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The American Presidential Election
- Thread starter bjw
- Start date
FFC Mariner
Well-Known Member
marinermick said:
Simply, they have gone for cheap populism and pandering to their electorate over sound economics.
The wholesale guarantee to banks was required, the retail guarantee was a stunt and never going to be needed as Australia's big 4 banks are among the top 20 strongest institutions in the world. The Banks loved it because they could make a grab for deposits (cheap money)
That act mispriced risk the wrong way and caused the collapse of billions of dollars of other investments.
The $10.5bn bribe will be dangerously inflationary and probably spent on goods we import thereby buggering up the balance of payments and forcing interest rates up sharply at some point.
Finally, this slavish obsession to a surplus denies the opportunity to invest in infrastructure projects that create jobs, generate taxes etc. There is no problem with deficits in tough times and surplus in good.
Rant over
marinermick
Well-Known Member
Greenpoleffc said:marinermick said:
Simply, they have gone for cheap populism and pandering to their electorate over sound economics.
The wholesale guarantee to banks was required, the retail guarantee was a stunt and never going to be needed as Australia's big 4 banks are among the top 20 strongest institutions in the world. The Banks loved it because they could make a grab for deposits (cheap money)
That act mispriced risk the wrong way and caused the collapse of billions of dollars of other investments.
The $10.5bn bribe will be dangerously inflationary and probably spent on goods we import thereby buggering up the balance of payments and forcing interest rates up sharply at some point.
Finally, this slavish obsession to a surplus denies the opportunity to invest in infrastructure projects that create jobs, generate taxes etc. There is no problem with deficits in tough times and surplus in good.
Rant over
The bank and financial institution guarantee actually did not favour the big banks. It favoured the little banks. If this guarantee was not given everyone would have taken their money out of the smaller banks and put them in the larger, more secure. We would have had many of the smaller banks collapse leading to financial chaos and the larger banks having a greater and counter-productive market share.
Because of the bank guarantee Bendigo Bank survived. How many people and sporting organisations on the Central Coast would have lost their money if this happened?
Your comments about the $10.5B injection is just speculative and you have no evidence to back these comments. Whether people use this money to buy imported goods (again you have no evidence of this) is irrelevant. People will be using the money in many ways in many areas and the economic stimulas will be broad ranging. In fact many people will use this money to ease debt having a reverse effect on the balance of payments and foreign debt.
You also have no evidence that it will be inflationary and push interest rates up. This is just ascare-mongering. Inflation is falling in many areas and a $10.5 billion injection is not enough to affect to affect inflation given the size of the Australian economy. I did read one economist or expert (without a political agenda) say that this package would be inflationary. In fact the impartial ones said that this package is not big enough to affect inflation at all.
I think many people will be appreciative of the money at such a crucial time of the year.
Your last comment is the most perplexing. We are investing the money from the future fund heavily into infrastructure and the government has even stated we may have to eat into the surplus to divert the possibility of economic recession.
mariners4ever
Well-Known Member
lol a big WTF
FFC Mariner
Well-Known Member
Sorry Mick,
The $10.5bn needed to be invested in infrastructure in states that will lose jobs in the mining sector due to the reduction in demand for commodities.
Giving it to people simply because they have a higher propensity to consume is a 1 off to try to prop up the retail sector up to Christmas and does nothing to solve our structural issues.
As for propping up smaller banks............what like St George and Bankwest you mean?
The $10.5bn needed to be invested in infrastructure in states that will lose jobs in the mining sector due to the reduction in demand for commodities.
Giving it to people simply because they have a higher propensity to consume is a 1 off to try to prop up the retail sector up to Christmas and does nothing to solve our structural issues.
As for propping up smaller banks............what like St George and Bankwest you mean?
marinermick
Well-Known Member
Greenpoleffc said:
No, i am talking about banks like bendigo, adelaide and citibank that would have probably folded if people took a good chunk of their money out and put it into the big three. Those banks were all vulnerable. I know of at least three football clubs on the Central Coast that would have went broke if Bendigo Bank went under.
As for infrastructure, we are spending a good chunk of the future fund into it. Projects are being brought forward towards our structural issues.
