Weekend Reading 10-11 November 2018

Global Macro / Markets / Investing:





Latest posts by Leith van Onselen (see all)


    • My first comment is awaiting moderation, and then I had to bowdlerise it, leading to your well deserved victory.

      • boomengineeringMEMBER

        Sleeping over at the factory tonight very quiet compared to Sydney. Had to go to the strata AGM where I got attacked for having 2 containers neatly within my 3 alottted car spaces but it’s alright for for them to have dead cars and junk everywhere even the grasses areas

      • Boomer: there is a guy around the local jazz scene plays under the title The Wizard
        x concert pianist, plays in sydney often, definitely worth seeing hearing.
        I was taught by Joe “Fingers” Malone, who had a band which used to play at the story bridge hotel, brisbane on sundays, till he and a sum of money from the hotel, disappeared, many say back to NZ.

      • boomengineeringMEMBER

        WW, thks, will look it up. Wish I could do jazz can do the hardest versions of classical but have trouble with easy versions of jazz. That’s why I gave it up.
        Just got out of the surf N Shelly point (short board) quiet a few SUPs out there. Now back to the big smoke.

    • The only consolation is the quotes don’t actually have Frydenberg calling for easing. He’s calling for the banks to exercise caution in relation to further restrictions, and for keeping the books open, especially on small business.

      Not that I trust any of the c#nts.

      • boomengineeringMEMBER

        Update for your recital request.
        Tuned the old Ronisch at the factory today easier than expected considering how out a few were. Anyhow after many years of not playing started Prelude in C-sharp minor and no problem went well until the second page where I got bogged down with 4 to go. Not to worry as it only took 3 months from never having played to go in the concert and immediately after began Liszt. Now the biggest hurdle is motivation.

      • Sounds like you won’t need much more prep to impress us!

        Wait until the housing crash is a fact (40% should do it) and we’ll find a pub with a piano on top of a tall hill (to make cycling there more interesting). It could be huge.

      • boomengineeringMEMBER

        It’ll be huge, yep already met Stagmal in Dubbo, expecting a fake ,but he’s the real thing, nice guy with a boot load of recyclables.
        Some here reluctant to met fellow MB’ers for fear of being disappointed but it can always be the other way round and exceed expectations as per Staggie.

      • I saw Staggy from a distance at the Canberra MB gathering last year but didn’t want to go up and bother him, I figured when celebrities go out they want to just be normal for a bit.

    • Its amusing that Josh wants to be seen telling the banks to cease their “credit crunch”.

      Naturally they will comply just as soon as Josh gives them a few guarantees that they will not be held accountable for irresponsible (or unproductive) credit creation and the RBA will buy up chunks of their loan book if things get a bit dicey.

      Now we know low income growth has been a bit of a problem for lending limits but we can worry about that after the election.

      Plus the RBA could help out with another cut or two as nothing makes credit more affordable than an interest rate cut.

      The joys of the private bank role in the monetary system in all its glory.

      • Auction Action – 10/11: Josh waves the white flag!

        Well that did not take long.   

        Only a week after Auction Action warned in “We will make you pay” that the private banks were “crunching credit” to teach us a lesson about who is running/wrecking the joint and would make the nation beg, Treasurer Frydenberg is already waving the white flag!  Surrender is not a good look Josh when there are better alternatives. And yes, the auctions lacked action again this week.


      • Was thinking same but also thought that if banks start lending irresponsibly again wouldn’t that trigger ratings downgrade? Also if rba cuts while fed hikes, wouldn’t that crash the aud and trigger inflation?

  1. In retrospect I realise the hurt that that word wh!te can do.

    I have actually remedied a few common songs of their blanc, and made them less [email protected]

    Please add any I might have missed in my privilege.

    Hey little sister, what have you done?
    Hey little sister, who’s the only one?
    Hey little sister, who’s the Superman?
    Hey little sister, who’s the one you want?
    Hey little sister, shotgun!It’s a nice day to start again
    It’s a nice day for a REDACTED wedding
    It’s a nice day to start again

    We’ve only just begun to live
    REDACTED lace and promises
    A kiss for luck and we’re on our way
    (We’ve only begun).

    REDACTEDr Shade of Pale – Procol Harum

    REDACTED Christmas – Bing Crosby

    Nights In REDACTED Satin – The Moody Blues

    Pretty Fly (For A REDACTED Guy) – The Offspring

    • ErmingtonPlumbingMEMBER

      The whole Luke Foley thing had me angry all day yesterday,…I was going to be meeting him Today at Elizabeth Scully’s campaign launch,…Linda Burney is filling in for him.

      Are we allowed to care that a “Whte [email protected]” has had his entire career destroyed by a # Movement or are we supposed to celebrate this as a blow against Patriarchy?
      What if he kills himself?,…does he get to be a Victim then to?,…or does the Whte manhood between his legs negate any such possibility?
      What would the closed ranks of the media have to say if he did?

      I Agree with, the real feminist, Janice Fiamengo 100% in this clip
      titled “#metoo is mob justice”


      • Total rubbish really. I heard Jon Faine coming up with this rubbish the other day. I see lying women on a daily basis. Great link.

      • It is interesting how indiscriminate this #metoo thing is.

        Some seem to have immunity:


        Others wiped out by allegations that the alleged victim never even wanted to be made public.

        BTW not a real fan of Foley, but that is beside the point.

        Anyhoo, look forward to another four years of Gladys fumbling about rejuvenating sporting venues and letting our public hospitals rot.

        Vote wisely come March Ladies and Gents. Next chance you get after that, Sydney will be home to nearly a million more people than live here today.

      • Seems pretty clear that what Foley was accused of did happen. Are you sure that this is the hill to die on?

      • Maybe so, but the meme that women don’t lie is disproven in courts around the country.

        What meme is that ?

        This is the messaging society gives women about rape:

        Society: don’t wear that short skirt, you might get raped.
        Society: don’t go out alone at night, you might get raped.
        Society: don’t let your drink out of your sight in a club, you might get drugged and raped.
        Woman: I was raped
        Society: really ? Are you sure ? Seems unlikely.

      • Always amazed at how much of mainstream media passes drsmithy by.
        The men would be the one which saw uncorroborated 30 year old accusations paraded at Congressional committees as though they were perfect truth due to the “fact” false rape allegations are all but non-existent.
        For your reading pleasure:
        Imagine 3 months in Supermax based on that lot.

      • the 1st derivative filth in this is the abuse of parliamentary privilege. The lady concerned was thrown under a bus. Abused twice now.
        If this ever happens in my family there’ll be 2 beaten and sore freaks within the week.

      • The parties are so rotten. Are you telling us EP that the ALP doesn’t have a whole bunch of thoughtful intellectual members that would make better MPs? Instead we are served up a bum grabbing drunken liar.

      • It’s a good link btw. It shows how the rule of law is being thrown under a bus. Women have distinguished themselves as well as men in their capacity for malice, self-interest and cruelty.

      • Hey EP, when your daughter’s 19 can I stick my hand down the back of her dress under her knickers? I know the lady in question was in her 30s, but surely you wouldn’t mind me grabbing a drunken grope of your little girl *rse?

        I really feel sorry that you have children. One, you are no suitable to raise girls as a father, I can just imagine the role you will tell her to expect in her adult life; look good, keep house and make your husbands b/fast, lunch and dinner. I wouldn’t want you raising a boy either, for the same reasons. Sometimes you are a complete dh. Not sometimes, mostly.

        Drsmithy, your wasting your time, MB is now inhabited by a bunch of knuckle draggers.

      • I am so angry that Luke Foley has thrown the Journalist, the Party, the election and his career under the bus because he can’t hold his piss or his libido
        Miss Raper did not make a complaint in the 2 years since the incident and she asked a male colleague who witnessed the event not to either.
        I hope the women of Australia are redacted hot with rage that a gaggle of old redacted male egocentric psychopaths masquerading as Community leaders have no qualms about destroying an innocent woman’s career for cheap political gains .
        I hope that at the next elections the women of Australia use their votes to aussauge their rage against these vile bast#rds.
        Rise up girls it is Time.

      • ErmingtonPlumbingMEMBER


        My Hope for my Daughter AND Son equaly, is that they feel that they have the personal Agency to say Fk off Cnt to any unwanted sexual advances from either sex of either sexual orientation.

        You see dennis I actually believe in equality between the sexes and people not having to conform to gender rolls,…it is you who dose not,…your the sexist one pal, to believe that women are so fragile and pathetic that they cannot navagate on their own, the personal interactions between Men and Women, without the chaperone of the state or a # movement.

        As much as the Liberal party jokers who forced this issue out into the open,… against her will,…is the #metoo movement that demands that she plays her roll in the Attack on Patriarchy.
        She has played her hand well,…her career is now guaranteed to soar.
        Look out Julia Baird! Your position on the Drum is now under threat!

      • roamingmilltothial

        There is no ‘gender equality’, whatever that means, while women continue to enjoy the privilege of having a holiday on moral agency.

      • reusachtigeMEMBER

        Yeah dude just stuck his hand down some random chicks pants. It’s nothing. I do it all the time. Like, Surprise!! Chicks dig the rush.

      • EP,
        Original was sent to moderation.
        Using phrases such as “agency” doesn’t make you a deep thinker, it shows you up as a wannabe.

        You say you want your daughter to have equality, really? Just look at your response to this event, it says otherwise. You’re scared EP, because if women get equality you won’t have your perch of wite mail authority to stand on.

        If you haven’t noticed, have you seen the response to this, how would it have gone down if she fronted him at the time?
        To quote you: “As much as the Liberal party jokers who forced this issue out into the open,… against her will,…is the #metoo movement that demands that she plays her roll in the Attack on Patriarchy.
        She has played her hand well,…her career is now guaranteed to soar.
        Look out Julia Baird! Your position on the Drum is now under threat!”

        What? First you say she is forced to out herself, against her will, then you accuse her of making hay out of it!

        You haven’t a clue about equality, changing the law to give equality doesn’t make people equal or give them equality. A prime example of that is black people in the US, how long ago did they get equality before the law and ARE they given equal opportunity now?

        You truly are a clueless.

      • ErmingtonPlumbingMEMBER

        “how would it have gone down if she fronted him at the time?”

        Well if she had pulled way and said “Hey! Fk off Mate” I reckon Foley would have immediately began a groveling and slobbering red faced apology for what his foolish drunken mind no doubt thought was a complimentary “gesture”.
        The guy doesn’t look like he can handle his Pi$$ and this incident did occurre in a Social setting, at a carry on location, after the official “Xmas drinks” ended.
        No doubt she had been drinking to and could have accepted or not accepted his apology, if he was given the chance to utter it.
        Had he not immediately desist and apologize for his actions or Started to act agressively then that would certainly have been another whole order of magnitude of transgression,…same again had his action occurred in the work place or, Committed against a total stranger, or out side of a Social setting,…in those cases I would have supported his censure AND removal.
        All Human interactions are complex and mostly don’t play out “Perfectly”,….especialy Social interactions IMHO.

        This whole witch hunt against Foley and the demands for his total sacrifice and destruction from many members and the leadership of his own party fills me with a disgust equal to the disgust I hold towards genuine sexusl assult.

        Because I hold this opinion you believe I should not have kids.
        Only people who hold the party line should have em,..eh?
        Thats a bit Orwellian dont you think,…since when was puritanicalism considered Progressive!

        Did you even watch that Janice Fiamengo clip I posted Dennis
        She will help you understand my position better than I can,…my superior “whte [email protected] authority” only extends to Plumbing issues Im affraid. Watch her and listen and learn something different than what you normally hear in your hipster cafe/virtue signaling echo chamber,….if you can bear having your sence of security in “Consensus” challenged,…I wouldn’t want to be responsible for offending you anymore than,… My opinion,… already has.

      • My Hope for my Daughter AND Son equaly, is that they feel that they have the personal Agency to say Fk off Cnt to any unwanted sexual advances from either sex of either sexual orientation.

        Translation: ‘I reckon my daughter is fine, and I don’t care about anyone else’s’.

        You see dennis I actually believe in equality between the sexes and people not having to conform to gender rolls,…it is you who dose not,…your the sexist one pal, to believe that women are so fragile and pathetic that they cannot navagate on their own, the personal interactions between Men and Women, without the chaperone of the state or a # movement

        Uh huh. Yet strangely you think all those workers *are* so fragile and pathetic that they cannot navigate on their own, the professional interactions with their employers, without the chaperone of the state or a #labour movement.

        How far does avoiding this “sexism” and “chauvinism” go, Ermo ? Do you step in if a woman is getting verbally abused ? If she’s getting groped ? How about if you witness a rape ? If you know she’s being shortchanged at work because of her gender (or do you only help then if she’s in the Union) ?

      • ErmingtonPlumbingMEMBER

        Translation: ‘I reckon my daughter is fine, and I don’t care about anyone else’s’.

        Ha Ha Ha,….so what your saying is we are all Lobsters

        As for your “If I see someone getting abused or Assaulted would I step in?” Question.
        The Answer is Yes,…Son or Daughter,…mine or anyone elses
        If I was there when Foley grabbed Rapers Ar$e or a blokes ar$e and it appeared clearly uninvited Id have pulled him up,…if he had grabbed mine I woudnt have been happy either,…but I wouldn’t demand his total personal destruction as some kind of just punishment,…it isn’t.

      • The Answer is Yes,…Son or Daughter,…mine or anyone elses

        Right. So you’re also a chauvinist and a sexist who thinks women are so fragile, blah, blah, blah.

        It’s just when you think that it’s different right ?

        but I wouldn’t demand his total personal destruction as some kind of just punishment,…it isn’t.

        Who is “demanding his total personal destruction” ?

      • you see EP??? .. there’s no possibility of another point of view with the SJW/progressives ….. you are forbidden from an alternative, you must rant and condemn just like them or you are the enemy……

        on the upside, they will reap the ‘rewards’ of their weird, self destructive world view of that we can be absolutely certain. Help your own kids (and others for whom you care) to understand. Give them the benefit of your life experiences and wisdom. Help them prosper – despite the overwhelming BS that surrounds us – to the extent they are able …. but …. ultimately, they like all of us have to make their own choices & decisions and live by the consequences …..

        just seems drsmithy et al don’t quite get that part yet …….

      • you see EP??? .. there’s no possibility of another point of view with the SJW/progressives ….. you are forbidden from an alternative, you must rant and condemn just like them or you are the enemy……

        LOL. Projection like a boss.

        You get to have an opinion. You don’t get to have it be unchallenged.

        “Challenged”, since you seem to struggle with words, is not the same thing as “forbidden”, nor even “suppressed”.

        on the upside, they will reap the ‘rewards’ of their weird, self destructive world view of that we can be absolutely certain. Help your own kids (and others for whom you care) to understand. Give them the benefit of your life experiences and wisdom. Help them prosper – despite the overwhelming BS that surrounds us – to the extent they are able …. but …. ultimately, they like all of us have to make their own choices & decisions and live by the consequences …..

        just seems drsmithy et al don’t quite get that part yet …….

