web analytics
The Standard
Advertising

Axe-grinders of the world unite…

Written By: - Date published: 9:02 pm, April 23rd, 2013 - 26 comments
Categories: cost of living, energy, Privatisation, Steven Joyce, uncategorized - Tags:

Brokers and analysts, you have nothing to lose but your fees. (Never mind, there’s always the $200million Bill English and the Treasury have already slipped your way from the taxpayer.)

Following Labour and the Greens unforeseen announcement about NZPower,  a host of the usually uncontested financial commentators have turned Chicken Little, predicting the end of the world as they know it. Self-interest? Not a bit of  it.

I particularly noted Phil Anderson from Devon Funds Management on Morning Report today saying that the Labour/Greens intervention to produce a fairer market would spook the institutional foreign investors. No mention of priority for Mums and Dads any more in the Mighty River Power sell-off – it was all about those fat offshore fees going west in my opinion.

Now the North Korean line isn’t working Steven Joyce has turned to the axe-grinders for support, and named them in an extraordinary press release. They are all there – quoted as authorities by Joyce.

“Financial analysts including JB Were, Woodward Partners, Milford Asset Management, First NZ Capital, Devon Funds Management and Forsyth Barr are unanimous in their condemnation. One has labelled it a ‘hand grenade’ to the New Zealand economy, while others have said it will cut the value of every New Zealanders’ KiwiSaver account and lead to rolling blackouts.

analystsI think Emmerson‘s analysis in today’s Herald is much more accurate.

There couldn’t be a clearer indication (if anyone needed it) that Joyce and National are on the side of the ticket-clipping brokers and investors with money to burn, while Labour and the Greens with their plan to lower power bills  are on the side of the consumers who have to be careful about when they can turn on their heaters.

 

26 comments on “Axe-grinders of the world unite…”

  1. Paul 1

    Is there a list of National and ACT’s political funders available anywhere?

  2. geoff 2

    Quick, somebody send Joyce a copy of Who moved my cheese?

  3. Pete 3

    This is shaping up to be a real class conflict. Kiwis are being forced to ask themselves uncomfortable questions like whether they stand with the elites or with the rest of us. It’s stripping away the fictional veneer that this is an egalitarian society. Or at the very least, giving it a light sanding.

  4. geoff 4

    Also, I hadn’t seen them in a while but tonight around news time I saw one of those ‘what’s my number/powerswitch’ ads. This one had the self promoting Jaquie Brown reminding us of the huge savings we can make by trying to jump from one shark-infested pool to another shark-infested pool.
    Apparently if we just keep jumping between shark-infested pools everything is going to be just fine.
    The faster we jump, the longer we spend in the air and because the density of air is less than seawater then our electricity bills will be lower. Makes sense eh?

  5. vto 5

    Well Joyce just continues to dig himself deeper into the North Korean hole. He must think people are stupid (quite the common thing in politicians it is noted).

    People know who investment bankers are. People know investment bankers are unable to comment on the entire issue due to their conflict of interest. For fucks sake these investment bankers were barred from MRP commentary last week for very good reason yet here is Joyce reeling them out for commentary…. doesn’t this mean that Joyce and these investment bankers have broken the rule………………………………

    Do not trust what these people say.

      • vto 5.1.1

        They can’t help themselves. They are exactly like drug dealers.

        That is why they cannot be trusted Joyce, you idiot. Sheesh man wake up (but of course Joyce is wide awake, which can only mean one thing – he’s in on it too)

        • AmaKiwi 5.1.1.1

          The people who caused the 2008 financial meltdown are the ones who said they had fixed it,

          That’s why we are on the verge of a much worse meltdown . . . now. Ask the Europeans.

          • vto 5.1.1.1.1

            Yes.

