'Business hope for quick end to election uncertainty'
ABC News - 'Business hope for quick end to election uncertainty'
Business groups say they are hoping for the quick formation of a stable government, and are very concerned about the Greens holding the Senate balance of power...
Good. 'Concerned' is capitalist-speak for 'shit, people are starting to realise that our economic practices are ecologically unsustainable'.
The chamber's chief executive Peter Anderson says the economy must continue to grow during the caretaker period and when a minority government is formed...
Well of course, he would say that.
Mr Anderson says he hopes the Greens will become a more pragmatic political party when it gains the balance of power in the Senate, with nine Greens senators in the Upper House of Parliament from July next year.
He says the Greens will need to adjust their stance on some economic issues to ensure necessary reforms can be made...
Perhaps it is the sycophantic Labor/Liberal parties that 'will need to adjust their stance', and stop praying at the great capitalist altar known as 'mass production, mass consumption'?
"There are many aspects of their platform which do not correspond with the platform of the major parties, and which do not correspond with views of the business community," he warned...
Good. 'Warned' is capitalist-speak for 'do as we say, or we are going to have to think up another way to go to war in order to protect our greedy idealism'. Bring it on!
"The Australian Greens will need to recognise that there is significant compromise necessary if we are going to achieve a stable outcome."
Perhaps it is the 'Australian Business Community' that needs to 'recognise' what it means to 'compromise'. Ever heard of a concept called 'ecological integrity', Mr Anderson?
Various industries and companies will also be hoping they will not lose out from the increased power of independents and the Greens, including mining companies, Telstra and the major banks.
As she announced a $1.4 billion three month profit, Westpac's chief executive Gail Kelly said she hopes the banking sector will not be used as a political bargaining tool.
"I'm hoping, as we all are, that it sort of settles its way through quite quickly because stability is something that we're all looking for," she said.
"There's been no indication that banking issues are going to actually become the lightning rod for anything, and certainly that would be our hope."
Not yet, but thanks for the tip of where to direct the efforts of our next anti-capitalist propaganda program, Gail.
Have you maxed out your credit card? Bought shares with borrowed money? Taken out a large home loan believing that prices always go up? Then you may be living on borrowed time. Filmmaker Martin Borgs takes a provocative look at the events leading up the Global Financial Crisis and asks if the attempts to avoid a ruinous collapse of banks and other major finance houses may set the world on the path to an even bigger meltdown.
When the world's financial bubble blew, the solution was to lower interest rates and pump trillions of dollars into the sick banking system. On the face of it this seemed the only way to deal with impending disaster, but was it?
"The solution is the problem, that's why we had a problem in the first place," Economics Nobel laureate Vernon Smith says. For him, the Catch 22 is self-evident. Interest rates have been at rock bottom for years, and governments are running out of fuel to feed the economy. He asks:
"The governments can save the banks, but who can save the governments?"
Forecasts predict many countries will see their debt reach 100 per cent of their Gross Domestic Product in the near future. Greece and Iceland have already crumbled, who will be next?
The storm that would rock the world began in the United States when congress pushed the idea of home ownership for all, propping up those who couldn't make the mortgage down payments. The market even coined the term NINA loans, meaning "No Income, No Assets, No Problem!" Enter FannieMae and FreddieMac, privately owned, government sponsored mortgage houses. "Want that vacation? Wanna buy some new clothes? Use your house as a piggie bank!" People began to ask: "why earn money to pay for your home when you can make money just living in it?" With the government covering all losses, you'd have been a fool not to borrow.
The years of growth had been a continuous party. But when the punchbowl ran dry, instead of letting investors go home to nurse their hangovers as usual, the Federal Reserve just filled it up again with phoney money. For analyst Peter Schiff, the consequence of the spending binge was crystal clear:
"We're in so much trouble now because we got drunk on all that Federal Government alcohol."
If he and other experts are right, then the worst is yet to come as governments struggle to pay the debt they now owe as a result of their bank bailouts and bad investment decisions.
Should prove to be interesting viewing. We are living in exciting times, my friends...