I have just returned from the national capital, Canberra, where my brother Jim Turnour gave his maiden speech to the Australian federal parliament.
While Jim and I don’t agree on climate change – his views are more like those of David Jones, occasional commentator at this blog and Head of Climate Analysis Section, Australian Bureau of Meteorology – we do agree on many other issues. Last night in parliament Jim said:
“Political leaders and governments impact the daily lives of the citizens they represent. The good ones provide leadership and vision that can inspire great endeavour and achievement and that can heal historical pain and suffering.
Through legislation, they shape the foundations of the country and the society they envision. So the decisions we make in this parliament can improve the lives of every Australian, whether they know it or not. And I can think of no more important or rewarding work than to be part of a government ready to provide that leadership, to be part of a government ready to shape the foundations for a fairer and more prosperous society that ensures that every Australian—no matter their economic, social or cultural background—has the opportunity to participate fully and reach their potential.
This is the Labor ideal, and I am proud to be part of a Labor government. I therefore come to this parliament recognising the power that we as a government possess and determined not to waste the opportunity that I have been given to help shape a fairer and more prosperous Australia.
Jim Turnour delivering his maiden speech to parliament
As the member for Leichhardt, I represent a large and diverse electorate, stretching from Saibai Island in the Torres Strait bordering Papua New Guinea, through Cape York Peninsula to and including the great city of Cairns. Leichhardt, more than any other seat in our federation, is a microcosm of Australia. It contains remote Aboriginal and Torres Strait Islander communities, small rural towns built on mining and agriculture, and popular tourist destinations like Cairns and Port Douglas.
Cairns is a rapidly growing regional city, with sprawling outer suburbs and inner city communities where old Queenslanders are making way for new unit developments. The population is expected to grow from 125,000 to 180,000 over the next 10 years. We have mortgage-belt aspirationals, bluecollar battlers, sea changers, tree changers, farmers, graziers, miners, Islanders, Aboriginals and, of course, strong migrant communities. The economy founded on agriculture and mining continues to diversify, with tourism, construction, marine, aviation, defence, film and education playing important roles in our developing regional economy.
It is no wonder that the many challenges confronting Australia in the 21st century are being experienced by communities in my electorate of Leichhardt. Businesses are crying out for skilled labour, and there is an urgent need for investment in roads and community infrastructure like sporting facilities and childcare centres. Our major hospital, the Cairns Base, experiences chronic bed shortages, and patients have to travel away to receive many specialist services, including oncology and cardiac procedures. Working families are struggling under rising interest rates, petrol and grocery prices. Many young people are, for the first time, starting to question whether they will ever be able to afford to buy their own home, while many Indigenous people are welfare dependent, have limited opportunities for full-time employment and suffer poor health and educational outcomes.
Climate change is also placing at risk our World Heritage Great Barrier Reef and Wet Tropics rainforest, our
agricultural industries and low lying coastal communities.
These are major challenges requiring long-term planning and investment, while for working families they are practical problems they face every day. I am proud to be part of a government that brings new leadership— that understands and responds to everyday problems but remains focused on ideas to build a modern Australia equipped for the 21st century. I am working hard to lend a helping hand on the everyday problems being faced by my constituents while building a long-term plan to tackle the challenges facing my communities. I am proud of the many local commitments I secured during the recent election campaign, including increased road funding for the Bruce Highway and Peninsula Development Road, and new health services through a GP superclinic, an MRI for Cairns Base Hospital and funding to improve oncology services.
In the tropical north our natural assets, our close proximity to Asia and the Pacific region and our tropical expertise provide us with unique opportunities to grow and strengthen our local economy. To take advantage of these opportunities and to prosper into the future Australia must remain a technologically advanced country. That is why the Rudd Labor government is investing in nation building infrastructure and an education revolution. Our high-speed fibre-to-the-node communications network will go beyond the capital cities and will connect our rural and regional communities to the global economy. If we unlock the creative potential of our population through education and training and have world-class infrastructure then we will be able to compete and do business anywhere in the world.
