David Koch - Sydney Morning Herald - Oct 5,2008

[spark]

5. With local properties prices falling by some 30%-40% Australia-wide and with as many as one million of the Australian household/families increasingly likely to be dispossessed of their present home ownership in the near future as a result of the bank foreclosures and deteriorating negative house equity situation

Majority of OOs own the house outright or have equity above 50% of the value - no reason to reposses even at 50% falls.

I believe that the disaffected Australians are likely to get increasingly disillusioned with the present ruling ALP Federal Govt and would have no hestitancy voting out the ALP out of the Federal Government at the next Federal Elections to be held.

And even if so - do you see the ALP creating a housing fund which will be buying or co-buying houses at taxpayers' expense? That's the only way to prop the "disillusioned" market.

PS - I'll tell you a secret - read the comments on news.com.au, the next elections result is quite known...

 

[evand]

I think you are missing Davids point. I think he's talking about people using their homes as security for financing shares, businesses etc.

The most common -and cheapest - way of financing anything these days is to use home equity as security.

As everyone does when there seems to be a never ending upward curve of house price growth.

Well that curve has hit a sharp end and the banks are very aware of it.

I think you sound p..... off at David because he has written something that isnt in line with your existing beliefs.

That can make some people angry but good investors take everything on board, not just the positive.

By th eway: You dont know what could be behind a lot of the large increase in foreclosures, maybe its the bank calling the loans.....who knows.....they don't tell us.

Oh thanks, I am well aware of the fine print. You seem to have completely missed my point.
When was the last time that banks asked anyone to sell a property because they thought it had dropped in value?...Never!
This is just scare mongering of the worst kind..(That was my point).

 

[evand]

Kenneth,

Your Kevin Rudd and/or ALP bashing in just about every single post is getting a bit boring on a property forum.

It just decreases your credibility as it seems you have only one agenda to every post.

Can you write something constructive on a property investing related subject for once.

Thanks mate.

1. I do not think that Kevin Rudd and Wayne Swan know exactly what is needful and absolutely neccessary and required to be done by the Australia Federal Govt during times of financial/banking/economic crisis like this.

2. Both Kevin Rudd and Wayne Swan have previously been barking at the wrong tree regarding the risks of a runaway inflation occurring in Australia and trying to get the RBA to slow down the Australian Economy a few months earlier, midst the present unfolding of the global economic tsunami.

3. Furthermore, Kevin Rudd and Wayne Swan have chosen to side with the banks, rather than the Australian households, who have voted them in power in th first place. Hence the narrowness of their own "either-or" perspective and mind-set in crisis management for the Australian Economy

4. Fortunately, the RBA under Glenn Stevens was more broad-minded and has decisively and creatively cut the official interest rate by 1% "unexpectedly" earlier this week to stablise the local volatile financial situation. In this respect, the RBA has succeeded well, to a certain extent.

5. Consequently, the rest of the OECD countries follow suit subsequently, thereby demonstrating the RBA's economic management leadership over its own Western world counterparts.

6. Restoring the local depositors' confidence in the local Australian banking system is paramount and critical at this stage in time, midst the world-wide panic and fears spearding rapidly throughout the entire global financial and banking system, which is present fast collapsing all over the world.

7. By refusing to guarantee the local depositors' extra savings upto A$100,000 per account, Kevin Rudd and Wayne Swan risks causing a bank run in Australia in the immediate near future, by their lack of decisiveness, policy hesttancy, in the absence of having a clear cut policy regarding its required Governmental intervention/direction for the Australian Economy midst the present atmosphere of global panic and fears.

8. For your further comments and discussion, please.

9. Thank you.

regards,
Kenneth KOH

 

[boomtown]

Kenneth

The fact that US home loans are non-recourse makes it more likely that a bank woud bring a margin call - not less.

 

[Sustainability]

1. Unlike what is happening in America at this point in time, Australia is still not in, such a dire state as the Dow Jones at this point in time, such that both the American Treasury Secretary and the American Federal Reserve Chairman have to take turn to frequently and directly intervene into its share market operations on a daily/weekly basis.

The Dow Jones Industrial peaked at 14164.53 on the 9th October 2007 (Just over a year ago).
On Friday they closed at 8451.19 down 40.3% from it's peak.

