web analytics

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?

Recent Comments

Recent Posts

  • New Zealand condemns Russia’s annexation attempts
    New Zealand condemns unequivocally Russia’s attempts to illegally annex Russia-occupied regions of Ukraine, Prime Minister Jacinda Ardern says. “We do not recognise these illegal attempts to change Ukraine’s borders or territorial sovereignty,” Jacinda Ardern said. “Russia’s sham referenda in Luhansk, Donetsk, Kherson and Zaporizhzhia are illegitimate, and have no legal ...
    BeehiveBy beehive.govt.nz
    23 hours ago
  • Government provides confidence to those seeking an adventure
    With our borders opened and tourists returning, those seeking out adventurous activities can do so more safely due to the steps we’ve taken to improve the health and safety regulatory regime for adventure activities, Workplace Relations and Safety Minister Michael Wood has announced.  “We are seeing international visitor numbers begin ...
    BeehiveBy beehive.govt.nz
    1 day ago
  • More single-use plastics banned from tomorrow
    Single-use plastic cotton buds, drink stirrers and most plastic meat trays are among single use plastics banned from sale or manufacture from tomorrow. “This is the first group of the most problematic plastic products to be banned in a progressive phase out over the next three years,” Environment Minister David ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • Speech to NZDF Command and Staff College
    It’s a pleasure to join you today – and I extend a particular welcome to Marty Donoghue (a member of the Public Advisory Committee on Disarmament and Arms Control) and Athena Li-Watts (interning with me this week) who are also joining me today. On the face of it, some ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • Milestone of half a million mental health sessions delivered
    The Government’s flagship primary mental health and addiction programme Access and Choice has hit the milestone of delivering more than 500,000 sessions to New Zealanders needing mental health support. Health Minister Andrew Little made the announcement at ADL – Thrive Pae Ora in Cromwell which provides mental wellbeing support services ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • Government continues to future-proof arts, culture and heritage sector
    The Government has announced further support for the recovery and resilience of the arts, culture and heritage sector as part of its COVID Recovery Programme’s Innovation Fund. “We’re continuing to secure the recovery of our arts, culture and heritage in Aotearoa New Zealand by supporting transformational initiatives across the motu,” ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • Government steps up kauri protection
    The Government is delivering on an election commitment to protect kauri in our northern forests through the new National Pest Management Plan (NPMP) for the forest giant and the allocation of $32 million of funding to back the coordinated effort, Biosecurity Minister Damien O'Connor and Associate Environment Minister (Biodiversity) ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • Russia’s Ukraine referenda a sham
    Aotearoa New Zealand does not recognise the results of the sham referenda in Russia-occupied regions of Ukraine, Foreign Minister Nanaia Mahuta says.  “These so-called referenda were not free or fair, and they very clearly were not held in accordance with democratic principles,” Nanaia Mahuta said. “Instead, they were hastily organised ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • Govt invests in New Zealand’s wine future
    Prime Minister Jacinda Ardern has officially opened New Zealand Wine Centre–Te Pokapū Wāina o Aotearoa in Blenheim today, saying that investments like these give us cause for optimism for the future. Funding of $3.79 million for the Marlborough Research Centre to build a national wine centre was announced in 2020, ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • Appointment of Judges of the Court Martial Appeal Court
    Attorney-General David Parker today announced the appointment of Colonel Craig Ruane, Commander Robyn Loversidge, and James Wilding KC as Judges of the Court Martial Appeal Court. The Court Martial Appeal Court is a senior court of record established under the Court Martial Appeals Act 1953. It is summoned by the ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • Government strengthens measures to combat migrant worker exploitation
    Offence and penalty regime significantly strengthened New infringement offences for non-compliance Public register of individuals and businesses that are found guilty of migrant exploitation New community-led pilot to educate migrants workers and employers of employment rights Implemented reporting tools successfully brings exploitation out of the shadows Take-up of protective visa ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • Livestock exports by sea to cease
    The passing of a Bill today to end the export of livestock by sea will protect New Zealand’s reputation for world-leading animal welfare standards, Minister of Agriculture Damien O’Connor said. “The Animal Welfare Amendment Bill future-proofs our economic security amid increasing consumer scrutiny across the board on production practices," Damien ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • Extra measures to increase census turnout in 2023
    3500 census workers on the ground, twice as many as last census More forms to be delivered – 44% compared to 3% in 2018 Prioritisation of Māori and other groups and regions with lower response rates in 2018 Major work to ensure the delivery of a successful census in 2023 ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • Shining the light on screen workers
