Hello again Im,

Yes, your economy is clearly number one now. But no, you most certainly did not “start from a better position than all others”.

When the Rudd Government took over, your economy was tracking 9th in the world with very ordinary performance across the board. Trade was only one area of obvious failure. Your surplus, although positive, was much less than it should have been. Australia had given inadequate thought to job training – which is why you have had to go out and get so many migrant workers.

No, Im, no-one is trying to “spin that as Rudd and Gillard doing great”. We are simply looking at the clear comparative performance figures as presented by independent authorities and analysed by reputable academics.

The debt increase was a vital strategy in giving Australia’s economy the world’s best growth and other figures. Refer Professor Stiglitz, above. As he and others have affirmed, debt is not bad in all circumstances.

“That's what labor does ... talks up the things they think are relevant and ignores the facts and are relevant to us. That's what you are doing...”

What facts have I ignored, Im?

You mention the value of the Australian dollar, Im. Just before the 1996 election when shadow treasurer Peter Costello was “burning with a cold anger” at the Keating Government for letting the Aussie dollar fall to a miserable 74 US cents. A weak dollar, he said, “impoverishes every Australian”.

And therefore, according to Mr Costello, a strong dollar enriches all Australians. Was he right?

(Incidentally, speaking of facts, Im, in September 2001, after Costello had been treasurer for five years, had the Aussie dollar (a) risen 33% to 98 US cents, (b) dropped 33% to 49 US cents, or (c) stayed at the same level?

Finally, Im, I asked earlier for you to indicate anything I have written here which is untrue. You haven’t. Does this mean there actually isn’t anything?

Cheers, AA

Yes Allan, this mob is blind in one eye, and can't see out the other. As for facts that doesn't come into it. Hell bent on causing hysteria.
medibank is causing no problem what so ever, being in govt; hands. In fact it leads the way in covered items, and the largest med; ins; in AU.
The NBN would not get off the ground without govt money, a 20 year job, then look at selling it off. Julia is an extremely strong woman, with the guts to stand up for what is right for this country.

Alan,

'What facts have I ignored...?

This fact

'Your response to a debt increase by $200 mill (US$212 bil) in 4 years while experiencing the best terms of trade ... ?'

Quoting Professor Stiglitz is a great source of mirth to me.

Why ?

He was 'chairman of the Council of Economic Advisers under the Clinton administration'.

The Administration which re-enforced Jimmy Carter’s Community Reinvestment Act with penalties forcing banks to lend to the poor and disadvantaged at urging the Socialists Frank and Dodd. The Administration that did away with the Glass-Steagall Act which had exerted huge control over the trading activities of the Banks. The biggest factors that lead directly to the first GFC.

Stiglitz obviously agreed that lending to people who couldn't repay debt was ok ... and you say he thinks debt is a good strategy.

It is a great strategy ... if you don't have to repay it and want to lose everything.

http://www.onlineopinion.com.au/view.asp?article=8053&page=0

'... your economy ... did not “start from a better position than all others”.'

Oh dear oh dear me, Alan there you go again ignoring facts and only focusing on figures.

We may have been 9th in the numerical rankings but how many of those economics ahead of us had a mining boom and money in the bank to rely upon to pull their economies out of the c..p?
How many are currently still increasing their debt through means other than because of debt repayment? Greece, Italy, Spain, France Germany, the US, Great Britan? I'm really interested in that answer and being in Europe you'd know.

N didn't challenge your intrepretation of the figures. I challenged your narrow focus on mere figures, that doesn't take into account what we Australians see. I challenged you why we shouldn't see you as just another Labor propagandist.

That's different to what you are suggesting.

Have you been away too long? ... you seem to have forgotten Australians mostly value fair dinkum. It's something Rudd, Gillard and Labor have forgotten ... showing they've lost touch with Australians ... too.

579

"Yes Allan, this mob is blind in one eye" fine one to talk.

AA,

Just about every policy that Labor has promised or put in place has been a fiasco, from education, to health to school laptops, the list goes on and on.

I would prefer they keep Juliar until the elections, as no one can believe a word she says.

Hello again Imajulianutter,

Not sure where you got that information about Professor Stiglitz. Once again, the opposite of what you are claiming is true.

Prof Stiglitz was only on the Council of Economic Advisers until February 1997. The Glass-Steagall Act was abolished almost three ears later in November 1999, long after his influence had disappeared.

Prof Stiglitz appears to have opposed the abolition and has since called for its reinstatement.

So no, Im, Stiglitz did not “obviously agree that lending to people who couldn't repay debt was ok.” Again, the opposite of what you say is the case.

I read your link to Keith Kennelly’s piece in OLO – but not sure why this is relevant. Mr Kennelly makes some interesting observations but can hardly be regarded as authoritative after claiming in October 2008 that “in the current crisis the real crunch is coming, when inflation must eventually soar through the roof, simply because of the oversupply of money, and interest rates will rise.”

It must? When?

Finally, regarding my query about facts I may have ignored. It is not clear why you posted this: 'Your response to a debt increase by $200 mill (US$212 bil) in 4 years while experiencing the best terms of trade ... ?'

My understanding is that Australia’s debt has increased in the last four years because this was the correct strategy at this point in the economic cycle.

And I have referred to data showing Australia’s terms of trade were seriously problematic throughout the Howard/Costello years but have improved dramatically since September 2008.

So is there an ignored fact anywhere?

Thanks, Im. Cheers, AA

'The Glass-Steagall Act was abolished almost three ears later in November 1999, long after his influence had disappeared.

Prof Stiglitz appears to have opposed the abolition and has since called for its reinstatement...'

Can you reference Stiglitz opposition to the abolition of the Glass-Stegall Act.
Care to tell me the occassions (Dates) Clinton altered the Community Re-investment Act and reference Stiglitz's contemporaneous opposition?

I'll savour your response.

Again you have not written any explanation as to why our Federal and State debts have soared while we are experiencing a fantastic mining boom and such wonderful terms of trade.

You haven't told me which European economies are following our fantastically managed economy and are still increasing their borrowing.

I'm still waiting for you to tell me which of those economies had mining booms?