However infrastructure investment takes time and the flow-on effects for the economy are not immediate and their return is more later short term to long term. Therefore there needed to be a more short term injection to stimulate the economy and avoid recession. No better way than to get people spending and having financial confidence.
The government response was both measured and decisive. Most of the billions will go to infrastructure for our future benefit and god knows the last government hasn't been exactly proactive in this area, aside from the north-south rail line; while a small portion of the billions (10.5) will go towards much needed dollars into the economy.
FFC Mariner
Well-Known Member
Back on topic - got sent this today. Rather long and there are a few historical liberties taken but you get the point. How this man was allowed to hold office is quite beyond me really.
Resume
George W. Bush's
George W. Bush
The White House
1600 Pennsylvania Ave., NW
Washington, D.C. 20500
Past Work Experience
Ran for congress and lost.
Produced a Hollywood slasher B movie.
Bought an oil company, but couldn't find any oil in Texas; company went bankrupt shortly after I sold all my stock.
Bought the Texas Rangers baseball team in a sweetheart deal that took land using taxpayer money. Biggest move: Traded Sammy Sosa to the Chicago White Sox.
With father's help (and his name) was elected Governor of Texas.
Accomplishments in Previous Positions
Changed pollution laws for power and oil companies and made Texas the most polluted state in the Union.
Replaced Los Angeles with Houston as the most smog-ridden city in America. Cut taxes and bankrupted the Texas government to the tune of billions in borrowed money.
Set record for most executions by any governor in American history.
Became president after losing the popular vote by over 500,000 votes, with the help of my father's appointments to the Supreme Court.
Accomplishments As President
Attacked and took over two countries.
Spent the surplus and bankrupted the treasury.
Shattered record for biggest annual deficit in history.
Set economic record for most private bankruptcies filed in any 12-month period.
Set all-time record for biggest drop in the history of the stock market.
First president in decades to execute a federal prisoner.
First president in U.S. history to enter office with a criminal record.
First year in office set the all-time record for most days on vacation by any president in U.S. history.
After taking the entire month of August off for vacation, presided over the worst security failure in U.S. history.
Set the record for most campaign fundraising trips than any other president in U.S. history.
In my first two years in office over 2 million Americans lost their job.
Cut unemployment benefits for more out of work Americans than any president in U.S. history.
Set the all-time record for most foreclosures in a 12-month period.
Appointed more convicted criminals to administration positions than any president in U.S. history.
Set the record for the least amount of press conferences than any president since the advent of television.
Signed more laws and executive orders amending the Constitution than any president in U.S. history.
Presided over the biggest energy crises in U.S. history and refused to intervene when corruption was revealed.
Presided over the highest gasoline prices in U.S. history and refused to use the national reserves as past presidents have.
Cut healthcare benefits for war veterans.
Set the all-time record for most people worldwide to simultaneously take to the streets to protest me (15 million people), shattering the record for protest against any person in the history of mankind.
Dissolved more international treaties than any president in U.S. history.
My presidency is the most secretive and unaccountable of any in U.S. history.
Members of my cabinet are the richest of any administration in U.S. history (the 'poorest' multimillionaire, Condoleezza Rice, has an Exxon oil tanker named after her).
First president in U.S. history to have all 50 states of the Union simultaneously go bankrupt.
Presided over the biggest corporate stock market fraud of any market in any country in the history of the world.
First president in U.S. history to order a U.S. attack and military occupation of a sovereign nation.
Created the largest government department bureaucracy in the history of the United States.
Set the all-time record for biggest annual budget spending increases, more than any president in U.S. history.
First president in U.S. history to have the United Nations remove the U.S. from the human rights commission.
First president in U.S. history to have the United Nations remove the U.S. from the elections monitoring board.
Removed more checks and balances, and have the least amount of congressional oversight than any presidential administration in U.S. history.
Rendered the entire United Nations irrelevant.
Withdrew from the World Court of Law.
Refused to allow inspectors access to U.S. prisoners of war and by default no longer abide by the Geneva Conventions.
First president in U.S. history to refuse United Nations election inspectors (during the 2002 U.S. elections).
All-time U.S. (and world) record holder for most corporate campaign donations.
My biggest lifetime campaign contributor presided over one of the largest corporate bankruptcy frauds in world history (Kenneth Lay, former CEO of Enron Corporation).