            A wise person might perhaps glance across a few measures in various economies to see whether those substantial flaws have been fixed, or banned etc. Let’s see, 2007 to 2013…

            1. Amount of debt in the world. Is it lower or higher?
            2. Lending practices. Are they the same, improved or worse?
            3. Asset bubbles. Is there a property boom on at the moment in bigger centres?
            4. Commentators with vested interests. Are the outfits like credit agencies still all conflicted to hell?
            5. Risk of debt default. Improved or more likely today?

            The writing is all there on the wall.

  6. Tigger 6

    “New Zealanders will see it for what it is: a cynical and selfish attempt by left-wing parties to play politics with the value of New Zealand’s economic assets.”

    Funny, ‘cynical and selfish’ is how I’d describe the asset sales programme. I’d also add dishonest, self serving, sociopathic, vile, ill-conceived, poorly managed, embarrassing and hilarious.

    • karol 6.1

      Yes, Joyce seems oblivious to his own dubious values, supporting the interests of the relatively wealthy over that of the struggling poor. And responding to the NZ Power policy by playing politics through reds-under-the-beds scaremongering.

  7. Ed 7

    I cannot understand why people say that value has been stripped from Kiwisaver accounts. None of them have been able to purchase MRP shares yet! (and presumably the price will be dropped to meet new expectations and the higher level of uncertainty – is it still a success if they all sell at $1 a share?)

    (and as for the effect on Contact Energy, DimPost has already covered that fairly well)

    • Colonial Viper 7.1

      True but apparently Trustpower and Contact shares took a hit too

      But that’s just because capital markets are inefficient and often misprice securities. Usual orthodox economics being completely right about their theory, just that their theory is completely wrong about real life.

      • AmaKiwi 7.1.1

        Their first assumption is humans are rational.

        We are not.

        • Colonial Viper 7.1.1.1

          “Rational” in economics language doesn’t mean the same thing as in English.

        • RedLogix 7.1.1.2

          Yes interestingly it means “being able to perfectly predict the outcome of all choices”.

          It is of course an impossible criterion, and just one of many entirely false assumptions that neo-liberal economics is built upon.

  8. Poission 8

    “Financial analysts including JB Were, Woodward Partners, Milford Asset Management, First NZ Capital, Devon Funds Management and Forsyth Barr

    FB is a known purveyor of snake oil schemes,why would anyone listen to their analysis.

    http://www.interest.co.nz/news/63457/commerce-commission-says-forsyth-barrs-promotion-capital-protected-credit-sails-was-both-

    the risk is always in listening to the risk analysis provided by organizations who stand to benefit.The reality is that financial advisers rarely exceed the expectations of monkeys with typewriters or dart boards.

  9. prism 9

    Joyce and National are on the side of investors with money to burn, while Labour and the Greens with are on the side of the consumers who worry about turning on the heater.

    Nice analogy Emmerson in Herald.

  10. Peter 10

    Agree with your sentiments. A good chance that Shearer gets out of bed thinking about the NZ people. Key …… no idea what he think about?

