Originally Posted by IvanM

All I know is that the debt fuelled party of the last lot of years are is coming to an end. The size and length of the hangover is what the markets are desperately trying to figure out.

Originally Posted by Mr Grumpy

The whole problem I have with this whole crisis is that I never had fun from the previous 'party' of financial gluttony.

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Originally Posted by ABCDiamond

Comments on the Debt figures like that really puzzle me when the Federal Government debt was apparently reduced to zero not long ago

However, State and Territory Governments are trebling their debt from $35 billion in 2007-08 to around $112 billion in 2011-12. Similar to the last Federal Labor government who, "in the last six years of Labor's last stint in government, national debt rocketed from $17 billion to $96 billion."

It is the consumers, with their recent buying patterns, who have increased consumer foreign debt, along with internal debt.

So the original quote is "the debt fuelled party of the last lot of years are is coming to an end" yet, the facts are that it is the the State Governments who are NOW massively increasing their debt.
It hasn't come to an end, it appears that it is just beginning.

I agree about the dice throwing though

Originally Posted by Mr Grumpy

The whole problem I have with this whole crisis is that I never had fun from the previous 'party' of financial gluttony.

I never got bonuses, home loan, credit cards, expensive electrical goods, overseas holidays ect.

But, on the plus side Im not in debt

Originally Posted by xizzles

I'm sorry to sound like a skeptic, but aren't these the same "experts" that gave triple A ratings to dodgy dealers like AIG and Merryll Lynch and Lehman Brothers etc in the first place?