Sep
27
27
Debt Land - 45-min documentary
By credit debt finance | Debt ConsolidationWatch entire doc here: www.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
Discussion
September 27th, 2009 at 7:46 PM
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.
September 27th, 2009 at 7:46 PM
I thought I wouldn’t have to pay my mortgage cause Obama is president now…
September 27th, 2009 at 7:46 PM
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.
September 27th, 2009 at 7:46 PM
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.
September 27th, 2009 at 7:46 PM
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
September 27th, 2009 at 7:46 PM
Lol, it is common for women to drive men in debt, I have heard of it so many times… Not all.
September 27th, 2009 at 7:46 PM
ya and trillions and trillions of barrels of polution…great solution
September 27th, 2009 at 7:46 PM
Owned. lmfao.
September 27th, 2009 at 7:46 PM
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.
September 27th, 2009 at 7:46 PM
LOL
September 27th, 2009 at 7:46 PM
I’m in debt!…Cause of my stupid fuckin wife..lol..oh well
September 27th, 2009 at 7:46 PM
ur mean….i wanna fuck a bitch
September 27th, 2009 at 7:46 PM
well, alberta has the consumer culture too, but I guess we have trillions of barrels of oil that works nicely.
September 27th, 2009 at 7:46 PM
buy the cd? WTF? ya right buddy
September 27th, 2009 at 7:46 PM
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!
September 27th, 2009 at 7:46 PM
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.
September 27th, 2009 at 7:46 PM
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.
September 27th, 2009 at 7:46 PM
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.
September 27th, 2009 at 7:46 PM
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.
September 27th, 2009 at 7:46 PM
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.
September 27th, 2009 at 7:46 PM
So you apply a punitive approach to gullibility and not to institutional exploitation? Sure, blame the weak and uninformed for their intellectual shortcomings, but why not deride the expoitation of such people? To imply that simple people warrant their own ruin for failing to detect that they were being exploited by large, trusted national institutions is strange!
September 27th, 2009 at 7:46 PM
Look I have dealt with people that do not pay when they should for several years. They get into those problems through bad money management 9 times out of 10. For those that hit bad luck I have mercy for and try to help them. When a bank jerks me around I do not take it. I changed banks a few time until I landed on a real good one. You still have to know what you are signing. If you do not like it go to another bank.
September 27th, 2009 at 7:46 PM
It all started when the people got themselves into a house that was too big for their budget. How can a floor layer expect to live in that kind of a house. A gerneration ago they would be in a 3 br bungalow. Yes some institition have predated on them and they sighed things they do not understand. They were not too bright. In history the stupid have always been punished more that the guilty.
September 27th, 2009 at 7:46 PM
Did you actually watch the story?? It was on predatory lending by large institutional banks! Are you seriously defending this? Do you believe in unregulated lending? Do you not think there’s a substantial moral deliquency in the actions of these lenders? Frankly, I’d rather be labelled a bleeding heart than a heartless defender of immoral corporate practices by greed driven lenders!
September 27th, 2009 at 7:46 PM
If a person suffers from something completely unavoidable and not their fault they will get my sympathy. If it is their own doing they should clean up their own mess. You have to work your way to afluence not buy your way into it. Plus you have to use your head before any choice you make. If you fall you have to pull yourself back up not try to find the blame somewhere else. You suffer from a serious case of bleeding heart liberalism.