason that we have a stable growing economy ... 


-------------
In reference to every post in the Trump thread ... "There may have been a tiny bit of license taken there" ... Ok, Thanks for the "heads up" PT!


Posted By: Mr Prospector
Date Posted: 07 Jan 2019 at 8:31am
I think we've strayed way off topic here Doc and I rekon we'll probably have to agree to disagree particularly on the banks .
As far as "nothing to see" the fact that the banks have stopped lending to all areas of the economy and small to medium businesses can't even get loans speaks volumes for me . 

On a side note as well banks are a terrible investment , I just looked up CBA's numbers and their EPS average for the last 5 years is 1.98% (only just above CPI) . 
Their SPS or sales per share are almost static for the last 10 years i.e. no real growth in their business at all . They actually do make money  but there are way better businesses to invest in . (Morningstar). 
You are better off to borrow from them if they will lend you the money and buy a cheap apartment in the fire sales to come .


Posted By: Dr E
Date Posted: 07 Jan 2019 at 10:12pm
Trust me Mr P, whilst they are not without blame, all the big bank lending policies are being directed by APRA. The pimply faced uni graduate bureaucrats who can't get a job in the real world, are setting the lending policies for the big banks - in fact, they are auditing every loan decision! ... and it is all based on the implication of historical "aggressive, unconscionable, reckless" lending ... that there is absolutely no evidence of!

They are in fact creating issues that do not exist, so that they must step in and fix them, and so vindicate their budgets and jobs - it's what public servants do best! - create nothing, cost money, make stupid anti-business decisions ... and it only gets worse under a Socialist regime - bigger government, more red tape.

I'm not in the sharemarket myself, but anyone who is and is successful, has all 4 major banks in their Blue Chip Share portfolios.

Can't disagree with buying property, but do it before the Government is returned at the next election - economic confidence will go through the roof then!

If Labor wins, well we are all stuffed anyway.Wink


-------------
In reference to every post in the Trump thread ... "There may have been a tiny bit of license taken there" ... Ok, Thanks for the "heads up" PT!


Posted By: rusty nails
Date Posted: 07 Jan 2019 at 11:14pm
APRA are auditing every loan decision?
....how can anyone so bereft of any knowledge, have the confidence to post this rubbish?

BTW, it takes literally less than a minute to google the trading charts of the major Banks.
Try it, you’ll find out how stupid your pronouncement that Banks have been a good investment in recent years was.

You just don’t get it, you have projections that houses will double over 10 years and you squeal like a stuck pig.
All Bank shareholders have lost money (WBC almost 30% past 2 years), and you tell us Banks have been good.....

But please, keep telling us all how clever you are.
It’s so sad it’s funny


Posted By: Dr E
Date Posted: 07 Jan 2019 at 11:26pm
... are school holidays over already?

-------------
In reference to every post in the Trump thread ... "There may have been a tiny bit of license taken there" ... Ok, Thanks for the "heads up" PT!


Posted By: maccamax
Date Posted: 07 Jan 2019 at 11:39pm
I've been looking for Rusty in the "dead Heads " thread .    pleased to see you back , safe & well .
   I think Banks are a good investment now .   Prices down and they are one group Government can't allow to fail.
Pay good dividends.

Only good Sydney / Melb. Real Estate doubles in 10 years .    Most of the Country is a long way from that.


Posted By: Dr E
Date Posted: 07 Jan 2019 at 11:39pm
Originally posted by rusty nails rusty nails wrote:

APRA are auditing every loan decision?
....how can anyone so bereft of any knowledge, have the confidence to post this rubbish?

BTW, it takes literally less than a minute to google the trading charts of the major Banks.
Try it, you’ll find out how stupid your pronouncement that Banks have been a good investment in recent years was.

You just don’t get it, you have projections that houses will double over 10 years and you squeal like a stuck pig.
All Bank shareholders have lost money (WBC almost 30% past 2 years), and you tell us Banks have been good.....

But please, keep telling us all how clever you are.
It’s so sad it’s funny

Yes APRA has staff in every major bank.

YOU ARE WRONG, YOU HAVE NO IDEA.

I didn't say that banks have been a good investment at any time.

YOU ARE A LIAR.

I have not projected that property prices will double in 10 years - you may have!

YOU ARE A LYING FOOL

I have not said that banks are good.

YOU ARE A DERANGED LIAR

I'm pleased that you have kept your sense of humour seeing that 

YOU ARE A SAD, POORLY RESEARCHED, LYING TROLL.

Now until you can learn to be honest and not make gelati up, that is as much as I am prepared to even acknowledge your existence ... so have a good hard look in the mirror and just try to be better rustard!Big smile

... oh, and you are still not in my top 2 stalkers!Ouch



-------------
In reference to every post in the Trump thread ... "There may have been a tiny bit of license taken there" ... Ok, Thanks for the "heads up" PT!


Posted By: rusty nails
Date Posted: 08 Jan 2019 at 10:01am
Oh dear,
The pink crayon means someone is out of their depth again!

Your view that as APRA has staff working in Bank premises means that they are auditing ALL loans is ridiculously childish.
Overseeing Bank loans is only a small part of their brief.
They don’t have the resources to do this for even one Bank....

You didn’t say Banks have been a good investment, but you did say
“but anyone who is and is successful, has all 4 major banks in their Blue Chip Share portfolios.”
Please explain the difference.....

You didn’t say house values will double?
Well, you did state what capital appreciation rates should occur, and when used in compounding interest calculations it pretty much doubles the original value.....

Funny that you accuse me of being poorly researched, when you clearly have no understanding what APRA does, and what resources they have...

For you to think that pimply faced bureaucrats that couldn’t get a job anywhere else are dictating to Bank execs on million dollar packages what they can and can’t do in their businesses,pretty much sums up your total lack of commercial nous.


Posted By: Whale
Date Posted: 08 Jan 2019 at 10:04am
Very well put Rusty, exposed his arguments as farcical. And you did not need to resort to abuse to make your points Clap

-------------
Victor Orban 1.74 m, Michael Bloomberg 1.73 m, Emmanual Macron 1.77 m, George Soros 1.8 m


Posted By: Mr Prospector
Date Posted: 08 Jan 2019 at 1:00pm
I'm sure it's not something that is well understood , but real growth in money , can be and is generated from a banks lending policy .
When a bank approves a loan they don't actually have funds or gold in a vault somewhere they just type some numbers into a keyboard and your account is credited with those numbers .   

This is why it's critical that banks are regulated and their lending practices are carefully monitored . Fanny Mae and Freddy Mac anyone !!


Posted By: Dr E
Date Posted: 08 Jan 2019 at 4:40pm
Originally posted by Whale Whale wrote:

Very well put Rusty, exposed his arguments as farcical. And you did not need to resort to abuse to make your points Clap

It's always comforting when you support anything that rusty regurgitates - thanks Whale!Hug


-------------
In reference to every post in the Trump thread ... "There may have been a tiny bit of license taken there" ... Ok, Thanks for the "heads up" PT!