Our human creativity and access to world-class infrastructure is also key to our fight against climate change. Leichhardt is home to some of the world’s great natural wonders in the Great Barrier Reef and Daintree rainforest, which are both at risk from climate change. Island communities in the Torres Strait like Saibai and Boigu are also under threat from rising sea levels. The problem of climate change has arisen because of a failure of our market based economy to cost in pollution in the form of greenhouse gas emissions. This classic example of market failure has produced climate change that now poses a real threat to our environment, our local economy and our way of life. This problem requires practical local action and a global solution. An enormous challenge for our government will be how we intervene in the market to ensure that the real cost of greenhouse gas emissions is reflected in the market for fossil fuels. Getting this right will be critical not only to tackling climate change but to ensuring that our quality of life does not decline as we develop and adopt new renewable fuels and technologies to replace old ones.
The market based economy that, although not perfect, has allowed for the creation of so much of our wealth is also under threat from uncertainty in financial markets and the increasing power of global corporations. The uncertainty in financial markets generated through the United States sub-prime mortgage crisis is a factor in Australia’s rising interest rates. Financial markets have failed halfway around the world, yet the impacts are being felt by families with mortgages in Leichhardt and all across Australia.
The Australian Competition and Consumer Commission, in a report into petrol prices released in December last year, found no evidence of price fixing by major oil companies but found that they were operating in a comfortable oligopoly. Labor has since announced a petrol commissioner to monitor prices and improve transparency in the fuel industry. Legislation to protect consumers from monopolistic market power and unethical behaviour in the marketplace is critical to our long-term economic and social prosperity.
Climate change, the sub-prime mortgage crisis and the domination of large corporations in the supply chain for basic goods and services like food and fuel underline the important role that governments must play in regulating markets so they create prosperity not only today but into the future for the broader community. Increasingly, though, regulating these markets requires agreements that cross national borders. We need leadership and a new effort to develop global solutions to the problem of market failure. Australia is well placed to play a leadership role in developing these solutions. To do this we must participate fully in the global community, and that is why it was so important for Australia to have signed the Kyoto protocol and joined the global effort to tackle climate change.
Critical to our long-term future is also our agenda for reform through the Council of Australian Governments. The fact that the federal and every state government is Labor provides us with a unique opportunity to put aside the blame game that we must not squander. In a report for the Business Council of Australia, Access Economics estimated that cost shifting, duplication and other inefficiencies in Commonwealth-state funding arrangements cost some $9 billion per year. Of this, $5 billion is related to spending inefficiencies, including around $1 billion in health related inefficiencies.
In areas like health, where there will always be more demand than funding, it is imperative that we make the best use of available resources. When we squander precious resources we make those who may be waiting for treatment suffer longer and we have fewer resources available to take much needed action to prevent people getting sick. New medical technologies have improved the quality of life of many people suffering debilitating illnesses and ensured that we all live longer and enjoy a better quality of life. The spiralling cost of these technologies, however, creates huge challenges for governments who want to ensure that it is not only the better off within the community who have access to these new treatments. Preventable diseases like diabetes and heart disease that develop over a person’s lifetime are also increasingly threatening the sustainability of our public healthcare system.
Reform is required to reduce waste and duplication and improve service delivery across government. This is not only an economic but a moral imperative in areas like health and Indigenous affairs.
Leichhardt is home to wonderful Indigenous cultures and the historic Mabo and Wik native title decisions. I would like to pay a special tribute to the numerous Indigenous traditional owners and elders from my electorate who have fought to maintain not only their culture and rights but those of other Indigenous Australians. In Leichhardt, like in other parts of Australia, Indigenous people statistically have poorer health and lower levels of education and are more likely to be on welfare or in jail than non-Indigenous Australians. It is no wonder that Indigenous life expectancy is 17 years less.
We need practical action by government in partnership with Indigenous communities to close this gap. We need an evidence based approach that holds people accountable and delivers action and real improvements in health and education and creates economic opportunities while tackling the debilitating impacts of welfare dependency and substance abuse.
