Monday's 4 Corners program:
Oh dear. To all those who have been saying that it doesn't matter how much debt the current government has racked up, it's at least lower than other peoples', think again.
And finally, the truth is getting out - the mess the world's financial system is in isn't primarily due to unrestrained capitalism and lack of government regulation.
Quite the opposite. It's because governments decided they knew better than markets and fiddled with the banking and financial systems to pursue "social" policy ends.
There would have been no sub prime crisis in America if American Democrats (read Labor Party in Australia) hadn't moved to force banks to lend to people who had no hope of ever repaying a mortgage.
And why? Because they decided that because so many of those with no jobs and no incomes were black and Latino, then the "obvious" reason why banks wouldn't lend to them wasn't because they could never repay the loan, it was because the banks were racist.
Thus the critical amendments to the Community Reinvestment Act were passed by the Democrat controlled Congress and signed into law by Bill Clinton in 1995. These required banks to prove that they had made sufficient mortgages available to mandated zip codes that covered poor and disadvantaged communities.
The rest is sad (if fucking predictable) history.
Kevin Rudd, you arrogant and stupid fuck, it wasn't neoliberalism that caused the problem. It was politicians like you who thought they knew better than anybody else and who thought they could intervene in the market without perverse and unintended consequences.
Fuck you. Fuck Labor.