Posted By: Dr E
Date Posted: 08 Jan 2019 at 5:14pm
Originally posted by Mr Prospector Mr Prospector wrote:

I'm sure it's not something that is well understood , but real growth in money , can be and is generated from a banks lending policy .
When a bank approves a loan they don't actually have funds or gold in a vault somewhere they just type some numbers into a keyboard and your account is credited with those numbers .   

This is why it's critical that banks are regulated and their lending practices are carefully monitored . Fanny Mae and Freddy Mac anyone !!

Not exactly right Mr P ... financial institutions "borrow" money whether that be securitised wholesale funds or off balance sheet funds (customer deposits, etc) for lending, and they then need to repay that money, and they simply earn a margin on the rates. The security levels and liquidity of assets are determined by APRA, which in itself influences lending levels. 

The very reason that our economy has been so robust for so long - apart from the fact that we have mostly had Conservative Governments in charge - is because we have the most highly scrutinised financial system in the world ... we are at the point now, where that regulation is over the top!

The Fanny Mae and Freddy Mac scenarios could never happen under our current regulations. 

For anyone who hasn't seen it, I recommend watching "The Big Short" ... it is quite amazing what happened.Thumbs Up


-------------
In reference to every post in the Trump thread ... "There may have been a tiny bit of license taken there" ... Ok, Thanks for the "heads up" PT!


Posted By: rusty nails
Date Posted: 08 Jan 2019 at 5:19pm
Originally posted by Dr E Dr E wrote:

Originally posted by Whale Whale wrote:

Very well put Rusty, exposed his arguments as farcical. And you did not need to resort to abuse to make your points Clap


It's always comforting when you support anything that rusty regurgitates - thanks Whale!Hug
someone doesn’t know what regurgitate means


It’s a new revelation that you have a childishly simplistic notion of APRA’s role and resources.

It’s new that you don’t understand that Banks shares have been significant underperforming stocks for a few years(admittedly a similar theme, you don’t understand when you are making money in real estate, and your foray into crypto currency was clearly a disaster)
It’s new that you think that APRA employees are low level bureaucrats that are unemployable in the private sector,but have decision making authority in all the Banks.

You keep making a fool of yourself,and think that as long as you have the last word,you are winning....



Posted By: Tlazolteotl
Date Posted: 08 Jan 2019 at 5:30pm
The most important function of a commercial bank is the creation of credit.


Therefore, money supplied by commercial banks is called credit money. Commercial banks create credit by advancing loans and purchasing securities. They lend money to individuals and businesses out of deposits accepted from the public. However, commercial banks cannot use the entire amount of public deposits for lending purposes. They are required to keep a certain amount as reserve with the central bank for serving the cash requirements of depositors. After keeping the required amount of reserves, commercial banks can lend the remaining portion of public deposits.

According to Benham’s, “a bank may receive interest simply by permitting customers to overdraw their accounts or by purchasing securities and paying for them with its own cheques, thus increasing the total bank deposits.”

Let us learn the process of credit creation by commercial banks with the help of an example.

Suppose you deposit Rs. 10,000 in a bank A, which is the primary deposit of the bank. The cash reserve requirement of the central bank is 10%. In such a case, bank A would keep Rs. 1000 as reserve with the central bank and would use remaining Rs. 9000 for lending purposes.

The bank lends Rs. 9000 to Mr. X by opening an account in his name, known as demand deposit account. However, this is not actually paid out to Mr. X. The bank has issued a check-book to Mr. X to withdraw money. Now, Mr. X writes a check of Rs. 9000 in favor of Mr. Y to settle his earlier debts.

The check is now deposited by Mr. Y in bank B. Suppose the cash reserve requirement of the central bank for bank B is 5%. Thus, Rs. 450 (5% of 9000) will be kept as reserve and the remaining balance, which is Rs. 8550, would be used for lending purposes by bank B.

Thus, this process of deposits and credit creation continues till the reserves with commercial banks reduce to zero.

This process is shown in the Table-1:

http://cdn.economicsdiscussion.net/wp-content/uploads/2015/01/clip_image00281.jpg" rel="nofollow">Credit Creation Process

From Table-1, it can be seen that deposit of Rs. 10,000 leads to a creation of total deposit of Rs. 50,000 without the involvement of cash.

http://www.economicsdiscussion.net/banks/credit-creation-by-commercial-banks-and-its-limitations/4155




-------------
An honest politician is one who when he is bought will stay bought.

Simon Cameron



Posted By: Dr E
Date Posted: 08 Jan 2019 at 5:31pm
Originally posted by rusty nails rusty nails wrote:

Oh dear,
The pink crayon means someone is out of their depth again!

hmmm ... might be right this time!

Your view that as APRA has staff working in Bank premises means that they are auditing ALL loans is ridiculously childish.
Overseeing Bank loans is only a small part of their brief.
They don’t have the resources to do this for even one Bank....

There are only 4 major banks, all of them currently have APRA staff on sight auditing loan decisions in light of policy exception.

You didn’t say Banks have been a good investment, but you did say
“but anyone who is and is successful, has all 4 major banks in their Blue Chip Share portfolios.”
Please explain the difference.....

Successful investors in any market have a record that has been built over decades. Successful Equities investors all hold Blue Chip Australian Shares for the long term, ie Major Banks.

You didn’t say house values will double?
Well, you did state what capital appreciation rates should occur, and when used in compounding interest calculations it pretty much doubles the original value.....

I have never offered an opinion as to what rates "should or would" occur, that was you.

Funny that you accuse me of being poorly researched, when you clearly have no understanding what APRA does, and what resources they have...

In fact, I do! I'm not a genius, it is on public record if you are interested.

For you to think that pimply faced bureaucrats that couldn’t get a job anywhere else are dictating to Bank execs on million dollar packages what they can and can’t do in their businesses, pretty much sums up your total lack of commercial nous.

Have you ever spoken to a Major Bank executive about their APRA audits?

Didn't think so!

You should stop piddling on your shoes rusty, you are embarrassing enough when you try to talk about stuff you THINK you have a clue about!LOLLOL


-------------
In reference to every post in the Trump thread ... "There may have been a tiny bit of license taken there" ... Ok, Thanks for the "heads up" PT!


Posted By: Dr E
Date Posted: 08 Jan 2019 at 5:38pm
Originally posted by rusty nails rusty nails wrote:

Originally posted by Dr E Dr E wrote:

Originally posted by Whale Whale wrote:

Very well put Rusty, exposed his arguments as farcical. And you did not need to resort to abuse to make your points Clap


It's always comforting when you support anything that rusty regurgitates - thanks Whale!Hug
someone doesn’t know what regurgitate means


It’s a new revelation that you have a childishly simplistic notion of APRA’s role and resources.

It’s new that you don’t understand that Banks shares have been significant underperforming stocks for a few years(admittedly a similar theme, you don’t understand when you are making money in real estate, and your foray into crypto currency was clearly a disaster)
It’s new that you think that APRA employees are low level bureaucrats that are unemployable in the private sector,but have decision making authority in all the Banks.

