Kevin Rudd gets an A-plus on economy from US Treasury

[philw]

Ahh crap   

now we are in the shit now if we are following the US's Lead for running up masive and masive abount of debt that our kids, kids will be paying back



http://www.news.com.au/business/story/0,27753,25234711-462,00.html

Rudd wins US praise for recession reaction
Business forum told to 'sit tight' for Rudd
Toxic asset removal 'kick-start economy'
US Treasury Secretary Timothy Geithner has endorsed Kevin Rudd as being "A-plus" on issues relating to the global recession in Washington this morning.

"If we did what he advised we'd all be in a better place,” said Mr Geithner, who is driving the US response to the recession.

The unexpected endorsement came at a business forum in Washington organised by influential newspaper, The Wall Street Journal.

The Australian reports Mr Geithner appeared in a question-and-answer session and, as the audience was advised to sit tight for Mr Rudd's looming appearance, he said: “Just let me add my voice on this. The Prime Minister is A-plus on these issues.”

Earlier, Mr Geithner told the audience of business people that they should not underestimate the “anger and frustration” among average Americans over how excessive risk-taking in the US finance sector had triggered the recession, which was now affecting the entire world.

As he explained his plans for public-private partnerships worth $1 trillion to remove toxic assets from bank balance sheets, Mr Geithner said his country must reorganise its financial markets to to restore confidence in its "ability to act sensibly”.

Mr Geithner's endorsement came after Mr Rudd enthusiastically welcomed the US Treasury plan.

The Prime Minister said this morning the Treasury plan, which triggered a massive surge on stock values on Wall Street, was the first step along the road to ending the global recession.

The plan, revealed in the US this morning, would see US taxpayers joining with the private sector to buy as much as $1 trillion worth of bad and doubtful debts which are sitting on the balance sheets of major banks.

Once the soured assets are removed from bank balance sheets, the banks will be free to resume lending, thereby kick-starting the stalled global economy.

[Hazcat]

Good luck, Phil.

As far as the 'public - private partnership'  that is nothing more that using our tax money to pay 80 to 90 percent and letting the fat cats buy up the assets for 10-20 percent!  Once again we get screwed. 

I am trying to find out how to get in on the scheme but it seems it will be reserved for the already wealthy buy having minimums on the amount you have to put up (millions) so it prices us normal folks out.