Stephen Conroy is an idiot

[MrBurns]

Just watching Conroy on the ABC and he appears to be some sort of fool. The entire government appears to be inadequate.

 

[2020hindsight]

Just watching Conroy on the ABC and he appears to be some sort of fool. The entire government appears to be inadequate.

Any detail there MB?

Any worse than Nelson btw?

http://www.minister.dbcde.gov.au/biography
Minister for Broadband, Communications and the Digital Economy.

Last night's Lateline (24/10/08)

Brandis, Conroy lock horns over bank guarantee
Broadcast: 24/10/2008 Reporter: Leigh Sales

Transcript:-
http://www.abc.net.au/lateline/content/2008/s2400976.htm

Video:- George Brandis vs Stephen Conroy ... (warning 17 minutes..)
http://www.abc.net.au/lateline/

 

[MrBurns]

Any detail there MB?

Any worse than Nelson btw?

http://www.minister.dbcde.gov.au/biography
Minister for Broadband, Communications and the Digital Economy.

See for yourself -

http://www.abc.net.au/reslib/200810/r306570_1340366.asx

 

[2020hindsight]

Just taking the last few paragraphs of that transcript :-

I disagree that Conroy is an idiot -

I would agree that there is too much political point-scoring in incredibly difficult times

Mind you, I would also agree that Turnbull might have been right with the $100K cap (as if I'd know lol - but Turnbull seems to make sense when he explains it - unprecedented to have guaranttees uncapped etc) - but it remains to be seen if there are other ways to achieve this (?) - watch this space - and certainly there are major concerns about the frozen assets in investment funds (as we speak). Things will change a few times yet (you'd think). Fine tuning or Coarse tuning ? - time will tell.

GEORGE BRANDIS: Yes. And the Government's response to this crisis has been bungled.

First of all because the initial decisions were made hurriedly without a single minister, a single minister discussing the matter with either the Reserve Bank Governor or the head of APRA. That's the first point. [already disputed earlier by Conroy]

Secondly, as we know from Dr Henry's evidence last Wednesday, within 48 hours it had become apparent to the Government that the unintended consequences of the uncapped guarantee were causing a capital flight so the policy was starting to unravel.

Thirdly, we know that by last Friday, the Governor of the Reserve Bank, Mr Stevens, who described the Government as having gone round and round and round on this issue was calling for urgent action to be taken to settle the markets.

Fourthly, we know the Government equivocated in its response throughout the course of this week until finally, after delaying for seven whole days in response to Mr Stevens' urgent entreaties last Friday, after delaying and dithering for a week, it at last took action. That's the bungling of the policy response.

LEIGH SALES: Stephen Conroy, a right of reply there. Where do you start?

STEPHEN CONROY: Exactly.

GEORGE BRANDIS: Where do you start, Stephen? You've got a lot to answer for.

STEPHEN CONROY: Let's be clear: the economy and the financial system was facing the gravest of crises. It required swift and decisive action and that's what it got on the Sunday.

GEORGE BRANDIS: The problem, Stephen, is the action was swift but it wasn't decisive! You got it wrong!

STEPHEN CONROY: And on Wednesday, when Wayne Swan introduced the bill into the Parliament and as Ken Henry read out to George Brandis and to Eric Abetz and all the other questioners, he read out the second reading speech which said, "We will be fine-tuning, there will be other changes, there will be regulations." Wayne clearly indicated that there was more to come. You can't be more clear than that - in the second reading speech, in the Parliament.

So, what you then had was an Opposition so consumed by trying to score short-term political points for its own benefit, it put aside the national interest and decided to undermine the work which it had already committed to support at a bi-partisan level. This is an Opposition that is failing the test of leadership and particularly Malcolm Turnbull failing the test of leadership.

LEIGH SALES: Right, well, we mentioned at the start of the interview about whether or not bi-partisanship was still alive around this issue, and I'd say judging from tonight's discussion, probably not. Senator Brandis and Senator Conroy, many thanks for joining us.

 

[rederob]

See for yourself -

I watched it live: Conroy had little to say compared to Brandis.
Turnbull might be scoring some points with multimillionaires and a few offshore financial institutions, but not with mums and dads who now have security over bank deposits.
The issue of retail sector deposits is gradually being addressed as the implications of "guarantees" become evident.
The other front Turnbull is tackling relates to mortgage fund deposits. The opposition wants guarantees over mortgage fund deposits as well. The government is reluctant to state the obvious because it just won't sound good, however well intentioned. The obvious fact is that if it bails out deposits into mortgage funds it would need to also bail out "deposits" into equity funds.
How does the government say, in the nicest possible way, that when you greedily invested in someones debt (via a mortgage fund) you were taking a risk in order to be well rewarded. Now that "risk" is being accounted for. Should these investors be treated differently to those who put money into Opus Prime?
Rudd's team might not have all th answers, and they not be right for long in the present climate. I am certainly happier to be living through this financial crisis in Australia than anywhere else I can think of, as at least our government is reacting quickly.
Compare Rudd's decisiveness to Bush's on these issues and it's easy to see why the US is mired in its own mess.

