9 Aug. 2007

Is It Global Economic Meldown Yet?

Australia's Reserve Bank has just spent $5 BILLION propping up the share market in the face of a global onslaught. The Bank of Japan spent double that, while the European Central Bank spent a record 94.8 billion euros.

The panic has been prompted by widespread fears about the state of the US economy after 7 years of George W. Bush, who insists the US economy is sound and suggests the best reponse is yet another cut in the corporate tax rate. No, really.

John Howard insists there's nothing to worry about. But he would say that, wouldn't he? Meanwhile, I can't help wondering how the Aussie mining executives who financed Howard's latest anti-Labout election propaganda are feeling? Mining stocks are leading the drop on the ASX.

Just remember folks: global economic meltdown would be even worse under Labor, so be sure to vote for the people who made it happen.