The All Ords peaked at 6853.6 on the 1st November 2007. On Friday they closed at 3939.5, down 42.5% from it's peak.

I don't see where the the American Treasury Secretary and the American Federal Reserve Chairman is "directly intervening" in the share market. They have not suspended trade at any stage, like some other countries.

They have injected money into credit markets and nationalised some companies, but the only relationship I see with the share market is that some of these nationalised companies were listed.

 

[Gremlin]

As I mentioned in another thread, I have a (now elderly) relative who, during Keating's recession, had the 'All Monies' clause invoked on their mortgage despite being well ahead on their repayments and with a low LVR (~30% at the time).

Not technically a margin call, but the bank simply transferred $x from their transaction account to their loan account without their consent. Said relative went absolutely ballistic, but bank was within its rights.

I don't know how widespread it was, but it certainly has happened in the past...

 

[Kennethkohsg]

Kenneth

The fact that US home loans are non-recourse makes it more likely that a bank woud bring a margin call - not less.

&&&&&&&&&&&&&&
Dear Boomtown,

More or less margin calls for US Homeowners is immaterial nor the crux issue at hand;- the homeowners in US can simply walk out on their loans and leave their lenders to answer for the negative house equity problems.

Cheers,
Kenneth KOH

 

[Kennethkohsg]

&&&&&&&&&&&&&&&&&&&&&

Dear Spark,

2. Let us wait and see what the Australian Federal Government and the RBA will truly do when the ASX has plunged sufficiently low enough so as to put the entire A$1 Trillion strong Australian Economy in danger to being totally wiped out, in the near future.

3. Consequently, we still do not see such desperate market intervention by the Australian Federal Government at this point in time, beside observing the RBA keep pumping money into the Australian money markets to boost its local liquidity and cutting its official interest rate, at this point in time.

regards,
Kenneth KOH

&&&&&&&&&&&&&&&&&&&&&
Dear Spark,

1. The ASX rebounded strongly today after Kevin Rudd's announcement that the Australian Govt is committing some A$1.3 Trillion Australian Dollars to guarantee all the money deposits maintained/collected by the various banks and approved credit-lending institutions in Australia over the next 3 years.

2. It is definitely an immediate welcome confidence-boosting game, successfully executed for the ASX, with far greater ( immediate short term) positive impact on the local investing public than what would have happened if Kevin Rudd has merely agreed to adopt Malcolm Turnbull's suggestion to increase the Australian Govt's guarantee from all money deposits in Australian banks from A$20,000 to A$100,000 instead.

3. However, I am not sure if the present confidence boosting effects reported today is sustainable over a long period of time.

4. This is because Kevin Rudd's announcement can be interpretated in 2 different opposing ways.

5. Personally, I would have preferred Kevin Rudd to adopt Malcolm Turnbull's suggestion to provide Australian Govt's guarantee for all the money deposits amounting to A$100,000 or less, in Australian banks.

6. This is because it is a more prudent and far more credible policy over the long term though its immediate impact on the local share market on the ASX would be less than spectacular than what we have seen today, as indicated by 5.5% re-bound on the ASX and a strong market up-surge performance.

7. Morever, I would feel more confident and more likely to un-reservedly and personally believe that the Australian Govt would have "more potent economic options bullets hidden behind in its "magical" sleeves", to use at its own convenience and at the appropiate time when required", to properly manage the Australian Economy and further cope with the global financial crisis, should it further deteriorate, in the immediate near future.

8. By doing what he is doing today, Kevin Rudd could un-intentionally and unknowingly be sending out a completely different message concerning his own underlying "fear"/form of "desperateness" behind its ALP's Govt's judgement to "over-do" things by taking such a drastic measure at the very last minute, in order to try to properly "salvage" the Australian Economy back, by his public announcement today, in providing some A$1.3 Trillion Australian Govt's Guarantee for all the money deposits kept with banks in Australia over the next 3 years , at this point in time.

9. It has just been suggested to me that Wayne Swan who is presently in the US for the G7/G20 Finance Ministers' meeting, has apparently updated Kevin Rudd the previous night before directly from Washington that the world was /is presently in some sort of a "Soft Depression" before Kevin Rudd made his bold public announcement this morning.

