Island Life by David Slack

Read Post

Island Life: Don't need no steenkin' lockup

62 Responses

First ←Older Page 1 2 3 Newer→ Last

  • Tony Parker,

    From what I've heard on Good Morning this morning it seems like Standard and Poors have had played a large part in the makeup of this weeks budget. They even get a look at the final draft before anyone else. Do they own the country now?

    Napier • Since Nov 2008 • 232 posts Report Reply

  • Sofie Bribiesca,

    From what I've heard on Good Morning this morning it seems like Standard and Poors have had played a large part in the make up of this weeks budget. They even get a look at the final draft before anyone else.

    Why am I not surprised? Actually wouldn't be surprised if they are behind other solutions for this government seeing as their credit rating must be excellent.

    here and there. • Since Nov 2007 • 6796 posts Report Reply

  • andrew gunn,

    'Right team, here's the name for our new credit-rating agency'

    'Hmmm - I'm a little worried that one day we may be complicit in enabling a world-wide financial crisis, and this name may somehow be used as the basis of an embarrassing play on words. Perhaps we should run it through some sort of basic anagram-checker'

    Pause.

    'Nah..."

    Christchurch • Since Apr 2009 • 45 posts Report Reply

  • Kumara Republic,

    From what I've heard on Good Morning this morning it seems like Standard and Poors have had played a large part in the makeup of this weeks budget. They even get a look at the final draft before anyone else. Do they own the country now?

    Apparently they're now trying to run Ireland.

    The southernmost capital … • Since Nov 2006 • 5441 posts Report Reply

  • Angus Robertson,

    Perhaps now we can start talking about growth engines that actually work.

    And don't cost anything.

    Auckland • Since May 2007 • 984 posts Report Reply

  • Rich of Observationz,

    It was founded in 1860 by Henry Varnum Poor

    The name has an apostrophe. They're just journalists, basically. I'm not sure what the legality is of giving them enhanced access to unpublished information over say, the NZ Herald, or Public Address.

    Back in Wellington • Since Nov 2006 • 5550 posts Report Reply

  • FletcherB,

    Call me a self interested money-grabber....

    I just finally got around to joining KiwiSaver last week, because my budget prediction is bye-bye to the $1000 sign-up incentive.

    Plus, you know, I really should have some long-term savings- it's only prudent, if you can afford to...

    West Auckland • Since Nov 2006 • 893 posts Report Reply

  • Kumara Republic,

    And Mr Key's "NZ has a growth problem, not a debt problem" has been conveniently overlooked by the usual suspects.

    The southernmost capital … • Since Nov 2006 • 5441 posts Report Reply

  • Gareth Ward,

    because my budget prediction is bye-bye to the $1000 sign-up incentive.

    I would hope not. The sign-up numbers have been huge to date, so the number of people still out there to signup to recieve that $1000 is relatively small - it would make relatively little annual impact I should think. (On the flip, I suppose new people entering the work force is an ongoing occurence).

    Geez, if they water down Kiwisaver even more I'll... I'll... write a sternly worded blog post somewhere! Our rating is under threat mainly because of our private current account deficit (NOT Govt debt) and deepening private local savings is one obvious way to fix that.

    Auckland, NZ • Since Mar 2007 • 1727 posts Report Reply

  • Ian Dalziel,

    NZ a division of McGraw-Hill?

    Do they own the country now?

    follow the bouncing ball kids...

    Capital IQ says:

    "Our offering has become an essential part of the workflow for many financial professionals at the leading investment banks, investment managers, and private equity firms in North America. We see tremendous opportunities for additional growth around the world, particularly in Europe, Australia/New Zealand, and the greater Asia-Pacific region," said Randall Winn, Managing Director of Capital IQ.

    and Capital IQ is a division of Standard & Poors
    and S&P is a division of McGraw-Hill
    publishers of Business Week and mega-providers of basic educational texts and Global Corporate information in many crucial areas ...
    - And they get first look at OUR budget??

    and some were worried about the NZ Stock Exchange owning business mags... Hell let's ask Rupert Murdoch for advice as well...

    yrs J. Jonah Jamieson
    and tell Parker to get more
    photos of Spider-man hanging
    around the Beehive...