        And, importantly, don’t forget to tell them that “progressives” are why they can do things like own property and vote – especially if they’re girls.

        Though it seems that’s the part you “just don’t quite get, yet”. Or are ever likely to.

        Unfortunately by the time Ermo and my kids have grown up, you lot might have gotten your way and those could be just old memories of a brief historical aberration.

        It’d be funny to watch you guys shaking your fists at the hippies the park protesting about human rights and the environment, while you give the repo men your car keys and kiss their arses as they strip your house of everything you own, if you weren’t so fvcking keen to help them do it to everyone else as well.

    • Had to update the songs on my phone.
      REDACTED China – Ultravox
      REDACTED Flag – Dido
      REDACTED Hot Day – Simple Minds
      REDACTED Riot – The Clash

      Worse still, Blackplayer has reordered the songs to R which will really confuse me when I’m looking for REDACTED song titles!

    • Role reversal from bulls on the offence to bulls on the defense. That’s progress in the pcyc warfare that has been raging for the last 17 years.

    • Body language is fun. Shane Oliver has the sublime and confident smile of someone who knows he is right and has already cashed out.

      Oster is feeble. Still banging on about “fundamentals of supply and demand”, low unemployment etc. Does not engage on falling credit. Does not engage on failing sentiment and investors crowding the exits. Yes he has to talk his book but possibly he still believes it…. doomed.

  2. When we finally admit that the average IQ in Black Africa is 70, stretchable to 85 within an ideal Western society, political solutions to crime and terrorism will become much simpler.

    Or, we can ignore it, and today’s events in Melbourne occur more frequently as their population here multiplies.

    • The Horrible Scott Morrison MP

      Sounds like they would make excellent property investors. Can they sign their name to a loan application?

    • Jono89a,

      As you so easily proved in your post, idocy and ignorance has naught to do with race. In fact, race is an idea that seems simple, but in simplifying it to a broad generalisation based on skin colour proves the simplifier to be a simpleton. Here’s a piece by an evolutionary biologist that highlights some of the unseen things that show why your post is absolute garbage.


      • “This means that we understand that bio-genomic clusters are “real,” in the sense of being objectively reproducible outcomes of certain data analyses, but that their realism is conditional on specific purposes and ceases to hold when the purpose of the analysis changes.”

        Ashkenazi Jews and North Asians have higher IQs on a genetic cluster method but one should not base individual decisions on such clusters as the specific purpose changes and one should take into account the variation between clusters, ie there are dumb Ashkenazi Jews and one should take into account that possibility. Is that it?

      • Thanks Footsore. There’s far more to being smart than IQ, those figures Jono quoted have been debunked, as I member. Besides most of those IQ tests have been made by mostly white US students so are not going to give a fair go to a Somali of a different culture. Then there are the effects of the environment, if you grew up with limited food or low grade food eg little meat your brain is likely not hell develop tell it’s full potential. Also from memory American blacks who were educated & shared the same advantages as their smart white peers did just as well.

        As for the guy in Melb her is likely a nut job , if not we should string him up by the balls (our culture) & stone him (his religion) 😁

      • @Zulu

        The debunking of IQ is akin to the debunking of the science behind global warming. The same moronic arguments are trotted out just attacking the scientists as hippies or “white” students.

        It is one of the most rigorous testing methodologies in the entire social science and is completely accepted. The ONLY people who dispute it are those who can not assimilate it with their personal moral convictions.

        Denying intelligence assessments is truly on the scale of anti-vaxxers, young earth creationists, global warming denialists – its just deeply, deeply ignorant and moronic.

        Yes there are measurable, quantifiable differences between intelligence between populations – to think otherwise is fundamentally believe that ALL human populations have evolved exactly the same, without variation and the only discernible difference is in skin and hair colour – its just so utterly risible as to really not even be worth debating – and most serious, credible scientists do not debate it – its boorish ultra regressive left wing insanity.

      • I’m not denying there is a measurable difference in IQ, but you can’t apply one I Q test across the world, you will get distorted results & you can’t compare one test to another with any great confidence.

        By your definition of race there would have been several in the UK alone, as many areas were weep known to have certain physical traits, same in Africa today, they are not all simply blacks but vary greatly in physical traits & probably IQ also, as you suggest. If you try & break down populations into race you will end up with the same problems the South Africans had, ie members of the same family being categorised as different races. Or try going to where Asia meets Europe & categorise people there as either Asian or European, so you come up with another arbitrary category, just like with breeds. But then you can repeat & repeat just like dog breeds as new ones are added. I’m bored

      • @footsore

        what masturbatory wishful thinking that article was

        This man must be baffled as to why all the 100m sprint gold medallists are from West Africa
        It must be their culture that lets them run so fast

      • @gaius
        we cross posted
        “Yes there are measurable, quantifiable differences between intelligence between populations ”
        fully agree, what I’m saying is that while there have to be differences in intelligence across what most people call races we could measure these same differences amongst subsets of these races (even if I assumed it was possible for a fair universal test). For me the bigger differences are cultures. And specifically fur our attacker it wasn’t his rice or even culture, it would be his corrupted religious beliefs (+ probably some mental issues having experienced war in his homeland)

      • Coming,

        Last year I stumbled across a book from the late 1800s. It was about Victoria and it asserted that the indigenous population were human, just as human as the industrious and all conquering white fella. It’s scientific grounding was the now laughable and extremely discredited field of phrenology. A very simple idea that could be used to justify whatever the esteemed authority wished. We’ve learnt a lot since then and tossed please into the bin where it deserves to go. Your observation is a simple one that misses the whole point of the article and shows a sophistication akin to the phrenologist or the flat earther.

      • Gaius Sextus…

        I.Q. has issues due the nomenclature sorta lending to a conceptualization about rationality IMO. Psychologically this is not accepted e.g. even people with high I.Q. can do incredibly stoopid things due to emotional states at any given time, not to mention some with extremely high I.Q. can have a propensity to be handicapped on a social level or completely unable to find artistic solution’s to problem sets.

        In light of that I think its a bit wonky to say anyone that questions I.Q. as a stand alone is akin to anti vaxx or AGW.

        Seriously – consider the outcomes of say McNamara, Von Newman, Nash, et al.

      • Q1. Sauces. Bbq is a good all-rounder however chilli or mustard for depth.

        Q2. IQ. Not that great but thanks for asking.

    • Without going into the racial aspect of the discussion I would like just to point out that intelligence just makes people more capable to do more harm, but not more moral or empathic.
      The smartest and the most educated countries around the world more often commited the worst imaginable atrocities ever recorded

      • +1, high intelligence always seems to me to be a largely redundant trait. Point of fact: the Queen is no Rhodes Scholar but firmly ensconced as the Head of the Empire.

    • “Immigration mistakes are big mistakes. They don’t go away. They only get bigger.”
      — Meyer Burstein, Director Strategic Planning and Research Directorate, Canada Employment and Immigration Commission

    • When we finally admit that the average IQ in Black Africa is 70, stretchable to 85 within an ideal Western society, political solutions to crime and terrorism will become much simpler.

      Mandatory sterilisation for everyone who scores less than 90, regardless of their “race”, then ?

      • Less than 84, which is the level needed for admission to the US army. If we’re admitting migrants, just set it at 100, or whichever high level we desire.

  3. The dark heart of Australian banking
    [by James Frost

    If you looked carefully, the writing was on the wall last December. Shortly after Commissioner Kenneth Hayne was appointed to lead the banking royal commission, the final terms of reference was expanded by a single, yet crucial, sentence.

    It took Commissioner Hayne just two weeks to realise the draft terms did not explicitly capture mortgage brokers. He pressed the government to expand on its definition of a financial services entity to include persons or entities “acting as an intermediary between borrowers and lenders”.

    It was a small but important change.

    In submissions to requests from the royal commission last year and published on Wednesday for the first time it has become clear that the mechanisms responsible for funnelling hundreds of billions in mortgages to the banks each year have become ground zero for misconduct.

    During the first round of hearings into consumer credit back in March observers were shocked to hear the extent of the rot. Fraud, forgery, overcharging and privacy breaches abounded. Bonus schemes appeared to be routinely rorted.

    The latest cache of published documents, however, reveals disturbing new evidence of misconduct making mortgage broking looking like the wild west of financial services. Bribery, identify theft, property theft, assault, sexual harassment, public intoxication, financing of drug dealers, impersonation of customers and more.]

    If you can get the rest of the article, this is australias’ sub-prime ground zero 😉

      • Mining BoganMEMBER

        Yeah, and a lot of that stuff is just dodgy humans not poor financial dealings.

        Reads a bit like a smear campaign by a Rupert journal.

      • I know someone who worked on several regulatory compliance projects with a Big 4 Bank. The people responsible for liaising between the bank and broker network would often stonewall compliance changes and communications going to the broker network, stating “the brokers won’t do it anyway”, or “if we make our process more complex, the brokers won’t sell our product.” The bank did very little to maintain standards of the brokers, yet at the same time was rewarding them generously with commission payments and awards for mortgage sales.

        Therefore, whatever the RC reveals about the conduct of brokers, the banks are complicit in this behaviour. The banks have systemically used these third parties to loosen their lending standards to a much greater extent than they could through internal sales channels. This has allowed the banks to access a whole additional market of marginal borrowers, yet maintain a degree of separation and a scapegoat when things turn sour.

      • Adam – good point, well made. As brokers are to banks so labour hire firms are to farmers. The extra degree of separation from the rorting is there to provide plausible deniablity.

      • This is deflection by the banks.

        Banks are using brokers as human shields to hide their own criminality. Remember, a broker is the agent of the BANK not the customer.

      • or “if we make our process more complex, the brokers won’t sell our product.”

        This is a real issue. It’s all well and good to do the right thing even though what everyone else is doing is legal but that only lasts until you get sacked for underperforming all your competitor banks. CBA said in the RC that they would be happy to make mortgage proofing commissions illegal but until they are CBA needs to pay them.

  4. You may have missed this yesterday, but this is probably confidential to the govt maybe secret

    Bolstrood: Wiley have you seen this ? What is your take having been in the armed forces?

    Very Astute MrB
    Something has dramatically changed
    this time last year no one gave a rats arse about veterans. Less than a rats arse
    now everyone is all over veterans like a rash. Priority in queues, discounts at bunnings etc, never before since records were kept.
    My call is some veterans groups some where have directly threatened the govt.
    (there are any no of countries which will not allow their military to practice military drill in case the military stages a coup.)
    Next what may have occurred is that social media has highlighted the failures of past military ventures and directly attributed the shortcomings of the politicians and the military commanders
    Maybe the current politicians have some inkling that their offensive behavior, is so outside the bounds of good practice, that no one will support them and probably would oppose them.
    And maybe that all the worst side of human behaviour is being displayed by those who would intend others go to battle for them, that no one is putting their hand up to take part in the military.

    You have to have a war memorial and regional shrines.
    But you also have to have access for the public to be able to independently assess and review how come all those good diggers went off to battle never to return.
    Many lost to history altogether.
    We have to have a military and we have to have hardware and we have to have the best hardware,
    not like the rubbish our soldiers were issued with in the past.

    But where are you going to get the forces,
    No one would be stupid enough today to have anything to do with the military, so there is the problem.
    This in my opinion is what is going on. An attempt to mesmerise the young and inexperienced to join the forces.
    But, every conflict strayans have ever been involved in has to have the real true story made available and then anyone who wished to participate is directed into a new mercenary militia,
    Non govt controlled, which operates like the security forces in say Afghanistan,
    And is valued and reimbursed at current business rates.
    Those in the population who wish to participate can be as the US Minutemen.
    Something is going on??

    • Trump harnessed veterans issues very effectively in the 2016 presidential election. Scummo is just copying coz he is an unoriginal piece of sh*t.

    • My call is some veterans groups some where have directly threatened the govt.

      Is this speculation, or have you heard something? Well I guess if you had you wouldn’t say in weekend links.

      I have been thinking about this all morning and afternoon.

    • Well I don’t do rumors, I research everything, cos as I said most of this is for my own use, no point deceiving myself
      The link between the perpetrators of mass gun murder and military service is beyond debate.
      14% of the adult male population of the US are veterans, around a 35% of the perpetrators of mass gun attacks have previously served their country.
      Thus military service doubles the chances of someone going off the rails and becoming a mass murderer.
      Now given veterans are made pariahs by society, remember the returned men from ‘Nam at Flinders St station, in particular, and the general oversight of veterans by those “building society:”
      it is no wonder that if those persons have PTSD, it has been left to fester.
      There are plenty of veterans living in a perilous situation with serious issues — and who have been trained to use weapons.
      Treatment for PTSD for many in the community is now common place, so the resources and care which needs to be provided to all veterans is money well spent and cheap insurance.
      This surfing thingy I am putting together will be managed by veterans and veterans will be given abnormal consideration within its activities.

      Bolstroods question was about the war memorial and the maintenance of the military
      Here is a tip, if the military falls over, all this housing and realestate palaver can easily belong to an invader
      How about those companies who pay no tax, yet are protected by the military, sovereignty.
      If I have my way we will just change the locks on the mines, till its sorted.
      Where is your car, I’ll bet it is locked
      Scale it up to a national level, who is going to lock up the nation??
      Gen X GenY the millenials, not likely.
      It is a huge problem.

      How about if conscription has to be reintroduced??

  5. @Sweeper per macro afternoon convo….

    I think the issue is your using out dated definitions Sweeper…

    “As early as 2010, market analyst Rob Parenteau noted that company managements, “ostensibly under the guise of maximizing shareholder value, would much rather pay themselves handsome bonuses, or pay out special dividends to their shareholders, or play casino games with all sorts of financial engineering thrown into obfuscate the nature of their financial speculation, than fulfill the traditional roles of capitalist, which is to use profits as both a signal to invest in expanding the productive capital stock, as well as a source of financing the widening and upgrading of productive plant and equipment.

    “Share buybacks were effectively illegal under SEC rules until 1982, in the midst of the Reagan deregulation wave, when SEC Rule 10b-18 was introduced. Until that time, buybacks had been considered a form of stock manipulation. As early as the mid-1980s, more and more companies have resorted to them, and the practice has grown exponentially.

    “Like General Electric some 25 years under Jack Welch, Apple under current CEO Tim Cook increasingly represents a microcosm of the changing role of U.S. markets as they have become less a vehicle for capital provision, more akin to a wealth recycling machine in which cash piles are used less for investment/research and development, more for share buybacks (which are tied to executive compensation, elevating the incentive for, at a minimum, quarterly short-termism and, at worst, fraud and corporate looting). All in the interests of that flawed concept of “maximizing shareholder value,” in which the company’s stock price, rather than its product line, drives corporate decisions, determines senior management compensation, and becomes the ultimate measuring stick of success.” – snip


    I would not have an issue in as much if the above was not so dominate or how it all came into play, but, this is not the capitalism of what you speak Sweeper. Then we get treated to all the misdirection about – fill in the blank – finger wagging when the problem is in house. The link above has hyperlinks to all the key components which helped frame and then enable all this… ruminating about why a mythical capitalist would or would not do is totally subjective and a poor substitute for the easy to reconcile evidence in plain view.