We also need leadership that inspires and heals, and I am proud to be part of a government that has shown that leadership by apologising to the stolen generations as its first order of business during the opening of this parliament. It is this combination of leadership that touches a deep emotional chord and uplifts the human spirit and that, when combined with real and substantial practical action, starts us down the road to closing the gap in life expectancy between Indigenous and non-Indigenous Australians. As Paul Keating put it in his famous Redfern speech, how we respond to Indigenous Australia:
… is a fundamental test of our social goals and our national will: our ability to say to ourselves and the rest of the
world that Australia is a first rate social democracy, that we are what we should be … the land of the fair go and
the better chance.
I believe Australians believe in equality of opportunity, enshrined in what we term the ‘fair go’. We believe in a fair go that embodies rights and responsibilities. Australians expect everyone to get a fair go when it comes to the basics, including health, education and a job, but we also expect everyone to have a go and contribute depending on their ability and circumstances. We are practical people, common-sense people, who look for straight answers to the challenges we face in everyday life. ‘Does it work?’ and ‘is it fair?’ are simple but powerful values that Australians understand and that I learnt growing up.
I was born the third of four children. My parents, John and Joan Turnour, who are in the gallery today, grew small crops and ran cattle at Coomalie Creek, near Batchelor, 56 miles south of Darwin, in the Northern Territory during the 1950s and sixties. They established the block from scratch, building their house from home-made bricks, and experienced the hardships of bush life. My parents would make a career of pioneering, setting up properties firstly in Australia and then overseas in Indonesia and the Philippines. Dad is a do-it-yourself man who can fix pretty much anything with whatever is at hand; even the kitchen cupboards were fastened to the wall in one of our homes with eight-gauge wire. My Mum is an only child who came to Australia as a ten-pound Pom in 1952, aged 21. She never seems fazed by anything and has always been active in the local community, whether it is at the Country Women’s Association, the parents and friends association or the local church. I proudly carry her maiden name, Pearce, as my middle name. My parents were determined that all of us kids would get a good education.
I boarded at Brisbane Grammar School and subsequently went to the University of Queensland, where I graduated with degrees in agriculture and, later, economics. So I grew up with strong role models, surrounded by different cultures, learning to use what resources I had to find practical solutions to the challenges of everyday life. I was taught to treat people fairly, even if the world is not always fair. So thank you, Mum and Dad and my sisters Jennifer and Caroline, who are in the gallery today, and my brother, Matthew, for your love and support and the lessons learnt. The support of my family, my education and the practical skills I learnt growing up have held me in good stead throughout my working life.
For almost 20 years I built a career working with farmers and graziers for the Department of Primary Industries and as an agricultural consultant in Australia and overseas. Most recently I managed Operation Farm Clear, a large project that employed more than 200 people and assisted more than 1,000 farmers to recover following the devastation of severe Tropical Cyclone Larry.
Politics, though, has always interested me. At home we always talked about politics and I was at university at the end of the Bjelke-Petersen era and experienced the great mood for change that elected the Goss Labor government in Queensland. My younger sister, Caroline Turnour, has had the greatest influence over my political career. She told me to stop whingeing about John Howard back in 1998 and join the Labor Party. In 2001 she suggested I contact Senator Jan McLucas, who is in the chamber today, and work for a politician and see what it was really like. I was so glad my sister was there last year when I finally won after the disappointment of the 2004 campaign, so thank you, Caroline, for always being there and for your advice and support.
I want to pay tribute to my wife, Tiffany, who is in the gallery today. Politics is tough on families but she knows I love this job and how hard we have both worked to get here. I thank you, Tiffany, for the love and support you have given me and for the sacrifices you have made and the many more ahead.
To my beautiful daughter, Zoe Joan: the size of my electorate and its distance from Canberra means that I am going to miss some of your growing up. I am going to work hard not to miss too much and I hope that you appreciate and enjoy some of the unique experiences you will have as the daughter of a parliamentarian.