Spent more money on polls and focus groups than any president in U.S. history.
First president in U.S. history to unilaterally attack a sovereign nation against the will of the United Nations and the world community.
First president to run and hide when the U.S. came under attack (and then lied saying the enemy had the code to Air Force 1)
First U.S. president to establish a secret shadow government.
Took the biggest world sympathy for the U.S. after 9/11, and in less than a year made the U.S. the most resented country in the world (possibly the biggest diplomatic failure in U.S. and world history).
With a policy of 'disengagement' created the most hostile Israeli-Palestine relations in at least 30 years.
Fist U.S. president in history to have a majority of the people of Europe (71%) view my presidency as the biggest threat to world peace and stability.
First U.S. president in history to have the people of South Korea more threatened by the U.S. than their immediate neighbor, North Korea.
Changed US policy to allow convicted criminals to be awarded government contracts.
Set all-time record for number of administration appointees who violated U.S. law by not selling huge investments in corporations bidding for government contracts.
Failed to fulfill my pledge to get Osama Bin Laden 'dead or alive.'
Failed to capture the anthrax killer who tried to murder the leaders of our country at the United States Capital building. After 18 months I have no leads and zero suspects.
In the 18 months following the 9/11 attacks I have successfully prevented any public investigation into the biggest security failure in the history of the United States.
Removed more freedoms and civil liberties for Americans than any other president in U.S. history.
In a little over two years created the most divided country in decades, possibly the most divided the U.S. has ever been since the Civil War.
Entered office with the strongest economy in U.S. history and in less than two years turned every single economic category heading straight down.
Records and References
At least one conviction for drunk driving in Maine (Texas driving record has been erased and is not available)
AWOL from National Guard and deserted the military during a time of war.
Refuse to take drug test or even answer any questions about drug use.
All records of my tenure as governor of Texas have been spirited away to my father's library, sealed in secrecy and unavailable for public view.
All records of any SEC investigations into my insider trading or bankrupt companies are sealed in secrecy and unavailable for public view.
All minutes of meetings for any public corporation I served on the board are sealed in secrecy and unavailable for public view.
Any records or minutes from meetings I (or my VP) attended regarding public energy policy are sealed in secrecy and unavailable for public review.
For personal references please speak to my daddy or uncle James Baker (they can be reached at their offices of the Carlyle Group for war-profiteering.)
Resume
George W. Bush's
George W. Bush
The White House
1600 Pennsylvania Ave., NW
Washington, D.C. 20500
Past Work Experience
Ran for congress and lost.
Produced a Hollywood slasher B movie.
Bought an oil company, but couldn't find any oil in Texas; company went bankrupt shortly after I sold all my stock.
Bought the Texas Rangers baseball team in a sweetheart deal that took land using taxpayer money. Biggest move: Traded Sammy Sosa to the Chicago White Sox.
With father's help (and his name) was elected Governor of Texas.
Accomplishments in Previous Positions
Changed pollution laws for power and oil companies and made Texas the most polluted state in the Union.
Replaced Los Angeles with Houston as the most smog-ridden city in America. Cut taxes and bankrupted the Texas government to the tune of billions in borrowed money.
Set record for most executions by any governor in American history.
Became president after losing the popular vote by over 500,000 votes, with the help of my father's appointments to the Supreme Court.
Accomplishments As President
Attacked and took over two countries.
Spent the surplus and bankrupted the treasury.
Shattered record for biggest annual deficit in history.
Set economic record for most private bankruptcies filed in any 12-month period.
Set all-time record for biggest drop in the history of the stock market.
First president in decades to execute a federal prisoner.
First president in U.S. history to enter office with a criminal record.
First year in office set the all-time record for most days on vacation by any president in U.S. history.
After taking the entire month of August off for vacation, presided over the worst security failure in U.S. history.
Set the record for most campaign fundraising trips than any other president in U.S. history.
In my first two years in office over 2 million Americans lost their job.
Cut unemployment benefits for more out of work Americans than any president in U.S. history.
Set the all-time record for most foreclosures in a 12-month period.
Appointed more convicted criminals to administration positions than any president in U.S. history.
Set the record for the least amount of press conferences than any president since the advent of television.
