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About Chimerica

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  1. Reminds me of that saying ...... If you are negative before 40, you have no soul, If you are not negative after 40, you have no brain. I'm with Staring Clown on this, healthy scepticism is the order of the day. IMO, being overly optimistic is a sign of mental illness and fakery.
  2. Well done Ruffian. You can continue to save money and keep your powder keg dry for when investment opportunities arise. Nothing worse than being bogged down with a huge mortgage and no escape route when things go belly up.
  3. It's official and has been acknowledged, BIS and APM are crap!
  4. The trouble with Perth is that people are already long property ahead of the coming ‘boom’, it’s been banged on about for several years in the media, almost daily it seems. This fact alone will put a cap on prices as speculators in for a quick buck will look to get out at a $20K, $30K profit (nothing less costs)…. if they are lucky. It’s a classic case of ‘buy the rumour, sell the fact’ but sheer holding costs will ensure that speculators will bail out earlier than they envisaged. The last boom pre 2006 was a mix of Poms coming in buying up the cheap housing, easy credit and the mining and new housing building boom. The mentality of the current mining boom is different. People are not splashing the cash like before as they realise it will be short lived, perhaps until 2014 while the mines are being developed. People are not upgrading their houses like they were pre 2006, they are paying down debt. People are now talking about China slowing at BBQ’s and 2 years ago you’d be laughed at saying China is an economic basket case. People are slowly getting it as the MSN turns realistic (negative). People are downgrading housing in Perth, they want smaller mortgages as the cost of living increases as their plan to mortgage to the max 4 years ago to make loads of equity hasn’t materialised. People are selling up and going back to Europe making the most of the exchange rate and cheaper set up business costs currently in Europe compared to Australia. Migrants are no longer renting houses, renting rooms is the go as new migrants want to save some money as they are coming over with minimal funds. People are bringing over relations and mates from other countries on holiday visas and paying them to paint, renovate their homes as it is less than half the price of tradies in Australia. Mates get a free holiday and go back with a wad of cash. Perth is pricing it’s self out in every way. Perth is the biggest Ponzi of them all.
  5. David Airey needs to educate his Real Estate Agents in WA that they need to start slashing prices in order to shift stock. If rental yields are attractive enough then hey, I might even buy one. As soon as buying becomes cheaper than renting in my desired suburbs then I'll buy which means another 30+% drop in prices. Trouble is, too many REA's have vested interests and can't face pricing properties realistically. Article gave me a nice warm fuzzy feeling though.
  6. Someone needs to post this calculation on the comments section of the Cairns Post!
  7. Nice summary Bernie - many thanks
  8. The drums are banging louder.
  9. Chart 1, Ahem *cough* nothing to see here, move along..... AK is dropping more hints and clues to our own massive housing bubble. He said the chart dating back to 1880 shows what a huge bubble US housing had in real terms. Hopefully, AK will overlay Aus house prices with that chart in the coming weeks and stir up the masses Chart 2, a prime example that markets react pretty much the same in the end.
  10. M1 contracting in China. A China mega bear story from Ambrose in yesterday's UK Telegraph. Worth a read.
  11. Seems like all these bankrupts and unemployed are flocking to WA in search of the streets paved with gold. Mining is the only saviour for WA right now along with a new influx of people buying and settling. If China slows/implodes (which all the data is suggesting) then get ready for the mass exodus. In a bull trap for sure in WA.
  12. This is nothing new, just 20+ somethings bigging up themselves in order to find the best mate you possibly can. Once you find a mate, have kids and settle down, FB, twitter, all become defunct and you fill your life with more important tasks and don't have the need to impress and find a mate. FB and Twitter have their places in a few select industries but can be a complete no-no in others. I have to agree that appearance is vital now but when you get to a certain age (40+), being healthy and not dying is more important. as your peers are dropping like flies . The older and more established you get in your chosen industry, the more you cherish your privacy. No-one I know who is at the top of their game uses FB, Twitter or Linkedin.
  13. We'll that blows the theory of unemployment rising when house prices fall. Something doesn't quite add up, RBA slashed cash rates, consumer confidence down, insolvencies on the up, non mining sector doing it tough, plenty of other negative figures have cropped up over the last week. I call it BS.
  14. Kohler's tone tonight was very D&G.
  15. Thanks Itching for posting. Just hope this gets MSM attention for Steve Keen and to speed up capitulation from the Boomers and neg geared zombies.