You must have noticed that the Christmas decorations are rapidly spreading all over the shopping malls, not so subtly signalling another season of extreme shopping and extreme credit card abuse.
Ive lost count of how much bailout money governments have thrown at the global financial crisis. We all remember the US$700 billion that the US Congress recently approved, but in the months before that the US Reserve had already dished out nearly the same amount in bailouts, buyouts and guarantees for bad loans.
“This strategy is designed to help pensioners, carers and families, and first home buyers”, declared Australia’s Labor Prime Minister Kevin Rudd in his October 14 address to the nation. Rudd was announcing a $10.4 billion “economic security strategy” in response to the global financial crisis.
Miranda Devine is usually the first to turn a ridiculous right-wing rant into a newspaper column.
An official visit to Australia by Vietnams Prime Minister Nguyen Tan Dung, beginning October 13, is aimed at boosting economic and trade relations between the two countries. Australian companies have direct investment projects worth more than US$1 billion in the country Australia once invaded alongside US forces.
“Rich people got it good in this country”, said African-American comedian Wanda Sykes on the September 24 Tonight Show with Jay Leno. “We refuse to let them not be rich. Think about it. Broke people are about to bailout rich people. This is what is going on.”
Im a strong believer in free enterprise, so my natural instinct is to oppose government intervention, affirmed US President George W. Bush, in his September 24 television speech to promote the biggest corporate bailout plan since the Great Depression. I believe companies that make bad decisions should be allowed to go out of business.
As I write this column the newspapers report that United States, Canadian, European and Japanese banks have combined to inject an extra US$180 billion (A$225 billion) into global financial markets. It is the latest desperate measure to try to stem the year-old global financial crisis commonly — and misleadingly — labelled the US subprime mortgage crisis.
Bruno, a supporter of Green Left Weekly, said to me last week that the political situation today reminded him of a famous quote from a story about a Sicilian prince at the time Italy’s feudal principalities were being challenged by Giuseppe Garibaldi’s “Redshirts”: