because fillip none of us know the full extent of this. When...

because fillip none of us know the full extent of this.
When Rudd came in he was crapping on about raising rates to fight inflation - they had NO IDEA what was coming.
They were governing our country but the economic model they were using was just not nearly sophisticated enough.
Now, quite frankly he looks to be panicking.

Have you read this:
Feb. 3 (Bloomberg) -- Corporate debt defaults may cost U.S. life insurers “substantially” more than losses on securities linked to subprime, Alt-A and commercial mortgages, said Eric Berg, an analyst at Barclays Plc.

Corporate defaults are poised for a “significant” increase this year as the recession deepens, Berg, based in New York, said in a research note yesterday. The American Council of Life Insurers estimated the industry, led by MetLife Inc. and Prudential Financial Inc., holds $1 trillion in corporate debt.