Bush criticising Human Rights!? BWAHAAHAHAHAAAAAA!

[fasgnadh]

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Australia not immune from US recession

- Peter Costello 20/11/2007

"Mr Costello said a report by global investment
bank Goldman Sachs, which found the impact of
the US mortgage crisis could be far greater
than thought, posed risks to Australia."

Can't be Rudd's fault then, they knew the
meltdown was coming back in '07, and they
knew it would be a TSUNAMI:

"The report suggests investors may need to cut
back lending by $US2 trillion."

Costello hadn't seen it coming, or had been lying;

"Mr Costello, who just months ago claimed
Australia's economy was strong enough to
withstand the impact of a US recession,
has now changed his tune. He said if US
banks start withdrawing "huge sums of money",
we could see further pressure on interest
rates as people compete for funds. "They
are saying that this could lead to a downturn
in the world's largest economy," he told radio 3AW.

Mr Costello said if this happened, domestic
lenders would lose money, Australian
institutions would charge higher lending
rates to recoup higher borrowing costs,
and exchange-rate sensitivity would affect
Australia's competitiveness.

"This is a very, very big risk out in
the international economy at the moment,"
he said.

"And believe me, Australia will not be
immune. It will take a lot of management
to get us through this."

Mr Costello said periods of strong growth
in Australia had always ended in inflation
and high interest rates"
- The Age 20/11/2007

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