  6. From Dave Donovan – Independent Australia

    Well, @independentaus is nearly broke!
    In fact, I just put another $5k of my own money into it. If you can help out with a few bucks, it would really help. If you can’t afford it, no worries.
    But if you can… even a Lady Godiva (a lazy fiver) is huge: https://t.co/hPvaSLeZSo

    DIG DEEP and keep this important source of independant journalism alive…..

  7. Vibrancy update, dateline Melbourne, Friday arvo:


    The attacker, who was a 31-year-old Somali community member known to ASIO, was shot by police after he repeatedly lunged at them with a knife.

    But at least he would have contributed to the economy, right? And anyway, none of us were intimidated:

    Prime Minister Scott Morrison has issued the following statement on today’s Bourke Street terror attack, and has said Australians will “never be intimated by these appalling attacks”.

    So let’s just keep importing them, right Fatso?

    Pretty soon we will have full employment:
    – police officers / prison guards to deal with the migrants who came to break the law and spread jihad
    – Centrelink and social services workers to look after the migrants who came here because they could not work or find a house
    – Doctors and nurses to look after the migrants and parents of migrants who came here because they wanted to use our ‘world class’ health system
    – Public school teachers to teach the children of the migrants whose parents came here for all of the above

    Look, 99% of the ones I meet – and I meet probably more FOB/FOPs than any MBer here – are decent people, and I am no economist but I still cannot figure out how a country can run if most of its workers have to be paid from public revenue?

    Stay tuned for further vibrancy updates as:

    … we are treating it as a terrorism incident. He’s got family associations that are well known to us.

    Late on Friday night, there were reports that IS had claimed responsibility for the attack via the Amaq news agency.

    It said the man was “one of Islamic State fighters” and had responded to IS calls for attacks in countries that are part of the international coalition fighting the militants in Syria and Iraq.

      • dc…….

        I’ve never worked in the hospital system, but I lived for ten years with someone who worked in Western Health in Melbourne. A doctor that did emergency, and rotated through the other parts as well. He was remarkably less bigoted than yourself and his complaints spread across the whole spectrum of the community. AYMs , CLBs, people that didn’t bother seeing a health professional for 50 years and then showed up with heart problems (those guys really bothered him), people overestimating their ability in the garden on a sunny weekend day and clogging up the emergency ward, failed suicide attempts that were more cries for help than attempts on life, angry family, drug addicts (the ice isolation room was something that he described that I’m glad to never have looked in), etc, etc. He complained about people in all their stupid glory, not a specific group. Other doctors, nurses and specifically emergency room specialists I know also don’t rant and rave about sections of the comments, except surgeons. They seem to really suffer from god complexes. They all did complain about being under resourced, but that’s hardly the fault of the patients.

      • @footsore. As soon as the Government properly funds services to deal with the impact of its mass migration program, I will shut up.

      • @footsore

        Thats because Doctors are not rationing the scarce resources required for the huge costs of their salaries. Why would they care who they treat so long as they get paid ? Of course they don’t.

        So when a society questions the application of limited resources to to those who have not contributed to the accumulation of those resources, and by definition the removal of resources from those who have contributed then the question is entirely relevant and totally legitimate.

        What is not legitimate – nor relevant – is the continuous desire to silence all dissent from a personal moral crusade with puritanical proselytizing in order to silence debate through feigned shame and public humiliation in some sort of quasi religious revivalism in the form of neo-temperance movement on social justice.

        Some are dealing with facts – others are dealing with “feels”.

      • d672c804897d….

        Grew up in a family with my Grandfather being a top surgeon – MD and Grandmother a MD with both running a private practice, with great Grandfather as head of medicine at Chicago U. On top of that my wife has been clinical lab and field tech in pathology for about 10 years and now a Paramedic clinician and Educator for 15 years.

        I myself did everything but get my P.A. in the military wrt to training in special ops and in case some memorys fail I’ve brought up Walkers works more than a few times wrt the conflict between health care and the private market in delivering that knowlage to its potential for the betterment of society and humanity.

        Gaius Sextus…

        “Thats because Doctors are not rationing the scarce resources required for the huge costs of their salaries. Why would they care who they treat so long as they get paid ? Of course they don’t.”

        What are you banging on about – ????

        What scarce resources and how do you establish that their salaries are huge, not to mention the insinuation that only moeny is the driving force for them to work.

        “So when a society questions the application of limited resources to to those who have not contributed to the accumulation of those resources, and by definition the removal of resources from those who have contributed then the question is entirely relevant and totally legitimate.”

        Again with the scarcity memes and tropes about contributed and some loose semantics about stealing.

        Not even going to quote the epic non sequitur at the end.

      • As soon as the Government properly funds services to deal with the impact of its mass migration program, I will shut up.

        Given your primary focus seems to be on ethnicity, somehow I doubt that.

    • 7 sunrise is running a dissimulation campaign – “yeah, somali stabbery – but look – what about shark attack on withsundays… ooohhh.. aren’t they terrifying… ooh – those sharks”

      • Mining BoganMEMBER

        Funny about sharks eh? You know, like needing to eat things and such. I wouldn’t stick my toe in that harbour, especially in light (dusky light?) of the other two attacks. Mate says there’s all sorts of warnings about it but meh, fun must be had. Still, we need constant reinforcement of Darwinism otherwise the loons will take it off us.

    • Vibrants gonna vibrate.

      20 years in the country. A history of drugs and petty crime. Known to cops and security agencies. Murders someone in a terrorist attack and then shot dead by the cops. What a contribution to our society! The enrichment!

      We need to import more people like this into the country. They add so much. For example, imagine how dull life would be in Melbourne if you had to go shopping without wondering if you were gonna be murdered by a religious fanatic?

      • Lordy yes!

        I would say “give me vibrancy, or give me death”. But now we don’t have to choose, we can have both.

    • If the report I read was correct, Mr Nowat Roomtemp was the brother of some other kebab who was picked up by the Federales about a year ago for planning something similar. The family that slays together etc….

    • Gotta have that quota of crime, or the private prison operators and wilson security would be unhappy continuing donations 😉

    • The person he killed was himself a migrant from Italy who had established a well known restaurant in the city.

    • unfortunately d672.. your posts do not conform to the SJW/progressive thought control …. don’t worry. Keep up the good work and call out the BS for what it is. I suspect there are more who are in tune with you than you would suspect.

      Don’t let your future be taken from you even more than it has already ….;

      • Compared to the right wing neoliberal market propaganda David…. seems the only rub is they lost control of the narrative when others used their purchasing power to advance their causes. Good luck mate.

      • likewise skip … take care because the coming years are not going to be good, especially for those who have been ‘refusing to see’ …

  8. They Live is 30 years old.


    “Basically what our spin on the story is is that all the aliens are members of the upper class… the rich,” Carpenter said at the time. “They’re slowly exploiting the middle class and everyone is becoming poorer. And everything we think about buying cars and having pools and condos and all the things that everyone strives for in America, [these things] are being created by this race of inhuman creatures that want to exploit us like a third world. And it’s told from the point of view of the homeless. So it has a theme and a message to it, but basically it’s an action film.”


      • It’s great fun. Like a lot of Carpenter the idea is brilliant but the execution can get a bit tired by the end. The Mouth of Madness is his most frustrating film because there are glimpses of genius in it. You need to be in a very charitable mood to watch Vampires and Village of the Damned.

    • Great link, thanks Footsore. I didn’t get the message when I saw that movie as a kid. As a wrestling fan, I just loved seeing Roddy Piper in a great action role. Couldn’t understand why it didn’t propel him to greater movie stardom a la Arnie. And we kids mimicked his great line in that movie endlessly, “I have come here to chew bubblegum and kick ass. And I’m all out of bubblegum.”

      But watching the movie as an adult, a few years back after buying a box set, the message is obvious, and Piper is a terrific anti-hero. It occurred to me how rare it was to see an action film played out along true class lines. No wonder John Carpenter is completely ignored in Hollywood. If only he’d made the baddies in his movies Arab terrorists or something.

  9. Why aren’t we buying our military equipment off the Swedes? The Saab Gripen is a versatile and reliable fighter jet at a fraction of the cost of the monstrosity we’re currently throwing coin at. They also have a very good submarine that is also a lot better value than what we are currently stuffing up in Adelaide.


    • Mining BoganMEMBER


      I vaguely heard something mentioned last week about our steel not being good enough for Pyne’s French subs. Anyone know what that’s about?

      • It wouldn’t be economical for us to make that small amount of fit for purpose steel when we can get it elsewhere. It’s different to machine, tough & softish all at once, carbide cutters liked it but I think it’d work heat quicker than usual steels…..

      • HY-80 steel looks like typical Chrome-Moly steel bicycle tubing.
        Maybe someone with a better understanding can tell me how these steel alloys differ from Maraging steel, obliviously one has more Chromium in the alloy and the other more Titanium but both seem to be targettiing similar applications. I know I worked with a product that called for Maraging steel at one point and I kinda thought that was what was used in Submarine pressure hulls.
        I have no doubt what so ever that the steel yield requirement for these new Aussie subs is way in excess of what is possible with HY-80 or HY-100.

      • I can’t tell you on an engineering level Fisho. I can say when we used to mass produce power steering rack tubes for most Aussie made cars throughout the 90’s that the seamless tube came from Japan & even if it was within spec, we could tell if it was at the high or low end of the spec range by how it machined (soft, hard, stringy/abrasive). We had hard & soft samples given spectral analysis & they were within tolerance, but were at the bounds. The recipe tolerances were tight, so I can only surmise that it takes only small changes to achieve different properties.

      • proofreadersMEMBER

        I don’t know anything about the steel requirements, but I read in the SMH the other day that the delivery of the first of the Saving Private Pyne subs is now delayed 3 years until 2035.
        Can anyone intending to invade Straya please take note and hold off their attack until at least 2036.
        Oh, sorry – the Chinese already have control of Straya without having fired a shot in anger?

      • Thanks Colin, yeah I’m definitely not an expert on metallurgy. obviously you want to make the subs from the right stuff, it certainly makes a difference what’s in your steel. US subs of WW2 were made from steel and were only good for use at about 200ft. Today’s subs are also made from steel yet seem to be good for repeated descents to below 600ft.
        Steel is marvelous stuff no wonder the Chinese love us for our Iron Ore…I keep wondering if they’ll send any of it back one day maybe wrapped around some high explosives.
        Somehow I feel like we’ve been here before, I’ll have to remember to ask my mate Pig Iron Bob if he’s got that same feeling of deja vu.

    • ErmingtonPlumbingMEMBER

      Their Subs are designed to be diesle electric unlike these french ones that are a Nuclear design.
      If we are not to going Nuclear powered then we shoukd not be going the French subs.

      Also, Agree re the SAAB Gripin a better fighter plane, designed, developed and manafactured in a county of 8 million with FA resources,….WTF are we doing as a country!
      Its a much more cost effective and practical design for the defence of our large and sparsely populated territory.


      Our defense is also heavily reliant on our Alliance with the US, so F-35 it is,….Unfortunately in my view.
      Same goes for these subs,… as Chinas push into the Pacific grows, French warships are more likely to be enguaging in multinational military cooperation with Australia and the United States than Swedish ones.

    • We’re paying for the relationship – for the security that we assume it gives us. Sometimes we pay with blood, also.

      If the US had an SSK/SSG/SSP design we would have gone with their submarine offer. As it is, the French boat will have a US combat system and weapons. As will the British Frigate design we went with.

      Plus, the RAAF has been chugging the Kool-Aid for so long they really believe the lies from LM about what the JSF can do.

    • Apparently all the bad reviews that our choice inspired have been wiped off the net. Our pilots will be flying the second best planes, part of our blood tribute …

      • Arrrow2,

        I’m not sure about interoperability of the Swedish submarines. The Saab Gripens have been designed to be a universal, plug and play platform. They are even happy to allow manufacturing in other countries, which is what Brazil is doing.

  10. US leading index going south through the long term average


    That is before the lawyers start in on the vote counts………Mr Trump’s Senate majority might not be that big…….markets don’t like uncertainty


  11. Moments like these you need a Minsky

    ……..less than 45 days to go!

    Hasbro have released a version of ‘the game’ that is more like reality than ever before……..
    for Millennials! . Avocado’s not included.

    I assume the Royal Commission version comes with a ‘how to’ guide from the FIRE sector!

    • Humorous, but condescending AF.
      “Forget real estate. You can’t afford it anyway.”
      “Instead of collecting as much cash as possible, players are challenged to rack up the most Experiences to win. Travel around the gameboard discovering and visiting cool places to eat, shop, and relax.”
      “Collect Experience points by visiting the hottest Destinations — from your Friend’s Couch, to the Vegan Bistro, to a Week-Long Meditation Retreat”
      “Collect money from players who visit the Destinations you discovered first”

      The true version of millennial monopoly is just regular monopoly, except you start with no cash and all the properties are already owned by the other players.

      • Moments like these you need a Minsky

        ‘Regular monopoly’ was originally called “The Landlords Game”, designed by Elizabeth Magie Philips and conceived to reveal the injustice arising out of concentrated property ownership. Parker Brothers originally launched it with rule changes that altered the original intent, as “Monopoly”. Now we have Hasbro’s ‘creative destruction’ and market reinvention.

        Humorous, condescending, sure. I’d also suggest the game’s journey metaphorically exemplifies the crisis of liberalism and late stage capitalism. The original intent (its moral philosophy) is so far removed from the profit seeking reality.

      • @Adam
        yeah, if the game was as you describe I might just have bougt it … especially as it wouldn’t have lasted long playing with my kids when they realised they will never be able to afford to buy a house!

      • Someone should invent a version of Monopoly that is more about rent seeking behavior or creating cartels etc.. so the average mug punter understands why they are getting bled dry.

        So it would be a mix of Sim city and Monopoly. Imagine being able to install “safety cameras” on busy motorways and watch the profits roll in. Set up a 2 hour parking zone and fine those who over stay. Create a commercial leased building. Install tenants and bleed them dry via increased rent each 6 months etc..

        Monopoly causes families to get into heated arguments over Holiday breaks. I suspect my rent seeker game board would totally destroy family units.

  12. Craig Kelly MP mocks climate change ‘exaggeration’ in presentation to Liberal party members

    Kelly’s PowerPoint presentation veered between mocking “the lefties” and arguing that there was no need to tackle climate change because its impact had been grossly overblown.

