Paul Keating On Economic Crisis 2009 part 1 of 3

Former Australian PM / Treasurer give an interview to ABC TV "Lateline" program on the world economic crisis. Interesting point of view on the crisis that is completely at odds with the mass media and current government's reports, and well worth listening to. Note: Paul Keating was the Australian Labor Government treasurer from 1983-91 and Prime Minister 1991-95. He presided over 2 very nasty recessions, (including his infamous "recession we have to have"), home loan interest rates as high as 17.5% at one point, brought the unwanted cancer of Political correctness to this country and was not my favourite person, but in this video many of the points he makes are thought provoking. His views are a definite change to when he was in power.

2: the "4 pillars" bank policy he refers to - was in relation to the 4 major Australian banks, "Westpac", "Commonwealth", "ANZ" and "National" (Now called NAB).

Category:

News & Politics

Tags:

• paul keating
• economic crisis
• recession
• depression
• federal reserve
• wall street
• china
• bernanke
• four pillars policy.

[adc123451]

socialist snake? you have got to be kidding. as a matter of record Keating/hawke were responsible for the biggest progressive economic reforms in our history.

Howard/Costello dont even come close.

Altho - keating did believe that economic growth should be invested in universal health care/ health/ education/small business. Whereas as a matter of record Howards big winners were those earning over $150k and big business.

[heathirving]

if it wasnt for whitlam,we would have a usa style health system,no legal aid,no racial discrimination laws,a transport system even worse than it is now,and the list goes on. and just before his dismissal,inflation dropped from 20% to 14% and the economy was actually growing at 2.7%

[mlawren7]

@adc123451 People who say ludicrous things like that are to be pitied. They've swallowed the Fairfax/News. Ltd lie hook-line-and sinker. They don't understand a thing about macroeconomics, like Howard never did, evidenced when he called Costello the best treasurer Australia ever had, when he should have said "luckiest".

[Baldwynmayhem]

@adc123451 It depends how you look at it tbh. The bottom line is, regardless of ideaology, people do the wrong thing, whether that be a pure free market economics or mixed markets. People who take a risk and work hard deserve to keep their own money i'm sorry. It's not easy to start your own business and make a go of it, so if you ever do get to reasonable earnings

[brentoneccles]

@gmspeedfreak the 'recession we had to have' was in large part to blame on the outgoing coalition government's budget deficit of $9.6 billion dollars (read your history) - you can obviously imagine the structural problems such a huge deficit would have had to lead the country to. the treasurer of that outgoing coalition government was none other than john howard.

[hanvo216]

Paul Keating is spot On. If people know whats coming in the next few years they will totally agreee with Paul .

[chickatawbutt]

If you really want the unpleasant truth try listening to Gonzalo Lira, Tom Woods, Peter Schiff, Mark Faber, Gerald Celente, Max Keiser, Jim Rogers, Ron Paul, etc.

[mak1rk]

adc123451 - you have obviously been following the garbage spewed forth by the ALP/union leftoid factory. The Campbell Committee, formed by Treasurer Howard, made all the recommendations for reform that were implemented by both Howard and Hawke. Of course Hawke/Keating beign the parasites they are took credit for all of them, despite many reforms already being implemented under the Fraser govt. All Keating gave us was 17% home mortgage rates.

[heathirving]

@gmspeedfreak

thats strange,my parents bought a house in 1991 when the interest rates were 17% and the repayments were lower than now. we lived like kings,and we were NOT rich.

[weenyone]

@Asxhmoula Australia's last statesman and political intellect that unfortunately many Australian did and still do not appreciate but they are dumb. He made mistakes but who hasn't

[rodhmu]

Listen to this, listen without prejudice. Tell me of one other politician of our day that can hold a candle to him.