An excellent editorial from John Roskam in today’s Fin. ¬†It’s about the cheerleading mentality of Australian influencers regarding Rudd’s Keynesian stimulus package.
My favourite bit:
According to the¬†Concise Oxford Dictionary, something is ‚Äò‚Äòpathetic” if it invokes ‚Äò‚Äòpity or sadness or contempt”. Pathetic is the only description that can be applied to the behaviour in recent weeks of Australia’s economics profession, business organisations, and the media.
Witnessing the reaction of these groups to the federal government’s $42 billion stimulus package, it is impossible to avoid feeling anything other than a mixture of pity, sadness, and contempt.
It’s a pity that the country’s economists, corporate leaders and journalists have been reduced to little more than cheerleaders for the government. It’s sad that we’ve come to this. And there’s something a little bit contemptible about the whole thing.