"Barack Obama could worsen world financial crisis "...Rupert Murdoch.

"....Mr Murdoch criticised Senator Obama's tax policies as "crazy"

NEWS Corporation chairman Rupert Murdoch has warned that Barack Obama could worsen the world financial crisis if he is elected US president next week and implements protectionist policies.

The Australian's business writer, Glenda Korporaal interview with Mr Murdoch appeared in the Weekend Australian November 1.

"Mr Murdoch said the Democrats' policies would result in "a real setback for globalisation" if implemented"

"Mr Murdoch criticised Senator Obama's tax policies as "crazy", particularly his plan to hand out tax rebates to most Americans and to increase taxes for people earning more than $250,000. He said Senator Obama's promises to give tax rebates to 95per cent of Americans was "rubbish".

"Forty per cent (of the US population) don't pay taxes, so how can he give them a tax cut?" he said. "But you can give them a welfare cheque which he has promised - a grant of $500 - which will disappear very fast. It's not going to turn the economy around at all."

"Mr Murdoch said Senator Obama would make the situation worse if he implemented the policies he had promised the American union movement, which represented only 12 per cent of the US workforce, most of them government workers."

"We have the historical precedent of Smoot-Hawley," he said."

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