    “Here we are in Paris, France,” he said of his first slide. “A whole lot of lefties here celebrating the Paris agreement, the achievement of the day.”

    Kelly then said the debate about global warming was about trying to get “better weather, and that people wanted to dial down the CO2 knob.

    “It’s CO2 we are talking about: it’s what turns water into soda water, its what makes chardonnay into champagne,” he said derisively, before claiming that the consensus view among the world’s scientists that the planet was warming was wrong.

    Kelly said that “30 years ago, the temperature was the same globally about where it was today” – even though the Bureau of Meteorology and other international agencies estimate the planet has already warmed more than 1 degree in the past century.

    “The reality is we live in a time where our generation has never ever been as safe from the climate because of fossil fuels, concrete and steel,” Kelly said. “The climate was always dangerous. We didn’t make it dangerous.”

    He also claimed “coral bleaching was a centuries-old problem, science tells us” and that warnings about the polar icecaps were not borne out. While he acknowledged there had been some shrinking in the Arctic, he said this year the north-west passage had been closed owing to ice.

    Kelly, who was a furniture salesman before he entered parliament, also cited a study that said Tuvalu was growing not sinking. The peer-reviewed study shows the island’s land mass has grown owing to sedimentation and reef growth, but Kelly ignored part of the same study that said climate change remained the single biggest threat to the low-lying Pacific islands and their future.

    As for Australia’s Paris target, Kelly said it was “the most onerous of any nation in the world because of our high rates of population growth”, and the Labor party planned to wreck the economy with its proposal to set a target of 45% reduction by 2030.

    The chief scientist, Alan Finkel, had said Australia on its own could not change the world’s climate, Kelly said.

    Now that “the US was out” of the Paris agreement, and “China and India weren’t doing anything”, Australia had “an escape clause” and it should use it.

    And people still vote for these idiots. F me. 😡

    • He’d get my vote, but what would a scientist know about science? Why don’t you roll out some more fake data like the 97% consensus or Manns hockeys sticks before spreading the scientifically accurate sceptic claims.

      • R2M I take it you are someone with their snouts in the trough. The predictions compared to reality have been so far off it isn’t funny. There’s a chart I can’t post showing the results from hundreds of models vs reality. Reality is a baseline to every ‘model’

        So you can verify something with hundreds of models if you make the same assumptions. Anyone who has ever tried to build a complex model with a lot of uncertainties knows that what you get is pretty much BS.

        The lies and distortions in this whole gamut are amazing. The ‘adjustment’ of data! Ignoring other data! Confusing long term trends with short term cycles (as you do trying to prove what you are saying The maths in on ocean temperatures have recently been shown to be wrong and result in supposed extreme temp rises where there is no change from the long term gently trend. There is so much dishonesty, rigged data, rigged maths. Then you wonder why there are skeptics and why a sensible discussion can’t be had.

        You obviously have no competence on the effects on the Australian economy from what Australia is being asked to do for no change in any effect on climate. Why isn’t the projected damage spelt out? Why not say ‘well here are the real costs and effects – now what are we going to do?’ That would just be too honest.

      • The anti-science denier platitudes have arrived.

        “Scientists” ignore sea level observations from the likes of CSIRO/NASA/etc that show ocean levels consistently rising around 3.3mm per year, and make alarmist predictions like parts of Sydney will be underwater by year 2000, ocean levels could rise by several metres in the next few decades. When reality proves them wrong time after time and people stop taking them seriously, revert to platitudes and name calling.

      • R2M I take it you are someone with their snouts in the trough

        That’s called “projection” is psychology, Flawed; look it up.

        The predictions compared to reality have been so far off it isn’t funny.

        If anything, they’ve under-predicted.

        Global warming may be twice what climate models predict

        There’s a chart I can’t post showing the results from hundreds of models vs reality

        I guarantee your chart was obtained from a biased source with ties to the fossil fuel industry (FFI)

        The ‘adjustment’ of data! Ignoring other data!

        Discussed and debunked many, many times.

        The maths in on ocean temperatures have recently been shown to be wrong

        No, that’s incorrect. Someone paid by the FFI made an assumption about a paper that was wrong. I’ll get into it if you like.

        There is so much dishonesty, rigged data, rigged maths.

        You’d have to be unbelievably stupid to believe that thousands of climate scientists around the world are engaged in a conspiracy to delude us about global warming, especially when the “evidence” for this conspiracy comes invariably from sources funded by the FFI and their allied industries. I’m looking at you, Flawed.

        You obviously have no competence on the effects on the Australian economy from what Australia is being asked to do for no change in any effect on climate. Why isn’t the projected damage spelt out? Why not say ‘well here are the real costs and effects – now what are we going to do?’ That would just be too honest.

        Of course there will be costs for Australia. I don’t resile from that. But what’s the alternative? Do nothing because it’s inconvenient?

      • Scientists” ignore sea level observations from the likes of CSIRO/NASA/etc that show ocean levels consistently rising around 3.3mm per year

        New study finds sea level rise accelerating
        Global sea level rise is accelerating incrementally over time rather than increasing at a steady rate, as previously thought, according to a new study based on 25 years of NASA and European satellite data.

        These increases were measured using satellite altimeter measurements since 1992…. The rate of sea level rise in the satellite era has risen from about 0.1 inch (2.5 millimeters) per year in the 1990s to about 0.13 inches (3.4 millimeters) per year today.

    • From the Fitz Files today:

      “The PM can get f—ed. We’re not going to take direction from him on preselection. We honestly don’t give a f— what he says.” – An unnamed senior Liberal, moving to oust Liberal backbencher Craig Kelly from preselection in favour of a moderate, on the fact the Prime Minister was personally lobbying for Kelly to get the nod.

      • It’s reassuring there are humans in the Liberal Party who actually want to contain these fvckwits.

  13. Bernie Sanders gets it. Trump isn’t the problem. He is someone that is taking advantage of the problem.


    Q: So far what I’ve been reading about the intention of the Democrats in the House is that much of it is focused on investigations; we have 64 subpoenas we want to drop, and —
    A: Wrong!

    Q: Wrong?
    A: Look, people can chew bubble gum and walk at the same time. Democrats can do that. And if all they’re going to do is investigate Trump, that would be, in my view a very, very serious mistake. I think finally we are going to have oversight over Trump’s behavior. And I think investigations are absolutely appropriate. But simultaneously, people who are making $11 an hour are not worrying about investigations. People who have no health care, or can’t afford prescription drugs, are not worried about subpoenas. People who can’t afford to send their kids to college are not worried about another investigation. So it would be a tragic mistake in my view if all the Democrats did is focus on investigations. They must, must, must go forward with a progressive agenda to win the support of the American people.

    Q: Because —
    A: Because it’s not an either/or. Investigation, oversight: terribly important. But they have got to come forward with a progressive agenda for working people.

    • Well, there goes Bernie’s chance of another shot at being the Nominee! So much has been invested by so many that to not make Trump’s destruction is the No 1, and only, strategy would be tantamount to admitting failure – and that would be hard for the electorate to overlook. Yes, he’s right ( again!), of course, but it will be interesting to see how the Democrats manage that change now.

      • Maybe the Democrats need to have a look at themselves? As Kunstler puts it
        “There is a lot to get to the bottom of in all this: the mis-use of FISA court warrants, the outsourcing of US intel activities to Britain’s MI6 intel agency to spy on US citizens, the role of Hillary Clinton and her campaign with FBI and DOJ officials in providing so-called opposition research used to provoke spying operations on Mr. Trump and his associates, and to confound the performance of his duties in office. And much more.”
        “an attempt by the party then in power to use federal agencies to interfere in a presidential election is serious business in the highest degree. It is corrosive of the rule-of-law and the fate of the nation, and attention must be paid.”
        Add in a few other things – why did the US deliberately destabilise Libya, destroy a secular government and kill hundreds of thousands? What the hell we any of us doing in Syria trying to bring down a secular, at least partly democratic government, in favour of a bunch of extremist barbarians?
        Seeing the Obamas cruising round on yachts and dancing at parties makes me sick. No conscience whatsoever! Don’t start me on George JR!

      • flawse,

        That’s the message of Sanders as well. Stop blaming others, look at yourself and get your priorities right. Work for everybody. He is a socialist, by American standards, but he isn’t Lenin reincarnate. He also points out that poverty does not care about gender, race, age or anything else that is being used to divide the population. While people may not be in agreement with his proposals to improve the lot of the broader community,and criticism of the Democrats for not making this their focus, should be commended.

      • Sweet Jebus…

        Sanders is a social democrat and not a socialist or national socialist e.g. its about voting en fin i.e. elections without money largess from any quarter, wet ink on paper ballots, counted in a open and public manner. Certain aspects of society are not advance by market machinations seeking price discovery or profit and as such should remain in the camp of political respectability to citizens in general and with an eye to the future.

        The market or classical free enterprise is allowed to operate under this umbrella for those that seek higher returns on risk to innovate or recycle assets as long as it does not threaten society at large or the future.

  14. Scott Morrison’s 184 million dollar question.


    Ever since Scott Morrison was sacked from his job as managing director of Tourism Australia in 2006, the reasons for his dismissal have been kept secret.

    At the time and since, public speculation has variously attributed the now prime minister’s removal to a personality clash with his minister, a falling out over changes to the organisation’s structure, and a dispute over the agency’s contentious “Where the bloody hell are you?” campaign.

    But an auditor-general’s report completed 10 years ago, which has escaped public scrutiny until now, reveals that in the period leading up to Morrison’s dismissal, his agency faced a series of audits and a review of its contractual processes ordered by the Department of Prime Minister and Cabinet, amid serious concerns about its governance.

  15. Interesting article in Bloomberg – falling house prices in the US are pushing up rents:

    Would-be homebuyers are opting to remain renters while they wait for purchase prices — which are falling — to decline even further. The added demand enabled landlords to charge more.

    I’d be interested in opinions as to whether declining home prices will also push up Aussie rents?


    • Just have a look what happened in Perth. Over the last few years prices fell maybe 10-15% while rents fell by 25-30% (no recession, no jump in unemployment, strong population growth, …).
      Once bubble bursts and unemployment jumps (probably15% of all jobs in Australia are property bubble related like construction, rea, approvals …) and probably that many more indirectly related (finance, property related retail like furniture, appliances, construction material, ) rents will fall by on average at least 40%. NG landlords will be hit by capital and ongoing loses at the same time as they become likely to lose other incom to offset loses againstWe can either continue overbuilding for a while (creating excessive rental stock) or have unemployment go up (reducing demand). There is no mechanism that would make rents go up in near future especially if prices fall.

    • Rents follow wages. No wage growth, no rent increases regardless of house prices. Was in London during the GFC and as people lost jobs and the economy slid into recession prices fell everywhere and not just rents

    • Article a little exaggerated. Wage inflation at over 4% is nearly twice the rate of rental inflation. i.e. renters aren’t necessarily being squeezed. Aussies have already been squeezed via population ponzi (https://www.macrobusiness.com.au/2017/10/population-ponzi-drive-melbourne-rental-crisis/). Most renters are already tapped out in Sydney/Melbourne. So to answer your question, no, not without wage increases.

      I am old enough to remember the 90s recession, and how everyone closed their wallets on discretionary spending. I was shocked at how many restaurants/cafes/gyms/massage parlours/etc were forced to close their doors. Those who lost their job stopped renting and shared accommodation with friends/family. Relative to the population there are a lot more of those businesses today. I have a bad feeling about what is about to happen…

    • In Hong Kong rents fall with falling prices. My feeling is that as the Chinese sell out of their currently empty properties actual rental supply will increase.

    • I think rents will fall here as there is a big supply of units to come online. If you have held a rental property for several years you can easily reduce rents to meet the market rather than take the “hit” of the price fall from peak, as most property investor types will be thinking this is only a short term market adjustment, but if it does turn into a deep and/or prolonged downturn it will be to late for them. (Though in the US many rents went up, possible due to big finance buying up foreclosed homes en masse, but they didn’t have to compete with a huge supply of new stock, also I think fewer specufesters to complete with, but possible same thing will happen here, though I think it’s low probability)

      • boomengineeringMEMBER

        One contributing factor could be that some houses were boarded up and others bulldozed to stop copper looters, squatters etc, causing less dwellings per capita = rising rents.

  16. It did happen in the UK in the early 90’s, when property owners got trapped with their holding by negative equity and couldn’t sell ( the banks won’t let you sell, even if you want to because you see worse times ahead, unless you pay off what you owe to them first.). As a result, those wanting to move had to rent out their stock and rent someone else’s. So it could happen, but….
    Australasia isn’t in the negative equity region en-mass just yet. So those that can sell either will, or will put their holdings back on the rental market, hoping for better selling times ahead. In an environment where ‘any rent is better than no rent’ arguably, rents could fall….

  17. https://www.vanityfair.com/news/2009/01/stiglitz200901-2

    “Greenspan played a double role. The Fed controls the money spigot, and in the early years of this decade, he turned it on full force. But the Fed is also a regulator. If you appoint an anti-regulator as your enforcer, you know what kind of enforcement you’ll get. A flood of liquidity combined with the failed levees of regulation proved disastrous.”

    Good read, this has aged well. Exactly the situation Australia is in now.

    The free market ideology…

    • Agreed. Good read. Not heavily regulating the banking sector is one of the stupidest decisions of modern history. Greed, always, always wins at the end and it’s never those that take the risks that pay the price. Repeal of Glass-Steagel was one of the worst things they could have done.

    • A median wealth of $191k seems quite low considering two thirds of the population is heavily invested in housing.

    • Yeah the richest with the highest equity and the highest debt. Once prix s fall by 30% moat of the equity will be gone while debt is going on o stay.
      For example a well of median family in a million dollar home with $650k equity and $350k remaining debt are currently at around $125k per adult. If prices fall 30% they’ll be among the poorest in the world with 300k equity and 350k debt

    • Yes, figures can be misleading.
      Does anyone have a link to the article, I think was pushed on MB just recently, about this? The one that compared UK to Germany, net wealth half of UK due to “accounting” eg most Germans rent, UKs private companies show assets that don’t show up in German public entities etc. Was an excellent read

    • Where is my share of that wealth? I do not understand the aversion to UBI (which would allow a carbon tax to be put back in).

      • I don’t understand your aversion to a government job guarantee

        My aversion to a UBI is that it’s specifically designed to undermine wage inflation and increase consumption so that the profits can be ultimately siphoned off by private enterprise

      • Thats a concern I share. I’m in favour of a UBI as long as complimentary reforms are brought in to prevent the rentseekers from just soaking it all up. Guy Standing is a prominent UBI advocate who would like to see something along those lines occur.

        A job guarantee may be a good complimentary program to a UBI. A UBI exists to prevent poverty and provide security. The trials have shown it to be a net positive to the communities. It’s biggest hurdle is the mindset of most people who see the unemployed as needing the rod for their lack of moral fortitude.

