Mortgage News

Business Spectator reports:  Some would say that a childhood diet of TV Westerns such as Alias Smith and Jones, Broken Arrow, The Cisco Kid, Kung Fu, and Gunsmoke would teach you nothing. Not so. One thing you learn from the Western is that every town needs a strong sheriff. Otherwise the good honest citizens end up getting routinely fleeced by the baddies.

In the town of “Corporate Australia”, that sheriff is ASIC. Steve Bartholomeusz pointed out yesterday that ASIC needs a win, so this piece is not going to retrace that analysis of ASIC’s latest woes. I just want to highlight that no-one in business (black hated cowboys aside) should be celebrating the diminution of ASIC as a regulatory force. To put it plainly, it’s bad for business. Full story

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If we go back 18 months, Australia was facing some pretty dark times and many public figures put their reputations on the line.  One of these was the University of Western Sydney associate professor of economics and finance Steve Keen.  His prediction was a 2 per cent cash rate by the end of 2009, dropping to 0 per cent in 2010.

Aside from getting that profoundly wrong, Mr Keen was also the one who openly sold his house before his anticipated dramatic drop in real estate values that never happened.  In October 2008 the website Crikey said:-  ”High-profile Professor Steve Keen is forecasting Australian home-price falls of maybe 40% over the next few years (starting 2009).”

Not content with getting his predications wrong, Mr Keen is now having another go at it for 2010 again predicting his long awaited drop in property prices.

Despite getting almost every GFC prediction wrong, Mr Keen continues to be an economist and continues to be sought for comments by the Australian media.

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