"The Gloom Boom & Doom Report"

[Propertunity]

It was interesting to see Marc Faber author of "The Gloom Boom & Doom Report" interviewed on lateline tonite.

He says the global economy is stuffed. I suspect he's probably right.

His parting comments to Ali Moore were: Buy a farm and a shot-gun it is going to get bad.

 

[Chatto]

oh dam I missed it, was he wearing a cowboy hat and spurs?

 

[nww]

It was interesting to see Marc Faber author of "The Gloom Boom & Doom Report" interviewed on lateline tonite.

He says the global economy is stuffed. I suspect he's probably right.

His parting comments to Ali Moore were: Buy a farm and a shot-gun it is going to get bad.

But he was still buying "opportunities" on the stock market.

Just found this. Agents tip housing crash after grant glory
http://www.brisbanetimes.com.au/articles/2009/03/16/1237054680952.html

 

[Big Rog]

It was interesting to see Marc Faber author of "The Gloom Boom & Doom Report" interviewed on lateline tonite.

He says the global economy is stuffed. I suspect he's probably right.

His parting comments to Ali Moore were: Buy a farm and a shot-gun it is going to get bad.

Well what are we to make of his comments??; I assume he is an expert with a long track record of correctly assessing economic events as they have unfolded over many many years.??
It is amazing however that such things such as fear and reducing confidence can have such a devastating affect on the markets and to think it all started as tip of the iceberg stuff with a bunch of bad mortgages.

 

[Aaron Sice]

lol funny stuff. how about instead of batten down the hatches...hey! here's a few ways to make money outside of your J_O_B.

 

[topcropper]

He says the global economy is stuffed. I suspect he's probably right..

Your one of the more bullish on here. If you think he's right, how come your so bullish about Australian property? Do you somehow think they are disconected?

I really can't figure out how you could agree with Faber about that, yet think Australian Property could be a great buy right now?

Just trying to work out how a bull thinks, sorry.

His parting comments to Ali Moore were: Buy a farm and a shot-gun it is going to get bad.

If things get as bad a Faber reckons, then a farm won't be a good investment either. Might be better living in a rural area though. Certainly was in the great depression.

Lets just hope all the worst case scenarios are wrong eh.

See ya's.

 

[csc]

lol funny stuff. how about instead of batten down the hatches...hey! here's a few ways to make money outside of your J_O_B.

If agents are hanging onto being spoon fed by the Fed Govt perhaps they should make an effort themselves and lower commission fees for FHB sales......

Now theres an incentive to keep the ball rolling....

Arh! but that wont happen because the agent himself is just a greedy vulture crying poor whilst they are at home counting their profits from the last 7 best years of their lives ripping off punters with commissions..........and running around in their flash lexus or similar.........

They should all be looking within their own group rather than continue to be fed a gift from the Govt...........

My heart bleeds for them...not!

 

[evand]

I thought i was bad regarding the RE industry. I agree withe everything you say.

I started reading the article thing 'that makes sense' but then realised it was more self serving waffle from a bloody agent.

The RE industry and agents will do and say just about anything if it means increasing sales. Or restrict the slowing of sales as the end of the FHBG will do.

They have no consistent political or commercial philosophy beside the pursuit of money. If it aids their cause they'll jump on it. Or conversely, oppose it if it is potentially threatening to sales.

If agents are hanging onto being spoon fed by the Fed Govt perhaps they should make an effort themselves and lower commission fees for FHB sales......

Now theres an incentive to keep the ball rolling....

Arh! but that wont happen because the agent himself is just a greedy vulture crying poor whilst they are at home counting their profits from the last 7 best years of their lives ripping off punters with commissions..........and running around in their flash lexus or similar.........

They should all be looking within their own group rather than continue to be fed a gift from the Govt...........

My heart bleeds for them...not!

 

[BoatBoy]

If agents are hanging onto being spoon fed by the Fed Govt perhaps they should make an effort themselves and lower commission fees for FHB sales......

Why just fhb sales? They already get tax payer funded free money.

Maybe if comms. were dropped across the board, sellers may be more prepared to drop prices somewhat to meet the market.

Dave

 

[andrew_de_a]

evan never misses an opportinity to take a swipe.....keep em coming you grump old man

 

[Propertunity]

Your one of the more bullish on here.

Wow - I did not know I was perceived as that I think I might come across as a bull in-as-much as I find myself putting counter argumennts to the D&G's and I think I'm generally a positive person.

