Very orderly opening in N Z but down 56 points ( so far ) !!
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Very orderly opening in N Z but down 56 points ( so far ) !!
I agree.
Same thing happened here when finance companies had so much money pouring in they had to find big borrowers.
Those big borrowers were property developers.
Result ..... disaster...
Lovely story of the poor guy who ran a finance company in ChCh.
Money pouring in.
Only a few people coming in to borrow a thousand or so.
Then he was over the moon when I guy walked in and wanted to borrow $2mil [on then Whaler's Inn ,Picton].
Welcomed with open arms...
No need to tell you the end result was ......You guessed....disaster.