Glenn Stevens has just cut rates by 1%. The biggest cut since 1992, the Keating horror years.
Why the drastic reversal now? It's almost like the present economic difficulty was unforseen by him. Sorta took him by suprise. That's bad for a econobrainic isn't it? hmm
But hang on. This crisis started in August last year.
Stevens increased interest rates FOUR TIMES since August last year!!
Sep 2 2008 25bps down 7.00pc
Mar 4 2008 25bps up 7.25pc
Feb 5 2008 25bps up 7.00pc
Nov 7 2007 25bps up 6.75pc
Aug 8 2007 25bps up 6.50pc
As i recall the first one just before the crisis hit, at that point Stevens failed to foresee it.
Since then he's failed to see whats right in front of his goddam eyes!
There was never any need to increase interests rates since August last because this danger was always coming our way, and our economy was never expanding out of control, except in ALP propaganda.
Showing posts with label financial crisis. Show all posts
Showing posts with label financial crisis. Show all posts
Tuesday, October 7, 2008
Is Australia the most Capitalist, and therefore safest, country in the world?
That is the questions I asked myself as i read this great piece in the OZ about how regulation of capital markets always fights the last crisis, and risks making the next one worse.
The author Johan Norburg directly contradicts Rudd.
I learned that America has loads of regulation already. I had heard of the mark-to-market rule when accounting asset values, which devalues all companies balance sheets every time there is a stock market dip (even though they have no intention of selling anything). But I did not know about how much regulation started under FDR's New Deal after the depression, and persisted for so long. Note the Fannie Mae was created as part of the New Deal, to give loans to people who cant afford it which led to the current crises now, over 60 years later!
As far as i'm aware Australia is free from all this Socialist hocus pocus.
You little rippah! We can be proud we are at the forefront of Capitalism - that force which makes everything happen.
The author Johan Norburg directly contradicts Rudd.
I learned that America has loads of regulation already. I had heard of the mark-to-market rule when accounting asset values, which devalues all companies balance sheets every time there is a stock market dip (even though they have no intention of selling anything). But I did not know about how much regulation started under FDR's New Deal after the depression, and persisted for so long. Note the Fannie Mae was created as part of the New Deal, to give loans to people who cant afford it which led to the current crises now, over 60 years later!
As far as i'm aware Australia is free from all this Socialist hocus pocus.
You little rippah! We can be proud we are at the forefront of Capitalism - that force which makes everything happen.
Monday, October 6, 2008
The Geek speaks out against Capitalism
Tell me. Does this sound like an economic conservative speaking?
Rudd is the Reddest PM we've ever had, and a total lightweight.
He has written a column against Gordon Gekko, a fictional character created by Hollywood to parody Capitalism. No real person ever said "greed is good". Us capitalists dont say it. We dont think it. We know greed is overstepping the mark and will get you in the shit.
Rudd has his little knickers in a twist so bad about evil capiltalism he doesn't even bother to look up the facts about the current crisis before shooting off his gob.
He's so petulant and lazy. Like a spoiled teenager. "Whhhhaaaaaahhhhh. Those capitalists want me to do my homework. It's not faaaiiiir."
The fact is that, Capitalism is not at fault here. Socialism is.
Left to their own devices, the capitalists at the big US banks would never have lent to money to people who they knew could never pay it back. That's not greed. That's just common sense.
Rudd could read on this blog here and here the way the Left in America, specifically ACORN, forced banks to lend to people from minorities without jobs, assets, income or any form of security in the full knowledge that one day this would all come crashing down, so they could then turn around and say the Capitalist system has failed.
Sure the debt was packaged off in supposedly non-transparent instruments and that's how the risk was spread around the globe, but the problem was the government agencies Fannie Mae and Freddie Mac (big Democrat donors) gave the impression that the debt was government-backed and secure, when they had no intension of going guarantor for millions of home-owners and couldn't if they wanted to. The BS originated in the Socialist desire to make the the market "fairer", which distorted it's proper working.
You wont find a single capitalist arguing for less transparency. We want to know what we are buying. Once again that's not greed. Just sensible rational self-interest. The reforms needed to avoid this crisis were put forward by real economic conservatives like Bush in 2003 and McCain in 2005 (yes, even McCain is economically conservative compared to Rudd). The Socialists Democrats in congress blocked them.