Important links

Recent Comments

Recent Posts

1 2 3 7

  • Time for NZ to prohibit the killing of great apes
    That ban was widely hailed, and spurred efforts in other countries to get similar bans. However, apes are still being exploited, abused and killed, both in captivity and in the wild. Examples of cruelty, neglect and abuse abound. Apes are… ...
    GreensBy Mojo Mathers MP
    24 hours ago
  • Auckland building consents: Tragic
    The only word to describe the latest building consent figures for Auckland is ‘tragic’, Labour’s Housing spokesperson Phil Twyford says. “Whatever the Government is doing to address the Auckland housing crisis, it is clearly not working. ...
    1 day ago
  • A whiff of a new biosecurity scandal?
    A pest which could create havoc for New Zealand’s horticulture and agriculture sector must be as much a focus for the Government as hunting out fruit flies, Labour’s Biosecurity spokesperson Damien O’Connor says. “While the Ministry for Primary Industries is… ...
    1 day ago
  • Government shrugs off health sector crisis
    Despite new evidence showing that cuts to health spending are costing lives the Government continues to deny the sector is struggling, Labour’s Health spokesperson Annette King says. “Health services in New Zealand are in crisis. ...
    2 days ago
  • Parata lowered the bar for failing charter school
    When Hekia Parata became aware that the Whangaruru charter school was experiencing major problems her first action was to drop standards by reducing the number of qualified teachers they had to employ, Labour’s Education spokesperson Chris Hipkins has revealed. “Hekia… ...
    2 days ago
  • National not being straight about the economy
    John Key and Bill English need to be straight with New Zealanders about the damage their failure to diversify the economy is doing, after new figures show export growth plunged due to a collapse in dairy exports, says Grant Robertson.… ...
    2 days ago
  • Mind the Gap
    This week the International Monetary Fund released a report on the wider economic value in closing the gender pay gap. When even the bastions of free-market economics start to raise concerns about gender pay gaps, we have to realise how… ...
    GreensBy Jan Logie MP
    2 days ago
  • Labour will hold National to parental leave promise
    Labour will hold National to its promise to increase the support given to new parents of premature, multiple birth and babies born with disabilities, Labour’s paid parental leave campaigner Sue Moroney says. "I am naturally disappointed that after battling for… ...
    3 days ago
  • It was all just pillar talk
    Steven Joyce’s confession that he can no longer guarantee a pillar-free design for the New Zealand International Convention Centre shows the Government has abandoned its dream of creating an ‘iconic’ ‘world-class’ structure, says Labour Economic Development spokesperson David Clark. “Steven… ...
    3 days ago
  • Australians move on offshore speculators
    John Key might want to have a quiet word with Australian Prime Minister Tony Abbott about Canberra's just-announced crack down on offshore speculators when he visits New Zealand this week, Labour's Housing spokesperson Phil Twyford says."Tony Abbott's centre right government… ...
    3 days ago
  • Government at odds on overseas driver crashes
    National backbencher Jacqui Dean has spoken out about overseas driver crashes, putting herself at odds with Prime Minister John Key who is on record as saying it’s not a big issue, Labour’s Transport spokesperson Phil Twyford says. “I’m not surprised… ...
    3 days ago
  • Human Rights and the Palestine Crisis
    Last week I heard two Palestinians speak at Wellington events about the ongoing crisis in their country. Samar Sabawi spoke to a full house about the history of Palestine and gave us a lucid and disturbing account of the situation… ...
    GreensBy Catherine Delahunty MP
    3 days ago
  • Time to take real care of our kids
    An Amnesty International report has once again criticised New Zealand’s track record on looking after our kids, Labour’s Children’s spokesperson Jacinda Ardern says. The annual report, which looks at global human rights abuses highlights not only the fact that high… ...
    3 days ago
  • John Key wrong about Labour’s war vote
    John Key’s desperate claims that the former Labour Government didn’t put combat troop deployment to a Parliamentary vote are simply wrong, Labour’s Defence spokesperson Phil Goff says. “It was disgraceful that the Prime Minister ran rough shod over democracy and… ...
    3 days ago
  • Māori language bill needs work
     It is clear that the first draft of the Māori Language Bill was about structures and funding rather than the survival of te reo Māori, Labour’s Māori Development Spokesperson Nanaia Mahuta says.  “Labour is pleased that the Minister of Māori… ...
    3 days ago
  • Report proves troubled school shouldn’t have opened
