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Is it really that bad? What does it mean for us?
For a start, it means our pensions are totally shot to bits... and worse, daughter and boyfriend have become engaged and are intending to marry next summer. I can only hope she see's sense and ditches him.
oh....poor arthur....
that has to suck......the not approving of.......or liking.....your child's fiance..
how is that connected to the financial crisis.....apart from being a convenient scapegoat?
mr. dent would traditionally be required to foot the bill for the wedding..
Id refuse to pay for all of it. A bit of it I could cope with. But not all of it. Thats just greedy.
*brain wave*
Next time dad brings the topic of marriage up, I'll let him know how much I'm saving him by not committing!
Thanks Mr Dent!
As it turns out, I've just come across a flow chart which might help -
I read that comic 
I love it! it's so ture!
But I must admit, I'm more worried about my pension fund. Gordon Brown nicked a lot of it in tax and now the merchant bankers have screwed it up even more. I am going to retire in poverty...
I plan to buy an island in Scotland and live on that for all time.
I'm really scared that I won't have enough money to retire on... people keep telling me not to worry about it at my age, but I do, because by the time I get to 'pension-age' there won't be anymore pension in australia - they're ruling it out for our generation
i'm not worried about that.....they'll probably put the retirement age up so much that i'll die before i reach it...
I agree with Sir M. I reckon there will be two, three or more economic crises before I retire. By that time I hope to have enough money to hire an excavator to dig my grave. I would prefer cremation but the global warming police will probably have shut down the furnaces by then.
With the cynical hat on, I'm not so sure it's a big crisis. In Arthurs case yes. But the rate that commodities, property etc has increased in value in recent times is alarming. Sure the demand is/was there but what we might be seeing now is the downside of the "big grab" as I like to call it. If the balloon doesn't burst then the only way younger generations can weigh when their time comes in is to inherit. Not a lot of substance to that in my opinion. The youngies need to experience hard times. Might be trivialising the matter slightly but ...
Well it's not so bad that I'll end up starving to death in a freezing cold slum but it really pisses me off that every time the bankers (there is a rhyming word to go with that which is more appropriate) fuck up at their job then everyone else in the world picks up the result of their incompetence. It makes me think that everyne who gets a job in the banking industry should be vetted according to a sanity and competence protocol. This might mean that they no longer manage to earn billions in bonuses and that mortgages, loans and so on are harder to come by but at least there will be a bit more stabilty in our lives. Hells teeth, it's bad enough being turned over by politicians, let's get away from being shafted by fellow workers (if that sound socialist, sorry it wasn't meant to...!)
Mr Dent, I find it amusing that you're more willing to use the word "fuck" than the word "wanker"
You know, I don't know much about what's going on, and about pensions etc.... you guys seem to have your act together.
Regarding pensions though - I never thought I would have one. It's never been in the plans. Then again, neither has retirement.... I guess I need to think about these things somemore.
the bail out - I think that is absolutely ridiculous! What ever happened to letting the market sort itself out? I think it's appalling that they're willing to put taxpayer money to this use. And where's the guarantee that it'll be used the way it should? (CEOs pay etc etc) Last I checked, the US was a capitalist nation. A few collapses and that ideology goes out the window?
Ok Morgan. I'll say it. A lot of bankers are wankers...
LOL!
Oh dear, I just heard on the news that Suncorp are looking for buyers and considering their position.....I've got some of my super in there..
oops
I don't understand how you lose your super if they get bought. I mean, if they fall, I sort of understand it, but shouldn't one still get one's money back?
(serious question)
The trouble is Andro/Dek, even if your funds are safe, and even if Suncorp are safe, the return on investment is crap because the stock-markets where they invest your money are crumbling...
But at this stage, who cares abt ROI, as long as you can get your initial sum back?
If you hope to live beyond your 60's and leave some sort of legacy for your kids then ROI is rather important... Unless the initial sum is in millions then it's a slightly different ball game.
Well, if you were looking at long term, I'd just leave it in there... what goes down does come up.
Initial question still stands - do you get your money back when/if they fall or get bought?
I don't know what the rules for bank failure are in Oz. In the UK you are (presumably) ok for up to £50,000
ohhhh
Well we're leaning for that not to happen... but I think it's pretty important to keep up with your bank/financial institution's status and intentions
Intentions?? Make as much of a profit as possible while treating us as a deposit machine instead of as a customer
I might be the only person on the planet to say this, but I've said it before: I actually like my bank!
I like ING. Not my other one
I haven't started with ING yet... no matter how many people tell me to do it. I just don't see how it benefits me.
