I’ll be speaking on the financial crisis at the monthly “Politics in the Pub” meeting in Newcastle next week. It’s on Tuesday May 19 at 6pm at the Hamilton Station Hotel on the corner of Fern and Beaumont Streets Islington (next door to Hamilton station on the Maitland Road side of the railway line).
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- 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”
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- 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
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- 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


May 14th, 2009 at 12:44 pm
Nicely said as per usual MACCA.
Don’t be afraid of mentioning the ‘elephant’. Anyone with a problem is free to counter the notion you are putting forward.
You might appreciate this little piece.
While stitching up the hand of a 75 year old Queensland farmer, who got cut on a gate while working cattle, the rural doctor struck up a conversation with the old man. Eventually the topic got around to Kevin 07 and his appointment to Prime Minister of Australia.
>
>”Well, ya know,” drawled the old farmer, “this Rudd fella is what they call a fencepost turtle.”
>
>Not being familiar with the term, the doctor asked him what a fencepost turtle was.
>
>The old farmer said, “when you’re driving along a country road and you come across a fence post with a turtle balanced on top, that’s called a fencepost turtle.”
>
>The old farmer saw a puzzled look on the doctor’s face, so he continued to explain, “You know he didn’t get up there by himself, he definitely doesn’t belong up there, he doesn’t know what to do while he is up there, and you just gotta wonder what kind of dill put him up there in the first place!”
May 15th, 2009 at 8:30 am
Steve,
Any chance you could get over to Perth? This mining boom town is still in denial, property prices particularly barely moving (I’m renting, waiting to pick up a house…).
My personal research shows economic growth highly depended on consumer sentiment, borrowing and spending. The best spending class to watch is consumer durables as they entail lots of spending and borrowing. So far as I can see the biggest consumers (US) are contracting in spending and borrowing, with production and employment tanking.
Green shoots, what green shoots? I’ve posted some presentations here on the global, US and Australian economies:
http://www.slideshare.net/bizcyclemonitor/slideshows
Just a quick visit? Perhaps come a see Nouriel Roubini at the Kalgoorlie Diggers & Drillers?
May 15th, 2009 at 11:04 pm
Hi all,
I’m doing a report for my TAFE course on ‘Fractional Reserve Banking’ and need some help on which way to head. I want to read more on the history (presently have in my head that it all started in the 1670′s when the gold merchants of England got together.) and then wouldn’t mind a quiz at some actual data of Australia’s system in action, and perhaps prying in on the predictions of economists to see how they’ve fared with their numbers.
Thanks.