web analytics

An idea that could catch on

Written By: - Date published: 12:50 pm, July 6th, 2015 - 51 comments
Categories: activism, capitalism, class war - Tags: , ,

https://twitter.com/charlesfrith/status/617665034815062016

And while we’re on the subject…

51 comments on “An idea that could catch on ”

  1. BM 1

    Those figures look a bit suss

    http://www.cnbc.com/id/42099554

    • r0b 1.1

      Agreed (and re Phil below) – the figures look closer to total worth than bailout received. This reference:
      http://www.cnbc.com/id/42099554
      puts the Citicorp bailout at $476.2 billion. So I think the numbers are wrong but the point (massive bailouts for banks vs Greece) stands.

    • r0b 1.2

      Hmmm, looking it to it and it gets murkier. Senator Warren:

      During the financial crisis, Congress bailed out the big banks with hundreds of billions of dollars in taxpayer money; and that’s a lot of money. But the biggest money for the biggest banks was never voted on by Congress. Instead, between 2007 and 2009, the Fed provided over $13 trillion in emergency lending to just a handful of large financial institutions. That’s nearly 20 times the amount authorized in the TARP bailout.

      “Now, let’s be clear, those Fed loans were a bailout too. Nearly all the money went to too-big-to-fail institutions. For example, in one emergency lending program, the Fed put out $9 trillion and over two-thirds of the money went to just three institutions: Citigroup, Morgan Stanley and Merrill Lynch.

      That would be consistent with the figures cited above. No time to look in to this further just now.

  2. Lanthanide 2

    The original photo was from December 31st 2013.

    So I guess it didn’t catch on.

    • Er, if they’re doing it again, doesn’t that mean it did catch on?

      • Lanthanide 2.2.1

        If you have any evidence they are “doing it again”, then please present it.

        So far the only evidence is a photo that was first posted in 2013, and then someone who has just now re-tweeted it. Generally that behaviour is called “necro-ing” or “grave-digging” in online forums.

        • te reo putake 2.2.1.1

          Have you read the post?

          • Lanthanide 2.2.1.1.1

            Yes. I even clicked on the original tweet, that this one has re-tweeted, where it says this:

            In Portugal, the binmen are on strike, so people are leaving their Christmas rubbish outside the banks.

            So no evidence that anyone is “doing it again”, then.

            I assume that if I re-tweeted a picture of Obama winning the 2012 election, you would blindly assume it was a current event, too?

            • te reo putake 2.2.1.1.1.1

              And they were on strike in January 2014, so if you are correct that they were doing it in 2012, then they are, indeed, doing it again.

              • weka

                I think the doing it again refers to leaving the rubbish at the bank (not the binmen going on strike).

                • Yep. Though a quick trawl found the same photo in reference to a strike in January 2014, which of course may be actually be a continuation of the same stoppage Lanth referred to up above in Dec 2013.

                  However, I think the point of the tweet (and possibly the reason for the reference to it in the post) is that it’s a bloody good idea which should be repeated as often as possible. I seriously doubt the tweeter was actually hoping some people in NZ would waste part of an afternoon on an entirely pedantic point that didn’t really need to be made.

                  • Lanthanide

                    Takes two to tango, TRP.

                    • Fuck off, lanth. You’re the one making a big deal about fuck all. My original reply was to suggest that if they’re doing it again in 2015 (as the tweet suggests) then, er, they’re doing it again. Nothing to do with the photo used to illustrate the phenomenon.

                      Now if turns out they’re not doing it in 2015, then you might have a point, but the age of the photo doesn’t prove anything about that possibility either way.

                    • Lanthanide

                      @ TRP:

                      Now if turns out they’re not doing it in 2015, then you might have a point, but the age of the photo doesn’t prove anything about that possibility either way.

                      Correct, which is why I asked if you have any evidence if they’re doing it again.

                      If you don’t want to provide any evidence, that’s fine. You don’t even have to reply to my comment, I’m not forcing you to.

                    • Mate, there’s a tweet that claims they are. That’s what I was saying. You say 2013, the tweet says 2015. So they’re doing it again, unless, you know, they’re not. It’s not my claim, take it up with the tweeter, if you got time after you’ve finished wanking.

                    • Lanthanide

                      Nothing in the original tweet says “again”. In fact the wording in the tweet is identical to the previous one, except they removed the word “Christmas”. The motivation by this tweeter may be to mislead people into thinking that this in an on-going event in Portugal right now, even when it isn’t. People do things like that on the internet to get attention.

