I am glad it didn't pass, but from what I read, it was all because of the politics rather than the economy. I am now convinced that neither side has any idea what is going on.
When did they have any idea? Not in my short lifetime thats for sure. Heard an interesting quote in a song that applies to the ASF community IMO: "[We] see the strings that control the system". Pity the average person doesn't...
it assumes we have a "debt problem".All I want to hear is for one person, just one person to come out and say "No, we cannot solve a debt problem with more debt"
it assumes we have a "debt problem".
We don't, yet.
Furthermore, we don't have problem of "our" making.
We have inherited a malaise of global proportions, and there's no way of avoiding it.
The only real concerns with present events relate to duration and intensity.
Global fiscal stimuli have a chance of getting most economies out of recession. The combined effects could return markets to a semblance of rationality that, in time, will lead to "growth".
Are you kidding me?
The reserve bank and APRA have all the authority they need to enforce lending standards. But people were allowed to buy homes with 5% down payment, then subsequently allowed to borrow against their mortgage to buy cars and televisions. All under the assumption that the property bubble was sustainable. When the property boom was coming to an end, the government introduced the first home buyers grant to artificially inflate demand. And we willingly supported it... so it is very much a problem of "our" making.
This is where i dnt understand politics and all the stupid posturing that goes along with it? How is he, or anyone, risking things (and what is he risking?) by voting no to something he doesnt like/agree with?
You are confusing Australia with the US mate! The problems Australia face are SQUARELY due to the drop off in demand from our trading partners for our exports + overseas sourced financing issues for our businesses, combined with a pull back in consumer spending due to falling confidence. Nothing to do with local consumer debt due to people buying cars with money they paid off their mortgages etc! Our mortgage default rates are MINISCULE!
Sure drop in exports is a part of it, but the problem here is the same as the US and the rest of the world. We had an economy that relied on debt borrowed against assets that were assumed to be inflating. Mortgages is just an example. You can substitute it with iron ore if it makes more sense to you.
And FYI, overseas sourced financing does not actually contribute to our GDP. It may keep businesses afloat for longer but in the end it just adds more debt.
Phillip Coorey
February 14, 2009 - 10:52AM
The Rudd Government has saved its $42 billion stimulus package by cutting a deal with the South Australian Senator Nick Xenophon.
Details are yet to emerge but smh.com.au understands an announcement is imminent and the revised package will be rushed into the Senate.
The Treasurer Wayne Swan met with Senaton Xenophon separately twice this morning, who yesterday joined the Coalition to oppose the package because the Government would not give him almost $6 billion to spend immediately on the Murray-Darling Basin.
Looks as though Xenophon got some sort of a deal
http://www.smh.com.au/national/42b-...-cuts-a-deal-with-xenophon-20090213-86jw.html
I do hope something positive will be done with the Murray; and I don't quite understand why Labor was so hesitant as to bring forward the money anyway. If the money had already been earmarked, what difference does it make? If it would help to save local economies, it would also have a stimulus effect.
it assumes we have a "debt problem".
We don't, yet.
Furthermore, we don't have problem of "our" making.
We have inherited a malaise of global proportions, and there's no way of avoiding it.
The only real concerns with present events relate to duration and intensity.
Global fiscal stimuli have a chance of getting most economies out of recession. The combined effects could return markets to a semblance of rationality that, in time, will lead to "growth".
The alternative is a waiting in the wings, fully fledged, depression.
Our fiscal stimulus may not get through in the Nick of time.
And that won't change until the four state and federal governments come to terms with the fact that what the Murray/Darling basin needs is more water and something resembling an overall sustainable management plan.Only one thing is for certain atm. The river IS turning to powder and the water reserves ARE going dry.
And that won't change until the four state and federal governments come to terms with the fact that what the Murray/Darling basin needs is more water and something resembling an overall sustainable management plan.
Without that the federal government might as well throw it's (sorry, our) money into the drying bed of Lake Alexandrina and let the wind blow it away.
Pray for rain.
What if the politicians focused on engineering solutions to harvest more rain and the greens focused on the efficient, sustainable use of water ?But now it is even too late for that. We have passed the point of no return.
But now it is even too late for that. We have passed the point of no return.
http://www.abc.net.au/news/stories/2009/02/16/2492135.htmJapanese economy to shrink by 10pc
By North Asia correspondent Mark Willacy
Posted 55 minutes ago
Updated 56 minutes ago
Japan is set to launch a fresh stimulus package, as economic figures out later today are expected to show the world's second largest economy has contracted by 10 per cent.
The Government has already spent over a $1 trillion trying to weather the global financial crisis.
Japan's Yomiuri Shimbun newspaper and public broadcaster NHK are reporting that the Government is now planning to inject $165 billion into the economy.
The stimulus package is likely to target public projects such as airports, highways and schools.
Later today Japan will release its gross domestic product figures for the last quarter of 2008, with economists expecting it to show the economy has contracted by more than 10 per cent, a sharper rate of decline than in any other major economy.
Too bad Krudd doesnt speak Japanese as well, he might have learned something before he started throwing our money around like a mad person -
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