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Blue Chip.

Regarding Blue Chip and the liquidators suggestion that investors might like to hold on to their "properties" why would they want to do that. The properties are presently worth half what they paid for them and their value is going down.Why would they want to hold on to them. I find the logic there very strange. Not only is the value of the property that they purchased thru Blue Chip decimated but the value of the family home that they mortgaged is going down and the interest rate on the mortgage they took out to pay for the deposit on the apartment is going sky high. I hate to say it but blue chip investors should sell their properties now and pay back the loan they took out to fund the deposit. At no time should they pay any money to Blue Chip entities.They should simply say sue me and I will counterclaim for twice the amount. Walk away in the States they call it jingle mail ie leaving the keys to your house in the mailbox. Only difficulty with Blue Chip is there is no mail box and never will be. My heart goes out to all Blue Chip investors who are all good solid citizens.Where is the government in all this?Doing nothing as usual. Fretting about the billion dollar losses in the Super Fund.

Remember the Tsunami in Thailand and how the tide was sucked out before the wave came in. In financial terms that is what is occurring. The high tide of credit has retreated way out to sea and the wave of defaults is heading inwards to swamp banks, homeowners, those finance companies that already have not gone under, property investors and businesses. Reducing interest rates at this stage as is being carried out by the American federal reserve cannot send the tsunami back out to sea. It will run its course. Interest rates will not make the losses go away. Fannie Mae the american soe(privately owned by who I wonder) which has 25 % of the mortgages in america has over 350 billion dollars worth of subprime mortgages.

To single any body out in relation to the wave of fraud that has occurred in financial markets over the last 5 years is grocely unfair. I suggest a moratorium on all prosecutions.

Lets look to the core of the present credit problem those who control and corner the price of money. i.e. the banks. Remember the banks in NZ are owned by australian banks who are in turn owned by other overseas banks. Those overseas banks who are stockholders in the american Federal reserve control the price of the worlds money. They halved the cost of money in 2002 and now they have ratcheted it up by 50 percent. Now they want to drop it back down but its too late. It has never been about the cost of houses it has always been about the cost of money.

Regarding the Serious Fraud Office spin on business as usual I dont believe a word. Lets just have a moratorium on prosecutions. Not good for my business but hey lets deal with reality here rather than some facade of evil. Its all about the price of money. I am starting to repeat myself so I will sign out. Good luck everybody.

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