In Leichhardt we achieved a massive swing approaching 15 per cent and I want to thank my campaign and the Your Rights at Work campaign for the effort they put in. The timing was right and the national swing was on, but you do not achieve 15 per cent without a great local campaign. I was endorsed in April 2006 and we ran a mini-campaign later that year, thanks to the efforts of my campaign director, Mike Bailey, and Toni Fulton and the financial backing of the Cairns branch. This campaign leveraged off the national Your Rights at Work campaign and the local Where’s Warren? campaign, driven by Stuart Trail and the Electrical Trades Union. Stuart Trail would go on to become the ACTU Your Rights at Work coordinator in Leichhardt and there is no doubt that the community activism the entire union movement created on the ground in Leichhardt galvanised opposition to the Work Choices laws and drew people back to the Labor Party. Thank you, Stuart Trail and Kevin O’Sullivan, for leading the campaign and all the unionists who worked so hard to get rid of the Howard government. We could not have done it without you.
Leichhardt is an electorate of more than 150,000 square kilometres with diverse communities and it requires great logistical planning to run a good campaign. Lesley Clark, the former member for Barron River, came on board to coordinate the overall campaign in the last few months, enabling me to focus fully on my job as the candidate. Her knowledge and experience of marginal seat campaigning is only exceeded by her generosity of spirit when it comes to supporting the Labor Party. I could not have had anyone better running the local Labor campaign. She and Mike Bailey were ably supported by so many fantastic people, but I need to name a few who have supported me over many years or have given up so much of their time during the recent campaign. Thank you, Hazel Lees, for so professionally managing the finances.
Thank you, Cathy Lovern, my campaign director from 2004, who I have so often turned to and who has never let me down. Thankyous go to Jan Lahney, who is also in the gallery today, John Pratt, John Tuite, Sue Tom, John Thompson, Dorothy Grauer, Cam Muir, Jackie Clarkson, Alison Alloway, Andrew Lucas, Les Francis and all the others who have worked so hard on the campaign. A thankyou goes to Allen Ringland, who ran the best corflute campaign ever. John Adams did a great job organising the Cape and Torres Strait while Martin Hurst similarly did a great job organising the polling booths.
I want to pay tribute to my Senate colleague Jan McLucas, who is in the chamber today, for her support over many years. I learnt a great deal about politics while working for Jan—so thank you very much. I also want to thank my Senate colleague Claire Moore for her support during the recent campaign. State members Jason O’Brien, Steven Wettenhall, Warren Pitt and Desley Boyle have all supported me wherever they could. I look forward to working with them to improve the lives of the communities we represent. I also want to thank the Queensland and national ALP campaigns, who so ably supported our local effort.
Finally I want to pay tribute to the candidates and members who went before me. To Chris Lewis and Matt Trezise, who ran for Labor in 1998 and 2001: the time just wasn’t right. To John Gayler, Peter Dodd and Warren Entsch: I hope you are enjoying your retirement from parliament and thank you, John, for your support and advice.
I hope to have a long career in this place achieving good things for my communities and my country. Everything we achieve in life we achieve through the support of others and that is particularly the case when it comes to politics. I am so lucky to have had a supportive family growing up and now such a wonderful partner in Tiffany. I have great staff and a strong base of support in Leichhardt and I am now looking forward to working with members of this House and of the Senate and their staff over the years ahead because political leaders and governments really can make a difference!”
End of speech
——————————————
You can read more about Jim Turnour here:
http://www.jimturnour.com.au/
http://www.aph.gov.au/house/members/member.asp?id=HVV
http://en.wikipedia.org/wiki/Jim_Turnour
Paul Biggs says
“Our human creativity and access to world-class infrastructure is also key to our fight against climate change. Leichhardt is home to some of the world’s great natural wonders in the Great Barrier Reef and Daintree rainforest, which are both at risk from climate change. Island communities in the Torres Strait like Saibai and Boigu are also under threat from rising sea levels. The problem of climate change has arisen because of a failure of our market based economy to cost in pollution in the form of greenhouse gas emissions. This classic example of market failure has produced climate change that now poses a real threat to our environment, our local economy and our way of life. This problem requires practical local action and a global solution. An enormous challenge for our government will be how we intervene in the market to ensure that the real cost of greenhouse gas emissions is reflected in the market for fossil fuels. Getting this right will be critical not only to tackling climate change but to ensuring that our quality of life does not decline as we develop and adopt new renewable fuels and technologies to replace old ones.”
