tag:blogger.com,1999:blog-620033997567463526.post4200896086704324503..comments2023-04-02T01:24:09.580+11:00Comments on The Michael Duffy Files: Miranda Devine, Einfeld, Demerits, Small Lies, Big Lies, and absolutely corker Ponzi schemesUnknownnoreply@blogger.comBlogger2125tag:blogger.com,1999:blog-620033997567463526.post-18072673498203641512009-03-27T11:11:00.000+11:002009-03-27T11:11:00.000+11:00Gee Nick ... that image ... a big black curly hair...Gee Nick ... that image ... a big black curly hair in the a bowl of cafe soup. It's really hard to handle. I mean, cockroaches, mice, they're standard for Sydney siders ... but a hair in the soup ...<BR/><BR/>Anyhoo, you're talking real heresy to a Sydney person. Worse than Satanism. Personal debt bad, property vulnerable. Never! How on earth would the SMH survive without the property market, and its daily obsessional tracking of the price of bricks and mortar?<BR/><BR/>Clearly you haven't read Michael Duffy explaining how Kellyville is paradise on earth. You'd Ponzi up anything to live there ... Speaking of which, this week I've got a nice offer on garage space in the inner city ... complete with cockroaches and mice (and no hairs!)dorothy parkerhttps://www.blogger.com/profile/00816807935021738560noreply@blogger.comtag:blogger.com,1999:blog-620033997567463526.post-91829210875522367772009-03-26T12:17:00.000+11:002009-03-26T12:17:00.000+11:00The thing sticking out like a big black curly hair...The thing sticking out like a big black curly hair in a bowl of cafe soup, that hardly anybody apart from Steve Keen seems to notice, is that the entire real estate industry is a Ponzi scheme. Literally and in every which way. Running into the trillions and trillions of dollars. <BR/><BR/>Real estate prices are based solely on what the next sucker is prepared to pay. Full stop. There's no underlying value of property that moderates prices, the whole thing is a gigantic Ponzi scheme funded by debt, with promises of miracle capital gains only so long as the next sucker can afford the price. <BR/><BR/>That's why the Oz consumer is likely to hurtle to economic Earth even more spectacularly than the average US homeowner. We have even bigger debts tied up in our property than they do. It's just slower in getting underway here, at which point we'll see just how well 'regulated' and responsible our banks really were (the current feelgood myth).Nick Dhttps://www.blogger.com/profile/14326191155280010711noreply@blogger.com