Part of the family

In all of the doom and gloom of the blog lately and with Riley and Ke-anu-tu-ati being a bit poorly at the moment, I thought that we could have a thread on our pets – both past and present. And Min and Shane can put the updates on the blogopets into this thread.

Of course, the official animal of the blogocrats is the octopus. Is this a photo of reb and his pet?

So let’s reminisce about our pets.

Growing up, my family had dogs and cats, birds and fish – and a few red-belly black snakes in the back yard.

Unfunded Debt: Pensioners ripped off

Australia’s ‘age of prosperity’, as Peter Costello calls it in his memoirs, has been underwritten by the mining boom (even as manufactured exports stagnated during his tenure) and massive increases in household debt (now more than $1 trillion — about the same as the annual national output), even as the government has wound down its own debt. The national debt has in effect been privatised while, at the same time, risk has been shifted away from government and business onto the shoulders of ordinary people, in the shape of long working hours, casualisation, and the sort of uncertainty that is written in the fact that Australians take the least holidays of any western nation.

So much for the magic of markets.

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Turmoil-enomics IV

Redundancy is the order of the day.

It’s already started.  In the wake of Optus announcing that is going to slash staff, the company I work for has today made five people redundant as a direct consequence of the market downturn.

This excerpt from 60 minutes:

LIZ HAYES: Recession or depression, which one are we heading for?

STEVE KEEN: Unfortunately, a depression.

LIZ HAYES: Economist Steve Keen hates to say it, but he told us so. Three years ago he predicted this economic crisis – the plunging stock market and falling house prices. His next tip? Massive unemployment.

STEVE KEEN: At least a 10-15% level of unemployment and people who think we are going to be at 5.5% at the end of the year, I think are being far too optimistic.

LIZ HAYES: That equates to hundreds of thousands of people.

STEVE KEEN: It’ll crack a million, it’ll crack a million for sure in Australia.

LIZ HAYES: That’s devastating.

STEVE KEEN: It is.

Your Rudd, my Rudd, our Rudd. Rudd TV

Our quasi-president seems to be all over TV at the moment, re-assuring us, calming us. He made his big statement to the nation last week (which Malcolm quickly covered) and then last night on C7 he had a “town hall” debate – just like in the US debates but without anyone else. I wonder if Malcolm has sent Rudd another note to complain.

Anyway – I missed the debate – still a bit sick and was dozing on the couch – so what did the blogocrats think of the debate, and does anyone have any predictions on when Turnbull will have his version of the show?

McCain takes another hit. POWell!

Overnight in the US, General Powell has endorsed Barack Obama for president. He said:

He has met the standard of being a successful president, being an exceptional president.

Will this have an effect on the result?