    Christchurch • Since Dec 2006 • 7950 posts Report Reply

  • Paul Campbell,

    You want growth Mr English? you need R&D, you need start up companies, 100s of new ones each year, that means you need VC investment money sloshing around - our problem in NZ is that compared to everywhere else real estate is too good an investment - almost everywhere else in the world has capital gains taxes - and as a result can offer tax breaks to long term investors.

    For example in NZ "capital gains tax" as an issue means more taxes while in the US "capital gains tax" means smaller taxes (at least smaller than income tax rates)

    Dunedin • Since Nov 2006 • 2622 posts Report Reply

  • Bart Janssen,

    Do they own the country?

    No not quite - they own the agency that tells the people who do own the country whether it's time to sell the country off to the lowest er highest bidder.

    Essentially the guys who have lent NZ billions of dollars own most of the country in the same way most people own a little bit of their home and the bank owns the rest.

    If you decide to give up your job and spend your time surfing the web instead of paying your mortgage the bank will ask you to get a job or move out of their house. The same is true of international lenders except they use S&P to let them know if a country has gone batshit crazy.

    So frankly S&P acting as the proxy for the international lenders and telling JK that he can't give his cronies a tax break is really kind of a good thing. Especially because you know damn well the only people gonna benefit from JK version of tax cut/growth incentive are gonna be his neighbours in Parnell.

    Auckland • Since Nov 2006 • 4460 posts Report Reply

  • Mark Graham,

    Well Rod Oram seems to disagree that there's a problem and points out there are two other agencies who don't seem to have a problem with us...

    Discrediting the credit rating threats

    Auckland • Since Nov 2006 • 217 posts Report Reply

  • Ian Dalziel,

    Well Rod Oram seems to disagree that there's a problem

    But he did just say on RNZ that it was outrageous that S&P get to look at the budget 2 days ahead of everyone else -
    I'm guessing Moodys et al were not afforded the same "courtesy"...

    yrs
    Humphrey Dumpty
    Pullet Surprise winner

    Christchurch • Since Dec 2006 • 7950 posts Report Reply

  • Idiot Savant,

    Tight new security to stop leaks

    Unprecedented security surrounds the release of Thursday's Budget amid fears that the details of a massive market-sensitive borrowing programme will be leaked.

    As the Government racks up a mountain of debt, with big implications for interest rates and the dollar, the Treasury has introduced tough restrictions on who can get early access to Budget details.

    Meanwhile, the government's chosen insiders - Standard and Poors - will be able to make those insider trades on foreign markets beyond our legal reach and rake in the cash.

    Palmerston North • Since Nov 2006 • 1716 posts Report Reply

  • FletcherB,

    because my budget prediction is bye-bye to the $1000 sign-up incentive.

    I would hope not. The sign-up numbers have been huge to date, so the number of people still out there to signup to recieve that $1000 is relatively small - it would make relatively little annual impact I should think.

    I agree that the actual savings would not be huge, but more of a "look, see, we are cutting non essential spending" headline grabber without too much political fall-out (as many people have already joined and it wont affect them). Anyone starting new employment gets joined automatically and has to opt out.... just the fact you have do do something to get out means the incentive is less needed in that situation anyway.

    Anyway, its just a wild-arsed guess from someone with no inside knowledge. It just seems too easy with little political 'cost'

    West Auckland • Since Nov 2006 • 893 posts Report Reply

  • Gareth Ward,

    Cutting more out of Kiwisaver has a possible risk to political capital though - "Messing with your future super", "Putting our problems onto our grandkids" etc...
    And you don't really free up much cash (I'm presuming here).

    I reckon, cut all the Govt contributions, make it compulsory at 4% (which is the same in the medium-term as the 2+2 we now have given that the "employers" 2% comes out of your wages anyway) and give the funds highly attractive tax levels (15% odd). But that may have to wait for rosier personal times

    Auckland, NZ • Since Mar 2007 • 1727 posts Report Reply

  • FletcherB,

    Cutting the government contribution to kiwisaver would save far more govt expenditure (short term), but as you say, would have far greater affects politically, and on the future of the country... I dont forsee it happening this budget. But if things really keep getting worse in the future, it might "have to be done, even though we dont want to".