10. If the Australian Economy and annual GDP are only worth A$1 Trillion Australian Dollars in value, then where is Kevin Rudd and his ALP Govt going to find the extra A$0.3 Trillion to credibily back up its own guarantee for the money deposits in the various banks/deposit collection institiutions in Australia, in the first place?... Not to mention, further over the next 3 years when an official Recession cannot be effectively ruled out, at this point in time?

11. This is especially so when the Australian Economy is presently rapidly slowing down faster into an Recession in the immediate near future than what the RBA has originallty envisaged previously, amidst the present global financial crisis.

12. I personally hope that the investing publics and markets would read Kevin Rudd's announcement and the recent 1% cut by the RBA positively as indications by the Australian Government to demonstrate its economic management leadership in times of crisis and not negatively as last minute desperate attempts by the Australian Govt's to "salvage" its own "ill-battered" Australian Economy which may have been inadvertently much more adversely/ill-impacted by the present global financial crisis than what the Australian Govt is prepared to openly admit to the Australian public and the world at large recently.

13. Should the global financial situation further deteriorates, what would Kevin Rudd and his ALP Govt further do in order to reassure the Australian public and the world at large that the Australian Economy and its various Australian banks are fiscally sound and financially viable and prudent again?

14. Hopefully, this is not required after the various G7/G20 Govt has met and jointly implemented an overall well-co-ordinated policy move to boost public investors' confidence and unclog the banking credit crisis, which is presently affecting the various countries' overall national money/credit liquidity flow and financial systems in the various OECD countries.

15. For your further comments and discussion,please.

16. Thank you.

regards,
Kenneth KOH

 

[Kennethkohsg]

I don't see where the the American Treasury Secretary and the American Federal Reserve Chairman is "directly intervening" in the share market. They have not suspended trade at any stage, like some other countries.

They have injected money into credit markets and nationalised some companies, but the only relationship I see with the share market is that some of these nationalised companies were listed.

&&&&&&&&&&&&&&&&&&&
Dear Sustainability,

1. It is up to you to personally believe the truth behind what you are saying in your own post.

2. From what I have personally understood so far, the so-called "Nationalisation of big public-listed companies" is never part of the Free Market Enterprise' style of Capitalism which the American Economy was originally founded upon, in the first place.

3. However, I do agree with you to a certain extent that the measures adopted by Henry Paulson and Ben Bernanke in the US, are not as drastic as in some other stock markets. For example, the Indonesian Stock Market trading was suddenly stopped after it has fallen some 20% in one single trading day recently.

4. However, the recent US$700 Billion US Govt bailout urgently requested by the US Treasury Secretary, Henry Paulson, after the collapse of Lehman Brothers, near collapse of AIG, nationalisation of Freddie and Mac housing lending institutions etc the US Federal Chairman, Ben Bernanke's announcement of a unscheduled 0.25 interest cut at a time when the Dow Jones is still actively trading on a real time basis and how the Dow Jones Index takes a real-time "roller-coaster' ride each time Henry Paulson or/and Ben Bernanke appears on the television and make their market announcements, aloud all over the world.

5. The forced (early) "retirement"/subsequent replacement for the CEOs in the Freddie and Mac Housing Loan Lending Institutions under the a free market entreprise, is certainly an "abnormalcy", rather than the usual kind of accepted norm/practice that we have all come to expect.

6. The SEC in US, has recently reversed its long term decision to ban shares "short selling" on the US Stock Exchange and to officially make short-selling of shares, an illegal trading practice henceforth. This was similarly followed by the other stock exhcanges in the OECD countries subsequently.

7. For your further comments and discussion,please.

8. Thank you.

regards,
Kenneth KOH

 

[Kennethkohsg]

Kenneth,

Your Kevin Rudd and/or ALP bashing in just about every single post is getting a bit boring on a property forum.

It just decreases your credibility as it seems you have only one agenda to every post.

Can you write something constructive on a property investing related subject for once.

Thanks mate.

&&&&&&&&&&&&&&&&&&&&&&&
Dear Evand,

1. Thank you for your feedback.

2. It may appear to you that I am "bashing Kevin Rudd or/and his ALP", in my posts as per your a/m claim in your own post.

3. Unfortunately, I am presently not an Australian Citizen nor do I have any real voting power here. Consequently, I do not profess to have any hidden agenda, as you have alleged me to have, behind your claim of seemingly "bashing Kevin Rudd or/and his ALP" with all my posts.

