Recession, Depression, and then Recovery

[nugget]

Just so you don't feel like you are on your lonesome...Australia's PM, Kevin Obama Rudd is borrowing AUD$1 billion a day "saving Australia from recession".
The kicker is that what he is really doing is what every socialist government does...spend on social programs we can not afford..the only differrence is that this time he is masking as response to the Global Economic Downturn.

Just to really make it interesting, the funding is coming from the Australian banks who are buying Government bonds with funds they are borrowing from overseas banks...and you will love this bit....THE AUSTRALIAN GOVERNMENT ARE GAURANTEEING ALL OVERSEAS BORROWING BY THE BANKS!!!!!!!!

Interest rate for the banks on the bonds 6.25% against the current Reserve Bank official rate of interest of 3.5%!!!!!!!!!!!

The Government is in the process of paying every Australian (pre Xmas they gave a cash handout to low income and pensioners) who filed a tax return in 2007/2008 with a $900 payment..total cost $10 billion. It is so well thought out that it will be paid to anyone who has since died as wellas to anyone on an Australian pension but who is living over seas. Main recipients are Greece and Italy. In the pre Xmas cash handout, Australia injected $17 million into the Greek economy and now we are about ot do it again!