I do see your point Chris, and I'd agree that to insinuate corruption for an economy-priority-based decision (including a bad one) would be excessive.

But I still have my doubts overall- though not over the coal tax backflip as it was a logical backdown move, and the wasted money to convince that car manufacturer to remain in Australia I can believe a sincere blunder. Other acts, like donating money to the Coal Industry, however, leave me suspicious- as there is little economic improvement by merely leaving a raw materials industry with more cash.

(for NSW Labor, on the other hand, there is not a doubt in my mind).

Tristan,This is one of ther rare occasions that I'l agree with Yabby.The mining tax was ill thought out.Much of people's super money was tied up in this industry.The Rudd Govt is totally incompetant.Why give them our super money for another of their wanton urinals?

Both the major parties are controlled by large corporates and do their bidding.However we need to change this system in a sane evolutionary way if possible,so honest people do not get burned again.

The Labor party was created to look after and protect the interests of the Australian people against the greed and malice of big corporations, Labor has implemented every benefit we now take for granted. The liberal party was created by the big corporations to oppose the Labor party attempts to implement protections, the liberal party has no other function, none. Just look at this election it could not be more clear. The liberal party is completely funded by multinational carbon polluters and tobacco companies, it opposes every thing Labor has done to alleviate the worst financial crises since the great depression, which was caused by the type of people that fund and control extreme right political parties like the liberal party! All Abbott and his confederates are doing is opposing Labor party policy, even the most ignorant and the corrupted have to agree it's irrefutable, Abbott gives the whole game away every time he opens his mouth!
In 11 days Abbott will no longer be liberal party leader and the transparent token woman loyal deputy, Julie Bishop will have a 4th leader to pretend to be loyal to?

And to think, Arjay, how I so very nearly missed this contribution of yours entirely. Such a good chuckle.

>>The destruction of Glass Stegall, enabled the sub-prime mortage debacle and the growth of derivatives, ie paper money based on paper money.<<

I know you like things to be simple and neat, and to fit tidily with your prejudices. But life really isn't like that.

Out in the real world, economists are still debating the impact of Gramm-Leach-Bliley, and will probably continue to do so for another ten years. I can produce as many quotes from the pro-GLB folk as you can produce antis, by the way, so I wouldn't bother.

But this has to be my favourite Arjay-ism, so far:

>>The neo-cons via the IMF, Bank Of International Settlements are currently creating enormous amounts of fiat money to delay the inevitable.The really big collapse is about to happen.When the derivatives start to unravel,they will begin to sell and turn to things like land,energy,resources and gold.Then all this fiat money will find it's way into the real economy.Hence comes stagflation and hyperflation<<

Firstly, where are the "enormous amounts of fiat money" right now, if they are not in "the real economy"?

Which economy are they in?

And if "derivatives start to unravel", as you predict, where will the money come from to buy into "things like land,energy,resources and gold"?

No rush, take your time.

An article of mine on the Aus Election has also been published here at OLO today. (Aug 10) Debate is welcome there also! :))

HFR:>> Labor has implemented every benefit we now take for granted.<<

I agree, the major social policies have come from Labor

>>Labor has done to alleviate the worst financial crises since the great depression,<<

This is not true. Our banks did not fail; they did not need govt money. The govt gave an assurance that they would cough up to the account holder if the banks failed, that was it, verbal reassurance. The price of assets in Australia did not plummet as in the northern hemisphere, ask anyone trying to purchase a house or business.

There was no fire sale, the repossession rate did not dramatically climb, the homeless did not clog the private and govt welfare institution as they did in the mid 80's when interest rates went from 9% to 18% in a six month period. That landed more people on the streets than this "2nd Great Depression" you describe.

Re your rant about big business and the Libs, your right, in the past big biz favoured the libs and visa versa. But "this current" Labor party "over paid" 2 billion (that is from what we know about) of our borrowed money to a handful of corporate building contractors, they screwed up the batts scheme, they did nothing to alleviate hospital waiting lists, we still have two companies selling us 90% of the food we consume, the oil companies charge us what they like and the banks do whatever they please. No regulation, just a tax on our mineral exports, unlike the banks a risky costly business to maintain when compared with return.

>> funded by multinational carbon polluters and tobacco companies,<<

Unless you are sending your pearls of wisdom from a hut on the desolate steppes of Siberia you are the carbon polluter. Every stitch you wear, every implement you use, every mouthful of food you consume added to the carbon load.