You keep making a fool of yourself,and think that as long as you have the last word,you are winning....


So when someone asks you the time, do you always reply "Good Thanks" ... Wacko

You just make up answers to questions that were never asked ... and then you get the answers wrong anyway!!!Embarrassed


-------------
In reference to every post in the Trump thread ... "There may have been a tiny bit of license taken there" ... Ok, Thanks for the "heads up" PT!


Posted By: Dr E
Date Posted: 08 Jan 2019 at 5:39pm
Image result for please do tell china crypto meme

-------------
In reference to every post in the Trump thread ... "There may have been a tiny bit of license taken there" ... Ok, Thanks for the "heads up" PT!


Posted By: Tlazolteotl
Date Posted: 08 Jan 2019 at 5:41pm
The Yankee banks caused the GFC because of a lack of underwriting standards. Since commercial banks are patently incapable of regulating themselves it is a very good thing that pimply faced young APRA regulators keep a tight rein on them. If anything they have been too lax- e.g. interest only loans.


-------------
An honest politician is one who when he is bought will stay bought.

Simon Cameron



Posted By: Mr Prospector
Date Posted: 08 Jan 2019 at 5:44pm

In the modern economy, most money takes the form of bank deposits. But how those bank deposits are created is often misunderstood: the principal way is through commercial banks making loans. Whenever a bank makes a loan, it simultaneously creates a matching deposit in the borrower’s bank account, thereby creating new money.

The reality of how money is created today differs from the description found in some economics textbooks:

  • Ratherthanbanksreceivingdepositswhenhouseholds save and then lending them out, bank lending creates deposits.

  • Innormaltimes,thecentralbankdoesnotfixtheamount of money in circulation, nor is central bank money ‘multiplied up’ into more loans and deposits.

    Although commercial banks create money through lending, they cannot do so freely without limit. Banks are limited in how much they can lend if they are to remain profitable in a competitive banking system. Prudential regulation also acts as a constraint on banks’ activities in order to maintain the resilience of the financial system. And the households and companies who receive the money created by new lending may take actions that affect the stock of money — they could quickly ‘destroy’ money by using it to repay their existing debt, for instance.

    Monetary policy acts as the ultimate limit on money creation. The Bank of England aims to make sure the amount of money creation in the economy is consistent with

low and stable inflation. In normal times, the Bank of England implements monetary policy by setting the interest rate on central bank reserves. This then influences a range of interest rates in the economy, including those on bank loans.

In exceptional circumstances, when interest rates are at their effective lower bound, money creation and spending in the economy may still be too low to be consistent with the central bank’s monetary policy objectives. One possible response is to undertake a series of asset purchases, or ‘quantitative easing’ (QE). QE is intended to boost the amount of money in the economy directly by purchasing assets, mainly from non-bank financial companies.

QE initially increases the amount of bank deposits those companies hold (in place of the assets they sell). Those companies will then wish to rebalance their portfolios of assets by buying higher-yielding assets, raising the price of those assets and stimulating spending in the economy.

As a by-product of QE, new central bank reserves are created. But these are not an important part of the transmission mechanism. This article explains how, just as in normal times, these reserves cannot be multiplied into more loans and deposits and how these reserves do not represent ‘free money’ for banks.

Click here for a short video filmed in the Bank’s gold vaults that discusses some of the key topics from this article.



Posted By: rusty nails
Date Posted: 08 Jan 2019 at 5:47pm
Your words....
The pimply faced uni graduate bureaucrats who can't get a job in the real world, are setting the lending policies for the big banks - in fact, they are auditing every loan decision! ...

It’s childish that you now assert APRA having auditors on site, proves your point.
It’s not even close to being the same thing.
It’s dishonest or clueless to assert,as you do,that it’s the same.

I really can’t be bothered doing the same to the rest of your obfuscations, other to say that when you pull out the crayons,you know you’ve lost....



Posted By: Tlazolteotl
Date Posted: 08 Jan 2019 at 6:08pm
In fact the more a sane person finds out about the predatory, irresponsible lending of the banks, the slacker APRA looks. They should have been far tougher, before the RC.



The Australian bubble is done and the bust looks historic


https://www.macrobusiness.com.au/2018/03/the-australian-bubble-is-done-and-the-bust-looks-historic/



"So there you have it, the heart of the great Australian bubble, arteries choked solid with control fraud. This is absolutely no different to US sub-prime, Spanish lunacy, Irish madness or Icelandic suidice.

No doubt Australia’s captured regulators, which are still denying knowledge of the above total collapse of banking practice, won’t allow a credit-crunching reset of lending rules. Equally, the RC cannot be ignored and the reset must come, just over more time.

But remember, it won’t be left up to them. None of the above touches on how markets will react. As explained Friday, there is good evidence that the exposure of the control fraud is already impacting funding costs and that it will get considerably worse as the business cycle pushes towards its end.

The key to the stronger reaction in Australian spreads versus everyone else is the extraordinary revelations in the RC driving risk through the roof. If the bubble is based upon predatory lending then the banks are liable and borrowers will be able to walk away from mortgages as prices fall. Even lenders mortgage insurance may be moot. This is the “jingle mail” moment.

The end of the Australian housing bubble is visible in plain black and white and the denouement is increasingly likely to be reach historically ugly proportions.

Get your money out of Australia."Wink


-------------
An honest politician is one who when he is bought will stay bought.

Simon Cameron



Posted By: Dr E
Date Posted: 08 Jan 2019 at 6:21pm
Originally posted by Tlazolteotl Tlazolteotl wrote:

The most important function of a commercial bank is the creation of credit.


Therefore, money supplied by commercial banks is called credit money. Commercial banks create credit by advancing loans and purchasing securities. They lend money to individuals and businesses out of deposits accepted from the public. However, commercial banks cannot use the entire amount of public deposits for lending purposes. They are required to keep a certain amount as reserve with the central bank for serving the cash requirements of depositors. After keeping the required amount of reserves, commercial banks can lend the remaining portion of public deposits.

According to Benham’s, “a bank may receive interest simply by permitting customers to overdraw their accounts or by purchasing securities and paying for them with its own cheques, thus increasing the total bank deposits.”

Let us learn the process of credit creation by commercial banks with the help of an example.

Suppose you deposit Rs. 10,000 in a bank A, which is the primary deposit of the bank. The cash reserve requirement of the central bank is 10%. In such a case, bank A would keep Rs. 1000 as reserve with the central bank and would use remaining Rs. 9000 for lending purposes.

The bank lends Rs. 9000 to Mr. X by opening an account in his name, known as demand deposit account. However, this is not actually paid out to Mr. X. The bank has issued a check-book to Mr. X to withdraw money. Now, Mr. X writes a check of Rs. 9000 in favor of Mr. Y to settle his earlier debts.

The check is now deposited by Mr. Y in bank B. Suppose the cash reserve requirement of the central bank for bank B is 5%. Thus, Rs. 450 (5% of 9000) will be kept as reserve and the remaining balance, which is Rs. 8550, would be used for lending purposes by bank B.

