Just a quick heads up to all blog readers that I’ll be on Channel Ten’s “Meet the Press” on Sunday morning at 8am, and Channel Nine’s “60 Minutes” on Sunday evening at 8.30pm.
23 Responses to “Media this weekend”
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Blogroll
- 20070308: Bad debts on the rise in mortgage belt
- 20070309: Late-paid mortgages show pain in suburbs
- 20070314: LateLine on the US Sub-Prime Crisis - Video of Tom Iggulden’s report on New Century’s woes and arguments (including mine) about its relevance for Australia
- 20070314: Warning on ’silly’ loans - The Age covers the new ’shared equity loans’ being offered by Adelaide Bank and St George
- 20070317: Onward rolls the sub-prime story in the USA
- 20070725 New York Times “‘Lender Sees Mortgage Woes for ‘Good’ Risks”
- 20070725 New York Times Op Ed “‘Stopping the Subprime Crisis”
- 20070815: 7.30 Report “American mortgage shock waves hit Australia” - Profile of the Cooks case and views on the likely collapse of the mortgage market in Australia
- 20070826 New York Times: Inside the Countrywide Lending Spree - Inside the Countrywide Lending Spree
- 20070917: How bad debt infected the world - Excellent Sunday Telegraph feature on CDOs
- 7.30 Report - Many Baby Boomers will retire in debt–and I’m probably one of them!
- ABC PM on US Subprime Crisis - Stephen Long covers the USA Subprime crisis and local angles with interviews of Steve Keen, Ian Rogers (The Sheet) and David Tennant (Care ACT)
- Bear Stearns: Turmoil in sub-prime mortgages
- Beware of Exploding Mortgages (New York Times June 10 2007)
- Can the mortgage crisis swallow a town? - New York Times chilling description of the mortgage crisis’s impact on one town in Ohio
- Centre for Policy Development - The policy portal that evolved out og the New Matilda
- Credit derivatives: At the risky end of finance - The Economist on derivatives
- Debtwatch Podcast - Debtwatch’s Monthly Podcast with Stuart Cameron (www.cameronmedia.com.au)
- Debunking Economics - My Debunking Economics website. A wealth of lectures and papers, and a poverty of organisation!
- Doug Noland - Doug Noland’s Credit Bubble Bulletin: the best analysis of America’s Speculative Bubble
- First home payments hit $3000 per month
- FN Arena: Mortgage crunch in Australia too? - FN Arena covers my March Debtwatch and more optimistic (or Panglossian?) takes on the situation from Macquarie Bank, etc.
- Global House Price Crash
- House of credit cards may fall - Robert Lusetich, Los Angeles correspondent for The Australian, bemoans the nature of America
- Housing Affordability
- iTulip - One of the best commentary sites on the Internet Bubble has been reborn amid the USA’s mortgage binge
- NZ Reserve Bank on Regulation: PM May 9th 2007 - Interview on the Budget, Inflation, and New Zealand’s Reserve Bank’s shift on regulation
- Our economic managers - Non Sequitur’s brilliant take on those who think the “status quo” will last forever
- Property Knowledge Group - An interesting impartial forum on housing issues, unlike most such forums that are either bulls or bears. Holds regular public debates on the topic. Well worth attending
- RBA 2003 Conference on Asset Prices and Monetary Policy - This is an excellent set of papers on the dangers of leveraged speculation, and the capacity of the market for irrational behaviour.
- RBA Bulletin Statistical Tables - The good people at RBA Statistics have recently added a Zipped file that contains all their XLS files–many thanks!
- RBA Speech March 16th - One economic indicator not considered in Dr Edey’s presentation was the level of private debt…
- Shared Equity Loans - Well-researched article on the pitfalls of shared equity mortgages
- The New Matilda - Intelligent alternative thought on social and economic issues in Australia
- True rate of home defaults hidden - Repossessions may be four times higher than reported figures
- Two Depressions, One Banking Collapse - An excellent comparison of the 1890 to the 1930 Depression, by Chay Fisher & Christopher Kent, which shows how much more severe the 1890 downturn was for Australia, and the role of debt and housing speculation in that crisis
- US Federal Reserve Historical Statistics - I use the Zipped “tabs” files from this page; check the bottom of the page for an explanation of the data structure
- US Housing Crash Blog
October 3rd, 2008 at 1:21 pm
Look forward to those.