Good interest, and it keeps your money 2 steps away, so it's harder to spend
2 steps?
You have to transfer it to your bank, and then go and withdraw it
So how does that differ from just having a second account?
You can usually access second accounts via a card too?
Nah, most good savings accounts have the option to give or take as much access as you want.
And seriously, the interest rate is much higher than regular banks.
Some of them have started new deals where they give a similar interest rate, but they have conditions etc that ING doesn't. (Like depositing a min amt each month)
Not my bank
My bank is perfect
O...kay....
i love my bank, too.
granted ...i have no money...
but that's usually when they nickel and dime you to death...
not my bank.
I once had $10++ left in my account. I then had to leave Aust and go back to Singapore for a while.
When I got back a few months later, I went to the atm thinking that the interest would have grown the amount to a withdrawable amount (min amt withdraw = $20).
Imagine my surprise when there was a negative amount in my balance. When I called the bank up, they said that they charged me for having too little an amount in my account, and that's how I got the negative.
So I got penalised for not having lots of money. Never got over that, and never went back to that bank...
Which bank?
the one i use now.....is pretty small..
just a few states in the southwest u.s.
Actually dek, that bank ripped me off too.
And then when I questioned it and got the money credited back to my account, they placed a 'suspected fraudulent activity' tag on my account, which froze the funds.
Every time I had to withdraw money, I had to go into the branch where I opened my account, show ID, give my signature and several other idiotic details trying to prove who I was.
Needless to say, I went in, withdrew every last cent, closed the account and walked right next door into a new bank, and have stayed with them ever since.
Yeh, that's how I left em too. And the bad taste never left. I'll never go back to them.
The only reason I started an account with them was because they had the monopoly in UNSW. They had a branch in uni, and we were all directed to open accounts with them. Given that as overseas students just arrived, we had no recognised form of id apart from our passports, other banks wouldn't let us open accounts. That one would accept our business if we flashed em a student card.
I originally had a Dollarmite account ( a kids' junior saver thing) and my mum was, and still is, with them. But yeah, as soon as I got old enough to screw over, they did.
I was also old enough to make my own decisions then, and my new bank let me open an account with studnt ID too
Dollarmite = a bank?
No... Dollarmite = that banks junior account back in the 80's/90's
This article sums it all up nicely
WHOA....
That's just nasty
Docking a 15yr old 18 bucks.... SHAME on ya which bank
Oh yeah.... I was 15 when I switched..
I am still with the witch bank. Of the three accounts I have, two are quite good. One is like the ING spoken of here ... good interest ... no card access and no penalty for transfers. The second has no fees. You have to be in a special club to get that one. It is my one moment of belonging to a master race. The third says I owe them a shit load. That said, they are a bit cloak and dagger ... they don't tell you about their good things. When I closed the crappy account that attracted similar treatment to that described in posts above, I drew it down the zero. The bank teller said I had 2 cents interest in my favour. I asked for it in cash. He didn't get the joke.
I can remember when the Commonwealth Bank's logo was an elephant the the phrase was 'get with the strength'. I still have a circa 1979 plastic Commonwealth Bank elephant (piggy) bank. Now the logo is a bit of burnt toast and the phrase is well documented.
I don't know what the rules for bank failure are in Oz. In the UK you are (presumably) ok for up to £50,000
In Aust the govt only guarrantees your first A$20,000, after that then stiff shit..
Well, if you were looking at long term, I'd just leave it in there... what goes down does come up.
Trouble is that time is not on my side, I had plans that have to be put on hold, while I batten down the hatches.. 
Not worried for myself too much as I am debt free, but others are having a tough time of it..
I have heard that a large Aust bank is a likely suspect to purchase Suncorp, but which bank?
I used to have a cheque account with the a Nationally known bank, who behaved in much the same way as which bank did with deezee..I didn't use the account much and only kept a small amount in there, and transferred money to the account when required.. One day I recieved a letter from the bastards telling me that my account was irregular, and that I was ovedrawn to the tune of $40. I went in there breathing fire and they told me that their fees had eaten up the $10 that I kept there and that I had been penalised a further $30 for overdrawing my account. (which in fact they had done themselves)....That balls up cost them a lot of business and almost cost the manager his job.. This proves that it's not always what you know, but sometimes who you know. 
This happened several years ago when all this bank account charge business was in it's infancy.,,
Btw, I got my $10 back and didn't pay the $30 penalty and also recieved an apology from the manager..
'The US bailout and the problems recently experienced by banks in Europe has now spread to Japan.
