Comments on: Spin of the Year Award

By: Up The Workers!

Up The Workers! — Sat, 08 Dec 2012 02:18:18 +0000

Wayne Swan is so knowledgeable about international finance and economics, he still believes that the “G.F.C.” is a famous fried chicken store run by a geriatric little bloke with a white suit, hair and beard.

“Finger lickin’ Good!”

By: .

Sat, 08 Dec 2012 00:33:50 +0000

Winning indeed.

Numbers has also used Judith’s grandchild to point out how awesome public hospitals are and how private sector specialists are evil for taking holidays.

He also pointed out using a child’s birth to make a political point was low rent.

I wonder if Swan and Wong thought if they sacked 1/10 of the DECC they could save money and up chemotherapy subsidies?

By: Winnedge

Winnedge — Sat, 08 Dec 2012 00:30:28 +0000

” this week the final accounts were released for last financial year showing another deficit of $43.7 billion.

Yet the government members were congratulating themselves when Swan and Finance Minister Penny Wong announced that the latest figure wasn’t quite as bad as the $44.4 billion predicted just five months ago”

Well Done Penny and Goose!

They will save another $40 Million this year as they withdrew funding for some chemotherapy treatment centres!

By: Andrew

Andrew — Fri, 07 Dec 2012 23:24:48 +0000

Wasn’t it that $900 cash splash that put a blip in the retail sector for one month, which prevented what was called at the time, a “technical” recession?

You know, that stimulus we’re still paying off.

You know, the stimulus where consumer spending barely increased once it people’s pockets. Judith Sloan writes a very good piece on the fiscal stimulus a couple of weeks ago.

http://www.theaustralian.com.au/opinion/columnists/governments-fiscal-stimulus-a-dud/story-fnbkvnk7-1226505621262

By: .

Fri, 07 Dec 2012 22:47:52 +0000

When falling income means you are no longer able to service that debt it can cause a few financial problems.

Aha we serviced it with both falling real incomes and then falling real and nominal incomes.

Eddie Groves lost his portfolio, schmucks kept their houses, and the RBA accommodated banking (which doesn’t require inflation). The shit banks got bought out.

So no, sdfc.

By: johno

johno — Fri, 07 Dec 2012 20:59:15 +0000

For those who are interested, here is a link to Australia's Treasurers Do you think the Labor Party's Cassidy had given any thought to Chris Watson (1904), Andrew Fisher (1908-1909, 1910 -1913, 1914- 1915) or William Higgs(1915-1916) when he made his ridiculous claim? Or does he think that the Labor Party only started with Whitlam?

By: Blogstrop

Blogstrop — Fri, 07 Dec 2012 20:15:46 +0000

And like most of the media claque, don’t mention the debt unless you do so in softening terms like “it’s relatively low in percentage of GDP terms compared to … Well, several EU countries.”
Under no circumstances mention how many years it would take of an annual 10 billion surplus to pay it off and meet the the accumulating interest burden.

By: sdfc

sdfc — Fri, 07 Dec 2012 12:59:51 +0000

Dot

Cue sdfc with his hysterical private debt equal to 160% as a proportion of GDP deal.

When falling income means you are no longer able to service that debt it can cause a few financial problems.

By: The Beer Whisperer

The Beer Whisperer — Fri, 07 Dec 2012 11:55:44 +0000

“We’d be a lot better off in the long run if there had been a recession already.
The longer you put these things off, the more drastic they are.”

You betcha. Before systematic government intervention, recessions were routine but short. Do we really want decades of recessions rolled into one, dragged out painfully for years? Many believe if to be the mother of all recessions when the SHTF. QE infinity will have us all fucked eventually.

By: John A

John A — Fri, 07 Dec 2012 11:35:39 +0000

“The simple rule of thumb is that when the economy needs a stimulus, then running a deficit is one of the best levers to pull.”

HAHAHAHAHAHA! Don’t give up the day job, though, Barrie (err, sorry, maybe you should, so you can experience the real world of economic hardship).

The problem with a lot of rules of thumb is that they are good only for a hitch-hikers ride – short distance, destination unknown, company uncertain.

Are we old enough to recall Frank Ifield “I’ve been everywhere!”?