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It’s a matter of levers! (Nudge Nudge, know what I mean)

21/10/2010

So Joe reckon’s its a matter of pulling on things. Of course one of his own party thought he was pulling something.

Mr Hockey said the Coalition may be able to get the numbers in Parliament to take action against banks which move beyond the Reserve Bank on interest rates.

But when asked about the idea this morning, Mr Randall assumed it came from the Greens.

“This is one of their lunatic fringe-type ideas but that’s the problem that the Gillard Government’s got now,” he said.

“They’ve got a Green coalition which is dragging them to the left of Australian politics with all these crazy ideas.”

Mr Randall says his comments this morning were not about Mr Hockey’s idea.

SOURCE: http://www.abc.net.au/news/stories/2010/10/21/3044529.htm?section=justin

I so apologise for making a reference to the gay-BC! Especially to all you liberals that are worried your children will become gay from watching the ABC. Don Randall can do that to you.

Anyway. Joe reckons that what you got to do to the banks is make them an offer they can’t refuse.

Joe claimed that when the banks wanted to get rid of taxes they found cumbersome and silly, Joe did. He tells people he didn’t need to. But he did anyway. And in return, the banks washed his huge back in return.

Joe maintains that he did not need to get rid of these taxes and help the banks out, but he did. Out of the kindness of his Shrek-like heart.

And the banks responded in kind.

Move% Cash rate%
Cycle – easing 6 moves
31-Jul-96 -0.50 7.00
6-Nov-96 -0.50 6.50
11-Dec-96 -0.50 6.00
23-May-97 -0.50 5.50
30-Jul-97 -0.50 5.00
2-Dec-98 -0.25 4.75
Cycle – tightening 5 moves
3-Nov-99 0.25 5.00
2-Feb-00 0.50 5.50
5-Apr-00 0.25 5.75
3-May-00 0.25 6.00
2-Aug-00 0.25 6.25
Cycle – easing 6 moves
7-Feb-01 -0.50 5.75
7-Mar-01 -0.25 5.50
4-Apr-01 -0.50 5.00
5-Sep-01 -0.25 4.75
3-Oct-01 -0.25 4.50
5-Dec-01 -0.25 4.25
Cycle – tightening 12 moves
8-May-02 0.25 4.50
5-Jun-02 0.25 4.75
5-Nov-03 0.25 5.00
3-Dec-03 0.25 5.25
2-Mar-05 0.25 5.50
3-May-06 0.25 5.75
2-Aug-06 0.25 6.00
8-Nov-06 0.25 6.25
7-Aug-07 0.25 6.50
7-Nov-07 0.25 6.75
5-Feb-08 0.25 7.00
4-Mar-08 0.25 7.25
Cycle – easing 6 moves
2-Sep-08 -0.25 7.00
2-Oct-08 -1.00 6.00
4-Nov-08 -0.75 5.25
2-Dec-08 -1.00 4.25
2-Feb-09 -1.00 3.25
7-Apr-09 -0.25 3.00
Cycle – tightening 6 moves
6-Oct-09 0.25 3.25
3-Nov-09 0.25 3.50
1-Dec-09 0.25 3.75
2-Mar-10 0.25 4.00
6-Apr-10 0.25 4.25
4-May-10 0.25 4.50

 

See here is the thing. Joe gave in to the banks and what the banks did was screw Joe royally. And what Joe wants Wayne Swan to do is be as royally screwed as he was. As you can see in the graph above, the ALP actually forced the banks interest rates to be BELOW the cash rate. They did have help with the GFC, but we all remember the interest rate rise announced just before the 2007 election and you can see that at one stage the gap between the cash rate and the BBSW or the Bank Bill Swap Rate rose in late 2007 early 2008 but was brought down below the cash rate by the banks.

I say banks because regardless of what Joe would like us to believe, banks do what they want. See Joe gave in to the banks and removed taxes in early 2007 and after Joe pulled on the  levers, the banks pulled on Joe’s finger and farted in his general direction.

And now Joe wants Wayne Swann to have his finger pulled!

The problem is Joe seems to misunderstand that banks basically do what they want. Its called -deregulation- and its an important part of our financial system. See what Joe was trying to point out was small business is having a tough time. They took out personal loans and now the got to pay those loans. Who knew? So when Joe tries to make this out as a problem for you and me, he is pulling on our finger. What he means is small business took out loans and are now having trouble meeting those loans.

I did not see Joe step forward to step in the way as banks started to foreclose loans on home owners when he was in government. In fact he claimed at the time that it was the fault of people who did not understand the terms of the loans they took out. Well guess what Joe? You can tell those in small business the same thing.

On a serious note however, small business does provide a load of jobs nationally. So why did Joe stay away from this point and instead call for Marxist style regulation rates?

See I think its all a façade. Joe has been ordered to walk into the line of fire before. I did not see Andrew Robb or hear him all day for example. But what I did hear was this.

Please. Understand that my thinking is twisted.

The Australian is waging war on NBN: Conroy

By online political correspondent Emma Rodgers

Updated 9 hours 35 minutes ago

Stephen Conroy says The Australian is creating "myths" about the NBN.

