I cannot believe how posters are getting so caught up with this...

I cannot believe how posters are getting so caught up with this so called "SUPER TAX" and how misinformed we all are.The mining industry will also receive 40% compensation for any losses on their projects so there is another side to the coin. The state royalty system will be replaced by the so called "SUPER TAX". I do not claim to know more that others , but I do find the media are running away with this and have no clue. An example of this is the latest report that RIO is going to shelve 11 Billion dollars worth of projects due to the tax. What a crock, if that was true they would have to make an announcement on the ASX as this would be market sensitive. I still have not seen this announcement to date, yet every man and his dog has this story splashed on all the papers and news. RIO shares would fall a lot more than they have if it was true. The mining companies are trying to threaten the government and saying lay off. This " SUPER TAX" will no doubt be watered down heavily before it is passed(IF)and is still a very long way from affecting company profits.

The fallout from the GREECE debacle is also affecting the recent fall in the share market. I am a lot more concerned with the fallout from europe than Rudd's new tax. We could easily fall into another recession which would hurt us a lot more than some proposale from the government that is years from being implimented. Just remember governments do and can change their minds or the public can do it for them.

I can understand how folks are Pissed at their portfolios taking a hit at the moment, I am one of those, but to let all this media hype cloud our judgement is crazy. I propose all media outlets disclose all there sources and information at the end of all there stories to sort out the real reporting from porky pies.

I just noticed RIO releasing a statement to dispell the rumours pouring out over the air ways.