So we have been hit with a Double whammy on the Melbourne cup day , thanks to Shocking and the RBA.
SHOCKING RESULT FOR MELBOURE CUP FOR MANY
First we all lose our money to shocking as it made a grand mark in the Melbourne cup 2009 by leaving all the other favorites behind to eat its dust. None of the favorites VIEWED , ALCOPOP , Roman Emperor Was anyway close by to be seen while SHOCKING made a run for its glory on the finish line.
Crime scene did a good job taking in second place by a whisker after shocking. It was shocking new to many as non of the favorites won and many punters disappointed .. but leaving the bookies laughing.
RBA RAISES RATES BY 25 Basis Points today 3 Nov 2009
To add to our misery The RBA went ahead and did a 25 basis point rate cut today and thus be ready to see even more money going out from your bank account if you hold a mortgage
As was widely expected by economists, the Reserve Bank board lifted the cash rate by 25 basis points to 3.5 per cent. Mr Swan says Australians should expect rate increases as the economy recovers from the global financial crisis.
WESTPAC has matched the central bank, increasing its standard variable mortgage interest rate by 25 basis points.
The bank's standard variable home loan rate will rise to 6.31 per cent as of Friday November 6, from 6.06 per cent, Sydney-based Westpac said in a statement on Tuesday.
LINKS :
The Next Credit Crisis. US credit markets is far from over with over $225 billion of mortgage resets still to come. In Australia $50 billion AUD in commercial lending maturing in 2010. They won’t be able to tap the international markets as overseas Europe has $350 billion in commercial lending coming up for maturity and the US has mortgage resets of over $225 billion this credit crisis is far from over. Check out www.jpminvestmentgroup.com.au for more information. JPM Investment Group