Paul Keating On Economic Crisis 2009 part 3 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.

Category:

News & Politics

Tags:

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

[piginasack]

I miss Prime Minister Keating.

[angrylala]

facinating analysis on the current situation.

[socialretard28]

@elieakaMrextreme It was 600 billion when Howard and Costello left office.

[disamjisa]

Paul Keating is an extraordinary term. Was he arrogant and proud? Sure. As proud as a man who left school at 15 and went on to become the Prime Minister of Australia, and have an understanding of economics and strategic issues that trumps 99% of academics in those respective fields.

[heathirving]

@elieakaMrextreme

are you retarded,are you listening to this interview?

this man generated the first surplus in this countries history

low economic conditions generate deficits,that are repaid in high economic conditions. john howard has left us with a TRILLION dollar trade deficit.

[elieakaMrextreme]

you are all retarded if you think Keating is any good REMEMBER he left this country with a 100Billion $ debt

[aslekay]

@pepsipepsicola2008

AGREED

[philphie]

what was common with Whitlam & Keating policies was they were long term plans which were never seen out to the end. debt will always be unavoidable but long term policies would have evened out the damages in the end. i agree labor policies are never too realistic and are over egalitarian but i'd prefer that than the generalised Liberal policy of ensuring overall prosperity by only ensuring the prosperity of the most affluent classes as an easy fix.

[adc123451]

The Hawke/Keating Labor Party were the first ever federal govt. to post a surplus. yes before then we had years and years of liberal party debt. The debt fraser/howard left us was comparatively higher than the previously projected $300billion that is predicted to be cause by the GFC now. now who has higher debt?

comparing years in govt. during wat some would call the modern economy roughly '85 onward 11 years lib. 13 years alp.

but yes. u can go back to the gd ol' days of menzies. lol

[BCSimm1978]

that is hilarious given from a historical perspective, from the handful of ALP Govt's we have actually had, debt is one of the things they leave when they exit Government refer Whitlam and Keating. ALP Governments have struggled to understand the basic relationship between taxes and spending hence why they have been in Govt for circa 30% of the time since WW2. Keating was certainly a great reformist, and he does deserve credit, but an unremarkable Prime Minister.

[adc123451]

absolutely. But then again we must show support to the current ALP govt. signs are that their action to stimulate the economy - altho tough (w the inevitable political focus on every single prob. w implementing such a big and fast output of immediate spending programs) has kept us out of recession and most likely have saved 10,000s of jobs and saved us around $100billion in further debt.

No doubs-if the liberal party were in power we would be in recession + higher debt + higher unemployment