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BFCSA investigates fraud involving lenders, spruikers and financial planners worldwide.  Full Doc, Low Doc, No Doc loans, Lines of Credit and Buffer loans appear to be normal profit making financial products, however, these loans are set to implode within seven years.  For the past two decades, Ms Brailey, President of BFCSA (Inc), has been a tireless campaigner, championing the cause of older and low income people around the Globe who have fallen victim to banking and finance scams.  She has found that people of all ages are being targeted by Bankers offering faulty lending products. BFCSA warn that anyone who has signed up for one of these financial products, is in grave danger of losing their home.

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Politicians+ ASIC+ Banksters + Lobbyists= An economy on the verge of collapse.

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Dear members

Today as our P.M.,Ministers and a huge trade delegation travel to Japan, China  and S. Korea trying to drum up business to stimulate the economy I read some disturbing news. Warren Buffet and senior economists in the U.S. are predicting a 50% or more crash on the stock market in 2014.

Our  economy although better than most is already showing signs of over exposure. The property market, especially capital cities are busting at the seams. SMSF's have poured tens of billions of dollars into it and the Asian market can either use their own money or borrow at 2% interest to invest in it and as usual who stands to gain the most our Big Four Pillars.

Genuine home buyers are now priced out and can't compete, the higher the property prices the more the banksters profit. On the Sky news business channel two commentators stated the government is terrified of anything happening even to only one of the banks and thats why the government will bank roll them at the Australian taxpayers expense.

With all the exposure about the Labor Party and the Obeids and now Senator Arthur Sinedenis of the Coalition and his knowledge of events over Sydney Water its now becoming public about how big business use lobbyists who can be former or present politicians to get a foot in the door at Canberra. James Wheeldon stated he did not know why ASIC favoured the banksters and super funds and didn't think there were any corrupt motives SO that beggars the question was ASIC under any pressure from above to grant the banksters wishes?

Its like a huge jig saw puzzle and the pieces are slowly falling into place, Canberra has known for over a decade about the damage from no doc and low doc loans. ASIC has tried to keep a lid on it but it has got to the stage now where there are just to many people who have become victims to keep the problem quiet. As a consequence of ASIC's failings the Senate Inquiry was called for and that has produced a Pandora's box for ASIC with so much more exposed and especially now with former insider James Wheeldons testimony, Peter Kell was in damage control trying to dismiss Jame's claims on the ABC straight away.

 Michael West and the ABC are running with this story and I think this might call into question David Murray's inquiry later this year because of the bad press the politicians and ASIC have been exposed to lately the government will want to keep its distance from any bad press so the chances of a Royal Commission into the financial sector is imperative. I watched Senator Williams again suggest on the Joint Senate Committee meeting with Senators Fawcett and Sastyari just over a week ago about getting a senior eminant judge or magistrate  and board to oversea ASIC and how it functions and to make them more accountable so this is definately a step in the right direction, lets hope the government doesn't try to water it down under the pretext of cutting red tape as in the FOFA debacle where the banksters and brokers would of been unleashed again. Thanks Neil T.

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  • doyla66
    doyla66 Saturday, 05 April 2014

    Good one, Neil.
    You could be very right about the economy.
    I wonder how the US Bank and economic/loan situation is affecting our Big 4 Banks?
    Have they approached the Federal Government yet about assisting in maintaining their own loans and commitments?
    Probably - and they're pretty secure. Thus they have no excuse for calling in our loans out of Bankster poverty.
    It's only a matter of time ...

  • doyla66
    doyla66 Saturday, 05 April 2014

    That was excellent Neil. I think that you are on the right track re: our economy and an eminent bust. Homes are just beyond the average person now. Some 1100 properties went under the hammer in Melbourne today with above reserve prices being accomplished for some. I don't blame home owners wanting to sell at the moment and take advantage of the high sale prices. What goes around comes around isn't that what they say. I can see a lot of people in trouble financially when the bubble does burst. How are they going to keep up the enormous bank mortgage payments?

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