    The long-awaited release of an Education Review Office report into Northland’s troubled Whangaruru charter school proves it should never have been approved in the first place, Labour’s Education spokesperson Chris Hipkins says. “This report identifies problems with absenteeism and disengaged… ...
    4 days ago
  • Reply to PM’s statement on deploying troops to Iraq
    “The decision of any Government to send troops to a conflict zone is a very serious one, and it is right that this House takes time to consider it, to debate it, and, ideally, to vote on it, but we… ...
    4 days ago
  • Minister must take action on death trap slides
    Workplace Relations Safety Minister Michael Woodhouse must take urgent action to ensure inflatable amusement rides don’t become death traps for children, Labour’s spokesperson on Labour Relations Iain Lees-Galloway says. “No one wants to stop kids having fun, but horror stories… ...
    4 days ago
  • Manus Island and the New Zealand Government
    This week the Greens have participated in awareness activity about Manus Island, the refugee camp on an island in Papua New Guinea where Australia dumps asylum seekers. John Key says that he has every confidence in the Australian Government’s claim… ...
    GreensBy Catherine Delahunty MP
    1 week ago
  • Election Inquiry – Getting accessible voting on the agenda
    James Shaw has been doing a series of blogs on the Election Inquiry into last year’s general election.  I thought this was a great opportunity to raise an issue very dear to me – accessible voting. Last year’s general election… ...
    GreensBy Mojo Mathers MP
    1 week ago
  • RMA changes no solution to Christchurch housing
    Housing will continue to be a big issue in 2015. The latest Consumer Price Index, released last month, shows both good news and bad news on the housing front. After years of being the most expensive place to build a… ...
    GreensBy Eugenie Sage MP
    1 week ago
  • Saving kokako in South Auckland’s Hunua Ranges
    It is amazing that you can hear the song of the endangered North Island kokako in South Auckland’s Hunua Ranges, less than 50 kms from the central city. A heavy schedule of policy workshops at the Green Party’s Policy… ...
    GreensBy Eugenie Sage MP
    2 weeks ago
  • Let’s not turn a blind eye to human rights
    The Cricket World Cup has just opened in New Zealand, and it’s an opportunity for us to shine on the world stage. International sport can be a chance for us to build relationships with other countries, and examine what it… ...
    GreensBy Catherine Delahunty MP
    2 weeks ago
  • Its Just Not Cricket
    This week it was my privilege to work with Sri Lankan Tamil communities in this country and host Australian journalist and human rights advocate Trevor Grant. I knew a bit about Trevor from his biography but I didn’t know just… ...
    GreensBy Catherine Delahunty MP
    2 weeks ago
  • Time for NZ to #BeCrueltyFree
    The Government is about to progress the final stages of the Animal Welfare Amendment bill. This will be our last opportunity to get changes made to improve the bill to ensure a better outcome for animals. I have put forwards… ...
    GreensBy Mojo Mathers MP
    2 weeks ago
  • We want access!
    Access to buildings is a big issue for many New Zealanders. It looks like that, due to the hard work and persistence of people in the disability community, the Government may finally be starting to take access to buildings seriously.… ...
    GreensBy Mojo Mathers MP
    2 weeks ago
  • Greens call on Super Fund to divest from fossil fuels
    The Green Party today called on the New Zealand Superannuation Fund (the Fund) to divest from fossil fuels, starting immediately with coal. The call was accompanied with a new report, Making money from a climate catastrophe: The case for divesting… ...
    GreensBy Russel Norman MP
    2 weeks ago
  • Young Kiwis’ housing crisis
    Shelter is a fundamental human need along with food, water and clean air. All humans need adequate shelter; it’s a human right. Warm, safe, stable accommodation is critical for young people to be able learn and grow and just be.… ...
    GreensBy Jan Logie MP
    2 weeks ago
  • On the River Patrol in Te Tai Tokerau
    Last Wednesday, I went on a tour of some of Northland’s rivers with  Millan Ruka from Environmental River Patrol as he monitored water quality throughout Te Tai Tokerau. The dry conditions meant we couldn’t use the boat but we visited… ...
    GreensBy Catherine Delahunty MP
    2 weeks ago
  • Opening of Parliament 2015
    Russel NormanOpening of Parliament Speech February 2015 Tēnā koutou Tēnā koutou Tēnā koutou katoa. A brief history of climate change What a summer! It's been hot, even here in Wellington, hotter than any summer I can remember. All… ...
    GreensBy Russel Norman MP
    3 weeks ago

Removed at the request of The Daily Blog.
Public service advertisements by The Standard

Current CO2 level in the atmosphere