        If the employment market is poor the job guarantee can provide an income source in addition to the UBI. My reservations regarding the job guarantee is that it would outsourced, rorted and mismanaged by groups that have no concern for those that take part. Much like the job seeker network that has replaced CES.

        Given the havoc that automation will bring both should be considered seriously with all their good and bad points bought to light.

      • Permanent underclass created to support the supply side economic wood chipper in lieu of a JG that offers a base that can then remove the anti social NARIU structural under – unemployment issue or how about it being a band aid forward by the Chicago school to plaster over all their other screw ups [feature or bug dilemma] – ??????

      • A job guarantee may be a good complimentary program to a UBI. A UBI exists to prevent poverty and provide security.

        That’s the job of the dole.

        My reservations regarding the job guarantee is that it would outsourced, rorted and mismanaged by groups that have no concern for those that take part. Much like the job seeker network that has replaced CES.

        But the same “problem” of a broken implementation must also rule out a UBI, surely ?

        The biggest flaw with a UBI is that it doesn’t actually solve any root problems, it just papers over their consequences.

    • Martin North has also had his say on “Your Money TV Channel” today in between auction action broadcast. He was talking via Skype for about 10 minutes mainly about mortgage stress and (property) prices going sideways or down.

      • @Jspitzer
        watched between 11.45-12.50, both auctions reached approx. 10% above the reserve so it was successful for them. Also as mentioned above they gave the opportunity to present the sobering results of a mortgage stress, which gives the show more credibility.

    • I saw it, Marsh lived up to my expectations. I never had any to begin with so wasn’t disappointed. Oversll, a pretty reasonable effort. Oh and yes, that’s an admission we have have Foxtel. If Sith Lord Murdoch hadn’t cornered the AFL market, we’d tell Foxtel to go fvck themselves and their shit product.

    • Have you noticed the Pay > Performance > Pratfall ratio over the last few years?
      The richer the players the poorer the performances and the bigger the pratts they make of themselves.
      The reverse holds true with the womens game.
      CA really are a lost cause, “let’s hide the game behind a pay wall,”
      If you are going that road you have to have something very very good to market, not a bunch of spoiled brat millionaires who don’t perform.

    • I signed up for that new Foxtel sports thing and it’s a pretty good deal so I might keep it

      • Stoinis is becoming my favourite player, and as a bonus, I irritate my missus by pronouncing it in a New York accent.

        Also, you have to give Carey credit for the last couple of innings.

        When Warner and Smith return, the team might not be that bad.

        I wish Maxi could put together some decent scores. He makes it look so easy and then he does something stupid.

  18. Hey Team – My wife has just got back from Woolworths here in Perth and couldn’t get half of what she wanted. Shelves empty of specials etc. Talking to the butcher apparently it’s due to online shopping where the staff go and pull all the orders in the morning.

    Anyone else seen this? This is crazy. They can’t seriously think that strategy is going to work in the long run!

    • Shelves empty? Sounds like Wollies is on to something! ( they all do it, of course. That’s why I do the in-person shopping on Mon, Wed and Fri). So maybe your family will turn to online as well if you can’t make it during the week?!…’if you can’t beat ’em …” etc.

      • Yea I was wondering if they just aren’t trying to keep a full store because they know you will just end up going online.

      • Probably just incompetence.

        In my experience it is the opposite, they want you to come instore not go online, bevause people apparently spend more instore (impulse buys etc). They make online deliveries expensive (and slow) to recoup that, which in my mind proves they aren’t serious about online. They’re doing it begrudgingly. Typical duopololy – hates innovating, wants to run its old school business with head in the sand.

    • Have seen the online guys going around with their trolleys, but never experienced a shortage … though I do whatever I can to avoid the midday Sat crush.

    • Good listen. You can hear the panic set in when his FO blacks out. Probably thinking “jesus christ I better get this thing down into oxygen before I pass out too”

  19. How to short the housing market: Start a fund, engage an RE agent with generous fees, fund a vendor here and there to sell their place for half price and show prices sold for. Ripple effect kills the market. Buy up cheap stock.

    An antedote to the banks “helping” out The Block auctions.

    • Was going to have a look at an auction on Sydney upper north shore but it was awkward because the agent was out the front on his lonesome as it was about to start. See if it is recorded in the stats…

    • Sydney Inner West 8.3% auction clearance as demonstrated below…

      25 Collins Street. House. 2.1.0 Withdrawn

      705/144 Mallett Street. Studio. 1.1.0 Withdrawn
      27/25 Barr Street. Apartment. 2.2.1 Passed In
      302/50-56 Mallett Street. Apartment. 1.1.0 Sold $655,000
      5B Australia Street. House. 3.2.1 Passed In
      28/124-126 Parramatta Road. Apartment. 2.2.1 Passed In
      401/1 Missenden Road. Apartment. 3.1.1 Withdrawn

      1/466-470 Wilson Street. Apartment. 3.2.1 Passed In
      3 Ivy Lane. House. 3.1.1 Sold $1,137,000

      106 Elswick Street. House. 4.3.2 Withdrawn
      73 Elswick Street. House. 3.1.0 Passed In
      70/69 Allen Street. Apartment. 2.1.1 Withdrawn
      23 Wetherill Street. House. 3.2.2 Withdrawn
      55A Albert Street. House. 4.3.1 Passed In
      5 Mackenzie Street. House. 2.1.0 Passed In
      108 Catherine Street. House. 2.1.0 Passed In

      118 Cecily Street. House. 5.2.3 Passed In

      54 Phillip Street. House. 4.3.1 Passed In
      59 Hordern Street. House. 2.1.0 Withdrawn
      3 Eliza Street. House. 4.2.1 Passed In
      239 Denison Street. House. 3.1.1 Passed In
      8 Commodore Street. House. 3.1.0 Withdrawn

      41 Northumberland Avenue. House. 3.1.1 Passed In
      161 Corunna Road. House. 3.1.0 Withdrawn

    • Climate change will also make some areas of the world less inhabitable, causing migration that will impact wage growth and inflation in host countries, like Germany experienced in recent years, he said.

      This is what a lot of the house price whingers at MB do not seem to get. But they’ll understand when the first waves of migrants hit the shores. What we are getting now is nothing compared to what’s coming.

      A rushed transition to clean energy triggered by extreme weather events linked to global warming “will be very expensive” to swallow for the economy, investors warned policymakers at an event in Bratislava last week.

      It is not the first time that central bankers worry about climate change. Mark Carney, the Governor of the Bank of England, warned before the COP21 conference in Paris in 2015 that the window of opportunity to tackle global warming was rapidly closing. The “catastrophic impacts of climate change” – and the financial upheaval created by a sudden switch to a low-carbon economy – will only be felt over a longer period than the three to ten year horizon used in the financial industry, he warned. “In other words, once climate change becomes a defining issue for financial stability, it may already be too late,” Carney said.

      Carney’s warning was later echoed by the European Systemic Risk Board, an EU advisory body set up during the 2008 financial crisis. In a report published in February 2016, the ESRB warned about the risks of moving too late and abruptly towards a low-carbon economy. “A sudden transition away from fossil-fuel energy could harm GDP” and cause “a sudden repricing of carbon-intensive assets, which are financed in large part by debt,” the report said. If combined with a rise in the incidence of natural catastrophes related to climate change, this could massively raise the liabilities of insurers and reinsurers and destabilise the economy, the report warned. So far, the economic impact of droughts or heatwaves has been temporary and haven’t pushed the ECB into taking action. “But this may change,” Cœuré said. “Indeed, I would argue that the horizon at which climate change impacts the economy has shortened, warranting a discussion on how it affects the conduct of monetary policy,” he added. The concern, he explained, is that central banks may be more often forced to adopt non-standard policy measures, like was the case during the global financial crisis, and – “in the extreme” – force the ECB to “rethink” its approach to monetary policy.

      But Flawed thinks it’s all a scam and we should do nothing. Microcephalics like this should be banned from commenting because it lowers the intellectual tone.

      • Ah yes. Providing counter arguments isn’t enough. People with opposing viewpoints must be banned because they are obviously stupid/hateful/whatever.

      • People with opposing viewpoints must be banned because they are obviously stupid/hateful/whatever

        No, not just “opposing” viewpoints, but FÚCKING STUPID viewpoints. 💩💩

        We should not tolerate people who think the Earth is flat
        We should not tolerate people who think evolution never happened
        We should not tolerate people who think that the Holocaust never happened
        We should not tolerate people who think that cigarettes do not cause cancer
        We should not tolerate people who think the Moon is made of cheese
        We should not tolerate people who think manmade global warming is not happening, or is a conspiracy

        FÚCK THEM!! 💀💀💀

      • ErmingtonPlumbingMEMBER

        “We should not tolerate people who think that the Holocaust never happened”

        So your suggesting some kind of,…. final solution to eradicate these stupid people?

      • So your suggesting some kind of,…. final solution to eradicate these stupid people?

        Yes. It’s called “banning”. It’s what a lot of reputable news outlets have done, ban climate denier comments.

      • Sounds like something a proselytizing extremist would do to push a Narrative while losing the centre to indies who allow Truthseeking debate – with some redaction……

      • Sounds like something a proselytizing extremist would do

        Pah, an extremist! You do know that Reddit’s science forum has banned climate deniers? The BBC too no longer gives them airspace. The BBC aren’t censoring dissent, they’re censoring liars.

        If you want to argue about flat earth I recommend the Daily Heil website.

      • It wasn’t an argument it was an observation & I’ll frequent wherever I choose to – After all I’ve Paid Up! You’re that frothed up you see everyone as the enemy. You got overawed last time you were here & you’re heading the same way again now, lists & all…….. Screaming abuse like a child wont win any minds or hearts it just Further polarizes (Or draws the opposite pole?). You haven’t learned anything from your time out & are probably just closer to a heart attack. Quite a while ago I mentioned Honey Vs Vinegar – Clearly you’ve dismissed that just like you dismiss anything that doesn’t funnel into your tunnel vision. I won’t bother again Really Too Mean.

  20. That first link about China causing rates to (possibly) rise instead of fall, could it be the first black swan?

      • Yes. Hardly anything reported. Agents too busy I expect, drowning their sorrows before handing back the keys to the leased Beemer and trying to figure out how to sign up for that dole thingy.

      • Mining BoganMEMBER

        Almost as many withdrawn as sold. Not many withdrawn in Melbourne though. What’s giving them the false confidence?

        In other news, a place on the other side of the tracks from me was passed in at $1m. Woulda got 1.2-1.3 12 months ago. Now asking $1.088m. That Chinese bid will save them! It will, won’t it?

      • IMO the answer lies within the median price. Sydney median seems way too good and hasn’t changed much recently. Don’t report some of the lower end sales and presto…

      • Reason why Sydney median is so high is because there are no auctions at all in the bottom side of the market. Last year My area, for example, had about 2 auctions every Saturday and now there is only 1 scheduled for next week. This is first auction in 6 months. I am specifically referring to the 3km stretch I use as treadmill.

  21. Sydney 41% and Melbourne 48% via Domain. No excuses in Sydney today – beautiful crystal clear day about 24 degrees

      • Latest tactic to try and make things look better than they are I guess. Somehow gotta keep those numbers looking better than they are. By hook or by crook.

      • 5/61 Port Hacking Rd Sylvania
        Corelogic estimate $1.1m
        Auction price guide $900k
        Passed in at $850k
        Last sold March 2016 $940k

      • Domain has always (for a couple of years at least) had all transactions that it can find in the “Properties Sold”. If you look at the PDF, it won’t have the private exchanges.

      • Thanks Ryan. I’ve never seen “private exchange” listed before. It doesn’t ever appear in the Syd or Canberra results.

      • I hadn’t noticed that other cities/states didn’t have it. Always liked it as a point of difference to REA to look at the sales in regional areas, almost all of which are private exchange.

    • From Shane Oliver
      Prelim Domain auction clearances. Syd 41% (=final ~37%, last wks final was 40%). Melb 48% (=final ~44%, last wks final was 35%). Nov looking very weak with impact of credit tightening, rising supply, reduced foreign buying, price falls=>less demand. Sales running -50%yoy

      Cooley Auctions clearance rate was 43% today selling 30/69
      @ Damien Cooley
      Rough day for me today. Mostly tough negotiations and a few that didn’t sell. I had the ABC team with me all day in the car for an upcoming story mid December…an insight into my role as auctioneer and my views on the Sydney property market

    • arthritic kneeMEMBER

      Just flicking through the NSW auction results – only made it to ‘C’ suburbs. Saw a 2 bed apartment passed in for north of $5 million in Camperdown.
      WTF? Unless it is built from diamonds there are still some crazy vendor expectations out there still.

    • Canberra’s auctions are definitely in the doldrums with plenty of sales prior to auction, passed ins, withdrawals and price withheld. The local media have gone with a sale in Duffy of a 3 bed box: https://www.allhomes.com.au/news/canberra-auctions-duffy-home-sells-for-632k-782458/
      Sold for 632k after last selling two years back for 576k. Doesn’t look like the owners did anything in the two years other than a new dishwasher. That’s the beauty of allhomes in that you can trawl the old listings and compare. Looks like a nice 10% gain on paper until you take away all the usual buying, holding and selling costs, and you’d have been better off renting, assuming it was an owner occupier.
      I’m surprised the media weren’t all over the most expensive auction sale of 47 barralier st in Griffith at 2.65m. Again, it was up about 10% on the previous sale two years ago, so again the sellers likely lost quite a bit in the process. It’s quite a good result given that end of the market is starting to clog up with houses for sale. At least from photos of other listings, there appear to be equivalent places for sale at much lower prices so the new buyers must have fallen ‘in love’.
      The passed in auction of 100 Finniss Cr Narrabundah that I mentioned last week is now listed at 1.459 million, which is only a bit more than 150k over the passed in price, so there’s a bit of a stretch to be made there. They might be lucky to snag someone but there just isn’t enough buyers depth at that price with plenty of similar properties coming up for auction or already having failed to sell at auction. I suspect we’ll see more withheld prices in the coming weeks as some sellers will need to sell before Christmas and accept lower prices. Others will just take theirs off the market and relist early in 2019 hoping that things have improved. Agents must be having quite a battle at the moment with some sellers trying to condition their lofty price ambitions downwards.
      I think the Domain Melbourne listings of private exchanges is a bit misleading, especially as they’re likely to be cherry picked results. I wonder how many people reading the results even know what it means.

      • Cheers mate. I really appreciate your insights.

        Sounds like the Canberra market is gradually improving downwards.

    • Another thing to add to my comment on Canberra is that there are a number of ‘quickie’ auction campaigns of only two weeks duration being listed at the moment. I’d say the reason is to ‘settle and move in by Christmas’ rather than anything else, but there could be some wider strategy in the ‘quickie’ auction in not giving potential buyers much time to think or second guess. Traditionally 4 weeks was the common pre-auction period, but in recent years 3 weeks has become more common and is really all you need if you have good interest. Any longer is just unnecessary auction foreplay. Will be interesting to see how the 2 week hard and fast quickie campaigns go.

