Here we go again
I haven’t been this worried since the Whitlam years as Rudd, having rid himself of the Fiiscal Conservative lie, spends our future with gay abandon.
Malcom Turnbull starts a fight that will leave him less than popular, but at least he is questioning the magnitude of Rudd’s largesse, as do I.
“In four years, net debt will be $70 billion, around $3300 for every man, woman and child, and the Government has asked for the right … to borrow up to $200billion — $9500 for every man, woman and child in Australia.That could make it a long haul back for the next Coalition government. I like this piece of skepticism from the The Wall Street Journal Asia
LOCAL governments will see $500 million to “support large strategic projects” including “town halls, community centres and sport and recreation facilities”. Presumably this is so all the newly unemployed can meet and reminisce about the times when they used to have jobs.Pink Bat companies,Town Hall builders and plasma TV retailers are looking good but that doesn’t quite cover the economy and the jobless queues are just going to get longer. Peter Costello talks to Tony Jones about Rudd’s becoming a born again socialist;
When Rudd says, “This has failed for 30 years,” I mean, he’s not only condemning me and the Coalition government, he’s condemning Hawke-Keating, presumably, because they were part of the last 30 years. He’s presumably condemning Fraser. If you want to go back 30 years — and he says the last 30 years have been a failure — who do you end up with? Surprise! Surprise! Oh, it’s Gough Whitlam! It’s Gough Whitlam! Now, Mr Rudd says social democracy’s gotta rescue capitalism from itself. And I suppose we’re lucky that the world has Kevin Rudd to rescue the world capitalist system. Maybe after he’s rescued the world capitalist system, he could move on to solving the Middle East, which undoubtedly he will.Maybe Rudd could take Gareth Evans and Cheryl Kernot with him to the Middle East when he goes to sort out the problems. It would make it quieter, and safer here.
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I think its safe to say that we are living in interesting times… and not in a good way.
In the final analysis, anything that Rudd (or anyone else in government) does is tinkering around the edges. The magnitude of this collapse is not well understood even by those wingnuts who caused it.
They are fiscal terrorists with as much moral sense as Al Quaida. Free market fundamentalism is just as dangerous as pseudo-Islamic fascism, and it’s damage will endure longer and effect more innocent people. They have succeeded in bringing down the international financial community, something that OBL failed at on 9/11.
The most dangerous people are fundamentalists, whether they be Christian, Islamic, traders or politicians.
George Pell made some interesting remarks on radio this morning. He puts the current disaster down to selfishness and unbridled greed. I don’t often agree with Pell – but I think he’s nailed it this time. You wonder about the ethics of individuals who lent money to people knowing damn well they weren’t able to pay it back, and then parceled the debt up and sold it on.
To my way of thinking, Gitmo should remain open, and these “Masters of the Universe” shipped there ASAP. They could join their fundamentalist colleagues and discuss the state of the world with them. They deserve each other.
You may have a point there 17 et al and Bernard Madoff should be in the front of the queue for water boarding!
You also have to wonder about the ethics of the people who told them they could borrow the money and set up the conditions that forced the banks to loan it to them.
I’d also question the sanity of people who borrowed the money without a job or any assets to back them.
Once you know the system has been corrupted by insane regulation (see NINJA loans), what can you do but loan the money out and take the profit?
Rudd isn’t tinkering around the edges, he is digging a hole that will take a decade to get out of and all to be seen to be doing something, “pump priming” the economy doesn’t work (if you give someone $1000 and say “spend it”, they will, but it will only help for a week or two, then it is gone). Since the last lot of economic “stimulus” had little effect (aside from trashing our surplus), why do it again?
“Once you know the system has been corrupted by insane regulation (see NINJA loans), what can you do but loan the money out and take the profit?”
You can behave as an ethical trader and not lend and not take the profit. To do so was theft, dressed up as smart practice.
Given the prevaling market culture (which will no doubt survive this debacle) “ethical” did not compute. It will happen again, and next time no doubt my kids will take the fall.
They could show Ned Kelly a thing or two – at least Kelly was honest about what he was doing.
It was, for all intents and purposes, illegal NOT to loan the money out to NINJA applicants, the directors of a bank have a duty to stay in business and make a profit for their shareholders, that, unfortunately for the self righteous, was the ethical move.
Don’t worry, your kids are already going to take the fall for KRudds stupidity and desperation to be seen to be doing something.
A 40 billion dollar turnaround in one year and 3 more to go, your kids have a rather long fall ahead of them.
Congratulations to all the fools who thought that a vote against John Howard was a safe move. its going well so far. isn’t it?