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About Macquaire, there is a great point made by volcker on banks and other entityies like investment banks and hedbe funds:

here it is

good, you invest in homes following the short term speculator strategy and his market view and his ignorance about economy, may be you follow Warren Buffett as well...hang on, his strategy is different then Rory :eek: About macquarie, I'll put it in the top 10 big australian company that can go...

ok, I see what you mean... You can probably get also an idea on where the money is going from the % of gdp that is coing from consumption, we are not as high as USA (pre GFC I think they got to 70%) but still one of the highest of western world. Probably Rory is stll right about the love of...

you don't have to spend money in building new housing. overall the value of australian homes is around 4 tril$, it was probably 2 tril$ few years ago, where do you think the 2 extra tril$ are coming from? i guess some from inflation but one good tril$ from debt...

they shouldn't have chose keen to face rory or rory to face keen, a speculator/trader like rory against an economist. I don't find rory argument very interesting, he is a speculator and he is much better if he doesn't know much about fundamental or economic history or, if he knows about economy...