4. In all my posts, I am only stating what I see or/and to discuss the various relevant outcome/likely implications of the various new/emerging Australian Govt's policies from the perspective of an "investor" outside Australia, whether it is an ALP or/and the Coalition Federal Govt governing Australia, at this point in time.

4. Objectively speaking, you must agree with me here, that unlike the last 16 years of prolonged continuous economic prosperity enjoyed by Australia over the last 16 years under a (Coalition) Federal Government, many of these new/emerging policies newly introduced/"revised" by the new (ALP) Federal Government seem to be "deliberately" steering the Australian Economy towards a Recession in the near future, for one reasons or the other, logically/objectively speaking.

5. This is indeed unfortunate and disappointing for the investing public and non-investing public in/outside Australia alike, when many jobs are being sacrificed unnecessarily, as a consequence of the new/emerging Govt policy, being newly introduced.

6. Apparently, the various new policies by the new (ALP) Federal Govt seem to be deliberately "reversing" what has been done ("correctly", as in my own humble opinions) previously, saved for their different political ideologies, adopted by the different political parties in Australia.

7. Whether these emerging/new Govt policies are being formulated "correctly" and indeed "deliberately" introduced for the intrinsic economic good for the long term interests of Australia or otherwise, I shall leave it to you and your fellow Australians, to objectively judge Kevin Rudd and his ALP Federal Government's sincerity in waiting to serve the Australian Peoples' for their long term interests and welfare, as they have publicly professed to the Australian public in the past, with their various new policy initiatives to be introduced in Australia, in due course.

8. To me, if the general broad economic-political environment is generally not "favourable" for the investing public, then, it is no longer as fruitful nor useful to further discuss the various micro investing factors in depth, especially when many of these micro investing factors and their outcomes, are, in fact first determined by its more general macro factors such as as the relevant Govt's housing/taxation policies etc and other macro factors affecting the general operating environment which we invest in.

9. For your further comments and discussion where neccessary, please.

10. Thank you.

regards,
Kenneth KOH

 

[evand]

Kenneth, (i have an uncle called Kenneth, he says hi)

All i can say is thatthe previous 16 year economic prosperity was a world wide credit/property/economic boom. Not just Australia. Or at least the western world.

Mr Howard attempted to take credit for it here but the voters could see right through that one. He was lucky and exited at just the right time. As they say, he handed a 'poisoned chalice' to Mr Rudd.

Similarly, the recent downturn is a wordwide 'end of the boom' that looks like leading to recession. Not just in Australia but just about all of the western economies.

From your cultural background i can guess why you are not a big fan of a so called 'leftist' party. And thats fine, but mate, this is a property investing forum. Not a soap box to constantly blame the current leader and his party for all the countries economic problems.

As i was told once 'a dole bludger in Bondi has better lifestyle than 90% of the worlds population.'

Not that i like that (i dislike lazy dole bludgers) i'm making a point this is a great place to live regardless who's in power. I'm pretty sure you agree.

&&&&&&&&&&&&&&&&&&&&&&&
Dear Evand,

1. Thank you for your feedback.

2. It may appear to you that I am "bashing Kevin Rudd or/and his ALP", in my posts as per your a/m claim in your own post.

3. Unfortunately, I am presently not an Australian Citizen nor do I have any real voting power here. Consequently, I do not profess to have any hidden agenda, as you have alleged me to have, behind your claim of seemingly "bashing Kevin Rudd or/and his ALP" with all my posts.

4. In all my posts, I am only stating what I see or/and to discuss the various relevant outcome/likely implications of the various new/emerging Australian Govt's policies from the perspective of an "investor" outside Australia, whether it is an ALP or/and the Coalition Federal Govt governing Australia, at this point in time.

4. Objectively speaking, you must agree with me here, that unlike the last 16 years of prolonged continuous economic prosperity enjoyed by Australia over the last 16 years under a (Coalition) Federal Government, many of these new/emerging policies newly introduced/"revised" by the new (ALP) Federal Government seem to be "deliberately" steering the Australian Economy towards a Recession in the near future, for one reasons or the other, logically/objectively speaking.

