Channel 7’s Today Tonight is doing an item on “Interest Only Mortgages”–like the product that ING has recently promoted–and the whole housing bubble issue.
They are looking for anyone who has been “burnt” by either an interest-only loan, or a loan that was predicated on the expectation that house prices would always rise–as is ING’s new product–who is willing to be interviewed about the experience on camera.
Jim Stanford, the author of the popular Economics for Everyone (from which the cartoon to the left is taken), and I spoke at a double bill on the global debt crisis for the venerable Sydney institution “Politics in the Pub” last night.
The Keen Walk to Kosciuszko was a fabulous experience—as Matt Carroll (one of the organizers) put it, it was “the best holiday ever”. That’s not to minimize the effort involved: covering 235 kilometres on foot in 8 days is no mean feat. But the combination of great company, personal success for all involved in an impressive physical challenge, lovely scenery, excellent weather, and a cause that united a remarkable group of people, made The Walk far more pleasure than pain.
After Australian house prices rose 20 percent in one year, everyone’s talking a bubble. Channel Ten’s new(ish) avant-garde current affairs program asked for my perspective on the day the RBA yet again increased interest rates.
After leading in with the news and a feature on Neil Roberston, the 26-year-old Australian snooker player who won the World Championship, the story on house prices began 4 minutes and 5 seconds into the video below.
The news that the Rudd Government was rolling back its changes to Australia’s foreign investment rules on housing came as we were still on The Walk. Just prior to starting it, I received a note from Dr John Daffy, with the following letter from him to the PM attached. I asked John whether I could publish his letter on the blog, and he agreed.
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