Australian Politics Forum - Australia's worst-ever Treasurer joins US talkfest

Andrei.Hicks Gold Member Offline Australian Politics Posts: 23818 Carlsbad, CA Gender:	Re: Australia's worst-ever Treasurer joins US talkfest Reply #45 - Mar 27^th, 2014 at 6:28pm Could do with a bit of a downturn in the AU forecasting and economic data for me personally actually. I'm getting 1.81 to the £ this morning, whereas I was getting 1.88 last month!
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Re: Australia's worst-ever Treasurer joins US talkfest
Reply #46 - Mar 27^th, 2014 at 6:30pm

red baron wrote on Mar 27^th, 2014 at 6:25pm:

Wow Fez! What a fantastic first post.

Now you really have got all our attention with your extensive travels of the world.

Perhaps you could enlighten us with your own slant on the world's greatest treasurer Wayne Swann.

Brother I can't wait to hear it in your words, much better than reading some vague link. Cool

Yeas....I too thought it was impressive as a first post, especially given how adroitly they dodged the word filter on 'poo.'

Grin

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fezz

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Re: Australia's worst-ever Treasurer joins US talkfest
Reply #47 - Mar 27^th, 2014 at 6:46pm

red baron wrote on Mar 27^th, 2014 at 6:25pm:

Wow Fez! What a fantastic first post.

Now you really have got all our attention with your extensive travels of the world.

Perhaps you could enlighten us with your own slant on the world's greatest treasurer Wayne Swann.

Brother I can't wait to hear it in your words, much better than reading some vague link. Cool

Thanks red for the praise, I'm glad I've pleased another fan of the colour red.

Not so much intermittent world travels, it’s the long term expat work in multiple foreign countries, kinda gets one in the groove of local culture and politics, far more so than just blowin through having cups of tea at all the groovy places to be seen. One really starts to see how the rest of the world see us…not from the slanted mouthpieces of Murdoch propaganda.

As for Swan and my own words, I could ramble a whole lotta shite, just like the far right brigade do, however the two articles I linked say all I want to say but waaayyy better.

Now, I don’t know why those two links go to the home page of IA, but once you are there, select Politics, then Economics.

The two articles to read are these:

Australia tops the IAREM: World’s best economy

The world’s best economy (Part Two): Winners and losers through the GFC

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« Last Edit: Mar 27^th, 2014 at 8:27pm by fezz »

I would rather be poor and produce nothing than be an arsehole and conquer the world

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Re: Australia's worst-ever Treasurer joins US talkfest
Reply #48 - Mar 27^th, 2014 at 7:02pm

St George of the Garden wrote on Mar 27^th, 2014 at 12:23pm:

You economic illiterate! Swan saw us safe though the GFC with only ONE quarter of negative growth and obtained a AAA rating from all three ratings agencies. He removed like $130Bn a year of Howard’s irresponsible spending and started removing some of the tax expenditures. Hokey quickly reversed the cuts to this middleclass welfare—despite the “Budget Emergency.”

He also was busy issuing papers, doing electorate visits—an output way beyond anything Tip achieved. Forbes Business Magazine lauded with what Swan did with the ETS revenue—tripled the tax free thresh hold. Not bad, eh?

One thing Swan wasn’t known for—shooting his mouth off! No show pony was Swan.

Since the shambles took over unemployment has been climbing and we have lost Holden and Toyota and half the car parts industry. The Budget will likely tip us into recession.

I'm just waiting for GeorgeMonkey to pause and surprise us all with a....

....BAZINGA....

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Andrei.Hicks

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Re: Australia's worst-ever Treasurer joins US talkfest
Reply #49 - Mar 28^th, 2014 at 6:16am

Armchair_Politician wrote on Mar 27^th, 2014 at 3:38pm:

One thing Swan wasn’t known for—shooting his mouth off! No show pony was Swan.

No absolutely not. Certainly didn't shoot his mouth off did he?
How did he go on backing it up? Well let's all have a look.....

"The Government remains absolutely crystal clear on our commitment to delivering a budget surplus as we planned. I'll say it again, there will be a surplus delivered by this Government in 2013 come hell or high water"

Wayne Swan, August 2011.

"We'll be back in the black in 2012/13 as promised. No question."

Wayne Swan, May 2011.