5. This is indeed unfortunate and disappointing for the investing public and non-investing public in/outside Australia alike, when many jobs are being sacrificed unnecessarily, as a consequence of the new/emerging Govt policy, being newly introduced.

6. Apparently, the various new policies by the new (ALP) Federal Govt seem to be deliberately "reversing" what has been done ("correctly", as in my own humble opinions) previously, saved for their different political ideologies, adopted by the different political parties in Australia.

7. Whether these emerging/new Govt policies are being formulated "correctly" and indeed "deliberately" introduced for the intrinsic economic good for the long term interests of Australia or otherwise, I shall leave it to you and your fellow Australians, to objectively judge Kevin Rudd and his ALP Federal Government's sincerity in waiting to serve the Australian Peoples' for their long term interests and welfare, as they have publicly professed to the Australian public in the past, with their various new policy initiatives to be introduced in Australia, in due course.

8. To me, if the general broad economic-political environment is generally not "favourable" for the investing public, then, it is no longer as fruitful nor useful to further discuss the various micro investing factors in depth, especially when many of these micro investing factors and their outcomes, are, in fact first determined by its more general macro factors such as as the relevant Govt's housing/taxation policies etc and other macro factors affecting the general operating environment which we invest in.

9. For your further comments and discussion where neccessary, please.

10. Thank you.

regards,
Kenneth KOH

 

[Kennethkohsg]

Dear Evand,

1. Thank you for your further update and clarifications, please.

2. Honestly speaking, I do not even know what you actually mean, when you refer to the "leftist" or/and "rightist" political party wings. Neither am I a fan to either one of these political parties or/and political wings in Australia, that you were actually referring or/and alluding to, in your post.

3. From your post, it sort of also amazes me here to observe that there seems to be a big sizeable number of Australians, who, like yourself, seem to take the last 16 years of prolonged continued economic prosperity in Australia, "for granted" , rather than to willngly and readily give full credit to the ruling Australian Federal Government or/and the RBA for its effective economic management skills and leadership and good fiscal/monetary/banking governance and regulatory controls in Australia.

4. Perhaps, there is something about the local Australian Psyche or/and Culture that I do not quite understand/know myself, at this point in time.

5. Yes, as far as I am personally concerned, an average dole bludger at Bondi Beach/Australia is definitely living a far better-off life than is presently available in many other countries outside Australia.

6. Consequently, I do personally agree with you that many people, including myself, will still find Australia a wonderful place to live in, irrespective of which political parties is presently ruling/governing Australia, in the mean time.

7. For your further comments and discussion where neccessary, please.

8. Thank you.

regards,
Kenneth KOH

 

[evand]

Well, you have constantly criticised the labor party and/or its leader and they are a 'leftist' party.. Or used to be moreso, before the western worlds labor parties went closer to the middle in policy to gain votes and office.


I do not take Australia's recent properous period for granted. But i do know it wasnt Australia only and i also know the previous liberal government wasnt responsible for it.

Dear Evand,

1. Thank you for your further update and clarifications, please.

2. Honestly speaking, I do not even know what you actually mean, when you refer to the "leftist" or/and "rightist" political party wings. Neither am I a fan to either one of these political parties or/and political wings in Australia, that you were actually referring or/and alluding to, in your post.

3. From your post, it sort of also amazes me here to observe that there seems to be a big sizeable number of Australians, who, like yourself, seem to take the last 16 years of prolonged continued economic prosperity in Australia, "for granted" , rather than to willngly and readily give full credit to the ruling Australian Federal Government or/and the RBA for its effective economic management skills and leadership and good fiscal/monetary/banking governance and regulatory controls in Australia.

4. Perhaps, there is something about the local Australian Psyche or/and Culture that I do not quite understand/know myself, at this point in time.

5. Yes, as far as I am personally concerned, an average dole bludger at Bondi Beach/Australia is definitely living a far better-off life than is presently available in many other countries outside Australia.

6. Consequently, I do personally agree with you that many people, including myself, will still find Australia a wonderful place to live in, irrespective of which political parties is presently ruling/governing Australia, in the mean time.

7. For your further comments and discussion where neccessary, please.

8. Thank you.

regards,
Kenneth KOH

 

[sphinx]

who, like yourself, seem to take the last 16 years of prolonged continued economic prosperity in Australia, "for granted" , rather than to willngly and readily give full credit to the ruling Australian Federal Government or/and the RBA for its effective economic management skills and leadership and good fiscal/monetary/banking governance and regulatory controls in Australia.

