Australian media reverts back to COVID fear porn after finally realising no-one gives a fuck about Ukraine

Australian MSM outlets are scrambling to ratchet up more COVID fear porn, after realising the public never really gave a fuck about Ukraine in the first place.

The move comes as cost of living and interest rates begin to cripple the economy, and questions about why Albo was giving some shithole Eastern European nation of no significance to Australia, endless tax payer money and defence equipment.

“It’s been quite a nightmare for us to pivot back to fear porn about variant number 296734 and the return of mask mandates but we’re confident we can scare the shit out of the normies agaim,” a spokesman for Fairfax said.

“We tried our best with endless war propaganda of questionable accuracy but no-one really cared, Ukraine is about 6 current things ago. Russia is kicking their arse anyway. Back to fear of a cold it is.”

All members of the MSM are invited to National Cabinet today to devise a strategy for the 4th, 5th and 6th jabs.

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Ramjet

It will be waved through. Can’t have competition in EZFKA.

The90kwbeast

Any tin foil ideas at play here? Is this ANZ shoring up it’s ability to receive bailouts via too big to fail if the shit hits the fan in the next 18 months?

Gruppenführer Mark

First sentence in the article: “ANZ will buy smaller rival bank Suncorp for $4.9 billion in a bid to take on a greater share of Australia’s home loan market“. This is in the current market when everybody warns of further rate rises and heavy losses in the housing market

I’d speculate there is one of three possibilities:

  1. They expect (or know) that the RBA will kick the can once more, so there is lots of money to be made
  2. The projected losses are real, so they get to seize underwater properties, collect LMI to cover their loss, and on-sell at the auction – will be made whole plus some, covering their costs
  3. The projected losses are real, all of the bad performing loans will be swept up in one “bad bank”, making them whole and bailing them out – see Freddie Mac et al. As of 2008, Fannie Mae and Freddie Mac owned or guaranteed about half of the U.S.’s $12 trillion mortgage market.
Ramjet

For 3, Suncorp already has experience in setting up a bad bank of non performing loans which they did in 2008.

The90kwbeast

#3 is what I was thinking tbh

But agreed all 3 options are a possibility. It’s basically moral hazard at play once again.

Peachy

I don’t know, blokes. I don’t think that’s how Shayne works…

The90kwbeast

What’s your take? Pure honest corporate play to firm up ANZ or something else

Peachy

Yeah, that’s probably it.

their market cap is 60b compared to wbc and mqg at 65b.

so a 5b acquisition gets them back in the game… equal-third on size, rather than distant fifth.

add in a bullshit story about synergies and also instant penetration into the lucrative QLD market (including reach into regional) – it almost sells itself! 😁

The90kwbeast

$42b apparently, WBC $48b, NAB $65B and daylight to CBA at $110b

Suncorp $10b pre acquisition

Peachy

$42b apparently, WBC $48b, NAB $65B and daylight to CBA at $110b

Suncorp $10b pre acquisition

Below is the info I’m looking at …. Obviously it shifts around a bit all the time.

as far as I can tell all of Suncorp is worth about $15b; the BOQ but is being valued at $5b.

6825FC9E-2676-43C9-9044-E765A6211478.jpeg
The90kwbeast

I still maintain this is a firm up of the too big to fail paradigm.

Does it really matter if they are $42b or $52b, it’s still a massive bank by any standard. 44th largest globally, pre Suncorp.

Peachy

I still maintain this is a firm up of the too big to fail paradigm

I’d agree with that in the general sense – banks want to get as big as possible for TBTF reasons amongst others.

I can’t believe that Shayne told his Board (and M&A) team “I’m afraid we’ve gotten too small to benefit from TBTF perks, we need to find something, anything to buy to get the market cap up!”

Ramjet

Nah, the shareholders would be asking how Shayne and the board missed the biggest property boom in over 30 years. Buying Suncorp makes up for all of the lost asset growth.

The90kwbeast

What boom? The market appears to be peaking even in QLD now, price wise. Aren’t they buying another big bunch of mortgages at peak valuations, only to ride it into negative equity

Ramjet

What boom? The 25% house price increases in 2021. Most banks grew their assets except ANZ

The90kwbeast

I get they’re buying the loan book with mega mortgages but again they’re also assuming that the mortgage owners aren’t going to go into negative equity

No use buying out all those assets if they wind up with a bunch of distressed assets, hence my TBTF shore up tin foil theory

bjw678

The projected losses are real, so they get to seize underwater properties, collect LMI to cover their loss, and on-sell at the auction – will be made whole plus some, covering their costs

Until the losses are realised by sale the LMI won’t pay out as what amount would they pay? They will only be made whole, nothing more or less.

Peachy

Well, they could theoretically make a profit if they bought the whole book of loans at a discount (ie bought the bank at less than net asset value) but I don’t think that’s what is happening here.

but we’ll find out soon enough as that sort of information would be released.

emusplatt

how ’bout suncorp is fkt? …works for me.

T

Look at Albo, grinning ear to ear as he shakes hands with real Nazi’s.

This is the same fucker who will call others misogynist, toxic, hateful etc etc.

Shameless…

I get sending them money because the empire has decided to support a proxy war against Russia. Ok.

But do you have to get so up close with those slimy scum?

Luckily the Russians remember how to deal with Nazi’s.

LSWCHP

Things are pretty fucked up at the moment.

plaguerat

.

20151207_onews.jpg
Agent 47

Pretty much

FW_OY07XoAMuLn7.jpeg
A fly in your ointment

I think I must be cognitively inversely advantaged. I never got the memes with the face as this.