"Well Mr Abbott can laugh, but despite tough global conditions we remain absolutely committed to delivering a budget surplus in 2013 and we will absolutely get there"

Wayne Swan, March 2012

Swan Forecasted 2013 Result - $1,500,000,000 SURPLUS

Australian Budget 2013 Actual Result -

($23,388,000,000) DEFICIT

VARIANCE $24,888,000,000

Swan Declared Forecast incorrect by - 1,632%

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« Last Edit: Mar 28^th, 2014 at 6:25am by Andrei.Hicks »

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Andrei.Hicks Gold Member Offline Australian Politics Posts: 23818 Carlsbad, CA Gender:	Re: Australia's worst-ever Treasurer joins US talkfest Reply #50 - Mar 28^th, 2014 at 6:17am Economic novice or bumbling buffoon?
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Kat Gold Member Offline Socialism IS the answer. Posts: 17709 Everywhere and no-where Gender:	Re: Australia's worst-ever Treasurer joins US talkfest Reply #51 - Mar 28^th, 2014 at 6:44am Andrei.Hicks wrote on Mar 28^th, 2014 at 6:17am: Economic novice or bumbling buffoon? Swann - neither. Hockey - both, and more.
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St George of the Garden

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Re: Australia's worst-ever Treasurer joins US talkfest
Reply #52 - Mar 28^th, 2014 at 7:02am

Andrei.Hicks wrote on Mar 28^th, 2014 at 6:17am:

Economic novice or bumbling buffoon?

Treasury have been overestimating revenue since the GFC.

At least Swan could see what too strong a fiscal contraction would do to unemployment and stopped trying to get a surplus. Personally I thought this stuff about getting to a surplus was a mistake, a mistake economically (which did get recognised) and politically.

Now we have the idiot Hokey going to cut spending harshly and you will see why Swan and Gillard stopped the chase to a surplus.

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Andrei.Hicks Gold Member Offline Australian Politics Posts: 23818 Carlsbad, CA Gender:	Re: Australia's worst-ever Treasurer joins US talkfest Reply #53 - Mar 28^th, 2014 at 7:12am So those comments he made where turned out to be wildly wrong isnt shooting his mouth off??? Not biased at all are you George?!
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St George of the Garden Gold Member Offline http://tinyurl.com/n 3o8m2x Posts: 9809 Gender:	Re: Australia's worst-ever Treasurer joins US talkfest Reply #54 - Mar 28^th, 2014 at 7:14am Swan did stop the chase for a surplus. I said the talk re surplus was a mistake economically and politically. With Hokey as Treasurer you will see why it was a mistake.
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Andrei.Hicks

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Re: Australia's worst-ever Treasurer joins US talkfest
Reply #55 - Mar 28^th, 2014 at 7:15am

St George of the Garden wrote on Mar 28^th, 2014 at 7:02am:

At least Swan could see what too strong a fiscal contraction would do to unemployment and stopped trying to get a surplus.

As late as January 2013 he was making comments about achieving a surplus!!!!

He didnt stop voluntarily.

He was told with 5 months left that after 2 years of declaring a surplus his finances were hopelessly nowhere near it.

The first time he declared it unlikely was March 2013!!!!!!!

Some $25bn out in the end!!!!!

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Andrei.Hicks

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Re: Australia's worst-ever Treasurer joins US talkfest
Reply #56 - Mar 28^th, 2014 at 7:18am

St George of the Garden wrote on Mar 28^th, 2014 at 7:14am:

Swan did stop the chase for a surplus.
.

With just 3 months left and his entire army dead on the battlefield.

Declaring it 3 months out after proclaiming youll deliver one for 2 years before that isnt stopping the chase!
Its called being thoroughly beaten!

One may even say he shot his mouth off for 2 years....

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St George of the Garden

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Re: Australia's worst-ever Treasurer joins US talkfest
Reply #57 - Mar 28^th, 2014 at 7:24am

He was (rightly) accused of hiding the announcement of stopping the chase for a surplus on the eve of Christmass 2012. Going for a surplus would have been Gillard’s political decision.

A surplus is fine when the economy is strong. ATM there are some pointers to the fact that punters are slowly starting to spend again but the economy is a long way from strong so a surplus is the wrong Budget setting ATM. Why I fear Hokey will get the economy going backwards.

However, that mistake aside, Swan saw us through the GFC with only a minor blip—unemployment here topped out at 5.8% while the US is still stuck at 7% unemployment and a stalled recovery. Wouldn’t hurt for people to recognise that as well as the mistake re the surplus.

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Andrei.Hicks Gold Member Offline Australian Politics Posts: 23818 Carlsbad, CA Gender:	Re: Australia's worst-ever Treasurer joins US talkfest Reply #58 - Mar 28^th, 2014 at 7:27am I'm responding to your claim Swan never shot his mouth off. I've given you three where he has and proved to be spectacularly wrong - there's plenty more than three too. Glad you recognize he did indeed shoot his mouth off.
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St George of the Garden

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Re: Australia's worst-ever Treasurer joins US talkfest
Reply #59 - Mar 28^th, 2014 at 7:32am

Answer me this Hicksie:

Did Costello ever get that high paying job in private enterprise? Did he ever get invited to a high level economic conference? Bit odd neither happened when every QT he was shooting his mouth off. And he and Howard filled the Budget with tax cuts paid for with a temporary boom and irresponsible spending by little Johnny rewarding groups that supported him and wild pork barreling to excess. That meant the real estate boom got fanned even higher and we are still paying the cost of the period of the worst ever economic management since Howard was Treasurer.

Without strict prudential legislation we would have seen one or two banks fall over here like they did in UK and US.

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