Thus, this process of deposits and credit creation continues till the reserves with commercial banks reduce to zero.

This process is shown in the Table-1:

http://cdn.economicsdiscussion.net/wp-content/uploads/2015/01/clip_image00281.jpg" rel="nofollow">Credit Creation Process

From Table-1, it can be seen that deposit of Rs. 10,000 leads to a creation of total deposit of Rs. 50,000 without the involvement of cash.

http://www.economicsdiscussion.net/banks/credit-creation-by-commercial-banks-and-its-limitations/4155



Is that Rupees or Rand?

The Australian system no longer has a requirement for ADIs to hold a percentage of liabilities on deposit with the ARB. It was replaced by a much less onerous deposit, but stringent reporting requirement.

It seems to have worked ok that way for the past 30 years ...
1988
AugustThe Reserve Bank issued guidelines for a risk-based measurement of banks' capital adequacy, broadly consistent with the proposals developed by the Basle Committee of Banking Supervisors.
The Treasurer foreshadowed the abolition of the SRD requirement and the removal of the distinction between trading and savings banks.
SeptemberFrom 27 September the SRD ratio was reduced to zero, and the funds in SRD accounts transferred to ‘non-callable deposits’. Subject to some transitional arrangements, all banks (trading and savings banks) would be required to hold in the form of non-callable deposits 1 per cent of their liabilities (excluding capital) which are invested in Australian dollar assets within Australia. The excess of the non-callable deposits over the minimum requirement would be returned to banks over a three-year period.
The distinction between savings and trading banks being unable to be totally removed without amendments to legislation, as an interim step, the ‘free choice’ tranche of savings banks was increased from 6 to 40 per cent effective from 30 September.
PAR reduced from 12 to 10 per cent. Banking (Savings Banks) Regulations amended to permit PAR as it applies to trading banks to replace the savings bank Reserve Asset Ratio.


-------------
In reference to every post in the Trump thread ... "There may have been a tiny bit of license taken there" ... Ok, Thanks for the "heads up" PT!


Posted By: oneonesit
Date Posted: 08 Jan 2019 at 6:28pm
I certainly cannot see a soft landing this time round. Perfect storm brewing & about to hit

-------------
Refer ALP Election Promises


Posted By: Mr Prospector
Date Posted: 08 Jan 2019 at 6:30pm
https://www.macrobusiness.com.au/2018/03/the-australian-bubble-is-done-and-the-bust-looks-historic/" rel="nofollow - https://www.macrobusiness.com.au/2018/03/the-australian-bubble-is-done-and-the-bust-looks-historic/

They were the rumours that I had heard and some loans officers with foreign language skills spent a lot of time at the photo copier . 


Posted By: Dr E
Date Posted: 08 Jan 2019 at 6:34pm
Originally posted by Tlazolteotl Tlazolteotl wrote:

The Yankee banks caused the GFC because of a lack of underwriting standards. Since commercial banks are patently incapable of regulating themselves it is a very good thing that pimply faced young APRA regulators keep a tight rein on them. If anything they have been too lax- e.g. interest only loans.

Evidence? ... there is none.

There is a difference between a "tight rein" and "strangling the life out of" ... this isjust a combination of overreach, fixing a problem that does not exist, bureaucracy gone mad. Most of these leftie uni graduates have never had a loan, but they do have their "book learnin" and did have their "gap year", but just can't save a deposit because they are the dregs of their class so they couldn't get a real proper paying job with Macquarie ... and accordingly they WANT the property market to crash ... just like Bill Shorten and the ALP/Greens promised it will under their policies ... hey, maybe THEY don't trust Bill to win the unlosable election?




-------------
In reference to every post in the Trump thread ... "There may have been a tiny bit of license taken there" ... Ok, Thanks for the "heads up" PT!


Posted By: Dr E
Date Posted: 08 Jan 2019 at 6:39pm
Can someone do the research please, and find every media report from the past 40 years that opined that the "Australian Property Bubble was about to Bust" ... you may as well take your advice from rusty or Whale.Thumbs Up

-------------
In reference to every post in the Trump thread ... "There may have been a tiny bit of license taken there" ... Ok, Thanks for the "heads up" PT!


Posted By: Dr E
Date Posted: 08 Jan 2019 at 6:52pm
Originally posted by Tlazolteotl Tlazolteotl wrote:

In fact the more a sane person finds out about the predatory, irresponsible lending of the banks, the slacker APRA looks. They should have been far tougher, before the RC.



The Australian bubble is done and the bust looks historic


https://www.macrobusiness.com.au/2018/03/the-australian-bubble-is-done-and-the-bust-looks-historic/



"So there you have it, the heart of the great Australian bubble, arteries choked solid with control fraud. This is absolutely no different to US sub-prime, Spanish lunacy, Irish madness or Icelandic suidice.

No doubt Australia’s captured regulators, which are still denying knowledge of the above total collapse of banking practice, won’t allow a credit-crunching reset of lending rules. Equally, the RC cannot be ignored and the reset must come, just over more time.

But remember, it won’t be left up to them. None of the above touches on how markets will react. As explained Friday, there is good evidence that the exposure of the control fraud is already impacting funding costs and that it will get considerably worse as the business cycle pushes towards its end.

The key to the stronger reaction in Australian spreads versus everyone else is the extraordinary revelations in the RC driving risk through the roof. If the bubble is based upon predatory lending then the banks are liable and borrowers will be able to walk away from mortgages as prices fall. Even lenders mortgage insurance may be moot. This is the “jingle mail” moment.

The end of the Australian housing bubble is visible in plain black and white and the denouement is increasingly likely to be reach historically ugly proportions.

Get your money out of Australia."Wink

Did you really read past this, and keep a straight face?Confused

"This is absolutely no different to US sub-prime" ... What a load of crap!LOL 

Nothing that has come out of the RC was not already known and being dealt with or had already been dealt with - just a political plaything of the ALP/Greens, and few desperate virtue signaling conservatives.

Again, there is literally ZERO evidence that lending practices are any different than they have been for decades, and there is no evidence of any higher default rates - it is just unfounded hysteria for the sake of it.

The thing people should be worried about is the Shorten Induced Recession - will it be another "Recession we had to have"?Ouch


-------------
In reference to every post in the Trump thread ... "There may have been a tiny bit of license taken there" ... Ok, Thanks for the "heads up" PT!


Posted By: Dr E
Date Posted: 08 Jan 2019 at 6:57pm
Originally posted by Mr Prospector Mr Prospector wrote:

https://www.macrobusiness.com.au/2018/03/the-australian-bubble-is-done-and-the-bust-looks-historic/" rel="nofollow - https://www.macrobusiness.com.au/2018/03/the-australian-bubble-is-done-and-the-bust-looks-historic/

They were the rumours that I had heard and some loans officers with foreign language skills spent a lot of time at the photo copier . 

Old news MrP, and hardly a ripple in lending or property terms - a handful of fraudsters who have been dealt with under the appropriate legislation - less than the Union reps who are being prosecuted as a result of that RC.


