(A mortgagor’s lament)
Banksters lending into a bubble
was a recipe for trouble,
but their lending bravado
sent prudence out the window
as they led Australians astray
with mortgages they couldn’t repay.
Now bank CEOs have government’s ear
in promoting the fear
that they are too big to fail.
And “We’re not overpaid!” they wail
as the frauds they’ve perpetrated
leave mortgagors devastated.
It has always seemed to me
this happens too regularly,
so maybe the Henry Tax Review
should be listened to
in saying we need an all-in land tax.
That would keep bubble mortgages off our kids’ backs!
Land prices have proved to be a phantom,
that come and go with abandon;
and for such a wraith,
it is a misplaced faith
on which we securitise bank loans
but can’t foresee mortgagors’ despairing groans.