Well, he certainly needs a lot of help here – climate change isn’t a new phenomenon created or controlled by man and meaningful global CO2 emission reductions are ’emission impossible’and won’t have any measurable effect on climate.
Climate policy should concentrate on adaptation; energy policy must be separated from climate policy because the two simply aren’t linked. Failing to build sufficient reliable energy infrastructure due to misplaced concerns over ‘global warming’ will leave us in serious trouble when the next, inevitable cycle of global cooling arrives.
His last sentence makes good sense: “ensuring that our quality of life does not decline as we develop and adopt new renewable fuels and technologies to replace old ones.”
Neil Hewett says
It must have been a very proud day, Jen, for you and the other members of your family.
Last year, I managed to visit Parliament House for the first time and I must say how truly impressed I was by the respectability of its timeless architecture and siting.
I recall Jim’s predecessor seeming genuinely pleased to have a constituent of Leichhardt in his parliamentary office, and thinking that the grandeur and ceremony would compensate, in some tangible sense, for their separation from family and their communities of representative responsibility.
I wish Jim all the very best in his parliamentary term and very much look forward to his pursuit of the ‘fairer and more prosperous society that ensures that every Australian—no matter their economic, social or cultural background—has the opportunity to participate fully and reach their potential’.
Peter says
Sorry, but this statement:
“The market based economy that, although not perfect, has allowed for the creation of so much of our wealth is also under threat from uncertainty in financial markets and the increasing power of global corporations.”
Shows that he is a bit of a dill, though perhaps no worse than most of his colleagues. You can’t actually understand the market economy and make a statement like that.
“Reform is required to reduce waste and duplication and improve service delivery across government. This is not only an economic but a moral imperative in areas like health and Indigenous affairs.” – And haven’t his colleagues in Qld been good at that! Thank god the blame game is over now. Qld health will be fixed at last, those damn Libs in the Federal Gov really stuffed it up for us.
rog says
Whilst Peter could have expressed himself a little more tactfully he is correct – the market based economy is not under threat from uncertainty, the market thrives on it.
As for govts regulating markets to create prosperity, that is as fanciful if not more fanciful as perpetual motion.
Unfortunately that is the state of play in leftist politics, good intentions mixed with gratuitous moralising by a few to the many.
Anyway, lets see what sort of mess this mob will make before having to be rescued.
Luke says
Dream on – subprime – the market working well. ROTFL. Rightists defying reality.
Jennifer says
On financial markets and the subprime, Sinclair Davidson has some interesting insights:
“In 1992, the Boston Federal Reserve published a working paper, subsequently published in the prestigious peer-reviewed American Economic Review, which provided empirical evidence showing that banks were discriminating against minorities on the basis of race. It subsequently transpired that the data used in the 1992 Boston Fed paper was deeply and fundamentally flawed.
The damage, however, had been done. The Boston Fed published a document entitled “Closing the gap: A guide to equal opportunity lending” (PDF 240KB); it is still available on their website. This is a document refers to underwriting standards that are “arbitrary or unreasonable”. For example, “Policies regarding applicants with no credit history or problem credit history should be reviewed. Lack of credit history should not be seen as a negative factor.”
Fast forward to 2008 and financial institutions are being pilloried for poor lending practices, yet they were sanctioned by the financial regulator in 1993.
Sloppy research leading to bad microeconomic policy is only part of the story. The other part of the story was occurring in the macroeconomy. Restrictive housing policy caused housing prices to rise. These artificial price increases were related to restricting the amount of land that was available for new housing. Similar restrictive policies are being followed in Australia.
Of course a large contributor was the level interest rates in the first half of the decade. John Taylor of Stanford University – famous for his Taylor Rule that very accurately models the US Fed Funds rate – has argued that US interest rates were far below what they should have been and this caused over-investment in the housing market and over-pricing of the housing stock. This type of argument is consistent with business cycle theories originally posited by Ludwig von Mises and Friedrich von Hayek.
