7:30 report tonite...

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Originally Posted by carjunkieanon

Not press... economics professor from UWS.

Steven Keen talks to 7.30 Report
Associate Professor Steven Keen has come increasingly to prominence over the past couple of years specialising in the economics of Australia's spiralling household debt burden. He spoke to 7.30 Report tonight.

The 7.30 Report - ABC

r

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Oh right he is a professor so that makes it right and true, from a bloke that knows the theory but is a professor or eternal student and never lived in the real world like the rest of us

All this talk on TV about what might happen will make it happen as people talk and S**t themselves and cause a resection
Annoys me as the press should be talking up the Aussie ecomony and not dissing it every 5 mins , which lead to threads like this and makes matters a hell of alot worse

:D................:angel:.........................

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Originally Posted by Reads90

Oh right he is a professor so that makes it right and true, from a bloke that knows the theory but is a professor or eternal student and never lived in the real world like the rest of us

All this talk on TV about what might happen will make it happen as people talk and S**t themselves and cause a resection
Annoys me as the press should be talking up the Aussie ecomony and not dissing it every 5 mins , which lead to threads like this and makes matters a hell of alot worse

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Exactly. Spent all his life at school and most likely has a funding application in so needs some notoriety to stake his claim on how good he is... FFS!!
Never forget that the reason our younger generation dont have much of a clue anymore is coz they learned it from them teechas!!

I think Aunty is slowly going the way of the networks when it comes to its journalism talent!!

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Originally Posted by Reads90

Oh right he is a professor so that makes it right and true, from a bloke that knows the theory but is a professor or eternal student and never lived in the real world like the rest of us

All this talk on TV about what might happen will make it happen as people talk and S**t themselves and cause a resection
Annoys me as the press should be talking up the Aussie ecomony and not dissing it every 5 mins , which lead to threads like this and makes matters a hell of alot worse

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Him being a professor doesn't make it right & true, even he didn't claim that.

It does mean he's spent his professional life studying the topic (much as Blknight studies military vehicles). For example, he's aware of similarities between our current situation and recessions/depressions in the past, things that we probably aren't aware of. We don't know what will happen in the future, the best we can do is make predictions based on (hoped for consistency with) the past. If the factors that lead to the 1930's depression are appearing again, then it makes sense to be worried.

Also he is a real person in the world. He works at UWS as a Professor - probably barely earns enough to pay his own mortgage! It's not the highest paying job in the world, nor the most secure Uni to work for - (I was there for a while).

I agree about ppl causing a recession, I know bugger all about economics (I'll claim to know about thinking tho), but it seems to me that if everyone panics and sells, then prices will keep falling & everything will collapse. On the other hand, the Australian economy probably isn't going to stand on it's own strength- far too small compared to the world, if the world's going down, so will we. I'd rather hear the warnings & be able to prepare (as best I can), then only hear positive spin, think everything will be OK and really cop the s*** when it hits the fan.

If it turns out no where near as bad as predicted, I'll be delighted! Esp as I rent & have a completely unsecure job and no money!

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Originally Posted by Reads90

Oh right he is a professor so that makes it right and true, from a bloke that knows the theory but is a professor or eternal student and never lived in the real world like the rest of us

All this talk on TV about what might happen will make it happen as people talk and S**t themselves and cause a resection
Annoys me as the press should be talking up the Aussie ecomony and not dissing it every 5 mins , which lead to threads like this and makes matters a hell of alot worse

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I know what you're saying .. but I've been following him. He's actually pretty cool. He seems switched on, and unlike most other people you see he doesn't have the vested interests festering that many people have. Particularly those involved in the real estate industry.

He could see this coming (debt bubble) and decided that he better warn people. I believe he's been warning people for a couple of years now. But Greed is in the room and no-one listens. In case you haven't noticed he is not alone in his summation.

It was only a couple of weeks back when I realised how big this all is. I think I'll remember the moment in the same way I remember where I was when 9/11 happened. I'll say to my kids I remember when I realised the Global Depression was coming. :eek::( 911 is going to look like a walk in the park compared to this.

You all think I'm a raving loony ... that's ok. If I got this wrong (we won't know for 6 months) you can all make fun of me (more than usual)!.

I told a property speculator (otherwise known as an investor) at work that there were dark clouds forming about a month back and he laughed at me. Property always goes up (implied at 20+% as it has recently). I noticed a particularly stern look about him today.

So I gather it was not about weather and rain or imported and domestic olive oil.

The problems of the economics, is that it's hard to get out there and do it, unless of course you are the national treasurer. Not the place to acquire on the job work experience. So economics is probably one place where we need academics.

Who would want a global enterprise CEO to tell us what to do, aren't they the ones who lent trillions of dollars to people who had neither a job or any ability to repay the mortgage. And you wouldn't want any hedge funds managers, take Bear Stern's and Lehrman's. The last person you would want is an exec from AIG, got bailed out to the tune of 80 billion dollars and decided to have a $400,000 holiday on the money from the US Fed.

Diana

He's a Professor and clearly studies in that area.... he wouldn't know sweet jack all as he doesn't live in the real world.

I'm a brickie...and on a building site, and I read the paper. I'll tell you whats really going on out there.


:Rolling:


It'sthe recession that we had to have. (P Keating)

My understanding of Basic Economics is thus.
It's all about confidence.
If people believe that a recession is going to happen, they will stop spending money, manufacturers will not have to manufacture, Primary producers will not have to produce materials for manufacturers and people all along the chain lose their jobs.
Look at it this way.
If you have money and spend it, you are keeping people in jobs and the wheels get greased.
The worst thing that can happen is for people to stop spending money and trying to save what they have, thereby driving up the cost of money.

How am I going so far?

Man my brain hurts!!!

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Originally Posted by Hymie

My understanding of Basic Economics is thus.
It's all about confidence.
If people believe that a recession is going to happen, they will stop spending money, manufacturers will not have to manufacture, Primary producers will not have to produce materials for manufacturers and people all along the chain lose their jobs.
Look at it this way.
If you have money and spend it, you are keeping people in jobs and the wheels get greased.
The worst thing that can happen is for people to stop spending money and trying to save what they have, thereby driving up the cost of money.

How am I going so far?

Man my brain hurts!!!

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That makes sense to me.

But I'm not planning to buy any shares at the moment (even tho it might be a good time since the prices are all low... weird logic).

But....I think part of the problem now is that all the people who expected to be getting money from the income streams 'guaranteed' by the banks (that don't exist any more) now don't get any money. AND, no banks have any money (ANZ for instance gets 60% of it's money, which it lends to you, from overseas), so small businesses (like my wife's) can't borrow money - so may not be able to buy stock, pay staff etc (this is happening in the US). So, net result is that more and more people are running out of money to buy things with, so the value of stuff goes down.

Which means you may be right, if you spend money it might keep things going (I think what the governments must be doing this when they inject money). Problem is you most likely need to spend BILLIONS to make a difference. You're few thousand won't affect anything, but will leave you broke - esp if you buy a house that drops in value or shares in a company that soon won't exists....

I'm making all this up as I go along tho...

r

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Originally Posted by Hymie

My understanding of Basic Economics is thus.
It's all about confidence....

...If you have money and spend it, you are keeping people in jobs and the wheels get greased.
The worst thing that can happen is for people to stop spending money and trying to save what they have, thereby driving up the cost of money.

How am I going so far?

Man my brain hurts!!!

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Hymie

Sounds O.K to me, but I'm a nurse, so what would I know.

Spending at the moment is also probably O.K.

Borrowing money to do that spending is probably the wrong thing to do right now!

Diana