      • 2 weeks is not enough time to do due diligence on a place and carry out all the research needed. Even 4 is cutting it tight with auctions. I hate it.

      • The Block judge Neale Whitaker lost $170,000 on his stylish Alexandria apartment when selling for $1,535,000 earlier this year.

        That put a smile on my face. Expectation vs Reality.

      • It’s really infuriating how the MSM goes from cheering on FOMO, to non-chalantly telling people that they are fvcked. Can’t we have some sensible people in journalism again that tempers peoples thoughts? And the same for our so=called regulaters that let this country get so in hock, it will be a recession for the ages. I can forgive young men high on testosterone and booze for doing stupid sh!t, but not the economic managers of the country are supposed to have mature brains in their heads and help stop people making financially ruining decisions. Isn’t that what regulation is supposed to be about?

      • Those poor bastards. Losing all that money. Hundreds and hundreds of thousands of dollars each.

        Such a terrible thing….them losing huge fortunes, and all.

        They must be shattered.


      • Timmeh, MSM is all about entertainment.

        Rising prices entertaining for the Haves to say f*ck you to the Have Nots, falling prices entertaining for the Have Nots to say f*ck you to the Haves 😉

      • Don’t worry guys, investors won’t panic.. they will just HODL through the down period. Since it’s bound to bounce back up. You know teh Jimmy Grants are coming and will pay hand over fist to live here. Land there not making anymore of it.

        What’s sad is that we could all see it coming… Crystal clear it was always going to end like this.. boom = bust always. Yet the media shouted down any sensible voices and anyone with a contrarian opinion on the matter.

        In a rapidly rising market it’s easy to make bears look stupid. Like Chicken Littles. Bitcoin is the perfect example lots of folks getting rich quick. Those not involved were envious and said you fools it’s a bubble, whilst those making money thought non believers were idiots and then prices halved and nobody thinks crypto investors are genius and those who invested at the peak look stupid. 😁

    • The Traveling Wilbur

      @Timmeh’s comment re decent journalism.

      This is Australia, expecting more is bound to disappoint.

  22. Valuation firms are cutting staff, costs as housing transaction volumes decline
    [by Michael Bleby
    Fallout from the declining housing market is hitting the residential valuations industry, with Sydney’s valuers bearing the brunt of cost-cutting and redundancies.

    Valuation firm bosses, who say overall activity has fallen about 12 per cent over the past year as a consequence of regulator-driven credit curbs on mortgage lending, have been cutting staff, particularly in the NSW capital, as they try to ride out the latest dip in their cyclical industry.

    “We’ve had to let some people go,” said Opteon chief executive Chris Knight. “That’s unfortunately prudent business. We’re trying to hold on to as many staff as we can.”]

  23. I mentioned in September that I attended a garage sale (deceased estate) where the kids were selling the parents possessions in preparation for selling the house (https://www.macrobusiness.com.au/2018/09/weekend-reading-15-16-september-2018/#comment-3185750).
    Well the house finally hit the market this weekend (https://www.domain.com.au/4-bunbury-avenue-sutherland-nsw-2232-2014711279) and the muppets withdrew it! Obviously not enough tax free/effort free money was going to be offered.

      • Of course. I’m really asking if our current market is so weak that “cheap” houses are also failing to sell, as well as those at “last years prices”.

  24. More confessions of a part time real estate photographer.

    On top of last weeks revelations of tenanted properties being unloaded onto the market at rates I’ve never seen before I can now add properties that are completely wrecked with no chance of being renovated also are up massively. I’ve never shot so many horror show properties as I am now. More long term investors unloading, the smart ones IMO. This is in Melbourne.

    • Appreciate and value your views.
      Do you ever see much in the way of fire traps where landlords or tenants have sub-divided and partitioned the home into several smaller living spaces?

      • No, the agents I work for would not sell that crap however I do know it is out there. I’ve heard of living rooms being divided into 2 bedrooms. I dated a Spanish girl who told me when she fist moved to Melbourne she was in a 2 bedroom apartment with 6 people. That was normal for the entire building. I would say that almost every new residential building in Melbourne CBD is a fire trap.

    • Failed Baby BoomerMEMBER

      Good coal-face stuff shawn! Keep it coming! It is so hard to get any truth and realtime facts out of the suburban property industry.

    • Ooh! When real-estate pörn turns to real-estate gore and real-estate snuff!

      Now that’s good stuff! 🍿🍿🍿

  25. Sydney regions where sellers lost the most money

    Geelong sizzles in spring with $613m worth of property listed in October

    The humble area bucking Australia’s grim house price crash trend

    Melbournites fleeing the multicultural vibrancy to ‘wh!te’ geelong.

    They’ll be sorry commuting back on the crush loaded trains and roads.

    • Loving that first article – complete reversal of the usual headline.

      Get this: “This home on Thorn St in Ryde sold for $1.228 million in August, but it had previously sold for $1.25 million three months earlier.”

      At least they panicked early.

      Counting stamp duty (not other fees) that’s $76,000 down. In three months!

      That’s flipping for you. The kind of flip you try off the high dive and you smack your head on the board. And then miss the pool.

      • ErmingtonPlumbingMEMBER

        Those really smacking their heads on the side of the pool are going to be the ones who end up over half a mill,…a decade of take home pay down at the forced sale,…imagine the panic when there is thousands of them across the suburbs

      • Well yes. The loss above is actually pretty small and really needs to be annualised to see its full impact. $54K stamp duty plus $88K annually… they can hodl for a while and see how it goes!

    • Geelong will follow. Still a bit frothy. But there’s not enough jobs here, aside from house-building related stuff. When that slows down, well…

      • Geelong is a microcosm of the Libs brainfart of migrants to the regions.

        Piling up with new suburbs of wall-to-wall expensive crappy dogboxes on tiny lots, with all the inmates crush loading the trains and roads to melbourne. A lucky few get jobs here, in what crappy jobs are available.

    • Imagine your Facebook feed full of grieving posts, with many of your friends and family directly or indirectly devastated by the conflict.

      Oh, the horror!! Oh dear me, the horror!

      *sigh* Reading this article was torture… it’s almost written in baby-speak. The news for these wänkers is that this superficial sh*t called ‘identity politics’ is the first thing to burn up in a major conflagration.

      Although I do wonder – with the world being so bent on erasing borders… where will it come from.. who will be the enemy?

      • The enemy is the future
        At every turn, debt, over every hill debt, every where you look debt
        try the binoculars, all you can see is debt.
        The generations of the future have to repay the debt
        whilst still protecting the sovereign borders.
        Today where 2 incomes are necessary to repay a mortgage, how can 1 be diverted if military service has to be undertaken?
        Conscription is gunna be a bitch.

      • That really is puke material… can’t believe how bad the ABC has become in recent times with the pc tick box exercises

  26. boomengineeringMEMBER

    Low tide for me this morn (bio-rhythms), by my self taking it easy, humility of getting past by everyone could have been worse at least they weren’t weekend warriors. Felt a bit sheepish for being slack until stopped at the lights and saw a 20yrs younger or so bloke passenger with a plastic tube taped up his nose.

    • Yes – I find working in a hospital does wonders for my ability to be thankful for what I have. That young bloke probably had cystic fibrosis.

      • boomengineeringMEMBER

        d6, Could have worded that better, 20 yrs younger than I ( in his fifties), would have been better, sorry for the bum steer.

  27. boomengineeringMEMBER

    LOGAN, Thanks for the tip last week, my R Lipp & Sohn at home is a looking a neglected mess but still in tune. Have you still got one? Went to buy a Steinway 7 ft grand years ago, asking 15K but I declined as the deceased previous owner played it for lengthy periods daily and had it serviced/repaired by who?. When a Steinway has unknown parts/work done it automatically is not a Steinway anymore. Gee I would have bought it for what he ended up selling it for, $1,000.

    • Yes I do, most days even if its just 5 minutes! Mine is just a portable Yamaha electric one. The sound of course is not the same, but at least I can plug in headphones!

  28. St JacquesMEMBER

    Five UK sectors grappling with severe labour shortages. FT
    Oh dear, they actually might have to start training and paying more to locals to get the people they need. You know, like they used to in the old days before mass immigration and work visas turned labour into a cheap, throwaway commodity.

      • St JacquesMEMBER

        Brexit is going to hurt, I never ever had any doubts about that, but it’s also going to force the UK to face a home truth about itself by greatly diminishing the role of The City of London as a European and global financial parasite, ie, the UK is going to have to re-learn how to make an honest, productive living because they have no choice. What’s that American saying, shirt sleaves to shirt sleaves in three generations?

      • SJ, correct
        really as history is about to show, the US should never have assisted the UK in WW2
        Probably if the Japs hadnt bombed Pearl, they wouldnt have.
        But it did transform the USA to a superpower.
        Whilst the UK wallows back into the bog.
        even the Romans realised the joint was no good and pulled out.

      • I think some people confuse that colloquialism with wealth [long sleeve too short sleeve] when its roots are cognitive.

        “I have it on very good authority from somebody who has met him several times, that Jo Johnson, erstwhile transport minister, is as stupid as his brother – stupid in the way that only intelligent men can be.

        This is a man who, until yesterday, most of us didn’t even know existed – much less that he was a minister. And now he has resigned in protest at Mrs May’s handling of Brexit, declaring her approach to Brexit to be “a failure on a scale not seen since Suez”.

        His parting shot is to demand a referendum in which the people would be asked to confirm their decision to leave the EU. If they chose to do that, they would then be asked to give them the final say on whether we leave with the prime minister’s deal or without it.

        Apart from anything else, this is a complex, conditional question sequence which could not give a clear-cut result. It could thus not pass the “intelligibility” test so the Electoral Commission could never agree it, even if a referendum was possible – which it isn’t.

        One really does weary of this. For there to be a referendum, at the very least six months would be needed, although probably longer. David Cameron’s Brexit referendum took just over a year to get to the ballot box.

        With less then five months to go and a deal unlikely now to be agreed by December – if then – the EU would have to agree an extension to the Article 50 period. We cannot assume that would happen. And if there is no agreement, then we would end up having a referendum on whether to leave, after we had already left.” – snip


        Sadly I think a better way of squaring it is – Austerity is the poor paying for the excesses of the wealthy….

        I thought Corbyn but it bluntly…. neoliberalism via the Torys and new Labour results are in but not unlike any cult path dependency provides intractable friction or irremovable stakes in the ground e.g. people have banked their reputations on it, to change means excepting they were wrong and that opens up a huge can of worms for them.

      • St JacquesMEMBER

        btw I’ve got no doubt that once they’ve got no choice, they’ll rise to the challenge, because they’ve still got some great nodes of R and D excellence and education, but unfortunately, the only way this could ever come about is by having their backs up against the wall, because the real problem is the political dominance of the parasitical FIRE sector, and this the only way that cancer can be cut down to size, if there is to be any long term improvement for the people. Even then, it’s going to be a long and hard and drawn out process as the elites use everything in the power to maintain the status quo. Skip, I don’t give a toss about the disingenuous Brexit leaders, politics is always a confusing and messy thing, especially in a declining country, where the elites fight over the diminishing scraps.

      • boomengineeringMEMBER

        St Jacques. ( Italian, from plough to plough in 3 generations) or obvious ( from clog to clog in 3 generations ). But you’re taking USA, shirts, so more appropriate.

      • boomengineeringMEMBER

        SJ, WW, correct, although ” Even the Romans realized it was no good and pulled out. The Vikings didn’t, they settled and some Romans stayed behind after the pull out.

      • The English empire was built on naval superiority securing trade routes and colonialism.

        The Deal with FDR in the Atlantic Treaty on that battleship off Nova Scotia ended that era of colonialism to forward self determination. It was actually a good thing for a bit, then came the reds under the beds and laissez-faire corporatists need more mopes to loot…. en fin…

  29. Development, not just in the Northern Territory: ABC:
    “They’ll say obviously the government has no interest in this but to support … a pod of bureaucrats who are becoming very wealthy by sending reports back and forth, the purpose of which is ultimately to make sure nothing happens.”

      • Dolphins,you need to get those dolphins in your brain going and reintroduce the mining tax
        @40% as per krudd.
        the only thing which saved the miners last time was the housing boom funded by oceans of debt
        Now the joint is heading for CH11, the mining companies and all who are using the taxation system to not pay a fair share of tax as the security of doing business in straya offers, should have the locks changed on thier businesses, till they see sense.
        Perfect platform for Shortman.
        it has to go through.

      • The Traveling Wilbur

        Hasn’t the PM rebranded that particular collective noun? A Show of bureaucrats surely?

  30. My Sunday morning rant. I think it is time to come to terms with human sexuality and relationships in workplaces and organisations, and in the proffering and exchange of services.

    Men, Women, workplace relationships, and power

    The simple fact of the matter is that what Luke Foley did to that journalist (Ashleigh Raper) was not an act of human attraction or some sort of bonding, it was not an act of humour – it was an exercise of power. He assumed he could slip his hand down onto her arse, and get away with it, because he was important – more important than her. He almost certainly assumed that if it was seen then everyone who saw it would look the other way, and that belief is an expression of power. Her career at that time presumably revolved around covering people of influence and reporting their doings. His act was one of telling everyone (and her) that he was a person of influence, that he could take risks with human sexuality at a Christmas party, and that if she wanted her career to continue to have access then she would possibly take him up, but that certainly she would not make an issue of his approach. It has blown right up in his face a few years down the track, but the tragedy is that it all too often doesn’t blow up and that those carrying on in such manner actually get away with it.

    Power all too often gets away with it. The vast majority of times it is older white males with the power, and younger females receiving the approach, but it isn’t true 100% of the time. It can be older females approaching younger females, older females approaching younger males, and between males. There is a chicken and egg argument about whether it is mainly older males approaching younger females because they are mainly in positions of power, and are in a position to attempt to exercise this power, or because it is something inherent about males that may make them behave this way. Anyone who has ever investigated rape claims, or ‘complex interpersonal issues’ in workplaces, or even sudden changes in workplace harmony or morale (or even productivity) and gone into a bit of the sociology and psychology of it all – though I am not remotely a sociologist or psychologist – may begin to wonder if it has some sort of genesis in the very primitive past when presumably females sought ‘protection’ of some sort, and possibly exchanged sexual favours in exchange for that. It may have escaped some people but many women no longer feel they need such protection, particularly in the better educated parts of contemporary western society, and are consequently less inclined to come to the party on any exchange, although it does certainly still happen in an awful lot of places. It pervades nearly all complex workplaces and workplace dynamics.