In the last seven days Origami Bank has folded, Sumo Bank has gone belly, up and Bonsai Bank announced plans to cut some of its branches.
On Monday it was announced that Karaoke Bank is up for sale, and it's thought likely to go for a song, while shares in Kamikaze Bank were suspended after they nose-dived.
Samurai Bank is soldiering on following sharp cutbacks, and Ninja Bank is reported to have taken a hit, but they remain in the black.
Finally, five hundred staff at Karate Bank have now been given the chop, and there's breaking news that there's something fishy going on at Sushi Bank. Staff there are worried that they may get a raw deal'.
that is great mr.dent!
That said, they are a bit cloak and dagger ... they don't tell you about their good things
one day i walked into my awesome bank to make a deposit...and the teller told me that the following week they would be offering a very high interest cd to bank clients......available for only 2 days.
they let me fill out the papers that day and as soon as the promo started they took care of it.
my bank is awesome.
Oh dear... I'm ashamed to say that I thought Arthur was actually talking about real banks. I only realised when I got to "Karaoke Bank" 
damn this crisis - it's kept me busy and stopped me from getting on tangler. (don't worry Arthur, i'm not a wanker - i just work in an associated company, although they do have banks in Europe etc just not in Aus). I was dreaming about spreadsheets last night. Fortunately i am far enough away from retirement that i don't have to worry until the next crisis (just as long as there is enough money going around to buy my wooden toys)
oh and in answer to Morgan's original question - it will only affect you if you are dating a banker, be prepared to be treated like french women who dated germans back in WWII.
ROFL!!! *wipes tears away*
Good one Mr Dent!
Well Andro, it seems that which bank has taken over Bendigo.
And now that you've brought it up - the first time I was charged for overdrawing, I couldn't believe my eyes.
When you try and withdraw more money than in your account from the ATM, it just tells you insufficient funds. Why can't they just tell the payment system that??
I just don't understand the mentality behind it. A request for payment comes in, the money isn't there. The payment is refused (cos oh, we wouldn't want the banks to be out of pocket now, would we?) and after refusing the payment, they come back and slap a $40 'FEE' on ya.
I can usually think through things, but I just don't see the logic in that...
I once got slammed $80 cos I had two bills due, and although I had transfered money, on the Friday, the weekend got in the way.
Yes, even with online banking, funds don't make their way across when it's the weekend. What, does someone turn the servers off before the leave for the weekend?
Before I used online banking, I used telephone banking and if you -paid a bill, or transferred money after hours the computer would tell you that the transfer may not take place until the next working day.. It's all done with computers, so the must turn them off at night..
mmm hmmm.... Not very tech savvy are they?
A spot of good news:
Petrol Prices On Their Way Down:
Plunging oil prices have finally had an impact on the price of petrol even as the Aussie dollar continues to struggle.
The national average price of unleaded has fallen half a cent to $1.50 a litre, fresh data from the Australian Institute of Petroleum shows on Monday.
"If the Aussie dollar and the (benchmark) Singapore unleaded price manage to hold steady in coming days, motorists are likely to benefit," Commsec equities economist Savanth Sebastian said in a market briefing note.
"The national average price could fall by as much as 10 cents a litre to around $1.40 a litre in a fortnight's time."
Global oil prices have fallen dramatically in the second half of the year from highs near $US140 ($A202.14) down toward $US70 ($A101.07).
But the Aussie has fallen just as dramatically. Earlier this year some economists were predicting equity with the greenback but the dollar opened Monday slightly below 70 US cents.
Because oil is traded in US dollars it has meant any drop in oil prices have not been passed on to domestic motorists.
"Fears of a global slowdown have resulted in sharp falls in oil demand," Mr Sebastian said.
"The price of Singapore unleaded in now at a 13-month low, having lost 30 per cent of its value in just the last three weeks.
"The world's number one consumer of oil, the United States, is teetering on a recession and oil stockpiles continue to rise."
Mr Sebastian said the average Australian household was now making a saving of $18 on its petrol bill when compared with the highs of mid-July.
(from Yahoo! News)
...and the bad news is that OPEC are talking about reducing output (which always raises the price!)
Hang on... how is Singapore the bench mark price??
*very confused*
Methinks we need to make a new New Deal... pretty much the exact same thing happened in October almost 80 years ago...
New Deal? With who, about what?
I assume that Synth is talking about the 'Great Depression' that began in 1929..
Yup
Well, yeah, I got that reference, but what deal?
The New Deal, but we need a new New Deal...
Wikipedia can help, no?
Dude, I'm asking about the new New Deal... what will that encompas?
Ohh...