If you think he's right, how come your so bullish about Australian property?

For the reasons I've outlined before. Pent up demand - 50,000 homes short each year being built, buying = much same cost as renting, low IR environment, large % of OO in Australia, very little sub-prime lending in Australia, cash needs to find a home & the share market is scary for some, banks don't deliver on IR% cash at bank for others..........on and on he goes

Do you somehow think they are disconected?

In the same way that China's economy has "decoupled" from the USA? No, I don't think they are disconnected. But I don't think we are looking at 40% falls either.

I really can't figure out how you could agree with Faber about that, yet think Australian Property could be a great buy right now?

Oh I did not say that I agreed with Faber - it was the first time I saw him.....except I do agree that the global economy is stuffed as he put it - I think you'd be hard pressed to find someone on the planet that would not agree with that.

If things get as bad a Faber reckons, then a farm won't be a good investment either. Might be better living in a rural area though. Certainly was in the great depression.

I took it to mean that you could grow your own fruit & veg and eat your own chickens & cows and sheep - you know the self sufficiency thing.......I think Peter Spann said something similar many years ago??

Lets just hope all the worst case scenarios are wrong eh.

Yes indeed

 

[BoatBoy]

Marc Faber piece is here. (right hand side, 3rd down list)

http://www.abc.net.au/lateline/business/

Dave

 

[willair]

It pays to listen to Mr Faber,he is one of the professions that seems to know more then most market experts, and he does have a high accuracy rate ,i have been reading his reports for over 8 years now,plus he has been talking about Australian property prices over valued for over a year now, but that depends on who you talk too the sellers or the RE both have different stories to tell,..willair..

 

[Sunfish]

Actually Prop, self sufficiency on your own plot of land is also the most obvious answer for peak oil, and that's a long-term problem.

I think Faber said that he was growing something on his NZ farm which made people "happy". I may have misread that bit.

Edit: I just re-visited the video. He said that obviously he doesn't grow hashish on his NZ farm, but in the north of Thailand he grows "good stuff which makes you happy". Hope I've cleared that up.

 

[BoatBoy]

I think Faber said that he was growing something on his NZ farm which made people "happy". I may have misread that bit.

Bloody Hippy

Dave

 

[Token Funder]

Your one of the more bullish on here. If you think he's right, how come your so bullish about Australian property? Do you somehow think they are disconected?

I really can't figure out how you could agree with Faber about that, yet think Australian Property could be a great buy right now?

Just trying to work out how a bull thinks, sorry.

It's *really* different here?

 

[topcropper]

In the same way that China's economy has "decoupled" from the USA? No, I don't think they are disconnected. But I don't think we are looking at 40% falls either. Except I do agree that the global economy is stuffed as he put it - I think you'd be hard pressed to find someone on the planet that would not agree with that.

So everyone agrees that the global economy is stuffed, but you think Aussie property is going to continue to be a good investment? OK.

I tend to think there is more of a connection there with the economy. I happen to believe that Aussie property prices are mostly related to our wealth. Mainly the amount of disposable income. Property prices have very little to do with interest rates and rental yields, but that just my views. We will see.

I also don't think property prices could fall 40%, and have never said that.

I took it to mean that you could grow your own fruit & veg and eat your own chickens & cows and sheep - you know the self sufficiency thing.......I think Peter Spann said something similar many years ago??

OK. yep. A hobby/lifestyle farm.

See ya's.

 

[Token Funder]

So everyone agrees that the global economy is stuffed, but you think Aussie property is going to continue to be a good investment? OK.

Choose from usual responses:

A) It's different here?
B) It's *really* different here?
C) It's a completely new paradigm?
D) We've reached a permanently high plateau?
E) Something about immigration?

Alternatively, a recessionary environment caused by and occuring in conjunction with massive international deleveraging and a credit crunch is unlikely to be good for property prices.

 

[Shadow]

Choose from usual responses:

A) It's different here?
B) It's *really* different here?
C) It's a completely new paradigm?
D) We've reached a permanently high plateau?
E) Something about immigration?

I like 'B' the best, but you forgot: F) Home ownership is the Great Australian Dream.

However I must disagree with 'D', because we have not yet fully scaled to the amazing heights of the wondrous plateau. Onward and upward - the summit awaits us!

 

[Piston Broke]

Sooner or later the boom will start and Shadow will be posting all over the board that he told us the boom was coming.
Sooner or a few yrs later....