-------------
In reference to every post in the Trump thread ... "There may have been a tiny bit of license taken there" ... Ok, Thanks for the "heads up" PT!


Posted By: rusty nails
Date Posted: 08 Jan 2019 at 6:59pm
There really is no end to the stupidity that you spew out constantly.

Remember it was only a few posts ago,where it was explained that whilst APRA may have staff in situ, they clearly have insufficient resources to audit all loans, as you ridiculously asserted.

How can you not understand that home loans are only a portion of what they monitor?

APRA have 600 employees in total, what’s the total of home loans written each month across the country $30B?
At an average loan amount of $350k, that’s 80 odd thousand loans per month to review...

Now, you are suggesting, not only are a portion of the 600 APRA employees vetting each individual loan.

They are actively engaged in a conspiracy to have loans declined (which they can’t do....)
In an attempt to crash the market.

You seriously have zero knowledge of what you’re talking about.


Posted By: rusty nails
Date Posted: 08 Jan 2019 at 7:59pm
Originally posted by Dr E Dr E wrote:

Originally posted by Tlazolteotl Tlazolteotl wrote:

The Yankee banks caused the GFC because of a lack of underwriting standards. Since commercial banks are patently incapable of regulating themselves it is a very good thing that pimply faced young APRA regulators keep a tight rein on them. If anything they have been too lax- e.g. interest only loans.

Evidence? ... there is none.

There is a difference between a "tight rein" and "strangling the life out of" ... this isjust a combination of overreach, fixing a problem that does not exist, bureaucracy gone mad. Most of these leftie uni graduates have never had a loan, but they do have their "book learnin" and did have their "gap year", but just can't save a deposit because they are the dregs of their class so they couldn't get a real proper paying job with Macquarie ... and accordingly they WANT the property market to crash ... just like Bill Shorten and the ALP/Greens promised it will under their policies ... hey, maybe THEY don't trust Bill to win the unlosable election?




Whoops!

I was responding to this nonsense ......

Clueless....


Posted By: Dr E
Date Posted: 08 Jan 2019 at 9:26pm
Hey rusty, you get a star - 600 APRA "permanent" staff is correct Star

Do you want another?Big smile

Ok ... how many other resources do they have access to when required?

Oh, and the 4 major banks write $30billion a month you say - are you stupid?Wacko

Ummm, yes they can and they do direct banks to decline loans, even after approval ... WHAT!!!??? ... you mean you carry on like you know what you are talking about, but you are in fact a feckless fraud! OMG, really!!!ShockedLOL

Listen, give it a rest rustard, you are way out of your pay grade here pal, and just embarrassing yourself more than the last time I had to school you and make you into my little bitch ... sorry to remind you!WinkWink

Oh well, at least Whale is hanging on every factual error you spew, and backing you in like another of his false favourites ...Pig Embarrassed



-------------
In reference to every post in the Trump thread ... "There may have been a tiny bit of license taken there" ... Ok, Thanks for the "heads up" PT!


Posted By: rusty nails
Date Posted: 08 Jan 2019 at 10:29pm
Originally posted by Dr E Dr E wrote:

Hey rusty, you get a star - 600 APRA "permanent" staff is correct Star

Do you want another?Big smile

Ok ... how many other resources do they have access to when required?

Oh, and the 4 major banks write $30billion a month you say - are you stupid?Wacko

Ummm, yes they can and they do direct banks to decline loans, even after approval ... WHAT!!!??? ... you mean you carry on like you know what you are talking about, but you are in fact a feckless fraud! OMG, really!!!ShockedLOL

Listen, give it a rest rustard, you are way out of your pay grade here pal, and just embarrassing yourself more than the last time I had to school you and make you into my little bitch ... sorry to remind you!WinkWink

Oh well, at least Whale is hanging on every factual error you spew, and backing you in like another of his false favourites ...Pig Embarrassed


Oh dear, poor old Doc proving yet again he’s out of depth in a puddle.
Terrific we agree on APRA staffing levels
Your next point is nonsense, that’s their staffing level, the load is constant, you make out like when there’s a mad rush that they recruit,train, then employ experts for a short time.
You clearly don’t understand managing staffing levels and budgetary restraint.

You still don’t understand APRAs role, it’s not only to monitor home lending of the major Banks.

You have no idea of the size of the mortgage market,and you call me stupid?
Here dummy, a little out of date, but it proves yet again,I know what I’m talking about,and you’re a feckless idiot with a big mouth and no idea....
https://www2.deloitte.com/content/dam/Deloitte/au/Documents/financial-services/deloitte-au-fs-mortgage-report-2017-050718.pdf

Ummm no they can’t,and they don’t, they review settled documents, perhaps Bank personnel are making decisions with possible audits in mind,but that’s not nearly the same.as usual.
You’re probably confusing it with FIRB approval,if your hopeless record on quoting “facts” is anything to go on .......

If you had any brains you’d be embarrassed for being shown up to be a brainless blowhard yet again.
You need another year in 4th grade.


Posted By: rusty nails
Date Posted: 08 Jan 2019 at 10:48pm
For those who don’t want to open the link
Deloittes did a Mortgage report in 2017 that stated total mortgages written in 2016, $385B
(That’s $32B per month for the dummies like Doc...,)


Posted By: Whale
Date Posted: 08 Jan 2019 at 11:19pm

'Big Short' investor Steve Eisman just joined those sounding the alarm on rising corporate debt

  • Steve Eisman, the hedge fund manager famous for betting against the US housing market ahead of the 2008 crash, is sounding the alarm on the spectacular rise of poorly rated debt among corporations.
  • Eisman – who was a central figure in the book, and subsequent film, ‘The Big Short’ – https://www.ft.com/content/4cdf8792-056f-11e9-9d01-cd4d49afbbe3" rel="nofollow - told the Financial Times that the rising stock of corporate debt rated at BBB, just one notch above junk status, is a cause for serious concern.
  • Stocks of such debt have more than quadrupled since the crisis, standing at around $US2.7 trillion.

Steve Eisman, the hedge fund manager famous for betting against the US housing market ahead of the 2008 crash, is sounding the alarm on the spectacular rise of poorly rated debt among corporations.

Eisman – who was a central figure in the book, and subsequent film, ‘The Big Short’ – https://www.ft.com/content/4cdf8792-056f-11e9-9d01-cd4d49afbbe3" rel="nofollow - told the Financial Times that the rising stock of corporate debt rated at BBB, just one notch above junk status, is a cause for serious concern.

http://www.businessinsider.com.au/big-short-investor-steve-eisman-sounds-alarm-on-rising-corporate-debt-2019-1" rel="nofollow - http://www.businessinsider.com.au/big-short-investor-steve-eisman-sounds-alarm-on-rising-corporate-debt-2019-1



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Victor Orban 1.74 m, Michael Bloomberg 1.73 m, Emmanual Macron 1.77 m, George Soros 1.8 m


Posted By: Dr E
Date Posted: 08 Jan 2019 at 11:24pm
Originally posted by rusty nails rusty nails wrote:

For those who don’t want to open the link
Deloittes did a Mortgage report in 2017 that stated total mortgages written in 2016, $385B
(That’s $32B per month for the dummies like Doc...,)

Are you illiterate?Confused

You do know that there were more than 4 banks lending money for mortgages in Australia in 2016 ... don't you ... gee I hope I didn't make you feel stupid(er)? Embarrassed

Sorry, I might have to confiscate that star that you worked so hard for ... Ouch

Ok, Ok, ... but this is NOT for another star, this is to RETAIN the star you have.

