Sunday, October 19, 2008

60 Minutes perpetuates the myth

Australian self funded retirees were interviewed and said that greed caused them to lose their money.

Will someone please explain to these people that leftist anti-discrimination policies caused the sub-prime disaster.

More here. Transcript will be available on Monday.


nic said...

60 Minutes, that's the show with the free community advertisements, once owned by that raging socialist Kerry Packer isn't it? /sarc

kae said...

Hi Nic
I usually tape it because I'm watching something else. Tonite I watched.
That piece just jumped out at me.

Oh, the reason I tape it is so I can fast forward through the bits that annoy/don't interest me. Sometimes I skip right to the letters, just to see what sort of opinion/response a previous programme has generated.

Wand said...

Then there was this gem as the lead item on Friday’s ABC News!

Holy shit! There's a 'crisis' so the ABC dredge up a story and suggest it is a result of the world’s financial crisis! Good grief are we all that stupid? Has anyone heard of the thing called time? The friggin world financial crisis has not hit Australia yet, if it does. Idiots!

And on that topic, here is a link to a story that would be of great concern if true. The suggestion is that the Baltic Exchange Dry Index which apparently is a measure of world shipping has collapsed indicating that world shipping has come to a halt. The explanation given is that this has happened because credit lines for shipping agents have dried up as part of the world’s financial crisis. BTW, I don’t give a lot of credence to the long term economic cycle view because I reckon it’s mostly hindsight.

Anyway, I watched Turnbull on Insiders this morning asking the government to reveal the economic advice it was given that resulted in the government’s decision to produce the $10.4 bn stimulus. As we as know, the government has released nothing.

Now I would say that if the real news is that international shipping has virtually stopped then this nation with 80 - 90% of its economy dependent on trade is in for a very rough time indeed before the mess gets sorted out. I hope I’m wrong. If shipping has stopped to the extent indicated by the BMI then I’d also guess that the government’s stimulus package would be a wasted gesture but befitting the incompetents who are now in charge of our economy.

Perhaps we should watch the coal ship queues off Newcastle and Dalrymple Bay to see what happens. Unfortunately there is no link to any such monitor. Maybe it’s best that we can’t see.