Nab Lying Again

[hypnodoc]

See the NAB using the classic "Computer Glitch" excuse AGAIN to cover up their largesse. It was reported after their last so called computer glitch that they were one of the first Aus banks to put their hands out in 2008 when the GFC hit and they borrowed Billions off the US fed to roll over the money they had already borrowed to give out as loans to help create the Australian Housing bubble. Now that the World Bank and IMF are saying that the bubble is between 45 and 50% all of our banks are having major troubles refinancing.

We tend to shrug and say it couldn't happen here but it IS. The yanks and the poms were saying the same thing up until 2008 and their housing markets are still in free fall and banks are falling like flys in the US while the only reason the markets have made any kind of come back is because all of the bail out maney Oh Blah Blah and the Fed gave them was poured into it, that's half the reason Bernanke is still printing flat out, gold and silver are going through the roof as a reflection of the devaluing US dollar. All of our big 4 are in deep poo. If you have any cash in the bank keep some of it under the mattress people, better safe than sorry.

[hypnodoc]

When America sneezes Australia catchs a cold. Here's an idea of whats really going on in the US economy, from a Gold & Silver Investment blog I read.

So toss these B.S. economic reports out the window and start looking at what is really going on around you. The total level of Americans actually working as % of the population is in continuous decline - the Govt just changes the definition of what constitutes the "labor force." The number of Americans dependent on food stamps increases every month. Those "robust" auto sales for March? Check again and please note that they were a product of the auto manufacturers "stuffing" dealer inventories. Search zerohedge for that report if you need to see the proof for yourself. Dealer inventories are at record levels, but auto manufacturers book a sale once a vehicle is shipped to a dealer. Oh and the auto maker happily finances that sale with your money (at least GM and Chrysler use your money). And I don't even need to mention the fact that the housing market is absolutely falling off a cliff plus prices are tanking again.

Speaking of housing, Bank of America, one of the BIGGEST homebuyer financiers on the planet, is now saying that homeowners should not look at their home as an asset. What the hell? I'm not making this up, see for yourself: LINK That truly blows my mind. Don't forget that for the past decade, mortgage finance has been the largest part of BAC's revenues, income and bonus pools. ROFLMAO. This is an absolute tragic farce. The number ONE sales pitch used in a housing transaction is that "a house is a great investment!" Bankers all over the country got rich on this battle cry. Now we find out that it was one big lie? I'll give BAC CEO Brian Moynihan the "asshole criminal of the year" award for the one.

[Dagabond]

We have nobody to blame but ourselves.

[turbo ute79]

China = next world superpower. The USA is screwed, I hope aust will be ok. I think our abundance of natural resources is the only thing we really have goin for us.

[_John_]

meh, whats on TV?

[tab]

What are you actually saying here Doc - that NAB run out of money and just blamed it on a computer glitch?

[Guest XR09]

It's the top end of our housing market that is taking the hammering. When the Aus $$$ was low these multi million dollar mansions were a bloody good buy for overseas investors. Now they are not worth the script and they have to sell out for what they can. Remembering the Aus dollar is 25% better off so they can sell at 25% less and still walk away even.

Our banks were much more regulated than the foreign ones. Even more so now.

In 02 I was paying at least $50 a pop for NAB shares. Even their options and CFD's were top dollar. And they had the largest market capitalization of anyone trading on the ASX. Now they are a risky little sucker at $26.

Suncorp is in big trouble though it's insurance sector. (Buy some Puts) But we do have Kev's little helper so the RBA would have to go under for the banks to fail completely.

[hypnodoc]

  On 17/04/2011 at 12:45 AM, tab said:

What are you actually saying here Doc - that NAB run out of money and just blamed it on a computer glitch?

Basically they are all in a bit of bother with the derivitives wave of trillions that nobody talks about getting closer and bigger, let alone the trillions they have borrowed offshore. Some have been having a little trouble rolling over those huge loans that fall due for refinancing every 3 or 6 months. Now that the IMF and World bank are calling out about the Australian housing bubble its getting harder for them to roll over some of their exposure.

What I'm saying is be aware and keep a bit of cash under the bed because one day the computer glitch may become a lot longer than a few days, although the Govt does guarantee deposits up to certain significant amounts, but who needs the drama of waiting if things do go awry.

Banks are dropping like flies in the USA and before 2008 nobody would have thought it was possible in the USA just as it is assumed as impossible here, below is last weeks list of dead banks.

Before beginning, I would like to announce a huge number of banks that have taken their last breath and entered our banking morgue. Sheila Bair of the FDIC was a busy girl last night as she prepares for the holiday week:

1. Heritage Banking Group: Carthage MS

2. Rosemont National Bank: Rosemont MN

3. Nexity Bank: Birmingham AL

4. New Horizon Bank East Ellijay, Ga

5.Bartow County Bank, Cathersville, GA.

Edited 17/04/11 08:23 AM by hypnodoc