Joe Cautec Profile picture
14 Sep, 16 tweets, 4 min read
Something is very wrong.

I'm sitting here twiddling my thumbs being a housing bear living in a cheap rental.

Meanwhile all my family and friends are buying houses at the start of a long recession.

How did this lunacy come to pass?
I've been the one working towards buying a house the longest.
I have the highest cash deposit (3x the next person).

They are all jumping in on the FHOG, FH stamp duty concession, the 95% Gov LMI Guarrantee.

They are spending the max they can borrow and twice what I will.
I feel like I have failed them. Over the years I have tried to share my understanding, articles, statistics etc but they just ignore & make quite possibly disastrous decisions.

They have no safety net, no savings, no buffer room for life's mishaps. Slaves for 30yrs to the banks
It's both heart breaking and infuriating at the same time.

Most of them probably own the letter box and front door if they are lucky.

Meanwhile they ask me why I haven't bought yet in a condescending manner..

I hope they survive the next 10years.
Our postcode has 54% of all households in financial stress. (Renting and mortgage). With the largest gov welfare programs ever.

Daily we hear news of more local workers let go.

And yet everything is fine in people's minds
Meanwhile 30% of our population just dumped their super annuation and went on a gambling, eating/drinking and consuming spending spree.

All time high Gov assistance more than the income it was replacing and our GDP still fell 6%.

The world has gone mad.
At some point, like after a bombing raid, everyone will come out to survey the damage & see what is left.

Then they will be angry. How did the Gov let this happen Why didn't anyone warn us

I won't say I told you so, I will just be sad that I couldn't warn more people.
Then there is serviceability.

These over extended purchasers will become homeless if the interest rate goes up 1-2%.

The average mortgage rate since 2000 was 7.4%. These people won't afford an increase to even 4%...
This rant thread isn't anger at people.

I feel real concern for them.

Also that I have failed to open their eyes through inadequate communication.

Anger at the Gov sanctioned financial system that has allowed and coerced this population into debt slavery and risky behaviour.
I'll wrap this up for now. If you made it this far thank you for entertaining my brain dump.

I try to not do rant threads but this had to be shared. My frustration is palpable.
Ireland, although not directly comparable, holds a lot of similarities with their 07-13 Property Crash.
In the short term 5yrs, people lost 50-80% of value but it looks like nearly 10 years on, things are nearly back to the same broken point it was before.
The Catalyst that has inspired this thread is the development of multiple friends and family in my life who are facing down the barrel:

Severe financial stress
poor investment plans
unemployment
Gov programs ramping down.
Probable eventual loss of their properties.
I would highly Recommend Reading @Ben_McEvoyAUS free book "As Unsafe as Houses"

Also I am reading "Just Money" by @RoyceRk2

These both address many of these issues and the underlying systems that have contributed to the situation we find ourselves in.
If anyone else has book or video/movie recommendations. Doesn't matter if its Bullish, Bearish, anywhere in between.

Please share with me. I am always on the search for greater information to challenge or support my views.
I love seeing this. We are probably in the complacency stage maybe a hint of anxiety.

Psychology cycle of investors.

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