The supply of funds into the housing market also had the effect of reducing loan delinquency and foreclosure rates. This distorted downwards estimates of risk and risk premiums leading to mispricing in the secondary markets. As interest rates increased ad eventually housing prices decreased so it all unravelled.
There are many lessons to be earned from this sorry story. Most importantly government intervention always has unintended consequences. Anti-capitalistic bureaucratic prejudice led to the view that financial institutions would discriminate against minorities. Sloppy research then led to a justification for further government intervention…
Read more here: http://www.onlineopinion.com.au/view.asp?article=7061&page=0
rog says
Banks were discriminating on risk and blacks were high risk – populations were delineated by suburbs (red lines). In an effort to promote equality the govt mandated loans to high risk and against redlining.
The central bank (Fed) purposely lowered interest rates to increase liquidity so more people could buy more stuff with less money on few assets.
Loans were made to those who had no chance of repaying them and defaults were limited to the property, banks could not claim access to other lender assets.
Money was lent on next to nothing repayments (honeymoon period) making debt relatively easy to manage.
Banks then bundled up these high risk loans into packages and sold them on as performing assets.
When interest rates went up and honeymoon periods ended lenders were unable to met repayments and defaulted.
Financial institutions realised they had subprime in their portfolios and suffered.
The govt regulated the market for political social engineering purposes, voila you have meltdown of the subprime.
End of story
Luke says
Yep and who made the loans. End of story.
Jennifer says
Luke, next thing you are going to blame farmers for not cutting down trees. why don’t you read the entire piece by Sinclair.
Ian Mott says
Jen, it would be a proud moment for any family and nothing can take that away from you. But can we conclude, from his politics, that your brother was out feeding the chooks when your mum dished out the brains?
The single most important attribute needed for a person to gain party pre-selection is an enduring capacity to sell raffle tickets and eat rubber chicken dinners. The bozo that keeps comming back for more and more is usually the one that gets the nod.
And there must be something in the parliamentary water supply that turns perfectly functional brains into a mush of platitude and cliche.
Truxter says
Don’t believe one optimistic word from any public figure about the economy or humanity in general. They are all part of the problem. Its like a game of Monopoly. In America, the richest 1% now hold 1/2 OF ALL UNITED STATES WEALTH. Unlike ‘lesser’ estimates, this includes all stocks, bonds, cash, and material assets held by America’s richest 1%. Even that filthy pig Oprah acknowledged that it was at about 50% in 2006. Naturally, she put her own ‘humanitarian’ spin on it. Calling attention to her own ‘good will’. WHAT A DISGUSTING HYPOCRITE SLOB. THE RICHEST 1% HAVE LITERALLY MADE WORLD PROSPERITY ABSOLUTELY IMPOSSIBLE. Don’t fall for any of their ‘humanitarian’ CRAP. ITS A SHAM. THESE PEOPLE ARE CAUSING THE SAME PROBLEMS THEY PRETEND TO CARE ABOUT. Ask any professor of economics. Money does not grow on trees. The government can’t just print up more on a whim. At any given time, there is a relative limit to the wealth within ANY economy of ANY size. So when too much wealth accumulates at the top, the middle class slip further into debt and the lower class further into poverty. A similar rule applies worldwide. The world’s richest 1% now own over 40% of ALL WORLD WEALTH. This is EVEN AFTER you account for all of this ‘good will’ ‘humanitarian’ BS from celebrities and executives. ITS A SHAM. As they get richer and richer, less wealth is left circulating beneath them. This is the single greatest underlying cause for the current US recession. The middle class can no longer afford to sustain their share of the economy. Their wealth has been gradually transfered to the richest 1%. One way or another, we suffer because of their incredible greed. We are talking about TRILLIONS of dollars. Transfered FROM US TO THEM. Over a period of about 27 years. Thats Reaganomics for you. The wealth does not ‘trickle down’ as we were told