According to Deloittes, how many mortgage lenders were in the Australian market in 2016?

I'm enjoying this, because, although ALL of the data is there and available, you are just too dumb to find the information that is actually relevant, because you can't even understand the question! ... great amusement! 

 Image result for i raugh out roud meme


-------------
In reference to every post in the Trump thread ... "There may have been a tiny bit of license taken there" ... Ok, Thanks for the "heads up" PT!


Posted By: Dr E
Date Posted: 08 Jan 2019 at 11:31pm
Originally posted by Whale Whale wrote:

'Big Short' investor Steve Eisman just joined those sounding the alarm on rising corporate debt

  • Steve Eisman, the hedge fund manager famous for betting against the US housing market ahead of the 2008 crash, is sounding the alarm on the spectacular rise of poorly rated debt among corporations.
  • Eisman – who was a central figure in the book, and subsequent film, ‘The Big Short’ – https://www.ft.com/content/4cdf8792-056f-11e9-9d01-cd4d49afbbe3" rel="nofollow - told the Financial Times that the rising stock of corporate debt rated at BBB, just one notch above junk status, is a cause for serious concern.
  • Stocks of such debt have more than quadrupled since the crisis, standing at around $US2.7 trillion.

Steve Eisman, the hedge fund manager famous for betting against the US housing market ahead of the 2008 crash, is sounding the alarm on the spectacular rise of poorly rated debt among corporations.

Eisman – who was a central figure in the book, and subsequent film, ‘The Big Short’ – https://www.ft.com/content/4cdf8792-056f-11e9-9d01-cd4d49afbbe3" rel="nofollow - told the Financial Times that the rising stock of corporate debt rated at BBB, just one notch above junk status, is a cause for serious concern.

http://www.businessinsider.com.au/big-short-investor-steve-eisman-sounds-alarm-on-rising-corporate-debt-2019-1" rel="nofollow - http://www.businessinsider.com.au/big-short-investor-steve-eisman-sounds-alarm-on-rising-corporate-debt-2019-1


Interesting Whale, but a bit of topic.

This guy has a good record, and might appeal to rusty - he specialises in finding losers.


-------------
In reference to every post in the Trump thread ... "There may have been a tiny bit of license taken there" ... Ok, Thanks for the "heads up" PT!


Posted By: Dr E
Date Posted: 08 Jan 2019 at 11:49pm
Actually rusty, I must apologise!

Upon reflection, not ALL of the stuff that I have commented on can be found in the public domain by accessing websites.

You are unlikely to find confirmation that APRA staff are working in the assessment area of the major banks and carrying out audits of approved loans prior to settlement.

Nor would the fact that they have seconded other resources to do this - as a direct response to the BRC "findings" - or as I call it overreach and bureaucracy gone mad. 

No, the embarrassment of APRA, as a result of the BRC, has seen this response, however, the media reporting is that the banks are not lending.

I know the facts, as I have direct dealings with people in the industry - you could not possibly be aware of it - but on the other hand nor could you credibly deny it like an idiot, as you have - so do pull your head in stupid, you know nothing about this stuff, as much as you troll the interweb and pretend that you do.You just make yourself look more childish with every unsubstantiated denial.


-------------
In reference to every post in the Trump thread ... "There may have been a tiny bit of license taken there" ... Ok, Thanks for the "heads up" PT!


Posted By: rusty nails
Date Posted: 09 Jan 2019 at 11:44am
Nice straw man argument.
Love the way you’ve gone from Pimply faced losers employed by APRA actively conspiring to decimate the property industry by auditing ALL loans by Banks.
To declaring victory by changing your position that APRA has staff in situ carrying out audits.

Not really the same is it .....


Posted By: Whale
Date Posted: 09 Jan 2019 at 12:04pm
Originally posted by rusty nails rusty nails wrote:

Nice straw man argument.
Love the way you’ve gone from Pimply faced losers employed by APRA actively conspiring to decimate the property industry by auditing ALL loans by Banks.
To declaring victory by changing your position that APRA has staff in situ carrying out audits.

Not really the same is it .....

APRA investigates all banking practices the same way building inspectors  check all high rise buildings, they may have the power to do so but have nowhere near the time


-------------
Victor Orban 1.74 m, Michael Bloomberg 1.73 m, Emmanual Macron 1.77 m, George Soros 1.8 m


Posted By: oneonesit
Date Posted: 09 Jan 2019 at 1:11pm
Exactly the same as the mods on TBV. Not enough resources to keep up with the ramblings of the likes of Whale. Just as well too I’d suggest

-------------
Refer ALP Election Promises


Posted By: maccamax
Date Posted: 09 Jan 2019 at 2:17pm
Originally posted by oneonesit oneonesit wrote:

Exactly the same as the mods on TBV. Not enough resources to keep up with the ramblings of the likes of Whale. Just as well too I’d suggest

            Good stuff oneone.   You cleared that up.

I thought Whale was the No1 Mod.


Posted By: Whale
Date Posted: 09 Jan 2019 at 3:40pm
Originally posted by oneonesit oneonesit wrote:

Exactly the same as the mods on TBV. Not enough resources to keep up with the ramblings of the likes of Whale. Just as well too I’d suggest

Please feel free to advise them of any transgressions worthy of a suspension Wink


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Victor Orban 1.74 m, Michael Bloomberg 1.73 m, Emmanual Macron 1.77 m, George Soros 1.8 m


Posted By: Dr E
Date Posted: 09 Jan 2019 at 7:26pm
Originally posted by rusty nails rusty nails wrote:

Nice straw man argument.
Love the way you’ve gone from Pimply faced losers employed by APRA actively conspiring to decimate the property industry by auditing ALL loans by Banks.
To declaring victory by changing your position that APRA has staff in situ carrying out audits.

Not really the same is it .....

So you admit that you have no idea then - that's all that really matters, that you return to reality and stop kidding yourself.Wink


-------------
In reference to every post in the Trump thread ... "There may have been a tiny bit of license taken there" ... Ok, Thanks for the "heads up" PT!


Posted By: Dr E
Date Posted: 09 Jan 2019 at 7:30pm
Originally posted by Whale Whale wrote:

Originally posted by rusty nails rusty nails wrote:

Nice straw man argument.
Love the way you’ve gone from Pimply faced losers employed by APRA actively conspiring to decimate the property industry by auditing ALL loans by Banks.
To declaring victory by changing your position that APRA has staff in situ carrying out audits.