                      Like I said, if I reposted a picture from Obama winning the election in 2012, would you automatically assume it was a current event?

                    • I assumed nothing. Here’s what I wrote, failed pedant:

                      “Er, if they’re doing it again, doesn’t that mean it did catch on?”

                      It’s question, not a statement.

                      And, if you thought it was bogus, why didn’t you just say so? Is it because you’re a wanker?

                    • Lanthanide

                      I didn’t, and still don’t, think it is “bogus” that this event could be happening right now.

                      I asked for more evidence if that is what is happening, and pointed out that the evidence to hand (a re-tweeted photo from 2013) is not convincing.

                      If you think I’m a blowhard boring pedant, there’s nothing forcing you to reply to my comment at all. Frankly I don’t know why you’re still going.

                    • “If you think I’m a blowhard boring pedant, there’s nothing forcing you to reply to my comment at all. Frankly I don’t know why you’re still going.”

                      Because its vaguely funny showing what a blowhard boring pedant you can be. Not that its news, of course.

              • Lanthanide

                “doing” is a present tense verb.

                If you’re saying they did it in 2012, and did it again in 2014, the correct term to use is “they did it again”, or possibly “they did it twice”.

                Your comment at 2.2 said “doing it again”. If you used the wrong word, just say that.

            • adam 2.2.1.1.1.2

              I’d never seen this before and rather enjoyed the picture, as I don’t live in a bubble of “online”

              And so what it got reposted, again, it was enjoyable to see. And in the full context of post, rather fun.

              But instead we get Lanthanide with some tiresome miss reading of the post, coupled with an ongoing fetish with being right.

              • Lanthanide

                I didn’t mis-read anything. TRP is the one claiming they are doing it again. The post doesn’t make any such claim. So far he has failed to produce any evidence to back up his claim.

                I also enjoyed the picture, and had never seen it myself before. I simply made the comment that it is originally from 2013, that’s all.

  3. Phil 3

    Two points:

    1) BM’s right. Where ever those figures are from, they’re totally wrong. I think they might be total assets of the banks? (Edit – nope, that ain’t it either).

    2) The lending made under the TARP program to US banks was fully repaid to the Federal Government and made a profit for the taxpayer.

    ———

    There ain’t a snowball’s chance in hell of Greece repaying anything lent to it today. The sooner they default, exit the Euro, and reprint a new currency, the sooner they get on the road to recovery.

  4. Realblue 4

    Yea those figures are a fantasy. All bailout funds were repaid with interest. Greece doesn’t have a hope of meeting their obligations.

    • Tracey 4.1

      what a shame Greece had no one to pass the costs of borrowing on to

    • r0b 4.2

      Yeah bear in mind too that the bailouts for banks did not come with terms and conditions that destroyed their economies / ability to repay.

  5. Realblue 5

    Don’t borrow what you can’t pay back. The problem isn’t borrowing its the ability to service the debt.

    • tracey 5.1

      C’mon, never held back Trump, and he’s running for president…

      • Realblue 5.1.1

        I’m not sure what your point is. Are your comparing the complexity of the Greek situation to Trump ? Is it that he’s running for President of that he was once bankrupt? If that’s your point its a feeble one. Trump is a private citizen, Greece is a sovereign nation. Quite different.

        You don’t think that Geeece had other options that to borrow their citizenry into crippling debt and bring this inevitable situation on their country?

    • DoublePlusGood 5.2

      Don’t lend money to an entity that can’t pay you back, demand changes that destroy their ability to pay anything back, and then whine that you aren’t going to get your money back. If you take on significant risk, be willing to accept you made a bad investment choice if it goes wrong.

    • Sabine 5.3

      This goes both way. No one should borrow what they can’t repay (and in saying that we could stop borrowing altogether, inclusive mortgage lending as one might loose a job and an ability to repay etc), but banks should also not lend any money to people, institutions or countries that can’t service the loan. If a bank is happy to lend to someone I would assume they have made a risk assessment and felt confident. Now if their risk assessment was shite, why should they be able to socialize their losses?