Note that “60 Minutes” is at 7:30pm, at least in QLD.
October 3rd, 2008 at 2:17 pm
yeah 60 minutes is on at 7:30. But other than that great to see you getting so much press.
October 3rd, 2008 at 3:17 pm
looking forward to it!
Recently, I fully enjoyed your book – Debunking Economics and also saw you on Insights. Thanks for speaking the truth.
Among all the misinformation these days, if you can provide a recommended books/article list, that would be great. ..
October 3rd, 2008 at 3:59 pm
Steve obviously doesn’t watch 60 Minutes, but then I don’t either. Try to keep the concepts simple.
October 3rd, 2008 at 4:05 pm
Steven, I first saw you being interviewed a number of months ago on the ABC one night and went off and Googled you and found your website which proved to be very informative reading. I have continued to read your articles since then.
Also I have told nearly everyone I know who wants to listen about your views and how this will impact on all our lives.
Many didn’t want to hear what they decided was the doom and gloom outlook and decided that you weren’t good reading and or saw no value in taking the time to further read what you were saying.
Likewise I noticed a few so called experts occassionally having cheap shots at your views on TV while being interviewed themselves.
Now it would seem that your view points are becoming quite popular by the number of interviews you are getting lately in the mainstream shows.
Sounds like the media are starting to listen all be it maybe a bit to late.
Regards,
Terry O’Neill
October 3rd, 2008 at 7:12 pm
The answer is that NSW puts the clocks forward this weekend so the timing is 7:30 QLD and 8:30 NSW.
This is Morris Iemma’s most useful, if not only useful, legacy
October 4th, 2008 at 11:00 am
Explanation is that Steve will be in the Chat Room http://sixtyminutes.ninemsn.com.au/chat after 60 Minutes.
October 4th, 2008 at 3:21 pm
It must be satisfying that people are finally having to acknowledge the accuracy of your views. Make hay as they say!
October 5th, 2008 at 11:28 am
Steve, do you think the funds available to us in Oz through our ’super’ reserves and our ‘future’ fund can (or may)be utilised effectively by our government for some form of
’soft landing’ for us?
I specifically refer to a ’special’ fund perhaps for productive endeavours?
October 5th, 2008 at 11:36 am
You’ve been all over the TV lately Prof. Keen. Congratulations on the belated recognition of your foresight regarding this current mess, foresight which is clearly in short supply in economic academia.
I absolutely loved your book Debunking Economics, which I read a couple of years back while a first year econ student. Of course that was before everything started to unravel, now the book looks better than ever. It’s convinced me to dump my economics degree and do a maths degree instead.
Out of curiosity – would it be possible to get into an econ phd program with a maths degree rather than an econ degree?
October 5th, 2008 at 1:46 pm
tomt, Steve covers the irrelevence of the ‘future fund’ in todays talk. Basically we have been expanding debt at 200b+ a year, so spending 20b a year out of the future fund isn’t going to replace this.
As to super, we have already borrowed most of it, so it can’t be used for industry etc. Expect that there will be a lot of withdrawals of super to save houses from repossession.
October 5th, 2008 at 6:29 pm
Another link of interest http://www.nytimes.com/2008/10/05/business/05view.html?ref=business
May require an account to be created, but it’s free.
October 5th, 2008 at 9:22 pm
I’ve seen Steve on SBS and was very impressed by what he had to say and his interpretation of the current financial crisis.
After seeing him again on 60 minutes I remembered to ‘google’ him and read a little more.
