Debt Land – 45-min documentary
Watch entire doc here: journeyman.booserver.com Mortgages doled out to people on the breadline, loans to refugees with no English and no jobs, reams of maxed out credit cards; welcome to Debtland. But this is not America’s sub-prime meltdown. We are in Australia, investigating the country’s own subprime crisis, every bit as extraordinary and outrageous as America’s. Produced by ABC Australia Distributed by Journeyman Pictures … Debt Crisis Homes Loans Mortgages Sub Prime Finance Business …
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Oh and this rubbishy myth about ‘voting with your feet’ and switching banks won’t cut it either. Australia has one of the most concentrated banking systems in world. Even the IMF has described our banking system as collusionary and uncompetative.
We gave the customer plenty of chances. we even suggested he sell some of the assets but he did not. Our patience simply ran out and it was waisting our time.
I believe you have a concentrated banking system many countries do. Then you need to change your laws to amend it. People all over the world are irresponsable with their money, they have to change their habits. Yes the banks were predatory. The laws cannot always protect the uninformed. Remember that the banks lost a lot of money as well and good for them too. The gov. should not bail out the banks but let them fall as a warning to others. If laws are needed then put them on the books.
Foor laying contractors earn great money as the work takes it toll on the body. Back injuries are common place due to the constant lifting bending and repetitive motions. That is why such people are taken on as contractors. Compensation claims and high insurance premiums make it impossible to take them on as employees.
Well, consumer culture is to blame for this. In Australia, in New Zealand, in a Slovakia, in USA, in Canada and even in Mexico and Argentina… Wonder why those countries have people who are deeply in debt and those countries themselves are in debt?
Well… Consumer culture…. My heart goes out to them.
because they keep giving it to us? not good enough of an answer i feel no pity for these borrowers who spend borrow spend borrow you dug your hole now you will lie in it!
buy the cd? WTF? ya right buddy
well, alberta has the consumer culture too, but I guess we have trillions of barrels of oil that works nicely.
ur mean….i wanna fuck a bitch
I’m in debt!…Cause of my stupid fuckin wife..lol..oh well
LOL
The thing is the system encourages debt so if you actually don’t want to spend or get debt you are in a way forced to because everything is becoming so expense.
Owned. lmfao.
ya and trillions and trillions of barrels of polution…great solution
Lol, it is common for women to drive men in debt, I have heard of it so many times… Not all.
i dont get it, why did they live in kellyville
10 minutes away in blacktown you can get a house for half the price
oh to snobby for blacktown ah, kids go pray to god that we dont have to live in blacktown with the rest of the commoners
Banks give out stupid loans so that the y get payments from you for awhile and then when you can’t pay they take the house back and you get nothing. How come the bank doesn’t give some of the money back? Because they’re crooks.
Too easy to get credit and how are these banks getting the money to lend? By fiddling the books and preying on the vulnerable who have been demonically possesed by the desire to be materialistic.
I thought I wouldn’t have to pay my mortgage cause Obama is president now…
It’s not the government / banks fault. It is the people who go out and buy a car on credit, and pay off mortgages on credit. If I tell you that I will buy a car for you, but you will have to pay me back double over the rest of your life, would you take that? No. But the bank makes it sound convincing right? That’s your fault. It’s like buying everything on TV because the commercial sounds convincing.
Give it some time, Obama has promised “radical transformation of America”. We’ve only begun…
Money is debt. Watch “Money as Debt” on google video or Youtube. Contact me if you can’t find it.
We can thank the fraudulent Federal Reserve System for our money problems. WE deserve this because we continue to allow these crooks to create “money” they do not have & will never have out of thin air and then lend that fiat paper to us with added intrest to boot.Wake Up People we are being screwed up the bung hole while the crooks laugh their asses off!! The FED has to be ABOLISHED unless you prefer being a slave to this corrupt ponzi scam called THE FEDERAL RESERVE SYSTEM.
Federal Reserve System, and Wall Street Bankers >>>> convert them into government utility companies. Just like your electricity unitity or water untility company. Abolish speculation on bonds and stocks, or regulate speculation itself. Does it sounds like Socialism, prehaps to lesser exent. But much better than ruining thousands of lives every single day.
my wife brings in the bucks we live in nv shes a prostitute and stripper move to nv she even paid off our student loans in 6 months