 

[2020hindsight]

MB , I concede that
"Frozen investment funds" are a major concern - (also) requiring urgent action

http://www.abc.net.au/news/stories/2008/10/25/2400990.htm?section=justin

Regulators to probe frozen investment funds
Posted Sat Oct 25, 2008 12:22am AEDT
Updated 3 hours 20 minutes ago
The federal Treasurer has requested urgent advice from financial regulators about the freezing of billions of dollars in investment funds.

Wayne Swan has announced bank deposits above $1 million will attract an insurance fee if they are to be guaranteed.

But for the frozen investment funds sector, he has only foreshadowed action.

"The Government has requested ASIC to provide urgent advice in relation to retail investor hardship," he said.

He insists help is on the way for those investors in hardship.

etc etc

PS You want to see a TRULY idiotic statement - try this one from Truss :silly:
(Biggest decision Truss probably had to make was whether to support AWB post-calamity or not )
http://www.abc.net.au/news/stories/2008/10/25/2401128.htm

http://en.wikipedia.org/wiki/Warren_truss In September 2006, following the AWB kickbacks scandal, Truss and Vaile swapped portfolios, with Truss becoming Minister for Trade and Vaile taking the Transport and Regional Services portfolio until November 2007.[2]

 

[2020hindsight]

Brandis has a very aggressive style about him - Conroy less so, but still totally credible. They have confronted each other for years in Senate Estmates etc. Brandis claims Conroy was equally obstructionist / belligerent when their roles were reversed (Libs in power) - but as Conroy points out, "crisis" maybe makes the rules a bit different.

http://www.abc.net.au/lateline/content/2008/s2400976.htm

GEORGE BRANDIS: I don't have any problems at all with the notions that these questions were pursued in a penetrating manner. And may I say - now, I chaired that committee for five years during the Howard Government, Leigh, when Stephen Conroy was the lead Opposition spokesman on the committee. The level of alleged belligerence displayed by some Opposition senators on Wednesday was as nothing by comparison to what I've seen from Stephen for years on end towards witnesses, including Dr Henry in the same forum.

STEPHEN CONROY: This is in the middle - this is in the middle of the greatest economic crisis this country's faced since the Great Depression ...

Question...
Why aren't the Opposition privvy to briefings by RBA and Treasury?
Could it be that they would immediately blab to the press? i.e. would it really help the nation's cause? or just the Opposition's cause?

GEORGE BRANDIS: ... And may I say on behalf of the Opposition - I spoke to Mr Turnbull only an hour ago and I can say this - that we will continue - we wish to continue to approach this in a spirit of bi-partisanship, but we expect to be briefed. We were not offered briefings by Treasury, the Reserve Bank or APRA. We expect to be briefed in relation to the details of the legislation.

And the suggestion that the Opposition has been trying to score cheap political points rather than draw attention to the plainest shortcomings in this scheme which even Mr Swan acknowledged this afternoon is frankly beneath contempt.

 

[kitehigh]

When you look at his Bio it all becomes a lot clearer.

Biography

Senator the Hon Stephen Conroy was appointed Minister for Broadband, Communications and the Digital Economy in December 2007. He is also Deputy Leader of the Government in the Senate.

Passionate about the media and communications sector and about engaging with industry to foster innovation and growth, Stephen has had active involvement in the communications portfolio for six years””first as Senate representative for shadow communications spokesman Lindsay Tanner and then as shadow communications minister until the November 2007 federal election.

Stephen was appointed as a Senator for Victoria for the Australian Labor Party in 1996.

Previously he was an industrial officer and superannuation officer for the Transport Workers Union Victorian Branch from 1992 to 1996, a ministerial adviser to Victoria’s Minister for Industry from 1990 to 1992 and an assistant adviser to the Speaker of the House of Representatives from 1988 to 1990.

From 1986 to 1987, Stephen was an electorate officer for the federal Member for Canberra, consultant to the Minister for Science and Minister assisting the Minister for Industry, Technology and Commerce and electorate officer for the Minister for Home Affairs. He worked for the Metal Trades Industry Association from 1984 to 1986.

It looks like he has spent his entire career working working for the political system. Reminds me of another Politician namely Natasha Stott Despoja who never actually held down a real job. Instead graduating from Uni with a Bachelor of attendants BA and than going straight to work for the Democrats. I am glad to see the back of her.

 

[stockGURU]

This is why Stephen Conroy is an idiot: https://www.aussiestockforums.com/forums/showthread.php?t=12986

Conroy and the Labor party are bent on destroying the civil liberties of Australians.

