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So, who gets to play Lehmans in this comedic repeat…?
ISN’T GREECE marvellous?
Paying income tax, or any kind of tax it would seem, has been entirely optional. Which should have powered its economy like 1960s’ Hong Kong.
But public spending, however, accounts for 40% of GDP. So who financed that spending if so few people paid?
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Kris is putting the final touches to the November issue of Australian Small Cap Investigator, so I’m filling in today.
But so you don’t get too many withdrawal symptons, I’ve got a subject you’ll be familiar with…
Property!
You and me, we’re constantly bombarded by the media about the housing shortage. If that message isn’t in your morning paper, chances are you have a flyer in your letter box from a real estate agent, telling you, that there is a shortage of homes in your area. Followed by the question, “Would you like our company to come and value your home?”
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On our mind is the flaky and fragile Australian banking system.
Do you remember it was only a few weeks ago that the mainstream press was telling you that the major banks were winding back their reliance on the government wholesale funding guarantee?
Well, maybe they are, but they still can’t help themselves.
According to the Sydney Morning Herald, the Commonwealth Bank has raised USD$1.25 billion last week, every last cent guaranteed by the taxpayer. And the week before Westpac raised $1.1 billion guaranteed by you and other taxpayers.
Even that wasn’t enough to get us riled this morning. It takes more than that these days.
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Before I get on to today’s topic, Australia’s most dangerous man hit the headlines again on Friday.
And like every megalomaniacal madman, there’s always a mum stood behind them.
Last Friday’s Australian Financial Review (AFR) contained the headline, “How Henry’s mother saved the economy.”
It retold the story how our hero, Treasury Secretary Ken Henry’s mum asked Ken if she should take all her cash out of the bank when markets started to meltdown late last year.
Rather than give you the answer, see if you can guess how Emperor Ken responded.
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Over the past week or so your editor has been reading a book.
Yes, perhaps contrary to the opinion of some, we can read.
Actually, it’s taken us about two weeks to read it.
You may recall that several weeks ago we admitted not knowing nearly as much as we should about the Great Depression of the 1930s.
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