Greetings again,

Well, did you spot the deliberate error? Yes? Well done!

Of course, I meant Poland – not Portugal – in the last message to Mr Shadow Minister. So please effect those two corrections.

Actually it was a typing error. Probably due to dangerously low blood alcohol levels. Will rectify that now. And chat again tomorrow perhaps.

Cheers. Goodnight. AA

SM you have not won around, and don't expect to. You and Abbott are on a par as far as economics go. Turnbull is again stirring, The focus this year for Julia is economics, which will cut tony to shreds. AA certainly knows his stuff, far to well for the likes of the neo-liberal.

AA,

If you use your link to show the GDP of Canada, the surge in growth in 2010 more than compensated for 2009 , this shows that the 20% of GDP debt incurred by Labor (that future generations will be paying off) provided only temporary relief, and no long term gain.

Australia's dip was smaller, and so was the recovery.

http://www.indexmundi.com/g/g.aspx?c=ca&v=66
http://www.indexmundi.com/g/g.aspx?v=66&c=as&l=en

579,

I have a degree in engineering, an MBA, and a BComm majoring in Economics and Quantitative analysis (modelling) so that makes me more qualified in this than either Whine Swan or Juliar.

While AA cherry picks data that supports his cause and looks impressive (as does Labors spin merchants), the reality is that Labor's economic credentials are mediocre, and their management skills would get them fired from any real job.

Alan I fell overboard, when I read your response to my claims about Stiglitz..

Stiglitz wasn’t a member of Clintons Economic advisors at the time of the repeal of the Act however it is incorrect to suggest, that he had criticised the repeal of that act at the time. It seems I can only find his call for ireinstatement in 2009 and 2010. Unless you can please reference such from 1999 I think it reasonable to assume he went along with Clinton’s actions.

You, like Stiglitz, have no comment on the other key factor which led to the GFC. Clintons changes to the Community Reinvestment Act in 1995 and 1999. Nowhere is there any criticism of those actions by Stiglitz. Now if you cannot point me to Stiglitz’s criticisms at the time then I also think it reasonable to assume he was in favour of such changes.
Since the changes to the Community Reinvestment Act were directed by the socialist aim of redistributing wealth by forcing the Banks to lend to people who couldn’t repay, it is reasonable to ask why didn’t the economist in Stiglitz object. He's a rabid socialist and preferred to support a fundamentally flawed idea, than condemn it as one contrary to every tenet of our capitalist system. While belatedly, like 9 years belatedly, he as a good socialist, only called for reintroduction of greater regulation of business.

And you think he’s credible ... ... as a fellow socialist naturally you would.

You don’t think you said what you said but you are so confused I don’t think you think about what you say... and often you’ve said things without comprehending their implication. That’s your form.

I’m still awaiting you to address those issues, that contradict your beliefs, I’ve pointed out you’ve ignored. Especially an explanation of how our debt has ballooned while we've had fantastic terms of trade, why that is such a good thing, and how it is a display of sound economic management.

Hello Shadow Minister,

Still not sure why you raise Canada. Seems unfair to compare isolated Australia with a nation adjacent to the world’s largest consumer – the USA – which takes 75% of its exports.

Yet even so, Australia seems to be doing much better.

GDP growth was the same in 2011. It was in Canada’s favour only marginally in 2010. (3.1% is hardly a “surge”.) But strongly in Australia’s favour in 2007, 08 and 09. So unless you want to cherry pick just 2010, Australia has better growth.

GDP per person is in Australia’s favour. More crucially for quality of life, Australia's unemployment is 5.2%, Canada's 7.4%.

Canada’s public debt as a percentage of GDP is 84% - about average. Australia’s is 20.5% (IMF figures), close to the lowest in the Western world.

So in what way, Mr Minister, do you regard Canada as doing better?

Hello Imajulianutter,

You really should think before you accuse.

You claim: “Stiglitz wasn’t a member of Clintons Economic advisors at the time of the repeal of the Act however it is incorrect to suggest, that he had criticised the repeal of that act at the time.”

Why?

“It seems I can only find his call for ireinstatement in 2009 and 2010.”

In which case you should not make false allegations, Im.

“Unless you can please reference such from 1999 I think it reasonable to assume he went along with Clinton’s actions.”

No, it isn’t. Why would it be? And it is not for me to disprove your false allegations, Im. It is for you to substantiate them.

But as a personal favour, here’s Michael Hirsch (2009):

“Stiglitz has warned for years that pro-market zeal would cause a global financial meltdown very much like the one that gripped the world last year. In the early '90s, as a member of Clinton's Council of Economic Advisers, Stiglitz argued (unsuccessfully) against opening up capital flows too rapidly to developing countries ... Later in the decade, he spoke out (without results) against repealing the Glass-Steagall Act, which regulated financial institutions and separated commercial from investment banking.”