Australia’s premier TV current affairs program 4 Corners has a reputation for game-changing. Thoughtful analysis and a giant audience will do that. When it thunders, the time has arrived for a full reset.
Last night’s episode ‘Home Truths’ lanced The Great Australian Land Bubble, assisted by some of our favorite people.
Prof Steve Keen, from political exile at Kingston University UK, thundered about Australia’s Ponzi debt that relies on an ever increasing number of greater fools. As Michael Hudson remarked: “Debt that can’t be paid, won’t be paid.”
Lindsay David outlined the widespread mortgage fraud being perpetrated by banks and their patsies, the mortgage brokers. Their public stance all Australians have above average incomes, substantial investable assets and pristine credit scores cannot be true.
Prosper President Catherine Cashmore showed Ben Knight that the lights are off and no one’s home across Docklands – visual proof of Prosper’s Speculative Vacancies report, which used water meter data to determine over 80,000 Melbourne dwellings were empty all last year.
And Ken Morrison of the Property Council of Australia, looking lame and uncomfortable as he recited the lie negative gearing lowers rents and increases supply. Ken is a skilled professional who knows a 4 Corners story means all will now change.