I had a meeting with my CEO who was a merchant banker and he told me he keeps tabs on the financial tracking numbers (don't know how he does this), and he told me that Australia will hit a major recession around August/September in which major layoffs will become everyday news. He told me to buckle up as this was going to be a prolonged recession, that this talk about a recovery in 2010 is rubbish, he sees the recession lasting til 2013 at least. This is the same guy who told me in June last year that a major recession was a year away, so I trust his analysis and opinion. His exact wording to me was "Ive been tracking the numbers and this thing is huge, it is actually frightening"
I asked him about houses and he believes they will in fact go into freefall, and those with the largest mortgages are the most at risk.
Now I know none of you guys know me and this is all just second-hand talk, but for the first time, I am actually a little worried and will be post-poning my purchase until next year and see if these dire predictions come true.
Has anyone here heard anything similar from people in the know?
I asked him about houses and he believes they will in fact go into freefall, and those with the largest mortgages are the most at risk.
Now I know none of you guys know me and this is all just second-hand talk, but for the first time, I am actually a little worried and will be post-poning my purchase until next year and see if these dire predictions come true.
Has anyone here heard anything similar from people in the know?