IT’S worse than we thought, this global financial crisis. At
2.14pm yesterday, Kevin Rudd ran out of euphemisms for “money”.
The PM blathered skilfully and at length about “loose change”,
“fiscal buffers”, “mortgage-related assets”, “increased liquidity”,
“collateral”, “stocks”, “aggregate exchange settlement balances”
and assorted other expressions that mean, loosely, moolah.
And then – clunk – there it was. Speaking about the United
States Federal Reserve bail-out, he talked about the Fed’s decision
to rescue US institutions with “$700 billion worth of … um
… US … errrrr … money.”
Bronwyn Bishop, for instance, has been relegated to the back
bench, and she did not look at all pleased as she stared down at
Turnbull from her new, non-prestige seat. Dressed in a jacket with
a jungly teal and brown design, she looked like a small but