    It is an issue which transcends politics (it happens within both mainstream sides of politics and potentially all minor parties), it happens in large and small companies, the public sector, the not for profit sector. It can be a surprisingly pervasive issue in the exchange of contracts and services, including legal, health & medical, real estate, educational, academic, scientific, journalism, and in the arts world (where it is disturbingly common).

    Once was warrior
    I left the field of being directly involved ages ago now (and I left because I came to the conclusion it was bullshit I didn’t want to spend my life dealing with), but I have investigated rape claims, misbehaviour claims, a range of grievances which often dressed up an interpersonal sexual relationship – or touting for such – gone wrong, claims of bullying and harassment , and consulted to and worked within large organisations on those complex interpersonal issues as senior managements have tried to work out if or how something somewhere has gone off the rails, and as they fretted about the possibility they may face some form of ‘cost’ (and that is generally all they were worried about – most managements could not give a toss about ethics or impacts on any ‘victims’) for them or their organisations.

    At one time or another I have rocked up in courts at pretty much every level, spent hours chatting with players to get them to ‘move on’, ‘look at other avenues’, or to try and work out what they want out of raising an issue with their managements (often where they had no real idea what they wanted – just some weird sense of ‘justice’ which may not actually exist in the way they want it). I have seen first-hand issues that I thought should go to court and would result in jail time, but which never went that far because an individual didn’t want to face the trauma involved in seeing such an outcome, I have asked very pointed questions of senior managers (95% men) in trying to find out what they have or haven’t done and seen a range of response types from tears and apologies (claiming alcohol, or ‘I don’t know what happened’) through to straight out aggressive condescension for even being asked about it (including a memorable ‘There’s competition to be with me, and anyone getting there is pretty lucky.’). I have leafed through the notes of very senior scientists to identify that they included pages and pages of comment about the female subordinates and their physical and personality attributes. I have seen middle to very senior male executives in both the public and private sectors, who had entire staffs, executive support teams, comprised of attractive young women. I have also recently been made aware of one public sector environment where someone very senior is female and lesbian, and the middle management ranks of that organisation are also largely female and lesbian, with the only male presence overtly camp. A little power can take some interesting forms. Then there is the divide between those who do it as a matter of course, meaning there is a serial element to their behaviour, and those who may just try it to see if it works – and who in my experience are those more likely to be caught.

    I have taken part, and advised in, deliberations about taking people off the books – the non-contract renewal, the contractual disciplinary event, the (in the public sector) code of conduct – and moving people elsewhere (both senior and junior). I have seen multi million dollar programmes become dysfunctional because of interpersonal relationships between key players and their subordinates, and a town council which became laughing stock when the CEO and a councilor become an item and the whole town knew, and more than a few companies which simply made the wrong appointment – both for senior and junior positions. I have seen senior people in both public and private sectors organise positions for people they were having a relationship with, or make more opportunities available for people they became involved with in an organisation. I have seen women in tears after their (senior ADF) partner had organised a position for them and then sidelined them as a new partner came along, I have seen senior male managers in tears when I asked them why they had done something and they divulged they had slept with someone they shouldn’t and that they had been told they needed to ‘look after’ that person or they would spill the beans (to wives, to CEO, to significant others), or that the other had moved on in a relationship sense and that they wanted to ‘win them back’. I have seen redundancies, sabbaticals, gap years in Europe, promotions, jobs, tickets to all sorts of events, ‘volunteer’ positions with Antarctic expeditions, and a load of other jollies made available as some form of payoff. It happens quite a lot in workplaces all around Australia. What happens even more is people get transferred, their contracts allowed to end, reassigned to other duties or ‘special projects’ with nary a word said to anyone, or any explanation ever proffered.

    As I sit here and write all that I find myself glad I left the world of being involved in dealing with it. I find it somehow depressing.

    Mea maxima culpa
    Similarly I well recall being told by an attractive female journalist in Canberra in the 1990s that the only public figures she would care to be in a room alone with were Paul Keating and Tim Fischer (both humungous Catholics). Since then I have worked in newsrooms, in an editorial capacity, where I have been allocating stories between young women who wanted to get themselves on camera (for career purposes) in a culture where the focus on female looks and attractiveness was far, far, more pronounced than it is in Australia, where I have been berated by senior management for allowing less attractive women the opportunity to be on air, and some of the girls didn’t hesitate to press their credentials where they thought it might get them the outcome they wanted. In the same vein I knew that sometimes if I wanted a particular investment bank for a comment or interview then I would advance my cause if I sent a particular reporter (she had no relationship with anyone from the bank and was happily married – it was just that the Head of Research had the hots for her), and in the same way also sent particular people to interview particular identities (They weren’t always women, and in one case it definitely was the case that a young man in my team had caught the eye and interest of a very very powerful woman). It is something that can be, and is, used across organisations, between organisations and within teams. And it can be used for work related reasons – I find myself wondering if the editor who sent a young female journalist to a Christmas do involving powerful aged men had chatted with her about some of the possibilities being there could entail. Certainly it would appear that Foley miscalculated his ability to control himself, but had she or the editorial team behind her similarly miscalculated what could happen with powerful men and alcohol in the room?

    I’ve had those discussions with journalists under my control, and openly raised the implications with them, and allowed them to proceed thinking that the journalist concerned was aware and had some form of exit strategy in place. I have a fine porcelain plate in a display cabinet on my wall given to me upon departure by some women who worked for me, thanking me for being the only boss they’d ever had who didn’t put the hard word on them. I had previously explained to some of them that if they bent down in front of me to ostensibly show me something and happened to have the buttons undone enough to expose the grand canyon cleavage then I, personally, would probably not be able to focus on anything else, and that there would be similar outcomes possible from wearing uber short skirts, backless dresses, and sheer fitting tops, depending on the combination. For sure I have watched, jaw agape, as young women strutted about simply dazzling whole rooms with sex appeal, and been given the ‘come hither, big boy’ look in workplaces and meetings. A much younger me, investigating one such workplace issue which seemed to revolve around a stunning intelligent young woman, and who spoke with her a couple of times and exchanged a few emails, was woken in the middle of one night when my housemate let her in after he heard her knocking on the door – after which she slid into my bed and fucked me, in between telling me how much she wanted to be with me – before telling me by email the next working day that she never wanted to see or speak to me again, as she never ever did. She left the organisation to go and become a psychologist not long after.

    ….in the light of day?
    My personal opinion is that we will never ever get rid of it being a pervasive issue. That does not mean that I think behaviours should be allowed to go unchallenged. Indeed I tend to the view that the closest we could actually come to an address of the issue of sexuality and human interactions in organisational settings, is to discuss the issue widely, in detail, and probably more regularly than an awful lot of people would want to do. It would, I guess, be every bit as uncomfortable as not discussing it and having the occasional Luke Foley, or Harvey Weinstein, or Geoffrey Rush, or Robert Doyle, or Tim Warner, or Dominique Strauss-Kahn, or whoever, (whether innocent or guilty) issue make its way into the public domain from time to time. It has become a more overtly complex issue in the age of Trump. After he came out with his ‘Grab her by the pussy’ line I really did have other men relate that this was essentially what they did, and I have found myself wondering if this is actually a significant portion of the male population.

    Of course the classic examples which spring to mind first are men abusing a power relationship towards women. Part of the issue is that women are generally smarter and more alert in a social sense than are men. If you chat with education types they will tell you straight out. Little girls do more socially complex things than little boys, they are more aware, respond faster to social environments, and think far faster about social issues – adult women usually have that advantage baked in. It doesn’t make them right or wrong, but it does add yet another layer of complexity to sorting out workplace issues involving relationships and power dynamics, particularly where you may get a male with an ‘I like you. How about you like me?’ mindset bumps into a female with a ‘Whats in it for me to like you?’ mindset, coupled with a willingness to take some emotional risk and a preparedness for flight the moment the upside doesn’t look all that great.

    We now have a developed world where the professions and arts, as well as the politics and administrations, the corporate and legal worlds, and even (if more slowly) the sciences, rightly include more women with superior social antennae, interacting with powerful men, and often becoming powerful women. The men need to adapt. Particularly if they have an ingrained belief that their power comes with emotional or intimacy entitlements. But I think, also, that similarly women exercising power may well develop expectations of entitlement of some form or another ………although I could not imagine a female politician sliding her hands down the inside of a male journo’s underpants.

    …………From there we would need to head off into the realms of whether ‘management’ is essentially an exercise in reverse selecting psychopaths – as I believe it is – and heading off in the direction of how female psychopaths may differ from males, as well as how they may shape organisations they rise to prominence in to present less risk to them. But that’s probably for another day…

    • Gunna, you are way behind the times
      Workplaces are transitioning to environments where humans need not apply.
      Its a huge issue for humans, everyday there are more of you, and
      everyday robotics AI replaces you in your work, at an accelerating rate.
      Everything in the future will be driven by productivity,
      and the human model in productivity is not viable.
      So interaction between humans will revert to the style of the Medieval ages.

    • well yes…sexual competition is the sine qua non of biology and evolution…everything else without exception is secondary at best. Go down to the zoo and you will see the same behavior but without the suits etc.

    • Any attempt to try and introduce a bit of real world nuance into a discussion with people wanting to deal in absolutes, gunna, is doomed to failure.

      • ErmingtonPlumbingMEMBER

        “The simple fact of the matter is that what Luke Foley did to that journalist (Ashleigh Raper) was not an act of human attraction or some sort of bonding, it was not an act of humour – it was an exercise of power.”

        Is the opening parragraph a nuanced analysis of the situation by Gunna here Smithy or an Absolute one?

      • GunnamattaMEMBER

        …is someone placing their hand on the arse of another, under their underwear, without being asked for it ever a matter of nuance or only ever an absolute?

        Pop me in the ‘its all or nothing’ school.

      • ErmingtonPlumbingMEMBER

        Did that sheila that slipped into your bed in that story of yours ask you first? What if you weren’t up for it,…would her sneaking in unasked then be attempted rape ?
        Double standard much.
        You Putting Foley into the same category/sentance as Harvey Winstine is a disgrace.

        When you say ” I could not imagine a female politician sliding her hands down the inside of a male journo’s underpants” I have to agree with you,…Ive never seen a Male journalist whear a backless dress, giving such an easy enough access to do so! ,…Ha Ha Ha such a BS thing this incident has been conflated into.
        The young hipster cutting my hair yesterday, good looking young fellow in his mid 20s with a twirly mustache, agreed the whole thing is a storm in a tea cup, he gets his Ar$e pinched by women all the time when out clubbing he tells me,…sometimes on the shlong.
        A couple of my wifes friends are like this on the Pi$$ (women) I just dont get the mass hysteria leveled at Foley,…in this case its wrong and unfair.
        One of the most left leaning leaders of the Labour party in a generation dethroned and handing his “power” over to a Member of the Right because of a trivial hand on an Ar$e at a Xmas party over 2 years ago.
        Speaking of “Power” and entitlement what right did she have to demand that he resign to secure her “silence” 2 years after the fact.
        And how did those Liberal party blokes even find out about the incident if it was witnessed only by Foley, Raper and that journo bloke that was with her?
        The denouncement seemed perfectly timed to get the NSW right back in controll of the party just before the election the NSW ALP still looks likley to re take government.

        I agree that Power dynamics need to be monitored and kept in check in all instutional settings but this BS mind reading you claim to have inrelation to Foley is just BS,…to quote you,

        “He assumed he could slip his hand down onto her arse, and get away with it, because he was important – more important than her. He almost certainly assumed that if it was seen then everyone who saw it would look the other way, and that belief is an expression of power. Her career at that time presumably revolved around covering people on influence and reporting their doings. His act was one of telling everyone (and her) that he was a person of influence, that he could take risks with human sexuality at a Christmas party, and that if she wanted her career to continue to have access then she would possibly take him up, but that certainly she would not make an issue of his approach”

        How the Fk do you know what he was thinking that night!

        I depresses me how infected everyone is becoming with this intersectional identity politics schtick,…especially when its you Gunna.

      • Ermo,

        It is proving to be a bit of mystery who leaked what happened, considering that the other male journo still is insisting black and blue he said absolutely nothing and Foley clearly has not got a clue if he did or didn’t.

        Sounds like there may have been another witness or one of the three witnesses we know about let the cat out of the bag just enough to get people sniffing around.

        The part I find baffling is why Foley rang the journo at all. What on earth was that supposed to achieve?

        Chances are he was ringing to try to find out what he had done and assumed it was just being an obnoxious piss head . If he knew it was what has been alleged he sure as hell would not have made the call. That would have been insane. That he didnt know seems likely because it doesnt appear that anyone knew any detail until the journo made the statement.

        Those idiotic calls and his other shouty performances on the topic seemed to have triggered the public statements.

        That he made them confirms my suspicions he is a goose and would not have lasted long as Premier in any event. Getting that pissed at a public event that you dont know what you are doing is also a big red flag. Going the grope like he did (I found the journo very credible) even if pissed as a newt is all over red rover.

        He seemed like a light weight on real left wing issues and more of virtue signaller anyway.

        Lets see if Daley is match fit and is telling the truth about keeping off the grog.

        Hopefully all those idiots already counting their Federal Chickens are learning something from this.

      • How the Fk do you know what he was thinking that night!

        Pretty sure that point was made throughout Gunna’s post – from a great deal of experience dealing with those kind of people in those kinds of situations.

        If he was using his experience in dealing with labour rights situations to make a similar judgement call about how some exploitative boss was operation, would you be asking the same question ?

        I depresses me how infected everyone is becoming with this intersectional identity politics schtick,…especially when its you Gunna.

        It’s pretty depressing to watch otherwise sensible people get infected by this alt-right/MRA identity politics schtick.

        YT is rotting your brain, Ermo. You need to spend more time listing to Bernie and Noam and less listening to Independent Man. Teh wimmins are not out to get you.

        Given that up until some d!ckhead yelled across Parliament, she’d let it go just like you wanted – despite being well within her rights to make it an issue – what are you suggesting the “correct” behaviour for Ms Raper since would have been ?

      • GunnamattaMEMBER

        @EP, with all due respect you are sort of missing the point of what I am saying.

        The bird who jumped into my bed is irrelevant, the only people who knew were her and I and it wasnt in the public domain and I am not a public figure (it was a long time ago). I added it to the piece mainly because it was a good example of how the ‘power’ takes unusual forms, that women have some form of power too, which isnt always logical, and can work against men – or in that case against men interested in some form of emotive relationship and for men (presumably) who just want hoppo bumpo. It is a useful example of different sexes doing the same activity and getting completely different outcomes (assuming that if I had gone to her house and inveigled my way into her bed then I presumably would have been in trouble)

        The workings of the NSW ALP are beyond my knowledge, and I wouldnt argue for a second if someone was to suggest that Foley was undone by right wing ALP types looking to undo someone they didnt like by bringing something ugly into the public arena. I have no idea how pissed he was (but wouldnt accept that as an excuse in the first place). He may well have become one of the all time great reforming politicians, but he handed up an A grade self detonation device with his behaviour towards a journalist who happened to be young and female, and it has gone off (and presumably ended his career).