it would. It just accumulates at the top. Shrinking the middle class and expanding the lower class. Causing a domino effect of socio-economic problems. But the rich will never stop. They just keep getting richer. Leaving even less of the pie for the other 99% of us to share. At the same time, they throw back a few tax deductible crumbs and call themselves ‘humanitarians’. Cashing in on the PR and getting even richer the following year. IT CAN’T WORK THIS WAY. Their bogus efforts to make the world a better place can not possibly succeed. Any ‘humanitarian’ progress made in one area will be lost in another. EVERY SINGLE TIME. IT ABSOLUTELY CAN NOT WORK THIS WAY. This is going to end just like a game of Monopoly. The current US recession will drag on for years and lead into the worst US depression of all time. The richest 1% will live like royalty while the rest of us fight over jobs, food, and gasoline. So don’t fall for any of this PR CRAP from Hollywood, Pro Sports, and Wall Street PIGS. ITS A SHAM. Remember: They are filthy rich EVEN AFTER their tax deductible contributions. Greedy pigs. Now, we are headed for the worst economic and cultural crisis of all time. Crime, poverty, and suicide will skyrocket. SEND A “THANK YOU” NOTE TO YOUR FAVORITE MILLIONAIRE. ITS THEIR FAULT. I’m not discounting other factors like China, sub-prime, or gas prices. But all of those factors combined still pale in comparison to that HUGE transfer of wealth to the rich. Anyway, those other factors are all related and further aggrivated because of GREED. If it weren’t for the OBSCENE distribution of wealth within our country, there never would have been such a market for sub-prime to begin with. Which by the way, was another trick whipped up by greedy bankers and executives. IT MAKES THEM RICHER. The credit industry has been ENDORSED by people like Oprah, Ellen, Dr Phil, and many other celebrities. IT MAKES THEM RICHER. Now, there are commercial ties between nearly every industry and every public figure. IT MAKES THEM RICHER. So don’t fall for their ‘good will’ BS. ITS A LIE. If you fall for it, then you’re a fool. If you see any real difference between the moral character of a celebrity, politician, attorney, or executive, then you’re a fool.. WAKE UP PEOPLE. THEIR GOAL IS TO WIN THE GAME. The 1% club will always say or do whatever it takes to get as rich as possible. Without the slightest regard for anything or anyone but themselves. Reaganomics. Their idea. Loans from China. Their idea. NAFTA. Their idea. Outsourcing. Their idea. Sub-prime. Their idea. High energy prices. Their idea. The commercial lobbyist. Their idea. The multi-million dollar lawsuit. Their idea. The multi-million dollar endorsement. Their idea. $200 cell phone bills. Their idea. $200 basketball shoes. Their idea. $30 late fees. Their idea. $30 NSF fees. Their idea. $20 DVDs. Their idea. Subliminal advertising. Their idea. Brainwash plots on TV. Their idea. Prozac, Zanex, Vioxx, and Celebrex. Their idea. The MASSIVE campaign to turn every American into a brainwashed, credit card, pharmaceutical, love-sick, couch potatoe, celebrity junkie. Their idea. All of the above shrink the middle class, concentrate the world’s wealth and resources, create a dominoe effect of socio-economic problems, and wreak havok on society. All of which have been CREATED AND ENDORSED by celebrities, athletes, executives, entrepreneurs, attorneys, and politicians. IT MAKES THEM RICHER. So don’t fall for any of their ‘good will’ ‘humanitarian’ BS. ITS A SHAM. NOTHING BUT TAX DEDUCTIBLE PR CRAP. In many cases, the ‘charitable’ contribution is almost entirely offset.. Not to mention the opportunity to plug their name, image, product, and ‘good will’ all at once. IT MAKES THEM RICHER. These filthy pigs even have the nerve to throw a fit and spin up a misleading defense with regard to ‘tax revenue’. ITS A SHAM. THEY SCREWED UP THE EQUATION TO BEGIN WITH. ITS THEIR OWN DAMN FAULT. If the middle and lower classes had a greater share of the pie, they could easily cover a greater share of the federal tax revenue. They are held down in many ways because of greed. Wages remain stagnant for millions because the executives, celebrities, athletes, attorneys, and entrepreneurs, are paid millions. They over-sell, over-charge, under-pay, outsource, cut jobs, and benefits to increase their bottom line. As their profits rise, so do the stock