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  • whycantphiligetawoman whycantphiligetawoman Sep 21, 2012 9:55 AM Flag

    Australian deputy PM: 'Cranks and crazies' in GOP threaten US economy


    By NBC News wire services

    CANBERRA, Australia -- Australia's deputy prime minister said Friday that the greatest threat to the U.S. economy are "cranks and crazies" in the Republican Party.

    Wayne Swan, who also serves as treasurer and is his center-left Labor Party government's ranking finance minister, took aim at the Tea Party during a speech to a business forum on Friday, breaking a convention among Australia's major parties to steer clear of U.S. domestic political debates.

    Swan, one of few world leaders able to boast his country had avoided recession during the global financial crisis, also labelled the Tea Party wing of the Republicans as "extreme."

    "Let's be blunt and acknowledge the biggest threat to the world's biggest economy are the cranks and crazies that have taken over the Republican Party," Swan said in a speech in Sydney.

    While courting Hispanic voters on Univision, GOP presidential candidate Mitt Romney delivered a new message after saying he stood by his beliefs about the "47 percent." NBC's Chuck Todd reports.

    The Republican Party's position on the U.S. budget had led a year ago to the deadlock in negotiations, Swan said, to prevent the looming "fiscal cliff" -- nearly $600 billion in planned spending cuts and tax hikes that will bite early next year.

    Polls: Obama ahead in 3 key states

    The U.S. Congress had been debating whether to increase the U.S. borrowing ceiling but the Republicans would not budge.

    "Despite President Obama's goodwill and strong efforts, the national interest was held hostage by the rise of the extreme Tea Party wing of the Republican Party," he said.

    Australian politicians rarely launch such blunt criticism of their counterparts in the United States, Australia's most important strategic ally.

    Paul Ryan's role in that public increase.

    Swan, named by banking magazine Euromoney as its finance minister of the year in 2011, also called on the U.S. Congress to resolve an agreement on the budget to support growth in the short term.

    NYT: Daunting path greets Romney before debates

    With the U.S. presidential campaign entering its final weeks, the spending cuts and tax hikes will kick in unless Obama and Congress reach a deficit-reduction deal.

    'Peddling hatred'
    Democrats want to make up the shortfall by increasing taxes on wealthy Americans, while Republicans favor spending cuts.

    The conservative opposition said Swan's speech betrayed his "hatred" of Republicans.

    "The Labor Party is peddling hatred and [they've] got to stop," opposition treasury spokesman Joe Hockey told reporters. "They hate the Republican Party. I'd like Wayne Swan to say something positive about someone somewhere."

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    The Republican Party's position on the U.S. budget had led a year ago to the deadlock in negotiations, Swan said, to prevent the looming "fiscal cliff" -- nearly $600 billion in planned spending cuts and tax hikes that will bite early next year.

    Sentiment: Strong Sell

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    • hardwaregurufromtheheartland hardwaregurufromtheheartland Sep 21, 2012 10:18 PM Flag

      "Australia's deputy prime minister said Friday that the greatest threat to the U.S. economy are "cranks and crazies" in the Republican Party."


    • phyllis with another cut and paste.. What would you expect a goon from the liberal labor party to say? It just confirms the fact you parrot someones opinion, like it's worth discussing. What a DA.

      It doesn't take a Harvard economist to figure out the long term effects Obama's economic expertise will cause. Did the deputy PM mention that. It's goons like you that make liberals look like cranks and crazies.

    • hardwaregurufromtheheartland hardwaregurufromtheheartland Sep 21, 2012 11:43 AM Flag

      the Aussies seem smart! and here is some other evidence that they know what they are doing and talking about:

      The unemployment rate in Australia was last reported at 5.1 percent in August of 2012

      Australia recorded a Government Debt to GDP of 22.90 percent of the country's Gross Domestic Product in 2011

      Australia has universal healthcare, a medicare for all

      of course it's a trade off, we have lots more billionaires and people with cayman island bank accounts, and orgy loving vulture capitalists and so forth.

      • 1 Reply to hardwaregurufromtheheartland
      • hardwaregurufromtheheartland hardwaregurufromtheheartland Sep 21, 2012 4:31 PM Flag

        funny how the Keynsian and "socialist" aussies are doing better than the USA! with their "socialist" universal healthcare and all........ same for New Zealand , btw..... more jobs, lower debt and universsal healthcare...... ditto for quite a few euro nations and others like Switzerland............. righties are reduced to comparing us to Greece and Zimbabwe, because well, just look at canada.... more jobs, less debt, universal healthcare and now higher average incomes than what a mess the reaganites and bushes and cayman island bank account crowd have made here

    • I don’t like either party of criminals.

      However, given that their idea of an economy is a stock market that does nothing for the economy, well, the results of their foolishness is predictable. While they worry about poll numbers pumping the DOW on PRINT they fail to understand that all they are doing is bailing out banks “who cannot be bailed out” and therefore, they have offered up the us treasury to perpetual bailouts totaling TRILLIONS OF DOLLARS. Egan Jones already downgraded this foolishness. A few more and the US will be Bankrupt because they cannot pay interest on that DEBt … #$%$

      Obama just wants to be president he is a small child. Devoid of any leadership ability what so ever, or Accompanying Intelligence, He is the perfect president for the United States. A clueless Idiot who is so proud and foolish as to believe his own lies. He will be instrumental in bringing America DOWN. Ben and his Boys are doing a Great JOB. THEY COULD HAVE PAID EVER US MORTGAGE (EST COST 12 TRILLION) after such time, THE ECONOMY WOULD BE JUMPING THROUGH THE ROOF! CORPORATE PROFITS WOULD SOAR!!! HOWEVER, THEY ARE TRYING TO BAILOUT “BANKS” WHICH IS NOT THEIR PURPOSE … THEY ARE “PUBLIC SERVANTS” AND ARE SUPPOSED TO DO WHETS BEST FOR THE PEOPLE.

      Banks should have been nationalized and forced to go bankrupt.


      It is estimated, that there are over a Quad-Trillion in Bad derivatives and Investments out there “globally,’ the us government cannot bail it out without sinking into the ABYSS! So much for all the Kiddies playing with a DEAD market!

      • 1 Reply to peterthegreat533
      • Absolutely right. The gigantic Ponzi swindle that is the U.S. monetary system is about to collapse. Idiots such as the Australian commie-socialist are usually on the payroll of these swindlers and will attack anyone trying to stop or expose them. Most of the boobs that post here have no understanding of what a "bank Of Issue" is or the end result of such a usurious Ponzi scheme is.

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