“Rudd has grown attached to his description of the crisis as a result of “extreme capitalism”. That’s akin to saying the Titanic sank because of “extreme sailing”. The US economy and financial markets collapsed not because of the doctrine of capitalism, any more than the Titanic sank because of the practice of international shipping. The cause of the calamity was bad policy, just as the cause of the Titanic’s fate was bad navigating.”
Both Rudd and Turnbull cop a tongue lashing in the piece. Well worth reading.
“Why does it matter what Rudd calls it? Because from the diagnosis comes the cure. The fault was not capitalism, extreme or lame. It was bad policy.
As for Malcolm Turnbull, he has made some sensible suggestions on how the Government should respond to the crisis, but the one he made this week is not one of them. Turnbull claims the Government must not allow a budget deficit. Already, Rudd has used half the projected budget surplus for this fiscal year as apackage to stimulate growth.”