Costello on insiders yesterday was very level headed and sober in his discussion of this, as has been Turnbull in recent interviews. Rudd's panic attack about Capitalism has shown him up to be anything other than an economic conservative. He's a died in the wool Socialist and unfit to run this country.
If Rudd keeps this BS up he wont be around for long.
Rudd's kind of not-quite-high-brow commie-talk has only ever appealed to a small minority of the Aussie public. Aussies dont like being ripped off, that's why they make good cautious un-greedy capitalists, and they know Socialism is the biggest rip off of all.
UPDATE: Expert Hypocrisy-spotter Tim Blair hits the nail squarely on the head:
Rudd is the Reddest PM we've ever had, and a total lightweight.
He has written a column against Gordon Gekko, a fictional character created by Hollywood to parody Capitalism. No real person ever said "greed is good". Us capitalists dont say it. We dont think it. We know greed is overstepping the mark and will get you in the shit.
Rudd has his little knickers in a twist so bad about evil capiltalism he doesn't even bother to look up the facts about the current crisis before shooting off his gob.
He's so petulant and lazy. Like a spoiled teenager. "Whhhhaaaaaahhhhh. Those capitalists want me to do my homework. It's not faaaiiiir."
The fact is that, Capitalism is not at fault here. Socialism is.
Left to their own devices, the capitalists at the big US banks would never have lent to money to people who they knew could never pay it back. That's not greed. That's just common sense.
Rudd could read on this blog here and here the way the Left in America, specifically ACORN, forced banks to lend to people from minorities without jobs, assets, income or any form of security in the full knowledge that one day this would all come crashing down, so they could then turn around and say the Capitalist system has failed.
Sure the debt was packaged off in supposedly non-transparent instruments and that's how the risk was spread around the globe, but the problem was the government agencies Fannie Mae and Freddie Mac (big Democrat donors) gave the impression that the debt was government-backed and secure, when they had no intension of going guarantor for millions of home-owners and couldn't if they wanted to. The BS originated in the Socialist desire to make the the market "fairer", which distorted it's proper working.
You wont find a single capitalist arguing for less transparency. We want to know what we are buying. Once again that's not greed. Just sensible rational self-interest. The reforms needed to avoid this crisis were put forward by real economic conservatives like Bush in 2003 and McCain in 2005 (yes, even McCain is economically conservative compared to Rudd). The Socialists Democrats in congress blocked them.
Costello on insiders yesterday was very level headed and sober in his discussion of this, as has been Turnbull in recent interviews. Rudd's panic attack about Capitalism has shown him up to be anything other than an economic conservative. He's a died in the wool Socialist and unfit to run this country.
If Rudd keeps this BS up he wont be around for long.
Rudd's kind of not-quite-high-brow commie-talk has only ever appealed to a small minority of the Aussie public. Aussies dont like being ripped off, that's why they make good cautious un-greedy capitalists, and they know Socialism is the biggest rip off of all.
UPDATE: Expert Hypocrisy-spotter Tim Blair hits the nail squarely on the head:
Kevin Rudd is complaining about “greed" and “extreme capitalism”. The challenge is to measure these things. Does capitalism become “extreme” when one amasses $20 million? Should a person who blows $10,000 per week renting a beachside apartment be considered “greedy”?
Wednesday, October 1, 2008
Obama and the Crisis (part II)
Man. This piece at AmericanThinker has gone for Obama harder than anything i've ever seen. Basically fills in all the details from the my prev post, and then some.
I'd always throught the lefties would ruin everything. I didn't know they are one record as doing it on purpose. I thought they were just thick.
Scary stuff.
I'd always throught the lefties would ruin everything. I didn't know they are one record as doing it on purpose. I thought they were just thick.
Scary stuff.
Friday, September 26, 2008
PM brings us international disgrace at UN
Rudd makes us all look like pig-ignorant stuck-up wankers with his ill-informed, sickeningly morally superior and basically communist speech to the UN against banking.
Rudd is lecturing the world on economics because of the global financial crisis. I wonder if they are offended, or they just dont give a shit.
Rudd's plan for banks:
One of the main aspects of Nazism and Communism is the breakdown of the rule of law. Its not enough to make sure you follow the rules. The courts cant protect you if you do. You have to please the right people. It's like living under a mafia gang.
Confusion over regulation, which is to say over-regulation with ambiguous or conflicting regulations, is the path to this unfreedom. Honestly, the Maoism in Rudd's thinking really spooks me.
