Another one goes as Finance Industry collapses

Dorchester Pacific has become the 3rd finance company in a week to announce impending trouble and the 24th in two years to suffer.

We are now at the top end of finance companies and as of yesterday “Dodgy Dorchester” as the company is affectionately known was still advertising on radio.

Dorchester will withdraw its prospectus, effectively ending efforts to raise money from the public, and “will seek the approval of debenture-holders and note-holders to a deferred repayment plan, but with continued interest payments”. In other words, “We’re fucked, we just don’t know how fucked”.

The economy is tanking big time, faster than one can imagine. As petrol prices rise further then we will see a full blown recession. Yesterday driving around the city was actually a pleasant experience, there were no cars on the motorway. However no cars means no punters, means no sales, means business is suffering. More pain and suffering is on the way, and it is going to get very loud and very public.

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