6 Nov. 2007

Howard Runs Out Of Credit

They think it's all over, and maybe it is now, as this brilliant graph from Possum illustrates.

Given that Howard07 (unlike Howard04) insists that his government has no control over interest rates, you have to wonder why he is now busy apologizing to borrowers:
"I sympathise with them ... I'm sorry, I regret the additional burden that will be placed upon them as a result."
The News Ltd staff writers have gone into overdrive, insisting that this MAY NOT be "Black Wednesday" for the government:
An online survey conducted for The Australian has found that less than 20 per cent of respondents would blame Mr Howard for rates going up. A Galaxy poll in Monday's Daily Telegraph found that only 12 per cent of voters would blame the PM - and that figure only rose to 20 per cent among Labor voters.
Well, this should be an interesting little test of their polling credibility, shouldn't it? The media is focusing on home loan borrowers, but Australians spent $18 billion on credit cards just last month, and the average card is already $3,000 in the red. That's gotta hurt... I suspect that in this particular case, Rupert's early polls and the November 24th exit polls will be startlingly dissimilar!