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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?Just watching Conroy on the ABC and he appears to be some sort of fool. The entire government appears to be inadequate.
Brandis, Conroy lock horns over bank guarantee
Broadcast: 24/10/2008 Reporter: Leigh Sales
Any detail there MB?
Any worse than Nelson btw?
http://www.minister.dbcde.gov.au/biography
Minister for Broadband, Communications and the Digital Economy.
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.
See for yourself -
etc etcRegulators 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.
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]
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 ...
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.
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
MB surely you agree that the big 4 will certainly survive - hell they are getting a seriously inside run here...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.
correction - it was for $874K lol - she remembers it wellon the subject of Govt Guarantees .. the bank made her sign a PERSONAL guarantee for $500,000.
=2020hindsight;353948]MB surely you agree that the big 4 will certainly survive - hell they are getting a seriously inside run here...
sure lol -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 ?.
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.
"Any fool can criticize, condemn, and complain -- and most fools do." Dale Carnegie
Really... I always found her rather impressive, even if I never actually voted for Democrats.
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.
.
2020hindsight said: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?
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