Crap Fib Treasury spokespeople

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Jovial Monk

Crap Fib Treasury spokespeople

Post by Jovial Monk » Wed Jun 17, 2009 1:42 pm

Howard the worst Treasurer in a long shot--highest interest rates ever, no economic reform at all. Then we get pouty Pete. Cutting income taxes financed by a (temporary mining boom) which is why now we are looking at having to borrow $315Bn. Now Hockey making scary but totally wrong and crap claims as Ross Gittins shows:
Ross Gittins slams Hockey.

” In seeking to capitalise on the Commonwealth’s rate rise, Joe Hockey went beyond the pale. “If Kevin Rudd is going to borrow up to $3 billion a day, it’s inevitably going to put upward pressure on interest rates,” he said. The Government’s “borrowing binge” had directly contributed to the Commonwealth’s increase.

In his anxiety to score a point against the Government, Hockey was willing to reinforce the mistaken and damaging notion that interest rates are on the way up. And to convey the impression that this minor rise is just the first of many, Hockey was willing to bamboozle the public with a patently false economic argument. His argument about the effect of government borrowing on interest rates is simply wrong.

If we lived in an economy cut off from the rest of the world, where the only money available to be borrowed was our own savings, then borrowing by governments would indeed put upward pressure on the interest rates you and I pay. But for at least the past 25 years, we’ve lived in a world of deregulated and globalised financial markets, in which our banks and big companies can and do borrow heavily overseas.

In that vast, global market, our Government’s borrowings are a flea bite, quite unable to influence the level of global interest rates.

If the Opposition persists with such destructive and dishonest arguments it risks the public concluding it’s willing to wreck the economy it seeks to govern.”
http://business.smh.com.au/business/ear ... ml?page=-1

Far out, they reckon they are economic managers with that dreck?

Love that Cossie is being bought by Rudd, may even cross the floor to vote for Ruddbank! Sheepy tries to commit suicide hahahahahahahaha

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