Saturday, January 31, 2009

Turnbull's 'Reds Under The Bed' Scare

Malcolm Turnbull will be checking for commies (communists) under the bed tonight. His return to the 1950's was confirmed with his statement that:
"The Prime Minister has been writing a 7,000 word treatise about political ideology in which he appears to be abandoning his claim to be an economic conservative and instead seems to be channelling Gough Whitlam, high taxes, big government and socialism.
It is amazing at this point Mr Rudd is seeking to go back to the failed days of big government, Gough Whitlam.
Older Australians like myself will shudder at the thought that Kevin Rudd is
channelling the Whitlam era in his latest treatise."

The treatise to which he refers is an article written by Prime Minister Rudd in which he espouses the need for greater world financial and economic regulation to prevent further recurrence of the current global financial crisis, which sees much of the world in recession. Certainly, some of the financial actions of the 1970's Whitlam government were questionable, but to suggest that Prime Minister Rudd is "channelling Whitlam" is just baseless political scare-mongering. Mr Turnbull wants instant tax cuts for Australians - always politically popular, but the World Bank has indicated that more rapid injections of funds are required. Tax cuts are already scheduled, anyway, from 1-July.

Australians might well shudder at the thought of Turnbull seeking political expediency over rational economic thought. Prudent financial regulations are the real reason why Australian banks do not need the same levels of financial assistance as the bailout of US and British banks and mortgage lenders. Those prudential and financial regulations are entirely consistent with conservative economic policies.

A thought for MrTurnbull: neo-liberalism's 'laissez-faire' economics are not economically conservative, and are not financially conservative. They are irresponsible because they quite blatantly allow for financial crises such as we now have.