  6. dukeofurl 6

    Banco Espirito Santo ?
    That rings a bell

    Yes , they made of with $200 mill of NZ taxpayers money – with the help of the Portuguese government AND Goldman Sachs ( didnt have to pay the bond insurance due to the way Portugal structured the bailout, how lucky is that)

  7. weka 7

    Great photo. Reading today about Greece has me thinking about too much of NZ being still too comfortable or not yet at the point of nothing left to lose. But maybe we should be preparing for the day when it’s our turn and it might be useful to discuss what that might look at and how NZers might respond. I’m betting that NZers would dump their garbage at the Beehive (Wellingtonians at least, the rest outside the local govt MP’s office).

    Any thoughts?

    • shorts 7.1

      most kiwis wouldn’t care…as long as there’s rugby to watch and someone poorer than them to blame

      it will of course be labours fault

      • weka 7.1.1

        You think when NZ gets to the point of the banking system falling over most NZers won’t care? Or a 25% unemployment rate? Pensions being cut? Salaries being cut? etc

  8. G C 8

    We’ll get charged for it somehow~!!! lol

  9. TheContrarian 9

    This sort of thing has started to be a bit of a trend in The Standard which is unfortunate. Like Ricketts because milk price article of last week and the Pebbles has strong national links from the weekend, authors would be well served to actual check the facts of what they are posting…

    Note: this isn’t telling people what to write but that accuracy is important.

    • Lanthanide 9.1

      +1

    • fisiani 9.2

      Don’t let checking facts get in the way of a good chance to stick it to National. It’s the equivalent of crying wolf over and over and as far as I can see there is never an apology. No wonder the public phone is off the hook.

      [There is nothing to apologise for, Gossie. The post made no comment on the tweet. And you know this is not a Labour Party site. Pull your head in. TRP]

  10. old school 10

    Dare yous grasp the socialkist knowing,not your pin numbered socialist know its debt exploit of your humanities owning mine.Ye! dare you your self me im in charge i own this who are you.Not socialist care in your mind just look this blog is me,see me how i control it.

  11. Richard@Down South 11

    At the rate the big 4 banks increase their profits, and at the rate the Government is mishandling the economy (tax cuts for the rich, destroying the spending power of the lower economic groups), as well as a slash an burn at all costs to achieve a surplus (HAHAHAHAHA), New Zealand wont be too far behind

Recent Comments

Recent Posts

  • Twenty highlights of 2020
    As we welcome in the new year, our focus is on continuing to keep New Zealanders safe and moving forward with our economic recovery. There’s a lot to get on with, but before we say a final goodbye to 2020, here’s a quick look back at some of the milestones ...
    3 weeks ago

