Rudd recognises greed at heart of financial crisis

Prime Minister Kevin Rudd urges an end an era of "extreme capitalism" and rejects the notion that "greed is good" by suggesting a new world order of global financial regulation.

In attacking the excessive executive salaries of the modern era, Mr Rudd has sought to place the global financial crisis within a values framework, warning that "the disease" of short-termism has infected governments and financial markets.

Jim Wallace, Managing Director of the Australian Christian Lobby, discusses Rudd's stance with David Gibbons from InFocus.

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• kevin
• rudd
• malcolm
• mccain
• obama
• turnbull
• Australian
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• wallace
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• liberal

[truevoice08]

Rudd is an ass. He supports environmental policies that drive out farmers from their land so the gov't can build windmills

[jayeradasich]

what about rudd being australia's richest pm ever

[buldgingballs]

What about Rudds 'greed' to spend 160 billion dollars of money that Australia doesn't have?

[germanicelt]

You said it. I was trying so hard to warn people on youtube about Rudd in late 2007. I said he was like Palpatine and if elected PM he would turn into the Emperor. Well, it's more like he is Darth Vader working for the Emperor, which in this case in the private banksters who own the RBA, Federal Reserve, Bank of England, IMF etc. He is a traitor to the Australian people and will only surrender our independence further, to the NWO.

[peterscottfrost]

bobtassoni -- Well said! I completely agree.

[bobtassoni]

Of course, I don't mean to include in this profits that come to businessmen who use the state plunder taxpayers, like these bailout whores & other subsidy seekers, or use the state to impose a multitude of devices to hamper free entry of competitors, such as through tarrifs, licensing schemes, etc.

[bobtassoni]

Thanks, Peter. Another pretty simple point to make against those who in general inveigh against the "profit motive" is ask "what do they expect businessmen to do: NOT aim to make a profit? To break even or suffer loses? For what happens when profits happen? Just this: the costs of all the factors of getting product to consumers came to less than they were willing to pay. It means the consumers felt this use of factors was justified, as opposed to when losses occur. What's so immoral about that?!

[jayeradasich]

RUDD'S A DUDD

[Individualism101]

'Overseas people' might benefit from a bit of freedom. Freedom of ownership. Freedom of movement. Freedom of speech.

Why is it always the opinion of the media that the west is somehow magically rich, while the east is somehow magically poor. The wealth of the west is a result of a philosophy which is being quickly eroded. That philosophy is individual liberty.

[peterscottfrost]

bobtassoni -- Great point about the greedy always being with us!

Another thing worth noting is that economic bubbles are not caused by too little government regulation, but by too much money and too much easy credit, which comes from central banks, like the Federal Reserve. It seems like politicians and the media are blaming the free market for the economic downturn rather than the real culprits. (Except, of course, for Ron Paul, who understands the problem like no other politician does.)