JW I have read your post, every one of them, I find no reason to change my views.
Col you did it too, you questioned the value of posters views then gave us your own.
Two grins for the price of one.
And old mate you got it wrong often too.
One termer? rofl.
Now back to the thread.
This is not fun, we stand on the brink of the worst ever crash, just maybe the end of capitalism.
Yes its not our fault, I take it you and I never gambled, hope like me you owe no one anything.
How can anyone not know without the bail outs it would already be upon us? financial melt down.
It may well be when we wake tomorrow.
Today while on the road I twice tried to draw some of my pay at the banks ATM.
Both closed, no worries while I keep no money under my bed I had a few bob at home.
What if they are closed tomorrow? and never open again?
On the day this thread started things looked bad, but in the short time that has passed they look far worse.
Col your biases will change nothing I would bail them out ever time rather than sink, your leader must re think his stand he understands even some on his side are weary of popularism policy's.
I will eat out on your post after the next election , that may well take place within 12 months too.

Relax, Belly.

>>This is not fun, we stand on the brink of the worst ever crash, just maybe the end of capitalism<<

Nope, it's just another turn of the wheel. The system became bloated with junk, the system is now getting rid of the junk. Unfortunately, nobody is quite sure any more what the residual value of the junk might be, so the US Government is pitching in to buy up great gobs of it, and calm the system down.

Not pretty. But for a while there has been a sector of the banking industry that has been creating financial "instruments" out of esoteric mathematical formulae, and selling them to each other like there's no tomorrow.

Well, as usual, there has been a "tomorrow", and the pus is being expelled from the wounds, big time.

We are going to have to suffer a little - but only a little - while the system convalesces. There'll be a bit more regulation, probably a banking version of Sarbanes-Oxley, that banks will undoubtedly bitch and moan about for a while, just as US businesses did with S-O.

But the suffering will be good for us. We will borrow less, for a while, and have to defer that new car or the bigger plasma screen or the extension to the house that we were planning.

It will do us good.

>>What if they are closed tomorrow? and never open again?<<

As long as you are talking about Australian banks, you shouldn't be too worried. Our exposure to the nasty stuff is far less than the US or Europe - half Europe's and a fifth of the US - and they have enough cash to satisfy even your needs, Belly.

One of the reasons they are safer is of course that they have been ripping us off for years. And when this passes - as it will - they will use it as an excuse to rip us even more.

Betcha.

*they will use it as an excuse to rip us even more.

Betcha.*

Ah Pericles, clearly time for you to invest some of those
hard earned savings in Aussie bank shares :)

While I agree greed and maybe theft got us into this I can not agree we will not suffer,
Just in my world I know of very real pain true life distroying pain.
In threads both myself and others started I spoke about this coming, said it had to come but it has just begune not yet ended.

Belly “Col you did it too, you questioned the value of posters views then gave us your own.”

Geez… and I thought that was what an “opinion forum” was all about, I presume, therefore, since to seem to be making issue with it, that you have some different notions on posting here Belly but I will be damned if I can think what they might be

“Yes its not our fault, I take it you and I never gambled”

Personally, only with what I have been prepared to lose (that means several thousands from time to time).

“I would bail them out ever time rather than sink,”

Obviously you are not from Victoria Belly.

Because if you were, you too would recall the Pyramid scandal and the Tricontinental affair (which saw the fire sale of the State bank of Victoria) when the skanks of the Kirner government did just that and forced Victorian motorists to pay a levy to recoup the monies doled out on Pyramid

After the lost over $1,000 of taxpayer funds for every person in the state, they also lost their parliamentary seats, in a landslide

First rule of government, which needs to be tattooed in reverse on every politicians head (so they can read it in the mirror when they comb their hair),

“Respect the taxpayer”

Because it is taxpayers who vote at elections,

Not just you and the other soft touches who want to play “lady bountiful” with the money you expropriate from the taxpayers hard earned real income.

Like pericles so eloquently puts it

“One of the reasons they are safer is of course that they have been ripping us off for years. And when this passes - as it will - they will use it as an excuse to rip us even more.

Betcha.”

“In threads both myself and others started I spoke about this coming,”

Whoopi doo,

but I bet I started before you, busts always follow booms

just as booms always follow busts

Good onya Col you confirmed a view I held about you, can you not see it was you who questioned others right to an opinion?
In supporting a post that told us tapping out our thoughts was a waste of time?
Why are your thoughts not wasted too?
I know about the crash in Victoria, a workmate here in NSW got bad advice and put his retirement money there.
We are far from the end of this crash, we are all effected by it now but it could get far worse.
The Innocent victims will be hurt more than the idiots who caused the crash.