Obama?
Get Jamie Oliver on the case. He can teach someone how to cook Bio-diesel according to recipe. They must pass it on to at least two people who pass it on to two people and so forth. Then we'd have them by the bollocks. In Gordon Ramsays case it would be fucking bio fucking diesel fucking got em fucking by the fucking bollocks fucking.
Ramsay's way sounds... ummm... bit more fun?
Given that Jamie can feed your family for a fiver I wonder if, as Ruskie suggests, that he can help to keep motoring costs down as well with biofuel recipes...
Gordon Ramsey says: "I fucking doubt it!" as he scoots off in his 10MPG Range Rover...
Deal or No Deal??!!
Should we ask Andrew O'Keefe?
(or insert appropriate country's presenter here)
heh. Bio-diesel will destroy us all.
Or models in blonde wigs
I plan to go on my happy, merry way regardless....
Yeah, we need more bio-diesel, bugger growing food..
Hmm... what would you rather have, unnessesery transportation or food?
OK so we'll go with food. Now to train it to walk out of the ground and onto the supermarket shelf.
Ohh, I've done that before, Ruski. The only problem is the FDA and the whole 'GE-ing foods to the point where they have souls is a bad thing' movement.
LOL.
Do not ask why I stayed up till midnight EST just for a new xkcd comic, but this sorta illustrates my fears:
Ohh... and guess what Mr. RSS tells me? The insurance companies are being socialized, too! Yay for the government paying for things they can't because big businesspeople are dickheads!
LOL!
The Aussi govt want to filter the interwebs too, and I bet that's the reason they wished they had used
Ugh. I'm sorry to announce that France and Iceland have made similar plans (I'm assuming we already know of the United Kingdom's?)
Well I for one am ready to fight. I love my internet more than my countires!
(Ignore the fact that I have triple citizenship)
Yeah... I know they do.
I think it's a bit different over here though.
Have a read: http://opennet.net/news/australia-trials-national-net-filters
It's ONLY one letter away from ACME! They could have compromised!
.....Wow. The United States really need to stop it, STAT. Ongoing attacks in foriegn countries where the Armed Forces are certainly not welcome. Pick on someone your own size... or, rather, stop picking on Iran and (recently) Syria:
According to the official Syrian Arab News Agency (SANA) report, four American helicopters entered Syrian airspace around 16:45 local time on October 26 and deployed soldiers who attacked a nearby civilian building under construction. Sky News reported that two of the four American helicopters landed, allowing 10 soldiers to disembark and storm a building under construction.
Eight civilians were reported killed, including a man, his four children, and a married couple.
Sorry, let me put more emphasis on that for you.
"a man, his four children and a married couple."
Yeh, I saw that...
*sigh*
HAHAHAHA read... HAHAHAHA this!
http://en.wikipedia.org/wiki/Third_party_(United_States)_presidential_candidates,_2008
Almost all of the parties running for general election are HAHAHAHAHAHAHAHAHA socialist!
Gah, stupid link.
Copy/Paste, then.
(new topic for US elections)
Thought so. I don't feel like searching for one, is it safe to say you'll mae it if nonexistant?
Meanwhile, if anyone wants to register their protest against what the Aussie govt are up to, please head over to this page and sign the petition. Who knows, it might help.
Does this mean I'm going to have to wind up the Nigerian scam I've got going at the momet?
mmm hmmmm
Unless you let the govt tax you. Then they'll probably beg you to keep it going
You really must need the help:
"9014 have signed so far - help us get to 1,000.
We have achieved 901.4% of our goal. Continuez!"
Are non-aussies eligible to sign it? I don't wanna illegitamately overthrow a government I'm not supposed to, or anything.
Yeah, I saw many non-Aussies on the list.
If only petitions were all you needed to overthrow anything...
Yea, then maybe British India might be free.....
Ohh, wait!
Augh!
Headline in RSS Feeds:
...Fresh evidence of a worldwide shutdown...
Open link:
http://www.msnbc.msn.com/id/27370145/
"This page has expired and does not exist..."
Ohh noes!
"9014 have signed so far - help us get to 1,000.
We have achieved 901.4% of our goal.
Was 9443 a few mins ago....
9449 now!
Given we have a population of 20 million, that's still not much, but a good start nonetheless.
Hi
How much time will US take to overcome this crisis?
They say it could take ten years (or even more) to get the market back to the way it was. As for recovery, I think everyone is still doing just fine.
How much time will US take to overcome this crisis?
I reckon about 2 wars and 1 election ought to do it.
Here's a way of dealing with the crunch:
