St Kilda Electorate

Today’s paper carried a story that David Benson Pope, may now stand as an Independent for the St Kilda ‘Safe’ Labour seat. He was seriously upset when he was edged out of the candidate. Should this rumour come to be true, he has such a huge following he could split the vote, and allow the National Party to slide in. This is going to be a very interesting election. I know most of the world’s eyes will be on the American election which is only a day or two apart. I’m not sure what effect their Financial Meltdown will have, but it was something that was inevitable, I’m amazed that so many clever Bankers could be so stupid. Once they had lent 100% loans on thousands of suburban homes, as well an ‘interest only loan’. They immediately exposed themselves to loss, if and when there was a recession. Once owners saw that their home was worth a hundred thousand less than they paid for it, and they were still committed to paying the original capital and plus interest. Many just walked away, and posted in their keys back to the holder of their mortgage. This is what is known as ‘Jingle Mail’. I will make a forecast for New Zealand, loans in the housing market for the future will become exceedingly difficult to obtain. Maybe we may even see the return of the old methods we had in the good old days. Remember Building Societies with their monthly ballots and loans? Remember the Lodges as lenders?

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