Debt Land

[lakedaemonian]

5 Part Aussie Real Estate market Boo Hoo story:

http://www.youtube.com/watch?v=bCKzSNZ6TP4

The things I noticed:

1.) People stuffing themselves with debt

2.) People blaming banks for letting them borrow so much

3.) People completely ignoring any sense of personal responsibility

4.) People claiming owning a home as a "right"

5.) Banks competing in a game of risk musical chairs

[Jay]

Re Points 2 & 3

If the bank declined there requests, these same people would be shouting from the rooftops that the bank wouldn't lend them the money - can't they see a good deal, I'm paying them interest etc etc and siting all sorts of other reasons except (3).

[minimoke]

Debtland - apparently new suburbs where the Australian government is releasing their mentally challenged back into the community.

The shame of it is, is that there really are people that need protecting from themselves as there are clearly people out there who have no conscience when it comes to exploiting the vulnerable and greedy. But its also probaly a reflection of the level of financial literacy people have - which by all accounts in non-existent in a major part of the population.

And what about the Somalis playing the Ignorant Black Migrant card. For petes sake even they would have paid 5% on their Hawala money. Even Blind Freddy knows you don't get money for free.

[AMR]

I found Susan absolutely hilarious...

"Why did you buy this home?"
"Because I deserved a home."