        The issue for me is that he has done what the journalist has said (and to me its an open and shut case of yes he did), and what is that act? You say i have no idea of how he has come to that point – I completely agree. But a sizeable chunk of a lifetime dealing with such issues leaves me completely bereft of ideas as to how his hand has come to be on her arse except that he has placed it there (under her underwear). I can think of no plausible explanation of why anyone would place their hand on any young womans (or mans or anyone elses) arse, except that they thought, however briefly, however drunkenly that placing their hand on the young womans arse was somehow an acceptable thing to do. To arrive at any other conclusion is Fawltyesque – ‘Oh, excuse me Madam! It would seem I have placed my hand on your arse. I have no idea how that got there, but I am terribly sorry. Could you be so kind as to excuse me whilst I remove it forthwith?

        Me putting Foley into the same sentence as Weinstein is precisely the point. Where men act in some ways involving younger women then they need to understand that the setting of what is right and what isnt moves beyond them alone to decide – whether it be Geoffrey (and the brushing of hands on the breasts of scrummy co stars), back rubs with Harvey in his dressing gown, an evening on the charity turps with Robert Doyle, or Dominique in complete rutting mode for the hotel staff. In the past these types expected that there benefit of the doubt would work in their favour to keep things quiet, but whether they know it or not the benefit of the doubt is working against them now. They need to carry out their interactions against the backdrop of anything potentially being untoward being seen as untoward – and thats the best interpretation. The worst interpretation is that they need to control their carnal desires and cease assuming underlings, associates, and ‘stakeholders’ are theirs for self gratification purposes. Regardless, it isnt their standard they are going to have to explain themselves against.

        When you say ‘Ive never seen a Male journalist whear a backless dress, giving such an easy enough access to do so! ,’ (sic) I may actually agree with you. I actually do think some women push an envelope when it comes to dress sense sometimes. But at this point we are sitting down along side Islamic State (with a burqua somewhere on the line of thought we are on) or the local Mufti (the gent suggesting some women parade themselves like meat – and do we want to start off in the direction of women exposing a bit much of themselves being prostitutes? )

        Haircutting Hipsters on dance floors and wives friends on the turps presumably all have far greater scope to say ‘would you mind not doing that’ without negative recourse than a journalist on a state political beat being groped by the state opposition leader. I have been in dance clubs where even looking too closely at some of the ladies on the floor let alone touching them, brings about the risk of heavies with knives and firearms or hard shiny shoes.

        OK you are perfectly entitled to think my rationale on his putting his hand on her arse is bullshit, but try as I might I cannot think of a single plausible reason why he would have placed his hand on her arse. It isnt funny, it isnt bonding, it isnt an expression of intimacy shared between two people. It is an act of him assuming he has some power to get away with it. If you have better theories I am all ears. If he has only ever done it once then let him serve as an example, if he is a serial (as other very senior and respected Australian politicians have been) then it is better he never reach the top from where he might have groped even better gropees.

        Workplace sexual pressure, or the assumption of a right to grope others, is not intersectional identity politics – and this is where you are completely missing, and underestimating the point as far as I am concerned – it is a trashing of someones self respect, usually for the perpetrators psychic (or otherwise) masturbation….or, if they get away with it, complete rogering.

      • roamingmilltothial

        ‘It’s pretty depressing to watch otherwise sensible people get infected by this alt-right/MRA identity politics schtick.’

        The world outside of the the double thinking, compartmentalising, cognitive dissonance male feminist club house is much more diverse than ‘alt-right/MRA’. And that’s a diversity that male feminists are going to learn to respect.

    • Fantastic post Gunna, thank you for taking the time to share your thoughts.

      As someone in a senior position in a large corporate organisation I have seen so many of the things you have mentioned. However there also seems to be a shift amongst more junior males – most of them walk around constantly petrified about putting a single step wrong in the context of interactions with females knowing a mere accusation (true or not) can cost them their careers

      • Of course they are petrified. The vast majority of HR are females and they seemingly take great pleasure in making life as unbearable at work as possible.

    • Lmmao….

      I was hit on by a female exec for a T1 international company…. hay you would be great, your looks, intelligence, speaking ability, background…. creeped me right out.

      So Gunna what do you think of the late Roman period…. swell ain’t it….

    • roamingmilltothial

      ‘Of course the classic examples which spring to mind first are men abusing a power relationship towards women.’
      What’s problematic about that assertion is that it privileges women with a holiday on moral agency. So much for the radical notion of women being human beings with all that entails including wrong doing. According to male feminists women are incorruptible deities devoid of any moral agency. If you accept that the growth of power entails a growth of accountability, then you must accept that the growth of power is a self-limiting project. To accept otherwise, is to accept a growth of corruption without limit.

      • GunnamattaMEMBER

        Next time you jump on the bus to abstruse nuttercratia, try getting off at the stop signposted ‘our world’ – while there you may notice the vast bulk of claimed sexual harassment activities are those carried out by men against women – and often older men against younger women.

        That isnt to say of course that they all are, or that the numbers may not change if women had more power and men had less, or that there arent instances where women abuse men, or even that the species of the arachnid world for whom coitus involves the male being eaten are just. It is just to note that in this world, our world, the bulk of sexual harrassment is thus

  31. Just to show that Mr Shorten like the Bourbons has learnt nothing and forgotten nothing……just the sort of distraction they don’t want


    He could easily still lose this……..same old Bill…I didn’t vote for him last time and why should I vote for him this time since he hasn’t changed at all is what people will say.

  32. Remember Smiles Inclusive, ASX:SIL
    Listed at a dollar plus, back in April, closed Friday at 57c. ??? Annualise that!
    SIL prospectus: » Lead Manager and Underwriter:Morgans Financial Limited, aka Morgans Corporate Limited Level 29, 123 Eagle Street Brisbane QLD 4000,has consented to being named as Lead Manager and Underwriter to the Offer, but do not make any statement in this Prospectus, nor is any statement in this Prospectus based on any statement by the Lead Manager and Underwriter.

    • Thanks Chris – but not all or even most unoccupied residential units in Chinese cities are in new areas. Many / most urban Chinese still live in older delapidated areas where for various reasons a resonable percentage of units are not in use.

  33. ANZ will use global credit agencies, brokers in blitz on property borrowers
    [by Duncan Hughes

    ANZ Banking Group is preparing a major overhaul of the way it assesses and checks mortgage loan applications including deep-dive analyses of applicants’ income and introduction of sophisticated credit checks.

    Bank staff and mortgage brokers are being briefed about what to ask at initial interviews, financial documentation required and third-party verification changes that are due to be launched on November 20.

    From November 25 the bank will be using new “comprehensive credit reporting” checks by having third-party agencies check on applicants’ credit card, home, personal, or car loan debt.

    It will enable the bank to cross-reference details in an application to discover whether other debts have not been listed on loan applications, undisclosed credit limits or amounts owing that are misrepresented.

    In addition, mortgage brokers will be required to provide “enhanced verification” about applicants’ income and rental expenses. This will include more details about changes to financial circumstances, including impending retirement.

    More details will be asked for about living expenses and any other commitments.]

    • Interesting timing after Frydenberg’s pleading for the bank to open up the credit supply.
      Be interesting if other banks can afford to replicate their approach.

    • About bloody time. This is what prudent bank managers always used to do in the past. The last 20 years of insanity and throwing money around with abandon may be coming to an end. Won’t end well for the speculators that kept tapping equity for the next IP.

    • Comprehensive credit reporting is going to be a game changer. They will be surprised how many speculators have spread loans across multiple banks. Also credit cards and personal loans.

      What can the bank do if they find Joe bloggs has 5 investment properties instead of 1??

      • Jason, if they can’t afford it when their spending/versus income is looked at closely and decided no, isn’t that a good thing? You know, don’t take on a loan you can’t afford?

      • Jason you are on this hobby horse again.

        No one who is wealthy with enough cash to buy properties without a loan is competing with FHBs.
        The rich cash purchaser will always be able to trump a FHB no matter what the loan restrictions are BECAUSE they don’t need a loan.

        What’s more they are not after the same properties. Why would Cash Richie be buying in the povvo FHB pool?

        1. If they are buying a modest property for investment yield they are not buying now, or they are morons and won’t be rich for long.

        2. If they are buying apartments there is enough excess stock for both. And also: see point 1.

    • My bet is that this is due to the disappearing of so many foreign investors that are now below the waterline

  34. Sydney clearances head toward historic low as credit bites
    [by Nick Lenaghan

    Sydney’s auction clearance rate is heading toward a 30-year low after hitting 41 per cent on preliminary figures over the past week.

    The situation of the Sydney market where prices are already falling and discounting is increasing prompted a warning from veteran analyst SQ Research’s Louis Christopher.

    “This is getting almost unprecedented. It’s certainly unprecedented in the last 20 years,” he said

    “All I can see is factors out there which could make this even worse.”

    “This will affect the economy. The 2017 first home buyers who bought on a 10 per cent deposit, they’re probably in negative equity right now.”]

    • boomengineeringMEMBER

      Not so bright tour guide, belittling a kid for being French and saying they were flying the French flag upside down to spite them. Had to point out that it was a Dutch flown correctly and Amsterdam in big letters on the stern was a clue.

    • boomengineeringMEMBER

      The RE ship ain’t gonna turn around now without a miracle.
      That little test last week explained a few things to the missus…..

    • My in-laws in Jakarta have a friend there wanting to sell an apartment in Green Square for less than what it was purchased for. They asked if I was interested as they know I’m looking at buying something and thinking it might be a good idea tipped me off. My inlaws don’t have any property investments here instead purchasing in New York and Hawaii. NO was my reponse.

    • ErmingtonPlumbingMEMBER

      Another Plutocrat from the 1%, with a Vendetta is going to fix Democracy for the plebs by splashing some money around,…right.
      Expect to be disappointed.

      • Alex has millions invested in wind energy (Infigen), his father was pushing renewables as prime minister, and now Alex bankrolling renewable protagonist politicians. Democracy.

      • Well, it makes a fkn change from Murdoch and Gina’s efforts which seem to take all the attention of the mass media.
        (IPA for those who wonder what the ‘ell I’m talking about)

      • Ermo, I don’t particularly care his motivations, but the sooner those two are out of politics in this country the better. Abbott is a disaster and has just about singlehandedly decapitated the liberal party. Joyce is a self serving lying soab. Good riddence to the both of them.

      • Timmeh…

        The neoliberal liberal party imploded long ago or does survival of the fittest but a dim memory….

      • Skip, regardless, those two are not fit to govern. The last part of your sentence didn’t even make sense.

      • What part about the clarion call of the LNP survival of the fittest during the period in question escapes you. What… you don’t like eating crow or something.

      • If it means watching Abbott and his Kantservative cohort conceding defeat as they loose their seats then bring it on.

      • Skip i get the gist of it, but it is not actually a sensible sentence. You either missed a word or accidentally a word….

      • reusachtigeMEMBER

        Yeah nah. This dude is actually doing something unlike your typical commie labor party member who just wants to leech off our tax dollars!

      • ErmingtonPlumbingMEMBER

        This Alex Turnbull blokes ostentatious involvement in the campaign is just as likley to generate support for Abbott and Joyce amongst their Electorates

  35. China’s central government takes a $27b hit in supporting their corn farmers.

    “Chinese authorities sold 150 million tons of corn reserves during 2017-18 at prices 30%-40% less than they paid for it. The bill comes to an estimated $27 billion for loan write-downs and 3-to-5 years of storage and interest costs. []…”.

    China’s corn reserves spiked to a crisis level after the government bought up a cumulative 310 mmt of corn and managed to sell off just 70 mmt from 2012/13 to 2015/16 using a “temporary reserve” program to put a floor under prices in northeastern provinces. []”


  36. reusachtigeMEMBER

    So, who else had a chinamen lucky 8 relations this weekend? Definitely getting a little.quiet though.

  37. Quick question. Buying a house, but some plaster repair in the upstairs ceiling main bedroom indicates intrusion of the roof truss. The structural engineer ( who did very little) states it could be water damage, is most likely timber creep (whatever the hell that is) may require a new joint (?) He suggests getting a builder to investigate? Tomorrow goes unconditional. Help! 9Due diligence is at our absolute discretion

    • As in one of the members of a truss came undone and punched a hole through the ceiling? The SE is a moron if he got into the roof and couldn’t tell if there has been work done that one truss and not others. More info. Tin roof? Tiles? How old? Trees? etc etc At any rate, I would suggest no until further investigation. Having structural roof timber bits damaging the ceiling is not something I would be happy with at all.

    • Failed Baby BoomerMEMBER

      Did anyone climb into the roof space and have a look?
      you hardly need a structural engineer for a domestic roof! Mostly, you need commonsense.
      Timber creep is BS.
      Have a look probably up there – probably a timber joint has opened up because the brain-dead tradie did not put enough nails into it!

      • FBB, not so much common sense in this country these days. A lot of people wouldn’t be able to deal with the heat, cobwebs and sore knees of crawling through a roof space!!

      • https://www.realestate.com.au/property/45-marmindie-st-chapel-hill-qld-4069

        The truss isn’t falling through the ceiling. There has been a repair job of the ceiling, with some cracks, the inference being that there has been a slight protrusion of the lower chord of the truss, causing the cracking and necessitating the repair. Its in the main bedroom. The SE was a lazy arse clown who charged $900, merely did a visual and didn’t get up into the roof to have a look. Not sure how easy access is.

      • Run away. For a house that size (god I can’t imagine the price now seeing the 2005 one) with what amounts to a structural issue until it is fully investigated, just nope. It could be bloody termites in the side frame structures causing the truss to do that. Especially in Brissie. God, just don’t do it until someone who knows what they are doing gets in that ceiling. Seriously. Also, the truss should be sitting on the outside frame and the centre part truss bracing is usually above the ceiling joists. I’d be very wary if you.

    • Agree with Timmeh. Any SE worth their salt would climb in, photograph and survey the trusses. If the photos don’t show up any issues next step would be to perform a design assessment on the trusses and understand whether that part of the house has actually been built to code or not.

  38. The SE suggested its a minor issue…but I don’t know. I’m going to get an extension on the due diligence and get a builder or someone to check it out.

    • CC definitely do. The listing says solid brick, but looking at design i’d say only bottom floor (if thats even solid brick) with brick veneer top. Tap the bottom floor walls to see if solid plaster, then do the same upstairs. (don’t think double brick is common in QLD) Solid brick will be solid, brick veneer will be hollow because of plasterboard walls. That means brick veneer, IE timber frame. If it’s truly solid brick i’d be less inclined to panic. Get a pest inspection and make sure they get in roof and check out the whole upper floor. Might be a roof leak, but might be a 300k nightmare.