Now Lexi if you keep regurgitating the Labor spin some may call you a liar, Juliar, Lexiliar, we could start a trend.

It is a lie to say that the economic stimulus saved the Australian economy. It is spin to suggest that this Labor party are capable economic managers at any level. The latest news to greet the public this very morning is that admin costs will gobble up 20% of the "set top" box program , what a disappointing surprise, I had bet on a 30% rort this time, but the program has hardly started, plenty of time for further failure by this adolescent caucus and incompetent public service.

I am pretty well sure that you do not have a clue as to why the subprime issue came about, so I will teach you Lexi.
In 1977 the Left lobby convinced the Carter administration to enact the “Community Reinvestment Act (CRA)”, which compels banks to make loans to low-income borrowers and disengage from basing their decision on purely economic criteria.

In the first 20 years of the scheme $100 Billion was loaned out. But in the past 15 years various Left neighborhood organizations, as they like to call themselves, such as "ACORN" (Association of Community Organizations for Reform Now) came about. These organizations have facilitated over $1 Trillion in CRA loans, although no one seems to know the magnitude as the government’s guestimate is closer to $2 Trillion.
Lexi, there were many like Bruce Marks who became quite notorious for pressuring banks to earmark literally billions of dollars to his organization, the "Neighborhood Assistance Corporation of America." . He had "won" loans totaling $3.8 billion from Bank of America, First Union Corporation, and the Fleet Financial Group for low income borrowers, and that is just one of the "community group" that WERE operating in Boston. You can bet when mortgage foreclosures reached their historical high in 2009 that the social conscienced likes of Bruce Marx was not out on the street.

TBC

So Lexi the reason behind subprime are twofold, firstly the Lefts push for legislation in 1977 forcing the banks to lend to borrowers that had no chance of servicing that debt ongoing, and once again the Lefts social conscience manifested and organized some 20 years on through “Community Groups” who went out and marketed the “product” to the poor they represent. You can bet when mortgage foreclosures reached their historical high in 2009 that the Lefty likes of Bruce Marx was not out on the street.

Lexi the fact is the major Australian banks were never in trouble and continued to make profits and pay dividends at around their normal levels. Less than 2% of the Australian mortgage market was subprime; we called them “Low Docs” home loans here and because we did not get a spike in our unemployed there were no huge default in our subprime segment. The only commitment by the Australian government was to guarantee the savings, and I might add that had our banks failed the government was on the best deal in 30 years because 30 years ago our national household savings was 6% of GDP; luckily we are just above 1% now, so a relatively cheap guarantees to execute should they have been needed. Our 2006 and 2007 GDP were unchanged except for a slight growth to the exports to China which manifested itself in the 2008 numbers. We have no manufactured exports so we had no slump there, our minerals, agricultural and meat exports did not change, as I said mining grew, but credit got real tight, and it still is, but that is it.

Lexi you really do not know what you are talking about, what amazes me is that so many Australians have morphed into imbeciles as exampled by the moronic regurgitation of Labor lies to the ears of imbeciles who automatically regurgitate it again simply because they will not do their own research. If you can read and you are smart enough to wash yourself every day you can find factual truth, not someone else’s spin.

Dear SOG,

So I've gone from being your "Baltic Jewel," to Lexiliar?
Sorry, but that's funny.
You actually lost me at "regurgitating." That's not writing
by the way - that's just typing. And it saddens me that you
accuse me of all sorts of things (I've seen the film "Inside
Job," by the way - have you?). And as a librarian - I do
my research. It may not agree with yours - but you need to access
more than the limited number you're looking at obviously.
Anyway - be happy. I have no wish or inclination to argue with you.
When you're right, you're right! And, I know I am! So a great big
raspberry to you.

Dear Lexi

How are you? I read most of your other thread. Well done its a interesting read that for sure.
Take care Lexi.

sonofgloin,

A question pls.

Despite all of that- the past are you suggesting Tony Abbott has the skills Peter Costello and Howard had.? Even when they were in power the inhouse joke was- Oh Tonys ok at = this and that but bloody hopeless with anything to do with budget. Also remembering this- they sold us out and left us with no industry.
Of course for me the morals of a country go past the almighty $
but thats as good a place to start as any given it is what most people care about. So I ask you the same I did of Shadow Minister leaving Tony & Julie out of it- Your policys pls from 1 to ten.
You are free to read mine on the other thread.
We can then compare who has the best policys and take it from there.

At least it will make life a bit more interesting rather than us all sniping at each other and it might even be fun.
Come on everybody 3 policys each at least pls pls.

cheers all

Kerryanne,
Policies or no policies, I'm looking at how our daily lives are going. Let's start wit PC, no discipline, 360 degree incompetence in the Public Service, an utterly incompetent Education system, Law is non-existent, Insurance companies can do as they please, Australia is being muslimised due to policies, Australia is going broke due to policies etc etc. The point is that despite all these great policies everything is going downhill. Can you mention any policies which could counter my list ? Can you, without academic speculation state anything at all that is presently positive in Australia ?

Individual:"If you had any idea of having to produce something of value in order to get paid I'm sure you wouldn't make such statements."

And that's it in a nutshell, isn't it? People who make their living on the public purse inevitably want politicians who will give them more for doing the same thing. It's someone else's job to bring the money in in the first place. Howard bought them off for years and kept himself in power, even if they eventually turned on him because Rudd was offering a shiny new bunch of handouts.

It remains to be seen how long Brown and his bunch of shiny-bums can keep the gravy-train going before the money runs out. I give it about 12 months.