Swan uses Bruce Springsteen to attack mining magnates

Treasurer Wayne Swan has invoked the wisdom of Bruce Springsteen to launch another attack on Australia's mining magnates.

Swan launched the fresh attack in an opinion article today, and is expected to argue similarly in a speech in Melbourne tonight.

The attack builds on previous criticism of mining magnates and links what Swan claims was Bruce Springsteen's foreshadowing of the downfall of the United States economy to similar "rumblings" in Australia.

"If you listen to the albums that came out after Born to Run – albums like Darkness on the Edge of Town, The River, Born in the USA and Nebraska – you can hear Springsteen singing about the shifting foundations of the US economy which the economists took much longer to detect, and which of course everyone is talking about now," he said.

"Springsteen saw that for ordinary people life wasn't getting any better; other people were grabbing all of the gains."

Earlier this year Swan penned an article in The Monthly which attacked mining magnates and accused them of driving a movement of "ruthless individualism and unquestioning materialism".

With this new article Swan says he does not regret the attack.

"I don't regret a word of it. Not for a second. In fact, my only regret is not going in hard enough, because every criticism I made has been played out almost to the letter on our national stage," he said.

"Don't let this be a place where ordinary people's views are drowned out and only those with the most expensive megaphones get a say."

"Don't let it be a place where Gina Rinehart can buy The Age, The Sydney Morning Herald and the Australian Financial Review with her pocket change and try to trample its fierce and proud independence unchallenged."

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