http://news.ninemsn.com.au/article.aspx?id=876258


Rampant corporate greed caused the global financial crisis, Prime Minister Kevin Rudd says.

Speaking at a function for the Brotherhood of St Laurence in Melbourne, exactly a year after he announced the first emergency measures to combat the local effects of the global meltdown, Mr Rudd blamed corporate executives for creating the worst economic downturn in 75 years.

"Tonight, around the world there are tens of millions of families who have lost their jobs, lost their businesses, lost their homes and lost hope because of a crisis which was not of their making," he said.

"Millions of working people around the world who, because of unrestrained and unregulated greed in financial markets, have been thrown out onto the streets.

"If you want a definition of social injustice, this was it in living, brutal colour - millions of innocent workers losing their jobs because a few thousand financial executives around the world surrendered any pretence of social responsibility in their blind pursuit of absolute greed."

Decisive action on the part of his government and those in other countries, including stimulus strategies, pulled the world economy back from the brink of collapse, Mr Rudd said.

"We were looking into the abyss of the total failure of the global financial system, the collapse of the global economy and the real possibility of a global depression of indefinite severity and duration," Mr Rudd said.

"One year later, as a result of the direct and decisive interventions by government, we have pulled back from the brink."

But despite those efforts, Mr Rudd warned that as many as 60 million people would lose their jobs in the developed world this year.

Hmm hes talking the talk but will he walk the walk