Is it over for Rann?

[southee]

Good to see Mike off to Copenhagen to represent us on the world stage. I bet everyone will be champing at the bit to find out what Mike thinks. I hope they ask him how he's fixed the Murray problem

We do spend our taxes well

Jimmy Jimmy you of all people would know that your beloved Liberal party WHERE the biggest exploiters of tax payers coin

I think you would find the Liberals get the country financially good when they are in power....Labour just spend it and get us in the S**t again....its a vicious cycle!!!

[Gozu]

I think you would find the Liberals get the country financially good when they are in power....Labour just spend it and get us in the S**t again....its a vicious cycle!!!

Financially good is depriving the states (you know the actual country) of funds? Turn it up. Yeah bag Labor for not only saving us from a recession due to the GFC (our stimulus package is lauded by governments & economists the world over) but also returning a lot of that money to the people vs the Howard government who were the highest taxing government in history (right-wingers don't like to be reminded of that as it doesn't gel with their minimal/no tax ideology) and horded it.

[Dogwatcher]

Adelaide golf course driving restrictions

[redandblack]

Good to see Mike off to Copenhagen to represent us on the world stage. I bet everyone will be champing at the bit to find out what Mike thinks. I hope they ask him how he's fixed the Murray problem

We do spend our taxes well

Jimmy Jimmy you of all people would know that your beloved Liberal party WHERE the biggest exploiters of tax payers coin

I think you would find the Liberals get the country financially good when they are in power....Labour just spend it and get us in the S**t again....its a vicious cycle!!!

You're the master of the simplistic statement, mate.

Never mind the facts, just regurgitate the myth.


DW, that's a great sign, isn't it

[Psyber]

I think you would find the Liberals get the country financially good when they are in power....Labour just spend it and get us in the S**t again....its a vicious cycle!!!

Financially good is depriving the states (you know the actual country) of funds? Turn it up. Yeah bag Labor for not only saving us from a recession due to the GFC (our stimulus package is lauded by governments & economists the world over) but also returning a lot of that money to the people vs the Howard government who were the highest taxing government in history (right-wingers don't like to be reminded of that as it doesn't gel with their minimal/no tax ideology) and horded it.

That's the states' line. If you talk to the someone in the federal government they say they can give the states enough money - much more than there was in the pie before they GST - but they can't control whether they spend it appropriately or waste it.

[smac]

Gozu, no credit to the Howard Government for the state of the economy that was able to be defended from a recession? I agree that the stimulus package played a role, but to think it entirely is responsible is a little over the top.

[Gozu]

It played just a bit more than a "role" and the Howard government "only" left $20 Billion a portion of the amount needed (I'm assuming that is what you mean by "state of the economy" and not them magically engineering a mining boom courtesy of China) and I think we both know that Labor would've been borrowing that money regardless of how much the Howard government was sitting on when it lost office.

[Psyber]

I'm not convinced the stimulus package was either necessary, or did anything beyond the very transient.
It looks like another case of world hysteria, like Y2K and anthropogenic global warming, acclaimed by the financial beneficiaries.
I doubt Paul Keating would have thought it necessary, and I think he did make comment along those lines early in the sequence of events.

[redandblack]

Psyber, the results speak for themselves.

At least you mirror the conservative line on this.

Do nothing.

[Jimmy_041]

We were able to escape the worst parts of the GFC because our banking system is far superior -for one thing - we dont have non recourse housing loans.

The Liberals left a very financial sound economy and whether you like it or not, the Labor Govt could spend because of the state of the country's finances. The reason the US is so much in the $hit is because of the cost of their wars. They are going to eventually have to pay the piper

My view:

The infrastructure spending was worth it. Any spending on schools etc can only be good

The $930 (or whatever it was) was ill concieved and plain dumb, but I suppose half his voters are f###wits and loved losing it on the pokies

Why guarantee the bank with sovereign credit rating without getting something back. They should have REQUIRED the banks to pass on every bit of the rate cuts - very naive and average performance by Swan

I wouldn't give the States anymore money to pi$$ up against the wall. Time to turn into a republic and get rid of them

As for the last Liberal Govt being the biggest taxers in history - I really do get sick of hearing it - they said the same thing about every Govt since I can remember.

[mick]

We were able to escape the worst parts of the GFC because our banking system is far superior -for one thing - we dont have non recourse housing loans.

The Liberals left a very financial sound economy and whether you like it or not, the Labor Govt could spend because of the state of the country's finances. The reason the US is so much in the $hit is because of the cost of their wars. They are going to eventually have to pay the piper

My view:

The infrastructure spending was worth it. Any spending on schools etc can only be good

The $930 (or whatever it was) was ill concieved and plain dumb, but I suppose half his voters are f###wits and loved losing it on the pokies

Why guarantee the bank with sovereign credit rating without getting something back. They should have REQUIRED the banks to pass on every bit of the rate cuts - very naive and average performance by Swan

I wouldn't give the States anymore money to pi$$ up against the wall. Time to turn into a republic and get rid of them

As for the last Liberal Govt being the biggest taxers in history - I really do get sick of hearing it - they said the same thing about every Govt since I can remember.