Are you kidding? It is universally understood that
1. The Australia economy was badly managed under Howard and has become a time bomb.
2. Removing the extraordinary resource boom from the equation, the economic growth has been despicable in every measure compared to most countries.

Only a person who doesn't know the difference between "lucky correlation" and "real causation" would contribute the "artificial and poisonous" growth to the previous government.

 

[Kennethkohsg]

I do not take Australia's recent properous period for granted. But i do know it wasnt Australia only and i also know the previous liberal government wasnt responsible for it.

&&&&&&&&&&&&&

Hi Evand,

1, How's about the last 1997 Asian Financial Crisis? 2000 Dotcom Bubble Burst? the 2003 SAR Crisis etc?

2. If Alan Greenspan , as the ex-American Federal Reserve Chairman, who has managed the world' largest economy in the world for the last 20 plus years has openly look up to Ian Macfarlance, the ex-RBA Chairman in Australia for personal inspiration and has further spoken well/highly of Peter Costello, the ex-Australian Treasurer, I think there must be something which is fundamentally/significantly "great" achievements made by the 2 great Australian men and the Australian Economic Miracle over the last 16 years.

3. Even the internationally well-known Singapore Minister Mentor(MM) Lee KY was reportedly "shamed" into silence when he last personally spoken to Peter Costello, the former Australian Treasurer during his last visit to Australia in 2001. This is because, like many Asian countries, including Korea, Taiwan, Indonesia, Thailand , Malaysia etc, Singapore has unfortunately fallen into an official Recession subsequent to the post- 1997 Asian Financial Crisis but not Australia.

4. MM Lee has once reportedly called Australia, as "the white trash of Asia." This is as per the recent memoirs written by Peter Costello

5. For your further comments and discussion where neccessary, please.


6. Thank you.

Cheers,
Kenneth KOH

 

[Kennethkohsg]

Are you kidding? It is universally understood that
1. The Australia economy was badly managed under Howard and has become a time bomb.
2. Removing the extraordinary resource boom from the equation, the economic growth has been despicable in every measure compared to most countries.

Only a person who doesn't know the difference between "lucky correlation" and "real causation" would contribute the "artificial and poisonous" growth to the previous government.

&&&&&&&&&&&&&&&&&&&&&&&&
Dear Sphinx,

1. Whether it was "Lady Luck" or otherwise, it seems that many Australians have continued to fail to recognise their own Economic Miracle in Australia by their continued economic prosperity over the last 16 years despite suffering a serious prolonged drought season.

2. At the basic mininum, at least recognise that the last Federal Government was barking at the right economic tree over the last 16 years until Australians are getting increasingly bored with John Howard and decided to vote out his ruling party during the last Federal Election.

3. Is life now any better or worse for Australians, with a new ALP Federal Government as led by Kevin Rudd?

4. If you are right, it should then be the same, both before and now and into the future too, likewise, for Australia' sake.

5. However, you and I honestly know the actual truth for now, at least;- that life in Australia, for the average Australian household, is no longer the same, as before, so far.

6. ... or at the basic mininum, I have yet to hear of many Australians openly singing praises of the good times that they are presently having under the new Federal Government in Australia!

7. Oh What's a lousy luck and poor timing for the Australian peoples nowsadays, isn't it, unfortunately speaking? i.e IF we are to use your present perspective to describe the present situation in Australia for the Australian Peoples.

8. For your further comments and discussion where neccessary, please.

9. Thank you.

regards,
Kenneth KOH

 

[evand]

Its really no big deal. In the 80s Paul Keating was proclaimed as the greatest economist in the world. We have always been a prosperous, stable country by world standards with good times and bad.

And politicians will always attempt to take the credit for the good times and disown the bad. That's expected, they are politicians after all.

And it especially wouldn't have been hard being a treasurer during the 16 years period of economic growth you refer to. I think i would have looked good in that time. But its all coming home to roost now tho.

&&&&&&&&&&&&&

Hi Evand,

1, How's about the last 1997 Asian Financial Crisis? 2000 Dotcom Bubble Burst? the 2003 SAR Crisis etc?