  • Bay Cadets learn skills to protect environment
    Bay Conservation Cadets launched with first intake Supported with $3.5 million grant Part of $1.245b Jobs for Nature programme to accelerate recover from Covid Cadets will learn skills to protect and enhance environment Environment Minister David Parker today welcomed the first intake of cadets at the launch of the Bay ...
    BeehiveBy beehive.govt.nz
    11 hours ago
  • Cook Islanders to resume travel to New Zealand
    The Prime Minister of New Zealand Jacinda Ardern and the Prime Minister of the Cook Islands Mark Brown have announced passengers from the Cook Islands can resume quarantine-free travel into New Zealand from 21 January, enabling access to essential services such as health. “Following confirmation of the Cook Islands’ COVID ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • Supporting communities and landowners to grow employment opportunities
    Jobs for Nature funding is being made available to conservation groups and landowners to employ staff and contractors in a move aimed at boosting local biodiversity-focused projects, Conservation Minister Kiritapu Allan has announced. It is estimated some 400-plus jobs will be created with employment opportunities in ecology, restoration, trapping, ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • Border exception for some returning international tertiary students
    The Government has approved an exception class for 1000 international tertiary students, degree level and above, who began their study in New Zealand but were caught offshore when border restrictions began. The exception will allow students to return to New Zealand in stages from April 2021. “Our top priority continues ...
    BeehiveBy beehive.govt.nz
    5 days ago
  • Tiwai deal gives time for managed transition
    Today’s deal between Meridian and Rio Tinto for the Tiwai smelter to remain open another four years provides time for a managed transition for Southland. “The deal provides welcome certainty to the Southland community by protecting jobs and incomes as the region plans for the future. The Government is committed ...
    BeehiveBy beehive.govt.nz
    5 days ago
  • New member for APEC Business Advisory Council
    Prime Minister Jacinda Ardern has appointed Anna Curzon to the APEC Business Advisory Council (ABAC). The leader of each APEC economy appoints three private sector representatives to ABAC. ABAC provides advice to leaders annually on business priorities. “ABAC helps ensure that APEC’s work programme is informed by business community perspectives ...
    BeehiveBy beehive.govt.nz
    5 days ago
  • Govt’s careful economic management recognised
    The Government’s prudent fiscal management and strong policy programme in the face of the COVID-19 global pandemic have been acknowledged by the credit rating agency Fitch. Fitch has today affirmed New Zealand’s local currency rating at AA+ with a stable outlook and foreign currency rating at AA with a positive ...
    BeehiveBy beehive.govt.nz
    5 days ago
  • Additional actions to keep COVID-19 out of NZ
    The Government is putting in place a suite of additional actions to protect New Zealand from COVID-19, including new emerging variants, COVID-19 Response Minister Chris Hipkins said today. “Given the high rates of infection in many countries and evidence of the global spread of more transmissible variants, it’s clear that ...
    BeehiveBy beehive.govt.nz
    6 days ago
  • 19 projects will clean up and protect waterways
    $36 million of Government funding alongside councils and others for 19 projects Investment will clean up and protect waterways and create local jobs Boots on the ground expected in Q2 of 2021 Funding part of the Jobs for Nature policy package A package of 19 projects will help clean up ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • New Zealand Government acknowledges 175th anniversary of Battle of Ruapekapeka
    The commemoration of the 175th anniversary of the Battle of Ruapekapeka represents an opportunity for all New Zealanders to reflect on the role these conflicts have had in creating our modern nation, says Associate Minister for Arts, Culture and Heritage Kiri Allan. “The Battle at Te Ruapekapeka Pā, which took ...
    BeehiveBy beehive.govt.nz
    2 weeks ago
  • Better care for babies with tongue-tie
    Babies born with tongue-tie will be assessed and treated consistently under new guidelines released by the Ministry of Health, Associate Minister of Health Dr Ayesha Verrall announced today. Around 5% to 10% of babies are born with a tongue-tie, or ankyloglossia, in New Zealand each year. At least half can ...
    BeehiveBy beehive.govt.nz
    2 weeks ago
  • Prisoner disorder event at Waikeria Prison over
    The prisoner disorder event at Waikeria Prison is over, with all remaining prisoners now safely and securely detained, Corrections Minister Kelvin Davis says. The majority of those involved in the event are members of the Mongols and Comancheros. Five of the men are deportees from Australia, with three subject to ...
    BeehiveBy beehive.govt.nz
    2 weeks ago
  • Pre-departure COVID-19 test for travellers from the UK and the US from 15 January
    Travellers from the United Kingdom or the United States bound for New Zealand will be required to get a negative test result for COVID-19 before departing, and work is underway to extend the requirement to other long haul flights to New Zealand, COVID-19 Response Minister Chris Hipkins confirmed today. “The new PCR test requirement, foreshadowed last ...
    BeehiveBy beehive.govt.nz
    2 weeks ago
  • PM congratulates New Year Honour recipients
    Prime Minister Jacinda Ardern has added her warm congratulations to the New Zealanders recognised for their contributions to their communities and the country in the New Year 2021 Honours List. “The past year has been one that few of us could have imagined. In spite of all the things that ...
    BeehiveBy beehive.govt.nz
    3 weeks ago
  • David Parker congratulates New Year 2021 Honours recipients
    Attorney-General and Minister for the Environment David Parker has congratulated two retired judges who have had their contributions to the country and their communities recognised in the New Year 2021 Honours list. The Hon Tony Randerson QC has been appointed a Companion of the New Zealand Order of Merit for ...
    BeehiveBy beehive.govt.nz
    3 weeks ago
  • New Year’s Honours highlights outstanding Pacific leadership through challenging year
    Minister for Pacific Peoples Aupito William Sio says the New Year’s Honours List 2021 highlights again the outstanding contribution made by Pacific people across Aotearoa. “We are acknowledging the work of 13 Pacific leaders in the New Year’s Honours, representing a number of sectors including health, education, community, sports, the ...
    BeehiveBy beehive.govt.nz
    3 weeks ago
  • Supporting seniors to embrace technology
    The Government’s investment in digital literacy training for seniors has led to more than 250 people participating so far, helping them stay connected. “COVID-19 has meant older New Zealanders are showing more interest in learning how to use technology like Zoom and Skype so they can to keep in touch ...
    BeehiveBy beehive.govt.nz
    3 weeks ago