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I'd see it in reverse. If somebody knows enough to make money trading why would they tell you how they do it? This isn't the case. They were effectively bailed out by the government - they were very heavy users of the government guarantee on wholesale markets.

You are right - what you are saying is prices are set at the margin. Based on those prices at the margin other people who weren't at the margin felt richer and borrowed against the house to buy things.

You judge people's smarts by their net worth!!!?? And you think Macquarie is a successful Australian company!!!!???? I had to throw my head sideways to avoid throwing up on the keyboard! :eek::eek:

I'm not disputing where it is coming from (debt) - I am disputing where it is going! Lots of pools, renos, 4WDs, holidays etc etc. "equity mate!"

I thought Rory was pretty soft on the academic front. He just sidestepped the discussion on debt to GDP and attacked Keen's wrong forecasts over the last 12 months. 12 months is nothing in the world of economics. Rory comes across to me as just a short term trader type. Rory's worst line...