This is Socialist demagoguery at it's worst - fit only for the likes of John McCain. A truly honest "economic conservative" would never dream of acting superior to capitalists.
Also an "economic conservative" would look up the economic facts before he shot of his mouth. This crisis was not caused by "greed" at all (for "greed" in Ruddese read "self-interest" in English).
Might I remind Rudd that the CREDIT CRISIS WAS CAUSED BY LEFTIES SCREWING WITH A CAPITALIST INSTITUTION SO THAT THEY COULD ACHIEVE THEIR SOCIALIST REDISTRIBUTION OF WEALTH BY UNDERHAND MEANS. IF LEFTIES COULD JUST LEAVE THE MARKET AS IT IS THERE WOULD BE NO CRISIS.
See my blog. And this FOXnews clip by way of explanation.
Oblivious to the disastrous consequences, Rudd fully intends to mess up the free market here and repeat Tony Blair's failed New Labor experiment here. Health and education are the areas as i've said. Why else would the OZ be reporting studies that say our health spending is (can't find link).
They're all in it together.
Commies! Everywhere!
Honey, get my gun. I just hope we can take a few down with us.
Yeeee-haw!
(note: that's exaggeration, but not irony. Note also i am not blogging much of late because i've broken the drought on my book. I'll try to get something up every couple of days. Pls stay tuned, dear readers)
UPDATE: in the last 5 minutes the headline at the OZ has gone from "Rudd lectures world on finiancial crisis" (or similar, the word "lectures" was definitely used - implying the Rudd is a tosser) to "Rudd urges big economies to lead reforms".
Does that sound more humble, master? Thank you, master.
(Note again: Only the bit about the gun was exaggeration. As you can see they really ARE all in it together)
Rudd is lecturing the world on economics because of the global financial crisis. I wonder if they are offended, or they just dont give a shit.
Rudd's plan for banks:
putting rules in place to ensure they are adequately capitalised and developing “internal incentives within institutions to promote responsible behaviour rather than unrestrained greed”.And just how do you propose that? I bet he can't think of one workable example of one rule that might be put in place to make this happen. He cant think in specifics . It's all "the vibe". Basically he wants bureacrats to look over the shoulders of capitalists and go "nah. i reckon that looks a bit greedy, mate. better tone it down.... or else."
One of the main aspects of Nazism and Communism is the breakdown of the rule of law. Its not enough to make sure you follow the rules. The courts cant protect you if you do. You have to please the right people. It's like living under a mafia gang.
Confusion over regulation, which is to say over-regulation with ambiguous or conflicting regulations, is the path to this unfreedom. Honestly, the Maoism in Rudd's thinking really spooks me.
This is Socialist demagoguery at it's worst - fit only for the likes of John McCain. A truly honest "economic conservative" would never dream of acting superior to capitalists.
Also an "economic conservative" would look up the economic facts before he shot of his mouth. This crisis was not caused by "greed" at all (for "greed" in Ruddese read "self-interest" in English).
Might I remind Rudd that the CREDIT CRISIS WAS CAUSED BY LEFTIES SCREWING WITH A CAPITALIST INSTITUTION SO THAT THEY COULD ACHIEVE THEIR SOCIALIST REDISTRIBUTION OF WEALTH BY UNDERHAND MEANS. IF LEFTIES COULD JUST LEAVE THE MARKET AS IT IS THERE WOULD BE NO CRISIS.
See my blog. And this FOXnews clip by way of explanation.
Oblivious to the disastrous consequences, Rudd fully intends to mess up the free market here and repeat Tony Blair's failed New Labor experiment here. Health and education are the areas as i've said. Why else would the OZ be reporting studies that say our health spending is (can't find link).
They're all in it together.
Commies! Everywhere!
Honey, get my gun. I just hope we can take a few down with us.
Yeeee-haw!
(note: that's exaggeration, but not irony. Note also i am not blogging much of late because i've broken the drought on my book. I'll try to get something up every couple of days. Pls stay tuned, dear readers)
UPDATE: in the last 5 minutes the headline at the OZ has gone from "Rudd lectures world on finiancial crisis" (or similar, the word "lectures" was definitely used - implying the Rudd is a tosser) to "Rudd urges big economies to lead reforms".
Does that sound more humble, master? Thank you, master.
(Note again: Only the bit about the gun was exaggeration. As you can see they really ARE all in it together)
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