I must say, the standards of journalism for 60 minutes is very very poor with their segments normally being whittled down to populist rubbish rather than anything really interesting and thought provoking. The piece that Steve appeared on was yet another one of those such pieces. Tonight it was along the vein of “Generation Y are out of control. This 18 year old girl with 60k of credit card debt is typical of this generation…”
It would have been good for the producers to actually focus on all the forms of debt, including the absurd amount of mortgage lending for overinflated house prices in this country. Maybe if an entire generation of younger australians actually had a fighting chance of owning their own house they’d be more enclined to act financially responsible than those who cannot even afford to move out of their parents home yet can easily obtain a credit card.
Anyway… keep up the good work Steve.
October 5th, 2008 at 11:11 pm
Because of Steve’s appearence I also watched 60 minutes tonight and got reminded of why I dont usually watch it – what a waste of time
October 5th, 2008 at 11:40 pm
Excellent comments Spark, my sentiments exactly.
October 6th, 2008 at 4:09 am
Spark,
Yes, the days of the young aspirational homeowner (in large numbers) are a thing of the past. One could first observe this during the early eighties, when interest rates spiked, and many discouraged homebuyers went and blew their deposits on a nice new car instead. The difference now is that younger people are not even bothering to save in the first place.
It takes the velocity of money theory to whole new level of absurdity.
One can always expect 60 minutes to be hyperbolic and select extreme examples, but I agree it would have been useful if the mortgage mess had been further exposed. Maybe they were told not to spook the herd.
October 6th, 2008 at 10:06 am
Like others, I saw Steve on TV and was impressed by him. Congratulations on speaking the truth.
October 6th, 2008 at 1:18 pm
Steve: For some years now I was concerned about the US economy, based on my reading of a few overseas writers and my own observations on excessive asset prices. I was sufficiently concerned that I progressively sold all my shares and some investment properties between November 2006 and July 2007. You are the first Australian that I have heard on TV who seems to understand how economics work in real life. You said that you have written a book and I will endeavour to get it. I have a question about a comment you made on TV today; you said that Irving Fisher attributed the crash in 1929 to the then high level of debt. Yet he is also quoted as saying just weeks before the crash that stocks had reached a permanently new high plateau. How can these obervations be reconciled? Regards, OC
October 6th, 2008 at 1:49 pm
The answer’s in my most recent Debtwatch Otto, just posted on the blog. Fisher made the famous comment in 1929, and developed his accurate theory of the process between 1931 and 1933. As Keynes once famously put it, when circumstances proved him wrong, he (Fisher) changed his mind.
Unfortunately the economics profession ignored his change of heart, and effectively stuck with his Panglossian pre-1929 model of finance when they developed their so-called “Modern Finance” theories in the 1960s.
October 6th, 2008 at 6:31 pm
The Future fund grrrrrrrrrrrrrrrrrrrr is NOT a FUTURE FUND!!!!!!!!!!!!! It is just a desperate attempt to cover debts already incurred!!!!!!!!!!!!!! Damn the politicians and all their media lackeys!
There is a strong case i have read, which I’ll post if i can find it, that what we are facing is more like the late 19th century depression than the 1929 0ne.
The appalling stupidity of the powers that be is not good for a bloke reputedly past his prime as i am.
A note in ABN Amro from Michael Knox, resulting from the Economics Conference on the Gold Coast reports Macfarlane and a Westpac bigshot (sorry i forget the name and just now don’t have access) as saying there was no problem because we have these 4 strong banks and that is why we are able to fund this monstrous (my words) CAD!!! Talk about carts and horses mixed up with fools!!!!
October 6th, 2008 at 10:24 pm
Depression 1873
http://chronicle.com/temp/reprint.php?id=477k3d8mh2wmtpc4b6h07p4hy9z83×18
October 6th, 2008 at 10:26 pm
Re moderation….
I did not realise this piece was copyright…so please remove.
My apologies
October 6th, 2008 at 10:51 pm
Outback Oracle, thanks to the link to the 1873 Depression. The Reserve Bank has done some research on CAD http://www.rba.gov.au/rdp/RDP2007-02.pdf figure 3. You can see the small effect in the 1870’s, fortunately we didn’t have much accumulated CAD so were fairly immune from the rest of the world. 1890’s very different. Actually makes now look not that bad.