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Subscribe to this list via RSS Blog posts tagged in Bubble Economics Philip Soos
Posted on November 30, 2014 by Lambert Stretherhttp://www.nakedcapitalism.com/2014/11/australia-haven-bank-control-frauds.htmlFirst Published on Macrobusiness http://www.macrobusiness.com.au/2014/11/australia-haven-for-bank-control-frauds/Lambert here: Et tu, Australia? For the connoisseur of accounting control frauds, sadly, Australia may provide a valuable parallel case in a second member of the Five Eyes. I wonder if the Australians will manage to prosecute any CEOs? By Paul Egan and Philip Soos, co-authors of Bubble Economics: Australian Land Speculation 1830 – 2013. Originally published at Macrobusiness. Exuberant household credit growth over the last twenty years has a sinister dimension: the likelihood of widespread predatory lending and bank fraud. Every developed country, including Australia, has laws to regulate and hopefully prevent predatory lending, defined as providing credit to a borrower in full knowledge they lack the capacity to repay it in a timely manner, if at all. Relevant laws and regulations stipulate loan amounts must not exceed the assessed debtor repayment capacity, based on their assessed wages and other income. Lenders have an obligation to...
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  • organza
    organza says #
    How insightful and how very spot on. This is all the result of the crims being a whole lot foxier and smarter than the regulators
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Australian housing a Ponzi scheme and the housing price bubble will burst: Academic Larry Schlesinger | 6 February 2012 http://www.propertyobserver.com.au/finding/residential-investment/15075-australian-housing-a-ponzi-scheme-and-the-housing-price-bubble-will-burst-academic.html The only thing that prevented Australian house prices from crashing during the 2008 GFC was the first-home owners’ boost, says Deakin University’s Philip Soos, who believes the sector is now operating like a Ponzi scheme.  Soos, a researcher in Deakin University’s School of International and Political Studies, believes the Australia’s residential property market has resembled the Ponzi stage of financing for the last 11 years. The Ponzi finance stage is the third and final stage of US sub-prime mortgage theorist and economist Hyman Minsky’s “state capitalist economies cyclically generated crises”.  In the first hedge finance stage “income flows from an asset is sufficient to pay down both principal and interest on the debt financing asset purchases. Prices are based upon fundamentals”.  In the second speculative finance stage “income flows cover only...
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World’s biggest housing bubble Published 03 September 2014  http://www.afrsmartinvestor.com.au/p/property/world_biggest_housing_bubble_4AieTv6tGjtMPnwyxRTHwJ With Australian house prices re-accelerating over the last three months after spectacular growth on the back of a speculative investment boom, many people are asking how our frothy market compares to the rest of the world.  So The Australian Financial Review has crunched the numbers, carefully evaluating the performance of the best house price indices across the Western world. Specifically, we have tracked changes in house prices in Australia, the United States, New Zealand, Britain and Canada since the end of 1995.  We select this period for two reasons. First, the mid-1990s coincided with the big surge in household leverage across Western economies, which was the principal cause of unusually strong house price growth in the ensuing years Second, the jump in leverage was itself a function of Western central banks adopting explicit or implicit inflation targets in the mid-1990s, which many...
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