Signed more laws and executive orders amending the Constitution than any president in U.S. history.
Presided over the biggest energy crises in U.S. history and refused to intervene when corruption was revealed.
Presided over the highest gasoline prices in U.S. history and refused to use the national reserves as past presidents have.
Cut healthcare benefits for war veterans.
Set the all-time record for most people worldwide to simultaneously take to the streets to protest me (15 million people), shattering the record for protest against any person in the history of mankind.
Dissolved more international treaties than any president in U.S. history.
My presidency is the most secretive and unaccountable of any in U.S. history.
Members of my cabinet are the richest of any administration in U.S. history (the 'poorest' multimillionaire, Condoleezza Rice, has an Exxon oil tanker named after her).
First president in U.S. history to have all 50 states of the Union simultaneously go bankrupt.
Presided over the biggest corporate stock market fraud of any market in any country in the history of the world.
First president in U.S. history to order a U.S. attack and military occupation of a sovereign nation.
Created the largest government department bureaucracy in the history of the United States.
Set the all-time record for biggest annual budget spending increases, more than any president in U.S. history.
First president in U.S. history to have the United Nations remove the U.S. from the human rights commission.
First president in U.S. history to have the United Nations remove the U.S. from the elections monitoring board.
Removed more checks and balances, and have the least amount of congressional oversight than any presidential administration in U.S. history.
Rendered the entire United Nations irrelevant.
Withdrew from the World Court of Law.
Refused to allow inspectors access to U.S. prisoners of war and by default no longer abide by the Geneva Conventions.
First president in U.S. history to refuse United Nations election inspectors (during the 2002 U.S. elections).
All-time U.S. (and world) record holder for most corporate campaign donations.
My biggest lifetime campaign contributor presided over one of the largest corporate bankruptcy frauds in world history (Kenneth Lay, former CEO of Enron Corporation).
Spent more money on polls and focus groups than any president in U.S. history.
First president in U.S. history to unilaterally attack a sovereign nation against the will of the United Nations and the world community.
First president to run and hide when the U.S. came under attack (and then lied saying the enemy had the code to Air Force 1)
First U.S. president to establish a secret shadow government.
Took the biggest world sympathy for the U.S. after 9/11, and in less than a year made the U.S. the most resented country in the world (possibly the biggest diplomatic failure in U.S. and world history).
With a policy of 'disengagement' created the most hostile Israeli-Palestine relations in at least 30 years.
Fist U.S. president in history to have a majority of the people of Europe (71%) view my presidency as the biggest threat to world peace and stability.
First U.S. president in history to have the people of South Korea more threatened by the U.S. than their immediate neighbor, North Korea.
Changed US policy to allow convicted criminals to be awarded government contracts.
Set all-time record for number of administration appointees who violated U.S. law by not selling huge investments in corporations bidding for government contracts.
Failed to fulfill my pledge to get Osama Bin Laden 'dead or alive.'
Failed to capture the anthrax killer who tried to murder the leaders of our country at the United States Capital building. After 18 months I have no leads and zero suspects.
In the 18 months following the 9/11 attacks I have successfully prevented any public investigation into the biggest security failure in the history of the United States.
Removed more freedoms and civil liberties for Americans than any other president in U.S. history.
In a little over two years created the most divided country in decades, possibly the most divided the U.S. has ever been since the Civil War.
Entered office with the strongest economy in U.S. history and in less than two years turned every single economic category heading straight down.
Records and References
At least one conviction for drunk driving in Maine (Texas driving record has been erased and is not available)
AWOL from National Guard and deserted the military during a time of war.
Refuse to take drug test or even answer any questions about drug use.
All records of my tenure as governor of Texas have been spirited away to my father's library, sealed in secrecy and unavailable for public view.
All records of any SEC investigations into my insider trading or bankrupt companies are sealed in secrecy and unavailable for public view.
All minutes of meetings for any public corporation I served on the board are sealed in secrecy and unavailable for public view.
Any records or minutes from meetings I (or my VP) attended regarding public energy policy are sealed in secrecy and unavailable for public review.
For personal references please speak to my daddy or uncle James Baker (they can be reached at their offices of the Carlyle Group for war-profiteering.)
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