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"It is not a perfect measure, but it suggests residential property investor activity could have halved over the last decade."

by Greg Ninness

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Underwriting loans

PGC to underwrite NZ$25 mln

PGC to underwrite NZ$25 mln of bad loans at Marac

15th Feb 09, 12:50am

by Bernard Hickey

PGC to underwrite NZ$25 mln of bad loans at Marac

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One of the saddest lessons of history is this: If we've been bamboozled long enough, we tend to reject any evidence of the bamboozle. We're no longer interested in finding out the truth. The bamboozle has captured us. It's simply too painful to acknowledge, even to ourselves, that we've been taken. Once you give a charlatan power over you, you almost never get it back.

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