Achievements of the Rudd Labor government so far:

1. The alcopop tax
2. Attempting to censor the internet

 

[MrBurns]

This is why Stephen Conroy is an idiot: https://www.aussiestockforums.com/forums/showthread.php?t=12986

Conroy and the Labor party are bent on destroying the civil liberties of Australians.

Achievements of the Rudd Labor government so far:

1. The alcopop tax
2. Attempting to censor the internet

I've got cash and no idea what the tax will be ...pretty sure the guarantee will not be honoured anyway if a bank gets in trouble and also just waiting for the train wreck that is Rudd & Co to say something stupid that will cause a run on one of the big 4, the way they're going that will be any day.

 

[2020hindsight]

I've got cash and no idea what the tax will be ...pretty sure the guarantee will not be honoured anyway if a bank gets in trouble and also just waiting for the train wreck that is Rudd & Co to say something stupid that will cause a run on one of the big 4, the way they're going that will be any day.

MB surely you agree that the big 4 will certainly survive - hell they are getting a seriously inside run here...

As for branches of the foreign banks ? - well presumably (I'm guessing right) that's up to their country of origin (?)

PS Is it the case that they'll just print enough AUD (monopoly money?) to cover "unlimited" security yes?

 

[2020hindsight]

:topic
lol - on the subject of Govt Guarantees .. (I am also a bit untrusting there in general) ..

example :- There have been Export Market Development grants over the years. Way back (in the 90's) I was a director of a company - we won a contract to export a heap of manufactured product - applied for EMD grant - long story short, the Govt sent a letter to the bank encouraging them to back us to the hilt, $500K whatever - but still charge whatever interest they felt like lol ..

However the directors had to personally guarantee as well / in parallel ...

and lol - since my wife was a co-owner of our house, and the house was second-mortgaged to the bank to support the business - the bank made her sign a PERSONAL guarantee for $500,000.

Needless to say she was extremely pleased we won that contract lol. Still, we kept a stack of blokes employed for a while - even if we directors didn't do so well.

 

[2020hindsight]

on the subject of Govt Guarantees .. the bank made her sign a PERSONAL guarantee for $500,000.

correction - it was for $874K lol - she remembers it well

 

[MrBurns]

=2020hindsight;353948]MB surely you agree that the big 4 will certainly survive - hell they are getting a seriously inside run here...

Not certain of whats ahead almost anything can happen they may survive but they may freeze our cash to do so, I really don't know - would you bet a million bucks on it ?.

 

[2020hindsight]

Not certain of whats ahead almost anything can happen they may survive but they may freeze our cash to do so, I really don't know - would you bet a million bucks on it ?.

sure lol -

I qualify for that old quote ...
"if you owe the bank $100,000 you have a problem ...
if you owe the bank $1,000,000, THEY have a problem

 

[LM]

"Any fool can criticize, condemn, and complain -- and most fools do." Dale Carnegie

 

[Nashezz]

It looks like he has spent his entire career working working for the political system. Reminds me of another Politician namely Natasha Stott Despoja who never actually held down a real job. Instead graduating from Uni with a Bachelor of attendants BA and than going straight to work for the Democrats. I am glad to see the back of her.

Really... I always found her rather impressive, even if I never actually voted for Democrats.

"Any fool can criticize, condemn, and complain -- and most fools do." Dale Carnegie

hehe

 

[Pronto]

The real complaint should be that almost none of the background or action taken by the government during this 'crisis' has been debated fully in the parliament.

The PM (and the hapless Swan; a man clearly out of his depth) have acted by administrative fiat and releases through the media.

 

[kitehigh]

Really... I always found her rather impressive, even if I never actually voted for Democrats.

Yes ,, I didn't find her impressive, quite the opposite in fact.

At least we can still complain,, it will be a sad day when we can't because of an overbearing Govt. Check out the other thread: https://www.aussiestockforums.com/forums/showthread.php?t=12986

 

[moXJO]

The real complaint should be that almost none of the background or action taken by the government during this 'crisis' has been debated fully in the parliament.

.

This is a major problem in my view, and one that is being overlooked.

but as Conroy points out, "crisis" maybe makes the rules a bit different.
Question...
Why aren't the Opposition privvy to briefings by RBA and Treasury?
Could it be that they would immediately blab to the press? i.e. would it really help the nation's cause? or just the Opposition's cause?

While I like labor acting fast I would also like to know exactly what’s been going on behind the scenes. I do not think that just because of a crisis they can try any ill conceived idea they can come up with (anyone keeping count?).

2020 are you saying we should be kept in the dark? Surprising statement from you I could care less whether opposition is points scoring. Being informed of what is going on is more important. And so far labor is far more guilty of wasting time in parliament trying to dodge the issues.Not that I am that impressed with TBull performance either.

You know you won’t turn into a pillar of salt if you say one bad thing about labor.