It’s always interesting to look to other country’s recent experiences when faced with dilemmas in your own. It’s becoming plain that Australian banks have taken advice from post GFC America to ensure they don’t suffer the same catastrophic failures we’ve all seen. Aussie Bank shares, in the short term at least, continue to climb – it’s amazing to watch.
Jumping out of my real estate skin and into my former role as a trader, I’m betting a spectacular fall in bank share prices in 2013. If I had the means, I would short the Banks so hard I’d be a “squillionaire” from the coming devastation.
But is that the right thing to do – to bet against great and powerful institutions? Well, they do it to their own customers – just read about Goldman Sachs and their antics pre GFC.
I believe the Banks are hedging their bets for 2013 and have already bet against their own customers.
If you don’t believe we are going to suffer a massive failure in our overinflated housing market through 2013 I would point you to Youtube. Search on “whistleblower001” and watch a series of 18 videos on the Commonwealth Bank/Bank West “fraud” that was investigated by a Senate Committee – there are transcripts, live crosses and jaw-dropping revelations.
Commonwealth Bank, and others, KNOW that their residential mortgages are fluff, LVRs are pear shaped and will have to be exposed sometime soon. Ask your Bank directly if they are betting against their customers so that when mortgages fail they will profit – and may profit MORE under a series of spectacular failures than if they continued to do business in the normal way…