The Adventures of QueerPenguin

Crash and Burn

According to Clive Hamilton, this is what's happening to those poor unfortunate millionaires who are enduring the pain and indignity of having the interest bills going up on their 3 properties - or on the 600k they have borrowed to live in Rose Bay and are now forced to shop in, horror of horrors, Maroubra - pursuant to the 0.25% rise in interest rates. Like Hamilton, my heart bleeds for them.

These are probably quite extreme examples, however, and should be taken in context with how the rising interest rates will also slug single as well as multi-property owners.

But: For all the people who voted Liberal solely on the fallacy that interest rates would not rise under a Liberal government - ie you swallowed Howard and Costello's bullshit - I say suck eggs. You're getting exactly what you deserve - a fresh hit of reality that your beloved El Primo Ministe can't in fact control the weather or interest rates, any more than Kim Beazley, Bob Brown or Bert Newton. And as I'm sure the only way the Libs can lose the election is for their lies about economic management superiority to be exposed, I say onwards and upwards interest rates.

posted by Sam @ Monday, March 07, 2005