Quote:
Originally Posted by Itsme
And that is if you had a bank loan, building society loans peaked around 18.5% when I signed up in 82 for my loan. In those days it was frightening with those interest rates.
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LOL, houses were under 50k back then here (on a 20k annual wage so again LOL). Houses could only go up in value, rates could only go down, wages could only go up. Safe as houses and nothing to worry about back then unless you lost your steady job.
These days job less steady, rates can only go up and houses overpriced. Can only get worse.
But back then could only get better.
Clowns have been running the economy over the past decade. Printing money, borrowing like mad because forced historic low interest rates, throwing money around etc.
Interest shouldn't have been so low, it's propped up the housing bubble, reckless gov spending and inflation has come to bite us all.
It's like the ponzi scheme is unravelling, those that bought in late are going to suffer, but they were sold lies based on a gov wanting the construction industry busy and their house prices to never fall.
There's been difficult decisions made in the past, no one likes GST or restructuring, so we didn't like howard's high interest rates, keatings refroms/reccession or howards gst, but they had to happen.
Recently though it's all 3 year terms with most of it pandering and campaigning for re-election and not wanting to make hard decisions for the future (besides nuke subs)