Agent 47

I don’t believe the age at the best of times, but I’m now just going to start terming this voluntary euthanasia.

https://www.theage.com.au/national/nsw/more-than-half-a-million-get-fourth-dose-as-cases-rise-20220718-p5b2hk.html

Gruppenführer Mark

This is absolute madness! Don’t know if you caught this, but is certainly “following the science”.

https://www.zerohedge.com/covid-19/watch-mask-mandate-looms-la-hospital-officials-ridicule-covid-media-hype

plaguerat

The first four minutes of the Twitter video was the most enjoyable viewing I’ve had for years.

https://twitter.com/i/status/1548367588291330048

I wonder if the Chief Medical officer of Los Angeles County and University of Southern California Medical Center, and the Epidemiologist, will now be de-platformed, and struck off their professional register.

Plenty of precedent for those who refuse to “follow the science”.

Last edited 23 days ago by plaguerat
canuckdownunder

Thanks for sharing, great video.

In Australia they are starting to combine covid and flu cases to juice the numbers.

Chances are flu related hospitalisations that went unreported for, well, since the dawn if the reporting are now reported as co19 cases.

Peachy

I’m hearing reports that Covid testing sites are being repurposed as cold&flu testing sites.

seriouslu.

A fly in your ointment

apparently pcr test now includes test for flu et cie, as reported by my mates whom just survived the wicked dangerous virus which can kill near-dead and those with 2 feet in the grave or those in the very late stage of terminal illness or those aged over 89 yrs but are not healthy.

Peachy

Great video indeed.

so at odds with general hyperventilating panicky doom-laden media reports that it comes across almost as satire!

epidemiologist with the big mustache – he don’t give a shit!

Reus's Large MEMBER

Roll up roll up get your death jabs now

FB_IMG_1657748297048.jpg
canuckdownunder

Inflation in NZ running hot, hot, hot.

Are any morons still suggesting rates will top out in the 1.5-2% range or are those days long gone?

The90kwbeast

Still possible in Australia, but the RBA surely knows to push to the 3%+ range is basically asking to bankrupt thousands of families, unless there is some sort of support directly offered

If we hit 4% surely it’s game over and a mass nationalisation of the housing market

Interesting times ahead

Agent 47

Black rock to the rescue!

plaguerat

The Australian electorate was offered, in 2019, remedial policies in the areas of Superannuation, Negative Gearing, Capital Gains, and other areas of taxation which distorted the allocation of capital and diverted large capital flows into the housing market.
The Australian electorate was offered an opportunity to commence the incremental dismantling of the monster that was eating their future.
Had such policies been introduced, the housing market would have looked very different today.
But, the Australian electorate told the advocates of those policies to stick ’em where the sun don’t shine.
The Australian electorate is now where they consciously chose to be.

Last edited 23 days ago by plaguerat
robert2013

They were also offered infinite indian grandmothers as part of the package.

Roger Dodger

Fickle Strayans evidently don’t remember that very bad downside of Bill Shorten’s plans ..

A fly in your ointment

If we hit 4% surely it’s game over and a mass nationalisation of the housing market

No need to nationalise, I’ll buy 2 houses at 60-70% discount.

bjw678

No need to nationalise, I’ll buy 2 houses at 60-70% discount.

That just moves the nationalisation onto the banks…

canuckdownunder

It’s too bad they’re constrained by what the rest of the world is doing!

The90kwbeast

All the more reason why they probably won’t jack rates up to the moon. Don’t need to I’d bind markets have done the heavy lifting for you.

Ramjet

The RBA will keep raising rates until it is slightly uncomfortable for the elites ie lower bonuses for executives. Bankrupting familiar is merely collateral damage as there are thousands more arriving each month.

The90kwbeast

Yeah but negative feedback loop by that point would be huge and very difficult to stop. It would also be placing massive pressure on the Albo government to do something to support, such as reinstating interest only, temp mortgage payment deferrals etc

I have a slightly different theory: they permanently and deliberately continue to stay 6 months behind the RBNZ and BOC to see what happens there and where the limit is

Peachy

have a slightly different theory: they permanently and deliberately continue to stay 6 months behind the RBNZ and BOC to see what happens

yes, this is an element in what I have been suggesting that we do.

Aussie Soy Boy

Just Leefo and his jerk mate

Ramjet

I have lost track of the latest thing. Here I was thinking inflation was the number one issue, but no it is Covid. Apparently we are having a wave of cases, yet daily case numbers have barely changed for months.

Everyone is talking about the cost of everything going up, hey, look a distraction!

The90kwbeast

Feels like it doesn’t if, the latest weekly panic designed to monetise eyeballs and district from the longer term shitshow unfolding

Johnny Canuck

Something is killing Victorians at a much higher rate than usual. Source.

Victorian-Monthly-Deaths.png
Peachy

Wow, and this is after 200,000 people moved to Brisbane?!

the per-capita rate must be pushing up against the ceiling!

edit: https://www.abc.net.au/news/2022-03-29/covid-pandemic-victorian-population/100948120
official number is about 45,000. But it would be closer to 200,000 once you add in all the illegals.

Last edited 21 days ago by Peachy
Coming

Health system is failing

due to isolation rules, protocols etc

Aussie Soy Boy

I think it would be a combination of delayed treatment of other diseases throughout COVID, COVID itself, COVID vaccines, even more slovenly lifestyle, finanicial pressure on punters.

Reus's Large MEMBER

Died suddenly or unknown seems to make up the bulk of the deaths which I infer to be caused by the vaccines as that is their cover it up line.

Ramjet

+ monthly ambulance code reds

Aussie Soy Boy

Uber Eats, Netflix and lack of finanicial education?

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