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The Forum > Article Comments > Do the crime, do the time? Not if you're a banker in Australia > Comments

Do the crime, do the time? Not if you're a banker in Australia : Comments

By Philip Soos, published 31/10/2014

Recently, the head of the Australian Securities and Investments Commission, Greg Medcraft, called Australia a 'paradise' for white-collar criminals.

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Well yes, Arjay. Not that it "doesn't count", exactly, but that it is debt of an entirely different sort.

>>So pericles are you saying private debt within the banking system does not count ?<<

If you work out who owes what, and to whom, of course it should be treated separately from government debt.

>>This represents our over inflated mortgages and business debt for which workers, not manipulators of the system must pay.<<

The mortgages are supported by the bricks and mortar of the properties against which the loan was made. "Workers" borrowed the money in order to buy their house, and are expected to maintain their payments. Housing stock in Australia is worth over $5 trillion, while the mortages are for $1.4 trillion. Those loans are pretty secure, I'd say. So where is the problem?

Why am I having to explain this to you? Surely you know a little bit about how housing loans work??

Business loans are made to (guess what?) businesses, who use the money to grow their business and provide a better living for themselves. They borrow - presently at exceptionally low interest rates - and their borrowings appear as a liability on their balance sheet. The vast majority of businesses have positive equity - i.e. their assets exceed their liabilities. So where is the problem?

And why am I having to explain this to you? Surely you understand just a little bit about business?

There could be a problem if the economy (i.e. houseowners and businesses) cannot support the weight of debt - i.e., keep up the repayments. Currently, they can. While there is a worldwide problem with the prospect of deflation on everyone's financial radar, should it come to pass Australia would be better placed than most (as with the GFC) to ride it out.

You're just cut'n'pasting away from your favourite conspiracy sites, completely oblivious to reality.

Nothing changes.
Posted by Pericles, Monday, 3 November 2014 12:26:04 PM
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These large banks should be ashamed of themselves with the money they are making from the working people under of the guise of looking after our best interests.
Paying a loan off to the CBA of $240,000 at 4.5% interest. After five years $180,000 has been paid with $223,000 remaining. So basically $17,000 has come off the loan. To me that is criminal. If we pay it off over the twenty five years we will have paid around 300%.
Ive noticed the late fee has increased to $10. Generally if the mortgagee cannot meet or is late with a payment they are possibly having financial difficulty, for which they are penalized. Those white collars are doing exceptionally well.
Posted by jodelie, Tuesday, 4 November 2014 6:44:07 AM
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Periclueless, James Rickards was asked by the CIA to research how to detect terrorists via the finance markets. ie who has put options on shares .Look at 911 when lots of people made profits with put options on United Airlines. How did so many people know about 911 and make profits, yet the Govt was totally oblivious of this event?
http://www.youtube.com/watch?v=KYW5OGWfqJc

James Rickards has also done work for the US Federal Reserve so to say he is a conspiracy theorist who has no facts to back them up,makes you look like an even bigger fool.
Posted by Arjay, Tuesday, 4 November 2014 5:28:01 PM
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Oh please, Arjay, not that old story.

>>James Rickards was asked by the CIA to research how to detect terrorists via the finance markets. ie who has put options on shares .Look at 911 when lots of people made profits with put options on United Airlines. How did so many people know about 911 and make profits, yet the Govt was totally oblivious of this event?<<

You really do get suckered into these stories, don't you.

Here's actually what happened.

"A single U.S.-based institutional investor with no conceivable ties to al Qaeda purchased 95 percent of the UAL puts on September 6 as part of a trading strategy that also included buying 115,000 shares of American on September 10. Similarly, much of the seemingly suspicious trading in American on September 10 was traced to a specific U.S.-based options trading newsletter, faxed to its subscribers on Sunday, September 9, which recommended these trades."

http://www.snopes.com/rumors/putcall.asp

It wasn't knowledge of the 9/11 attacks that created the appetite for put options, but the fact that both airlines were going through a bad patch, business-wise.

But please, don't stop demonstrating your profound ignorance of financial matters, Arjay. It is always most entertaining, and always fun to shoot your madcap theories down in flames.

But of course, they're not your theories in the first place, are they, just random conspiracy junk that you pick up off the internet. If you had any theories of your own, that might be impressive. But you'd need to make them a bit more convincing than this pap.
Posted by Pericles, Tuesday, 4 November 2014 9:47:02 PM
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Why did Larry Silverstein buy the lease for the twin towers just 6 weeks before 911 and insure them individually for $ billions against a terrorist attack? He bought the lease for a few hundred million $.
http://www.youtube.com/watch?v=6Sr2XUpvz1E The twin Towers were full of asbestos and way beyond their useful date. Many floors were empty.

So Lucky Larry Silverstein failed to turn up to his favourite restaurant in the Towers on that fateful morning. He even said he ordered the third tower WTC7 to be pulled but did not realise that it takes weeks to wire a building for controlled demolition. Then he said I meant to pull the firemen out, but they were long gone.

Pericles, who was Larry's business partner ?
Posted by Arjay, Wednesday, 5 November 2014 7:05:24 PM
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Arjay, I am well aware of your 9/11 fixation.

>>Pericles, who was Larry's business partner?<<

Unfortunately, you seem to get your 9/11 "information" from the same places you get your "World debt is now 5 times the GDP of the planet" nonsense, and understand neither.

If you find yourself unable to stick to the theme of this thread - which, given your lack of knowledge on the subject, wouldn't surprise me in the least - by all means try to start up a separate 9/11 conversation.

But on a different forum, where conspiracy nuts can trade fanciful theories to their hearts content, without the need for evidence, or facts.
Posted by Pericles, Thursday, 6 November 2014 6:31:05 AM
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