Monday, October 20, 2008

ABC reports results of the global banking crisis

Thousands of people have queued for hours to get free food from a south-east Queensland church, which is doing its bit to relieve the strain of the global financial crisis.

The Tribe of Judah church at Logan, south of Brisbane, has what it calls Free Food Fridays every few months but says today's event has been the biggest yet.

Read more.

Perhaps it's not news if you can't tie it to something else like the global economic meltdown, or AGW/CC, or racism. I'm sure there are more.

It's not news if it's not able to be tied to:

  • greed-caused global economic meltdown
  • AGW/CC
  • racism

(h/t wand)

9 comments:

Skeeter said...

Can the outbreak of poverty be linked to
* greed-caused global economic meltdown
* AGW/CC
* racism
?

AGW/CC is the only one that comes close. Mr Rudd's insane plans for a carbon tax in Australia are the more likely cause for the downturn in our economy.

In November 2007 the All Ords had reached a high of 6854. From there it dropped steadily to a trough of 4652 on 18 September 2008. This means there was a fall of 32% in the value of the Australian stock market in the first nine months of Mr Rudd's reign. Most of that time, he was telling us how we would have to stop using energy and how he was going to tax it until we came to our senses.
By 29th September, the All Ords had climbed back 7.6% to 5008 and it held around the 5000 mark until 29th September. Wall Street started to bite and since then there has been a steady fall to last Friday's 3945.
All this means that, based on JWH's November high of 6854, the market has lost 42% to last Friday. But it fell 32% during the carbon tax scaremongering and only a further 10% since the Wall Street crash.

How could this be? I suggest that one of many AGW induced factors is electricity generators not knowing what their costs of business are going to be under a carbon tax in the next few years. Should they build more coal-fired generators in Australia, or move their enterprises off-shore?
Wand might like to enlarge on this theory.

Skeeter said...

I must try and curb my verbosity.
I should have written:
Since November 2007, JWH's legacy All Ords value of 6854 has dropped by 42% to 3945.
76% of that drop occurred under Rudd's watch, down to 4652 by 18th September, 2008 (ie, before the Wall Street crash.)

Wand said...

Skeeter -- I think you're talking about unintended consequences, n'est ce pas?

I think Madame Wong's response will echo Marie Antoinette's famous words, "Laissez-les manger le g√Ęteau."

This will be irrespective of any calls for a little sanity.

PS Keith Orchison was CEO of the Electricity Supply Association of Australia.

kae said...

Wand, I've stolen that link and used it for a post.
Thanks!

Wand said...

Skeeter - a further update - coming soon to a place near you -
Carbon Market Expo Australasia 2008
.

If you browse the program you will see the names of all the (rentseekers) whoops I mean stakeholders.

Yes, they'll all be there including Madame Wong, Queensland premier, Flummery with an assortment from overseas. I wonder if cake will be on the menu!

BTW, International visitors will enjoy all the attractions of the Gold Coast: beaches, theme parks, nature parks, five star hotels, gambling and so on. The conference is strategically located to end on a Friday so that attendees may avail themselves of the wonderful hospitality on the Gold Coast.

Hey, someone has been eating my links!

kae said...

Yes, how about that.
And that new one's gonna get gobbled up, too... as soon as I get back from the store and buying some puppy food.

Hey? Was the word "puppy" derived from poopy?

kae said...

Dang. Mr Qld Minister is the head sharang of the, er, green thingy of the Qld State Government... An appointment by, er, The Qld Premier.

Wand said...

Well if you're eating links, try this one for size.

Now we'll see how that goes down.

Boy on a bike said...

Has John Murphy MP been spotted in the queue? I reckon that even if he got a free feed, him and the missus would still have the hide to whinge about it.

http://www.abc.net.au/news/stories/2008/10/20/2395883.htm

(thanks Margo).