    West Auckland • Since Nov 2006 • 893 posts Report Reply

  • Rich Lock,

    The sign-up numbers have been huge to date

    On a slight side-note, but does anyone remember the chortling from certain quarters (coughtheheraldcough) when take-up numbers were percieved to be slow just after introduction.

    My memory is of a few stories along the lines of: 'oh look its been available for 1/2 hr and only three people have signed up! What a silly granny labour scheme it is!'

    Can anyone confirm that this isn't just my neural implants playing up again?

    back in the mother countr… • Since Feb 2007 • 2728 posts Report Reply

  • Blake Monkley,

    If the world recession gets deeper and longer, expect English to start thinking about selling government commercial enterprises to pay back debt. I do wonder if the economic hit men are circling.

    Auckland • Since Jul 2008 • 215 posts Report Reply

  • Paul Rowe,

    Hi Rich.

    This from the Herald 28 July:

    Lots of interest but low uptake for KiwiSaver


    Providers blame slow start on apathy and uncertainty about future of scheme if National Party wins general election

    Uncertainty, confusion and just plain apathy are being blamed for an apparently slower than expected uptake of the new retirement saving scheme, KiwiSaver.

    A Weekend Herald survey of 17 KiwiSaver providers four weeks after the scheme started on July 1 has found that they have been swamped with inquiries, but the numbers actually signing up are being counted only in the hundreds and thousands out of an eligible workforce of two million.

    Lake Roxburgh, Central Ot… • Since Nov 2006 • 574 posts Report Reply

  • Matthew Poole,

    Well, if National's keen on saving money, they could start by doing everything possible to encourage the public sector to drop Microsoft products, in light of failed negotiations with the SSC for an all-of-government discount. Quite why we persist in sending so much bloody money into the coffers of a foreign company when there are cheaper, viable alternatives is rather beyond me. But I guess that wasting money in support of capitalism ranks ahead of real savings that go to support some commie notion of open systems.

    Auckland • Since Mar 2007 • 4097 posts Report Reply

  • David Slack,

    If the world recession gets deeper and longer, expect English to start thinking about selling government commercial enterprises to pay back debt.

    You've just bought TVNZ for an excellent price. Now to business. What do you chuck overboard?

    Devonport • Since Nov 2006 • 599 posts Report Reply

  • stephen walker,

    they use S&P to let them know if a country has gone batshit crazy

    anyone who thinks that S&P is a credible source of creditworthiness information is "batshit crazy".

    S&P, et al, are the banksters' bagmen. they facilitated the CDF and MBS meltdown (pyramid scam), which has subsequently seen a massive consolidation in the financial sector favouring a select few Wall St. firms, and the dishing out of $trillions of central bank/treasury money to said banksters.

    .....

    "Hello, S&P? We want to sell this tranche of mortgage-backed securities with zero chance of the underlying assets remaining sound. Can you give them AAA+? Great, thanks. Those Norwegian village councillors will be over the moon with such a great investment!"

    nagano • Since Nov 2006 • 645 posts Report Reply

  • Rich of Observationz,

    drop Microsoft products

    I have OpenOffice at home. It's by no means equivalent to MS Office - maybe 75%, with no features that MS don't provide that I've been able to find. As soon as I can find some sort of semi-hookey MS license, I'm going back to MS.

    I reckon if you started giving your average government admin person a Ubuntu/OpenOffice desktop, then you'd be in for a good 2 weeks retraining time at a cost of several grand. That doesn't seem a very good deal to me.

    Or are you suggesting giving every government worker a Mac?

    Or going back to pencil and paper?

    Back in Wellington • Since Nov 2006 • 5550 posts Report Reply

First ←Older Page 1 2 3 Newer→ Last

Post your response…

Please sign in using your Public Address credentials…

Login

You may also create an account or retrieve your password.