Good summary Jimmy

[smac]

It played just a bit more than a "role" and the Howard government "only" left $20 Billion a portion of the amount needed (I'm assuming that is what you mean by "state of the economy" and not them magically engineering a mining boom courtesy of China) and I think we both know that Labor would've been borrowing that money regardless of how much the Howard government was sitting on when it lost office.

No, by state of the economy I meant state of the economy. Interest rates couldn't be cut if they were too low (which the current climate proves is unsustainable), the surplus is more than "only" $20B, that's a considerable amount of money regardless of what you want to spend. Unemployment didn't become a major economic concern because it was in hand.

There are many number of things that indicate the Rudd Government had something to work with. Surely you can admit to that?

[southee]

We were able to escape the worst parts of the GFC because our banking system is far superior -for one thing - we dont have non recourse housing loans.

The Liberals left a very financial sound economy and whether you like it or not, the Labor Govt could spend because of the state of the country's finances. The reason the US is so much in the $hit is because of the cost of their wars. They are going to eventually have to pay the piper

My view:

The infrastructure spending was worth it. Any spending on schools etc can only be good

The $930 (or whatever it was) was ill concieved and plain dumb, but I suppose half his voters are f###wits and loved losing it on the pokies

Why guarantee the bank with sovereign credit rating without getting something back. They should have REQUIRED the banks to pass on every bit of the rate cuts - very naive and average performance by Swan

I wouldn't give the States anymore money to pi$$ up against the wall. Time to turn into a republic and get rid of them

As for the last Liberal Govt being the biggest taxers in history - I really do get sick of hearing it - they said the same thing about every Govt since I can remember.

Well said Jimmy. Like I said, Liberal leave the ecomony in a good state. Labour spend.....and yes Red and Black I am the master of "the simplistic statement". Unlike the SPIN the Labour party put on things!!! Wait a few years and that "so called" stimulus package is something we will all be paying for and our children too!!!

[Psyber]

Psyber, the results speak for themselves.
At least you mirror the conservative line on this.
Do nothing.

It was also Paul Keating's line in late 1987 when share portfolios dropped 40% rapidly, and housing prices fell over, leaving banks in a similar situation.
If anything Australian banks were in a worse position than this time around - especially the State Banks in SA and Victoria.
I was glad I'd managed to see it coming and sold out just before it happened as I was carrying property finance at over 14% at the time.

[redandblack]

You're a financial genius, Psyber.

I've never known you not to predict events brilliantly.

[Jimmy_041]

You're a financial genius, Psyber.

I've never known you not to predict events brilliantly.

Almost as good as that superstar Paul Keating - the Placido Domingo of economics

My 3 all time favourites

This is the recession we had to have
"The Reserve bank dance to the tune of my music" (and then interest rates went up to 18 - 19%)
L.A.W.

[Psyber]

You're a financial genius, Psyber.
I've never known you not to predict events brilliantly.

All joking and teasing aside, I've worked at watching the trends, and it has become second nature.
I don't claim it as genius or brilliance - just application, and watching the recurring patterns that are there.
Occasionally, I've bailed out too soon and sometimes a touch late - but I've avoided the big losses that come with missing the trend altogether.
Sometimes I've been too cautious and missed an opportunity - but I go with the odds and don't regret missing the ones that depended on pure luck.

My older sister was in business and I learned from her by going to work with her in school vacations when I was about 12 through to about 14.
She left school at 16 and made herself a millionaire through hard work and wise investment - and kindly left most of it to me as she didn't have children.
I've also been on the finance committees of a couple of moderately large organisations like the AMA - in that case appointed after they made their losses following Bank SA's advice in 1987.

PS: I had my finance as low as 14% at the time because I'd realised 90 day bank bills were several percentage points lower than other finance sources at the time and was using them.
I also cashed in my 930 Turbo in 1987 while I could get 40% more than I'd paid for it - people had given up business investment and were buying tax deductions which became a rising commodity.
[So Paul Keating did me a favour there - the only good he ever did - except perhaps suggesting the GST.]

[redandblack]

You're a financial genius, Psyber.

I've never known you not to predict events brilliantly.

Almost as good as that superstar Paul Keating - the Placido Domingo of economics

My 3 all time favourites

This is the recession we had to have
"The Reserve bank dance to the tune of my music" (and then interest rates went up to 18 - 19%)
L.A.W.

Yes, they were goodies.

Some of my favourites are:

"There will never, ever, be a GST"

"They have a stockpile of nuclear weapons".

"They threw their children overboard".

[Jimmy_041]

You're a financial genius, Psyber.

I've never known you not to predict events brilliantly.

Almost as good as that superstar Paul Keating - the Placido Domingo of economics

My 3 all time favourites

This is the recession we had to have
"The Reserve bank dance to the tune of my music" (and then interest rates went up to 18 - 19%)
L.A.W.

Yes, they were goodies.

Some of my favourites are:

"There will never, ever, be a GST"

"They have a stockpile of nuclear weapons".

"They threw their children overboard".

The people got to vote on the L.A.W. and GST

The L.A.W. was then withdrawn - Keating was a shiester

[redandblack]

Mate, they all say one thing and then do another.

They're politicians.

They're all much the same, regardless of party, when it comes to telling porkies.