Australians are as gullibly stupid as Americans!

[Guest]

And ironically mining is teh only thing that keeps you and I working today.

No. It is the diversion of resources from agriculture and manufacturing to the mining boom, and massive migrant intake specifically for the mining boom, that will eventually lead to massive unemployment when the boom busts.


http://www.theaustralian.com.au/busi...-1226013741958

McKibbin warns our export prices are likely to fall as the global expansion of mining capacity catches up with Chinese demand and as the commodity bubble pops. At the same time, rising global inflation would push up import prices, push down the dollar, feed domestic cost-of-living pressures and challenge the Reserve Bank's 2-3 per cent inflation target amid an ongoing mining investment boom. Our terms of trade could reverse sharply as export prices fall and import prices rise.

And rising global interest rates in response to higher inflation would hit credit-inflated asset prices that are yet to fully correct, perhaps including Australian house prices. "As interest rates go up, a whole bunch of assets and balance sheets get crunched, so I am not optimistic it will work out well," McKibbin says.

If that happens, Australia will wish that both the Howard-Costello and Rudd-Gillard governments had saved some of our terms of trade bounty into a budget reserve fund, partly invested offshore as a hedge against our terms of trade bubble. Australia similarly will regret Julia Gillard's job market re-regulation, which will make it harder for the Reserve Bank to keep the new global inflation shock at bay.

[melon....]

No. It is the diversion of resources from agriculture and manufacturing to the mining boom, and massive migrant intake specifically for the mining boom, that will eventually lead to massive unemployment when the boom busts.


http://www.theaustralian.com.au/busi...-1226013741958

Where's Costello when you need him..... the future fund was on the right track.

[Guest]

Where's Costello when you need him..... the future fund was on the right track.

Somewhat ironic the Future Fund was setup by the person whose policies ruined our economy with massive debt and asset bubbles, and now managed by the person whose reckless lending standards facilitated the same massive debt and asset bubbles.

[Guest]

Somewhat ironic the Future Fund was setup by the person whose policies ruined our economy with massive debt and asset bubbles, and now managed by the person whose reckless lending standards facilitated the same massive debt and asset bubbles.

Costello didn't force people to take on debt. People have responsibility to choose to take on debt or not take on debt.

[Guest]

I never thought that I would look upon Tony Abbott as a savior of anything, let alone of this country. He is the only thing standing between us and the worst economic disaster since the great depression.

I am convinced, finally, that Julia Gillard does not have the best interests of this nation within her mind. And that frightens me.

It's either that or that dipsomaniac Tony Windsor, who has hated the coalition since he was picked up for drunk driving in 1991 and the Nats dis-endorsed him has a coronary occlusion or Hematemesis gets him.

And all the while that smarmy, "mommy don't leave me" clown Malcolm Turnbull is out there whiteanting and trying to destabilize Abbott.

And he only wants a carbon tax (yes, a tax on a non-radioactive, non-toxic, non-pollutant) so his buddies at Macquarie bank can invest in the buying and selling of credits to buy Carbon Dioxide.

If the majority of the people in this country weren't laid back, dope smoking surfers then Julia and her destructive band would have gone the way of Hosni Mubarak by now. Maybe we should rope the Muslim Brotherhood in the help us, they've got a branch here in Sydney.

Lol now theres a thought

The protest marches are being organised as we speak stay tuned for details

[Guest]

Lol now theres a thought

The protest marches are being organised as we speak stay tuned for details

I'm almost tempted to break out my old Jack Mundey green bans shirt and join in.

[Guest]

Costello didn't force people to take on debt. People have responsibility to choose to take on debt or not take on debt.

During the GFC who had to take responsibility for all the reckless debt levels? The borrowers? The banks? or did the government have to intervene with government guarantees to ensure banking stability?

Much like yourself, the Howard/Costello government and the banks all made the same assumption. "We are different".... "our loans are recourse"... "our banks are safe"... "it is not our problem".

[Guest]

Make no mistake, if America is even mildly accosted by an upcoming economic downturn then we'll be anally raped and murdered.

As America, thanks to Barack Obama, is about to die financially...then we're in a bit of trouble.

The tragedy is, and it pains me to even admit this, Peter Costello may have been the only person capable of saving the silverware.

I mean we have Joe "Falstaff" Hockey on the libs side and that incompetent, morally bankrupt, treacherous (who'd want him as a mate) bastard Swan in the government.

Maybe we could be saved by Malcolm Turnbull if someone could get his missus to give back his balls.

[Guest]

During the GFC who had to take responsibility for all the reckless debt levels? The borrowers? The banks? or did the government have to intervene with government guarantees to ensure banking stability?

Much like yourself, the Howard/Costello government and the banks all made the same assumption. "We are different".... "our loans are recourse"... "our banks are safe"... "it is not our problem".

I thought we were talking about personal debt?

You cannot blame Costello for that?

As for the GFC I suspect our lending standards were far from perfect but they were obviously better regulated than pretty much any other country and the Howard government has to take some credit for that.

[Guest]

I thought we were talking about personal debt?

You cannot blame Costello for that?

As for the GFC I suspect our lending standards were far from perfect but they were obviously better regulated than pretty much any other country and the Howard government has to take some credit for that.

Hence the title of this thread

[stephenj]

so essentially its all the fault of the greedy miners for not paing a super profits tax? why dont we just go nuclear for power in australia , save a heap of carbon, cut the power costs to consumers and tell rest of the world to do their own jihad? we could always tax the illegal boats? i cant believe in a moment of madness i maid such right wing statements?

[Guest]

Make no mistake, if America is even mildly accosted by an upcoming economic downturn then we'll be anally raped and murdered.

As America, thanks to Barack Obama, is about to die financially...then we're in a bit of trouble.

The tragedy is, and it pains me to even admit this, Peter Costello may have been the only person capable of saving the silverware.

I mean we have Joe "Falstaff" Hockey on the libs side and that incompetent, morally bankrupt, treacherous (who'd want him as a mate) bastard Swan in the government.

Maybe we could be saved by Malcolm Turnbull if someone could get his missus to give back his balls.

What? Sorry to burst your bubble, but it wasn't Obama who through America into trillions of debt. It wasn't Obama who deregulated the banking industry that lead to the banking collapse the GFC and the need for a multi billion dollar bail out.

Get a clue.

Chook.

[melon....]

so essentially its all the fault of the greedy miners for not paing a super profits tax? why dont we just go nuclear for power in australia , save a heap of carbon, cut the power costs to consumers and tell rest of the world to do their own jihad? we could always tax the illegal boats? i cant believe in a moment of madness i maid such right wing statements?

You made frequent use of the word TAX. Make no mistake this was a leftist rant.

[melon....]

Somewhat ironic the Future Fund was setup by the person whose policies ruined our economy with massive debt and asset bubbles, and now managed by the person whose reckless lending standards facilitated the same massive debt and asset bubbles.

Whoa Whoa slow down on the brain washed Cult talk!!
All I can say now is this.....DEFICIT. POVERTY. Live it Breathe it coz you voted for it.

[Guest]

What? Sorry to burst your bubble, but it wasn't Obama who through America into trillions of debt. It wasn't Obama who deregulated the banking industry that lead to the banking collapse the GFC and the need for a multi billion dollar bail out.

Get a clue.

Chook.

It was Clinton and Bush

But Obama has been the bankers best friend too