We can also do some calculations on where Steve Keen's decision to buy the place has led him.
Steve said in May this year on the ABC that he had a debt of 3.5 times his GROSS income. The implication of the level of his repayments is gobsmacking. Mortgage rates at the time he said this were...
You refer to the man who wrote “Debunking Economics” back in 2001 and all those Debtwatch reports whilst at the same time taking on considerable debt (3.5 times GROSS income) at an advanced age.
STEVE KEEN: I bought this house two years ago and I have a debt which is equivalent to 3.5 times...