Not really the same is it .....

APRA investigates all banking practices the same way building inspectors  check all high rise buildings, they may have the power to do so but have nowhere near the time

So you don't know anything about building or banking ... I'm shocked!Shocked

Please, Whale, you probably know more than rusty, but that would still only mean you know how to spell "bank" - stay in the wading pool, there is nothing more embarrassing than to see a Whale drowning.Embarrassed




-------------
In reference to every post in the Trump thread ... "There may have been a tiny bit of license taken there" ... Ok, Thanks for the "heads up" PT!


Posted By: rusty nails
Date Posted: 09 Jan 2019 at 7:43pm
Originally posted by Dr E Dr E wrote:

Originally posted by rusty nails rusty nails wrote:

Nice straw man argument.
Love the way you’ve gone from Pimply faced losers employed by APRA actively conspiring to decimate the property industry by auditing ALL loans by Banks.
To declaring victory by changing your position that APRA has staff in situ carrying out audits.

Not really the same is it .....


So you admit that you have no idea then - that's all that really matters, that you return to reality and stop kidding yourself.Wink

The world according to the Doc...
Promotes a ridiculous theory about APRA staff conspiring to destroy the property market, so they can get a foothold in the market.
Gets called out on it.
Screams and yells that no one else knows what he does.
Changes his position, reducing his claim to about 1% of what it was.
Declares victory in his usual ridiculous manner....
#Sad


Posted By: Dr E
Date Posted: 09 Jan 2019 at 7:50pm
Originally posted by rusty nails rusty nails wrote:

Originally posted by Dr E Dr E wrote:

Originally posted by rusty nails rusty nails wrote:

Nice straw man argument.
Love the way you’ve gone from Pimply faced losers employed by APRA actively conspiring to decimate the property industry by auditing ALL loans by Banks.
To declaring victory by changing your position that APRA has staff in situ carrying out audits.

Not really the same is it .....


So you admit that you have no idea then - that's all that really matters, that you return to reality and stop kidding yourself.Wink

The world according to the Doc...
Promotes a ridiculous theory about APRA staff conspiring to destroy the property market, so they can get a foothold in the market.
Gets called out on it.
Screams and yells that no one else knows what he does.
Changes his position, reducing his claim to about 1% of what it was.
Declares victory in his usual ridiculous manner....
#Sad

Ummm ... since EVERYTHING YOU SAID WAS PATENTLY UNRESEARCHED LUDICROUS OPINION, AND WRONG, I don't need to declare anything ... you do it all for me ... thanks again!Wink

Here's a suggestion, why don't you create a thread, where you can discuss things that you have actual real world experience and knowledge ... I know it will be limiting, but at least you won't have to frantically cut and paste crap that is irrelevant to the thread to try to fool people into thinking you have a clue!Big smile 


-------------
In reference to every post in the Trump thread ... "There may have been a tiny bit of license taken there" ... Ok, Thanks for the "heads up" PT!


Posted By: rusty nails
Date Posted: 09 Jan 2019 at 8:37pm
The self appointed industry expert theorises about APRA employees conspiring to decimate the property market,and screams in caps about others patently unreasearched posts......
The mind boggles
Someone has lost touch of reality.
#Sad wannabe expert


Posted By: Whale
Date Posted: 09 Jan 2019 at 8:41pm
Originally posted by Dr E Dr E wrote:

Originally posted by Whale Whale wrote:

Originally posted by rusty nails rusty nails wrote:

Nice straw man argument.
Love the way you’ve gone from Pimply faced losers employed by APRA actively conspiring to decimate the property industry by auditing ALL loans by Banks.
To declaring victory by changing your position that APRA has staff in situ carrying out audits.

Not really the same is it .....

APRA investigates all banking practices the same way building inspectors  check all high rise buildings, they may have the power to do so but have nowhere near the time

So you don't know anything about building or banking ... I'm shocked!Shocked

Please, Whale, you probably know more than rusty, but that would still only mean you know how to spell "bank" - stay in the wading pool, there is nothing more embarrassing than to see a Whale drowning.Embarrassed



They did a great job with the Opal Towers Shocked


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Victor Orban 1.74 m, Michael Bloomberg 1.73 m, Emmanual Macron 1.77 m, George Soros 1.8 m


Posted By: Dr E
Date Posted: 09 Jan 2019 at 8:55pm
Do you know how certification works in NSW Whale? ... maybe you could explain it to us all ...

-------------
In reference to every post in the Trump thread ... "There may have been a tiny bit of license taken there" ... Ok, Thanks for the "heads up" PT!


Posted By: Dr E
Date Posted: 09 Jan 2019 at 8:56pm
Quick! ... before rusty does!LOL

-------------
In reference to every post in the Trump thread ... "There may have been a tiny bit of license taken there" ... Ok, Thanks for the "heads up" PT!


Posted By: Whale
Date Posted: 09 Jan 2019 at 9:07pm
Originally posted by Dr E Dr E wrote:

Do you know how certification works in NSW Whale? ... maybe you could explain it to us all ...

I know how it is supposed to work but doesn't and a lack of proper regulation control 
Are you telling me that no inferior materials, slipshod workmanship gets through Sleepy


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Victor Orban 1.74 m, Michael Bloomberg 1.73 m, Emmanual Macron 1.77 m, George Soros 1.8 m


Posted By: Whale
Date Posted: 09 Jan 2019 at 9:08pm
and of course there wouldn't be any money exchanging hands for favourable outcomes  Shocked

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Victor Orban 1.74 m, Michael Bloomberg 1.73 m, Emmanual Macron 1.77 m, George Soros 1.8 m


Posted By: Whale
Date Posted: 09 Jan 2019 at 9:16pm
Is this how it works Doc, you really are clueless Embarrassed

Sydney apartment owners face $12.5 million bill to remove flammable cladding

How Building Panels Fuel High-Rise Fires

EXCLUSIVE

Hundreds of apartment owners in an inner-city development have been told they may have to cough up $45,000 each in special levies to cover the estimated $12.5 million cost of removing and replacing 10,000 square metres of potentially deadly flammable cladding.

Residents of The Quay in Sydney’s Haymarket are mulling over whether to proceed with legal action in the Supreme Court of NSW against builder Parkview Constructions and Chinese developer Ausbao for a major defect claim.

The owners corporation held an extraordinary general meeting this week to go through the options. One owner, who asked not to use his name, said he didn’t bother going to the EGM because he had “lost faith in the system”.

“Everyone blames everyone else,” he said. “The lawyers get rich as we wait years to go to court.”

The Quay, a 282-unit,  https://www.news.com.au/finance/real-estate/buying/sex-in-the-city-illegal-brothels-thriving-in-300m-chinatown-development-the-quay/news-story/51dbdc580755e7d29f07694d9a8ce4fc" rel="nofollow - mixed-use development  built on the site of the old poultry section of Paddy’s Market in Chinatown, is one of 435 identified as “potentially high-risk” by the NSW government’s Cladding Taskforce earlier this year.




