by Marshall Cobb - Principal
Peter Switzer never fails to impress or amuse me and his latest article is a must read. I have paraphrased it here - while hopefully not breaching any copyright laws...
"Eat my shorts you negative nannies!"
The Oz economy is looking a lot better than expected. Despite some media outlets doing their best to scare people about housing price collapses and mortgage stress, these numbers actually found that the local consumer is alive and kicking and spending!
Here’s a rundown of the good economic news...
There are some negatives, such as falling house prices but let’s put that into perspective. The national home price index fell by 0.3% in the month to be down 2% over the year. This is no surprise as the regulators have been doing their best to hose down the hot housing sector. This isn’t wrist-cutting stuff after such a big boom for so long.
I’d argue that the greatest thing we have to be afraid of is fear itself and what some damn media outlets will do to scare the pants off readers to make sales and attract eyeballs!
To the doomsday merchants out there, I say respectfully: “Eat my shorts!”
Go the Aussie economy! Read the full article here.
Well said Peter. It is very reassuring amidst all the negativity to know that we have a healthy economy.