Stephen Conroy says The Australian is creating “myths” about the NBN. (AAP: Alan Porritt, file photo)

Communications Minister Stephen Conroy has ramped up his attack against The Australian newspaper, accusing it of “waging a war” against Labor and trying to destroy the National Broadband Network.

In Senate Estimates earlier this week Senator Conroy took aim at the paper, saying it no longer reported news.

On ABC TV’s Lateline program last night the Minister went further, saying the paper was creating “myths” about the NBN.

“They’ve been waging a war since just before the election was finished, creating stories that are completely untrue,” he said.

“The Australian newspaper have continued to perpetrate one of these – what is reaching urban myth levels, because of their constant repetition of it – that there’s a $6,000 cost to rewire your home to get the NBN.

“Now Mike Quigley has made it clear last night, but many times in discussions with the newspaper, that is not true.”

Prior to the election the newspaper ran a strong campaign against the Government’s $16.2 billion Building the Education Revolution (BER) program.

Senator Conroy says The Australian is targeting the NBN because it is trying to force a change of government.

“You can only come to the conclusion that they are determined to destroy the NBN in the eyes of Australians because it was an important factor in us winning government,” he said.

“You’ve seen the tantrum they threw after the election and this just is part of an ongoing tantrum by The Australian newspaper about the outcome of the election.”

Yesterday the Government reintroduced a bill to force the structural separation of Telstra, which is crucial to the construction of the NBN.

Coalition communications spokesman Malcolm Turnbull says he will scrutinise the bill before the Opposition decides how it will vote.

The Opposition campaigned hard during the election against the NBN, which was a key factor in independents Tony Windsor and Rob Oakeshott throwing their support behind a Labor Government.

SOURCE: http://www.abc.net.au/news/stories/2010/10/21/3044107.htm

This was rather big news this morning.  That was until Joe Hockey made his statements and talked about one back washing the other like policy this morning. I truly expected THE AUSTRALIAN to respond the way they have been responding of late: with an iron bar.  So isn’t this a total surprise. By the way, this article appears on THE AUSTRALIAN website well down the list.

Stephen Conroy having ‘hissy fit’ over The Australian’s NBN coverage: Chris Mitchell

Conroy and Gillard

Communications Minister Stephen Conroy with Julia Gillard at a press conference in Canberra. Picture: Ray Strange Source: The Australian

STEPHEN Conroy is having a “hissy fit” over The Australian’s rigour in examining the rollout of the $43 billion NBN, according to the newspaper’s editor-in-chief, Chris Mitchell.

The Communications Minister has accused The Australian of having a “tantrum” over the result of the federal election and of wanting to destroy the National Broadband Network “because it was an important factor in us winning government”.

He also told a Senate hearing this week that the newspaper was campaigning for “regime change”.

Mitchell said today: “The only hissy fit I see is from Mr Conroy.

“His regime change comment is an amusing foreign policy reference, given good public policy is foreign to Mr Conroy.”

On ABC TV’s Lateline last night, Senator Conroy told host Tony Jones the newspaper’s coverage did not meet “any journalistic balance, it doesn’t meet any journalistic accountability”.

He thought the newspaper was “losing its way”.

But The Australian’s editor Paul Whittaker told 2GB’s Ray Hadley earlier today that Senator Conroy’s claims were ludicrous and typical of governments not enjoying media scrutiny.

“We make no apology for it,” Whittaker said, noting it was The Australian that led the coverage on the rorts associated with the $16.2 billion Building the Education Revolution.

“When we first asked questions about the BER a year and a half ago we were attacked by the government and others and others in the media initially for asking those questions,” Whittaker said.

“Ultimately a $14 million inquiry was called and it ultimately bore out what The Australian had said for many months.”

He added there had been serious shortcomings in the insulation program and the BER and the newspaper was asking of the NBN rollout “questions that ordinary people are asking about how this will work”.

Shadow communications minister Malcolm Turnbull told The Australian that Conroy was “getting more and more shrill as his position has become more indefensible”.

He said the Government’s unwillingness to put the NBN’s costings before the Productivity Commission and the lack of financial disclosure was because “they don’t want anyone to look at it”.

“I think their position is one of the more scandalous things the government has done _ the idea that you would invest so much money with so little scrutiny”.

SOURCE: http://www.theaustralian.com.au/business/media/stephen-conroy-having-hissy-fit-over-the-australians-nbn-coverage-chris-mitchell/story-e6frg996-1225941779365

Now although Chris Mitchell and Paul Whittaker denigrate the words of Senator Conroy, I was expecting a full on boots and all attack. So to find this link only because I was looking was a surprise to me. Further, when I scanned the website this morning, I could not find this article at all. There was an article from Henry Ergas in the opinions section, but where was the vitriol! I mean someone just called them biased and the best they could do was say, no we are not.

You see. When I heard Joe talking about him doing something for them and now it was their turn etc, I had to think.

Effectively, everyone has taken Joe’s bait an bitten. Not one source has looked at the complaint that Senator Conroy had mentioned. Even THE AUSTRALIAN themselves have taken care to remove links.

So. Did Joe actually mean to say what he said? Or was he pulling our levers? Or was it just a simple con game using a ball and some cups? Nudge nudge. Know what I mean?

A. Ghebranious    2010   All Rights Reserved

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3 Comments
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