Tuesday, August 2, 2011

Herald Sun: Be Afraid, Very Afraid!

It's not easy being an expert with an agenda. At the Herald Sun today, Terry McCrann's prediction of a rate rise fitted very well with their hip pocket scare campaign:
THE 'solving' of the US debt crisis leaves the Reserve Bank with no choice. It must lift its official cash rate today and I'm confident it will.
Debt deal should unleash rate rise

In case you missed it, his confidence was misplaced. But if you were one of the Hun's battlers with a hefty mortgage, you might have had a troubled morning before the reserve Bank left interest rates on hold:
PEOPLE battling soaring bills will learn today if they face more pain from an interest-rate rise.

Industry groups have warned of a "perfect storm" if the Reserve Bank defies expectations and increases the cash rate, potentially putting jobs at risk, ...

St Vincent de Paul Society president Tony Tome said increased mortgages would hit Victoria's growing number of "working poor".

"It's just another straw on the camel's back and for some it certainly will be the straw that broke the camel's back," he said.
Battlers Warned As Rate Rise Looms

Of course, it wouldn't matter if this 'crap' was buried in the Business section but it was Page 3 in the print version if my memory is accurate.

Anyway they can trot out the doom and gloom next month. Perhaps Terry will have better luck next time.

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