2. If Alan Greenspan , as the ex-American Federal Reserve Chairman, who has managed the world' largest economy in the world for the last 20 plus years has openly look up to Ian Macfarlance, the ex-RBA Chairman in Australia for personal inspiration and has further spoken well/highly of Peter Costello, the ex-Australian Treasurer, I think there must be something great about the 2 great Australian men and the Australian Economic Miracle over the last 16 years.

3. Even the internationally well-known Singapore Minister Mentor(MM) Lee KY was reportedly "shamed" into silence when he last personally spoken to Peter Costello, the former Australian Treasurer during his last visit to Australia in 2001. This is because, a like many Asian countries, including Korea, Taiwan, Indonesia, Thailand , Malaysia etc, Singapore has unfortunately fallen into an official Recession subsequent to the post- 1997 Asian Financial Crisis but not Australia.

4. MM Lee has once reportedly called Australia, as "the white trash of Asia." This is as per the recent memoirs written by Peter Costello

5. For your further comments and discussion where neccessary, please.


6. Thank you.

Cheers,
Kenneth KOH

 

[Kennethkohsg]

Its really no big deal. In the 80s Paul Keating was proclaimed as the greatest economist in the world. We have always been a prosperous, stable country by world standards with good times and bad.

And politicians will always attempt to take the credit for the good times and disown the bad. That's expected, they are politicians after all.

And it especially wouldn't have been hard being a treasurer during the 16 years period of economic growth you refer to. I think i would have looked good in that time. But its all coming home to roost now tho.

&&&&&&&&&&&&&&&&&&&&&
Dear Evand,

1. Not if you can diligently manage the Australian Economy with a Budget Surplus continually in order to properly clear away some A$96 Billion worth of inherited Commonwealth Debt from the previous ruling government over a 8 years period and to help restore the AAA rating for Australia, again?

2. Not if you can "luckily" manage the Australian Economy prosperously for the last 16 years when the average business cycle typically last for only 12-14 years in duration?

3. Not if you can successfully implement 10% GST Policy across Australia-wide and get Australians to like the new tax policy by creatively increasing the value of their existing old houses by some 10% along the way?

4. With no offence nor any insult intended for you, if Peter Costello is still presently the Australian Treasurer midst the present global financial crisis, I am personally confident that he would have handled the Australian Economy differently during this financial crisis, rather than to deliberately "hasten" the slowing down of the Australian Economy into an official Recession, subsequently, to order to avert a runaway inflation scenario.

Cheers,
Kenneth KOH

 

[sphinx]

3. Is life now any better or worse for Australians, with a new ALP Federal Government as led by Kevin Rudd?

See, that is why I said you are lacking the basic logic. According to your logic, if the life is worse now, it MUST be the current government's fault in management. If the life was better, it MUST be previous government's "good" management. That is why I said you don't understand the difference between correlation and causation.

Very unfortunately, most people think in this simplistic way.

Not mentioning the current global crisis, an economic policy also has its lingering effect for quite some time. That is why the idiotic (more accurately, sinister, as they know the consequence) policy propelled by people like Greenspan/Howard will give the "appearance" of growth during their reign but pass on the disastrous consequences to the next government.

 

[evand]

Kenneth

I disagree with all that. I can see this becoming a circular debate so i think i'll leave it there. We can agree to disagree.

&&&&&&&&&&&&&&&&&&&&&
Dear Evand,

1. Not if you can diligently manage the Australian Economy with a Budget Surplus continually in order to properly clear away some A$96 Billion worth of inherited Commonwealth Debt from the previous ruling government over a 8 years period and to help restore the AAA rating for Australia, again?

2. Not if you can "luckily" manage the Australian Economy prosperously for the last 16 years when the average business cycle typically last for only 12-14 years in duration?

3. Not if you can successfully implement 10% GST Policy across Australia-wide and get Australians to like the new tax policy by creatively increasing the value of their existing old houses by some 10% along the way?

4. With no offence nor any insult intended for you, if Peter Costello is still presently the Australian Treasurer midst the present global financial crisis, I am personally confident that he would have handled the Australian Economy differently during this financial crisis, rather than to deliberately "hasten" the slowing down of the Australian Economy into an official Recession, subsequently, to order to avert a runaway inflation scenario.

Cheers,
Kenneth KOH