Costello the Wise

In an opinion piece in the SMH this morning, Costello the Wise is sticking to his mantra that he was the genius who is solely responsible for Australia not being hit by the finanacial tsunami that is engulfing the world.

It is amusing when he says things like “Main Street USA missed out on the bonuses that were being paid when the party was in full swing”. Sorry to inform you Peter – but the same thing occured here in Australia.

When the big bonuses and profits were being syphoned off here in Australia, we had the former PM and Costello telling us that we have never had it so good. But that “goodness” never really made it down to “main street”. But how many on “main street” really benefitted from the party – the level of personal debt in Australia is now the largest it has ever been. We have had the party, and guess who is left with the hangovers and the debt. Yep – you and me.

And as usual, it is interesting to read his words carefully. He says that the Coalition government cleared all debt, but then in the next sentence he qualifies it to say that they “cleared all the debt in net terms”. And that to me, my friends, looks like his get-out-of-gaol card – meaning that there is debt, just that it is not out in the open!

8 Responses

  1. The more Costello opens his mouth the less sense he seems to make.

    When the Liberals were in government, he proclaimed that the Australian economy was robust and strong, then in the face of election defeat he changed his mind and said that it was a sensitive machine that need fine tuning and expert management.

    Like a ‘racing car’ I think he said.

    Earlier this week he announced that anyone that voluntary contributed up to $1million in super before July 30 last year and have subsequently experienced substantial losses, should blame it on financial advisers.

    It was changes in government policy at the time that encouraged and allowed people to contribute up to $1 million which was previously not allowed!!

    Teflon Costello, just like Teflon Howard..!

  2. It always bemuses me when a government of the day takes credit for the blood and sweat that business has expelled to contribute to the economy.

    What do they actually do in government?

    Tax the bejesus out of us and redistribute it back to their pet voters and call it good economic policy!

    Hey, they have the doyens in the public service to keep the whole gravy train chugging along and there would not be many politicians that I would entrust to run my now very small business…reminds me of that famous quote from Abe Lincoln.

    So Costello and Swan can stand on their milking stools and proclaim to be the economic rudders of the nation but people in Australia are waking up and are not easily fooled.

    Sometimes I believe that politicians have run their course and we would be better served to tender out the portfolios to movers and shakers…not these untalented patsies of the toxic party machines that discourage real achievers in their ranks.

    The continuing inertia over the last five decades has to be eliminated

  3. Yeah, totally agree scaper.

    Poor old Swannie hasn’t realised yet that you don’t even need to pretend that you’ve got a clue. The poor guy always looks so desperate to justify his existence.

    And his latest announcement defending the Banks is just crazy stuff. Plenty of fodder for the Libs.

    Swan is like a sitting duck (pun intended!)


  4. Sadly I think that Swan is on his way out. Rudd said it shortly after the election, those who don’t shape up will be shipping out. Hence the reason for all those very talented parliamentary secretaries. I have no doubt about Swan’s sincerity, dedication etc etc but this must be the 3rd time that Swan has been less than diplomatic and that his boss has had to front the cameras to provide a more fullsome explanation.

    I am certainly way off being an economist but I do understand the reasoning why a full % may not be able to be passed along to the average Joe and Josephine given the current economic crisis. And yes folks, it’s a dinky-di crisis.

  5. Min – I think you may be right. I think Tanner is a much better performer both in the house and in the media.

  6. Joni, spot on…he’s more in control of his portfolio and it ain’t a big jump to Treasurer.

    Swan, by part got the job because you know…the old school tie and slamming the dicks in the door.

    I will be happier when the next model of PM and Treasurer comes out…I’ll leave it at that.

  7. Costello of course has also stated that no way did he or the former government in any way, shape or form encourage people to put their money into superannuation. Ohh bugger, that’s what happens when you gamble, sometimes you lose.

  8. I’m with you blokes, joni and scaper. Yes, Tanner is by far the superior performer.

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