-------------
Victor Orban 1.74 m, Michael Bloomberg 1.73 m, Emmanual Macron 1.77 m, George Soros 1.8 m


Posted By: rusty nails
Date Posted: 09 Jan 2019 at 9:45pm
Originally posted by Dr E Dr E wrote:

Do you know how certification works in NSW Whale? ... maybe you could explain it to us all ...

Can’t wait to hear the “experts” view on this

There’s obviously a conspiracy theory involved, tell us all about it Doc, I’ve literally got a dozen mates hanging on every word you shriek.

There is some debate amongst us,whether you’re actually a clever performance artist, or just the frothing loony wandering the streets in his soiled adult diapers,that you portray on these pages daily.
Obviously, IMO it’s the latter.


Posted By: Dr E
Date Posted: 09 Jan 2019 at 9:50pm
Not that I don't trust you when you go off on one of your irrelevant rant Whale, but ... source?

Quick, before rusty tells us it doesn't matter if your asset loses $45k in value for no good reason! Wacko


-------------
In reference to every post in the Trump thread ... "There may have been a tiny bit of license taken there" ... Ok, Thanks for the "heads up" PT!


Posted By: Dr E
Date Posted: 09 Jan 2019 at 9:53pm
Originally posted by rusty nails rusty nails wrote:

Originally posted by Dr E Dr E wrote:

Do you know how certification works in NSW Whale? ... maybe you could explain it to us all ...

Can’t wait to hear the “experts” view on this

There’s obviously a conspiracy theory involved, tell us all about it Doc, I’ve literally got a dozen mates hanging on every word you shriek.

There is some debate amongst us,whether you’re actually a clever performance artist, or just the frothing loony wandering the streets in his soiled adult diapers,that you portray on these pages daily.
Obviously, IMO it’s the latter.

Sorry to disappoint you rusty, but this is not within the scope of my expertise.

That's why I asked Whale ... now, shhhhhhhh! ... pay attention, and learn!LOL


-------------
In reference to every post in the Trump thread ... "There may have been a tiny bit of license taken there" ... Ok, Thanks for the "heads up" PT!


Posted By: Whale
Date Posted: 09 Jan 2019 at 9:53pm
Originally posted by Dr E Dr E wrote:

Not that I don't trust you when you go off on one of your irrelevant rant Whale, but ... source?

Quick, before rusty tells us it doesn't matter if your asset loses $45k in value for no good reason! Wacko

source for what clown, are you saying all is well with the Opal Towers, hundreds of buildings that need cladding replaced and many other buildings with defects Confused


your deflection is really sad, keeps Rusty's mates amused though Confused


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Victor Orban 1.74 m, Michael Bloomberg 1.73 m, Emmanual Macron 1.77 m, George Soros 1.8 m


Posted By: Dr E
Date Posted: 09 Jan 2019 at 10:28pm
Come on Whale, don't deflect, you know how important it is to quote your sources ... some people will think you are making it up!

Not me - I know you don't have the imagination to make anything up.

Now hurry up, I'm keen to learn, and we don't want rusty confusing himself further, by cutting and pasting something even LESS relevant.  Wacko 


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In reference to every post in the Trump thread ... "There may have been a tiny bit of license taken there" ... Ok, Thanks for the "heads up" PT!


Posted By: Redemption
Date Posted: 13 Jan 2019 at 9:52am
Why hasnt the Australian Government declared Opal Tower as an Emergency, and simply paid all the residents?

The State Government approved the building in the first place.
The highest people liable for this, isnt even the developer/builder, its the State Government and Australian Government.
They are the ones that "tick" approvals.

The Australian Government has to refund every single resident the purchase price of their apartment.

By not holding the Australian Government as liable, they can keep performing lack of due diligence on any building project, thus, keep Australian standards low, not high.




Posted By: Tlazolteotl
Date Posted: 13 Jan 2019 at 10:05am
Engineers all say Opal is structurally sound.

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An honest politician is one who when he is bought will stay bought.

Simon Cameron



Posted By: Redemption
Date Posted: 13 Jan 2019 at 11:28am
Originally posted by Tlazolteotl Tlazolteotl wrote:

Engineers all say Opal is structurally sound.

LOL.
They were evacuated for "fun".


Posted By: Tlazolteotl
Date Posted: 13 Jan 2019 at 11:42am
You sound like a Nat, Redemption. Classic Country Party. Deregulate as much as you can to maximize profits but if something goes wrong send the bill for o the taxpayer. Privatise the profits - socialise the losses.

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An honest politician is one who when he is bought will stay bought.

Simon Cameron



Posted By: Dr E
Date Posted: 16 Jan 2019 at 12:50am
A big fat "nothingburger" ... another example that confirms that the processes, the checks and balances that are in place, are world class and working.Thumbs Up

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In reference to every post in the Trump thread ... "There may have been a tiny bit of license taken there" ... Ok, Thanks for the "heads up" PT!


Posted By: Whale
Date Posted: 16 Jan 2019 at 10:57am
Doc go away. This place is running smoothly, we don't need your ridiculous fabrications Confused

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Victor Orban 1.74 m, Michael Bloomberg 1.73 m, Emmanual Macron 1.77 m, George Soros 1.8 m


Posted By: Tlazolteotl
Date Posted: 11 Feb 2019 at 9:32am
Towers are not inherently unsafe. Indeed, until recently, the skyscraper had a stand-out safety record sustained by an evolved system of fireproof materials, sprinklers, compartments, escape routes and evacuation procedures, required and policed. Now, it’s like some evil planet-loathing genius awoke a couple of decades back and thought, “Hmm, how can I undermine high-density living and exacerbate climate change?"

“What if,” this monster schemed, “we pretend to deregulate in the interests of housing supply and just let rip for a few years? We’ll let any cowboy build anything with whatever shoddy or poisonous materials they can slip under the radar. This will hollow out their trusted building system from within, so everything still seems kosher – certificates signed, boxes ticked – but nothing’s legit.

“People will be so eager”– monster rubs hands in glee - “they’ll buy sight unseen. Then, when the cracks appear and the fires begin, when the deaths and evacuations start, this entire generation of apartments will be worthless. No one will build tall again for a century. What September 11 couldn’t achieve, we will. Hehehe.”

Of course, incompetence is always more probable than collusion. But here, incompetence is enabled by ideology. Successive governments loosened every bolt in our trusted system – replacing rules with discretion, councils with administrators, public certifiers with private, particular materials with performance standards and import controls with a tired old piece of grandma’s knicker elastic.

Combine this with our usual fly-by-night developers, industry corruption, developer donations and lunchable politicians. What did they think would happen? Everyone would just play nice?


https://www.smh.com.au/by/elizabeth-farrelly-hve2c" rel="nofollow - Elizabeth Farrelly


Full article here


https://www.smh.com.au/national/only-a-matter-of-time-until-high-rise-disaster-strikes-again-in-sydney-20190207-p50wbn.html






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An honest politician is one who when he is bought will stay bought.

Simon Cameron




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