values. Which are owned primarily by the richest 5%. As more United States wealth rises to the top, the middle and lower classes inevitably suffer. This reduces the potential tax reveue drawn from those brackets. At the same time, it wreaks havok on middle and lower class communities and increases the need for financial aid. Not to mention the spike in crime because of it. There is a dominoe effect to consider. So when people forgive the rich for all of the above and then praise them for paying a greater share of the FEDERAL income taxes, its like nails on a chalk board. If these filthy pigs want to be over-paid, then they should be over-taxed as well. Remember: The richest 1% STILL own 1/2 of all United States wealth EVEN AFTER taxes, charity, and PR CRAP. A similar rule applies worldwide. There is nothing anyone can say to justify that. Anyway, there is usually a higher state and local burden on the middle and lower classes. They get little or nothing without a local tax increase. Otherwise, the red inks flows. Service cuts and lay-offs follow. Again, because of the OBSCENE distribution of bottom line wealth in this country. I can not accept any theory that our economy would suffer in any way with a more reasonable distribution of wealth. Afterall, it was more reasonable 30 years ago. Before Reaganomics came along. Before GREED became such an epidemic. Before we had an army of over-paid executives, celebrities, athletes, attorneys, investors, entrepreneurs, developers, and sold-out politicians to kiss their asses. As a nation, we were in much better shape. Lower crime rate, more widespread prosperity, stable job market, free and clear assets, lower deficit, ect. Our economy as a whole was much more stable and prosperous for the majority. WITHOUT LOANS FROM CHINA. Now, we have a more obscene distribution of bottom line wealth than ever before. We have a sold-out government, crumbling infrastructure, energy crisis, home forclosure epidemic, 13 figure national deficit, and 12 figure annual shortfall. The cost of living is higher than ever before. Most people can’t even afford basic health care. ALL BECAUSE OF GREED. I really don’t blame the 2nd -5th percentiles. No economy could ever function without some reasonable scale of personal wealth and income. But it can’t be allowed to run wild like a mad dog. ALBERT EINSTEIN TRIED TO MAKE PEOPLE UNDERSTAND. UNBRIDLED CAPITALISM ABSOLUTELY CAN NOT WORK. Bottom line: The richest 1% will soon tank the largest economy in the world. It will be like nothing we’ve ever seen before. and thats just the beginning. Greed will eventually tank every major economy in the world. Causing millions to suffer and die. Oprah, Angelina, Brad, Bono, and Bill are not part of the solution. They are part of the problem. THERE IS NO SUCH THING AS A MULTI-MILLIONAIRE HUMANITARIAN. EXTREME WEALTH MAKES WORLD PROSPERITY ABSOLUTELY IMPOSSIBLE. WITHOUT WORLD PROSPERITY, THERE WILL NEVER BE WORLD PEACE OR ANYTHING EVEN CLOSE. GREED KILLS. IT WILL BE OUR DOWNFALL. Of course, the rich will throw a fit and call me a madman. Of course, they will jump to small minded conclusions about ‘jealousy’, ‘envy’, or ‘socialism’. Of course, their ignorant fans will do the same. You have to expect that. But I speak the truth. If you don’t believe me, then copy this entry and run it by any professor of economics or socio-economics. Then tell a friend. Call the local radio station. Re-post this entry or put it in your own words. Be one of the first to predict the worst economic and cultural crisis of all time and explain its cause. WE ARE IN BIG TROUBLE.
rog says
Idiot
Alex McAdam says
Then I guess we don’t have to worry about CO2 emissions beyond 2015, eh?
Not big trouble, just a realignment of the economic song lines after a few decades of unrealistically cheap energy and cheap food. Of course, if you have covered your back yard with concrete then your food bills might get a bit sensitive.
And remember, town planners have been in complete control of the housing industry world wide for the past three decades and look what they have delivered. An undersupply of too much house at a cost that the average couple cannot stay married while trying to pay off.
Planned poverty.
rog says
Anyway, anybody who puts their hand up as the elected representative of a community has already earned my tick of approval, irrespective of their how they dress.
Its a thankless task