    Improved working conditions for workers in the screen industry is now a reality with the Screen Industry Workers Bill passing its third reading today, announced Workplace Relations and Safety Minister Michael Wood. “It’s fantastic to see the Screen Industry Workers Bill progress through Parliament. The new Act will strengthen protections ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • Mental health resources for young people and schools launched
    Associate Minister of Education (School Operations) Jan Tinetti and Associate Minister of Education (Māori Education) Kelvin Davis have today launched two new resources to support wellbeing, and the teaching and learning of mental health education in schools and kura. “Students who are happy and healthy learn better. These resources ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • Progress continues on future-proofing Auckland’s transport infrastructure
    Transport Minister Michael Wood has welcomed the latest progress on Auckland’s two most transformational transport projects in a generation – Auckland Light Rail and the Additional Waitematā Harbour Connections. Auckland Light Rail and Waka Kotahi NZ Transport Agency have named preferred bidders to move each project to their next phase, ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • Government supports local innovation in homelessness prevention
    Ten successful applicants in round two of the Local Innovation and Partnership Fund (LIPF) Close to $6 million allocated as part of the Homelessness Action Plan (HAP) Māori, Pasefika and rangatahi a strong focus Round three opening later this year with up to $6.8 million available. Government is stepping up ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • More medicines for New Zealanders, thanks to Govt’s Budget boost
    Health Minister Andrew Little is welcoming news that two more important medicines are set to be funded, thanks to the Government’s big boost to the country’s medicines budget. “Since coming into Government in 2017, the Labour Government has increased Pharmac’s funding by 43 per cent, including a $71 million boost ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • Government delivers ACC change to support 28,000 parents
    The Maternal Birth Injury and Other Matters Bill passes Third Reading – the first amendment to ACC legislation of its kind From 1 October 2022, new ACC cover to benefit approximately 28,000 birthing parents Additional maternal birth injuries added alongside new review provision to ensure cover remains comprehensive Greater clarity ...
    BeehiveBy beehive.govt.nz
    5 days ago
  • Further cuts for East Coast tarakihi limits to rebuild numbers faster
    Commercial catch limits for East Coast tarakihi will be reduced further to help the stock rebuild faster. “Tarakihi is a popular fish, and this has led to declining levels over time. Many adjustments have been made and the stock is recovering. I have decided on further commercial catch reductions of ...
    BeehiveBy beehive.govt.nz
    5 days ago
  • New Ambassador to Colombia announced
    Foreign Minister Nanaia Mahuta today announced the appointment of diplomat Nicci Stilwell as the next Ambassador to Colombia. “Aotearoa New Zealand’s relationship with Colombia is fast growing with strong links across education, climate change and indigenous co-operation,” Nanaia Mahuta said.  “Trade is a key part of our relationship with Colombia, ...
    BeehiveBy beehive.govt.nz
    5 days ago
  • 3000 more RSE workers to ease workforce pressures
    The Government continues to respond to global workforce shortages by announcing the largest increase in over a decade to the Recognised Seasonal Employer Scheme (RSE), providing 3000 additional places, Immigration Minister Michael Wood and Agriculture Minister Damien O’Connor have announced. The new RSE cap will allow access to 19,000 workers ...
    BeehiveBy beehive.govt.nz
    5 days ago
  • Sanctions on more of the Russian political elite
    Further sanctions are being imposed on members of President Putin’s inner circle and other representatives of the Russian political elite, as part of the Governments ongoing response to the war in Ukraine, says Foreign Minister Nanaia Mahuta. “Ukraine has been clear that the most important action we can take to ...
    BeehiveBy beehive.govt.nz
    5 days ago
  • New Principal Youth Court Judge appointed
    Judge Ida Malosi, District Court Judge of Wellington, has been appointed as the new Principal Youth Court Judge, Attorney-General David Parker announced today. Born and raised in Southland, Judge Malosi graduated from Victoria University of Wellington and spent her legal career in South Auckland.  She was a founding partner of ...
    BeehiveBy beehive.govt.nz
    5 days ago
  • Visitor arrivals highest since pandemic began
    Overseas visitor arrivals exceeded 100,000 in July, for the first time since the borders closed in March 2020 Strong ski season lifts arrivals to Queenstown to at least 90% of the same period in 2019 Australia holiday recovery has continued to trend upwards New Zealand’s tourism recovery is on its ...
    BeehiveBy beehive.govt.nz
    5 days ago
  • Language provides hope for Tuvalu
    Climate change continues to present a major risk for the island nation of Tuvalu, which means sustaining te gana Tuvalu, both on home soil and in New Zealand Aotearoa, has never been more important, Minister for Pacific Peoples Aupito William Sio said. The Tuvalu Auckland Community Trust and wider Tuvalu ...
    BeehiveBy beehive.govt.nz
    7 days ago
  • Minister Sio to attend Asian Development Bank meeting in Manila
    Associate Foreign Affairs Minister Aupito William Sio travels to the Philippines this weekend to represent Aotearoa New Zealand at the 55th Annual Meeting of the Asian Development Bank (ADB) Board of Governors in Manila. “The ADB Annual Meeting provides an opportunity to engage with other ADB member countries, including those ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • United Nations General Assembly National Statement
    E ngā Mana, e ngā Reo, Rau Rangatira mā kua huihui mai nei i tēnei Whare Nui o te Ao Ngā mihi maioha ki a koutou katoa, mai i tōku Whenua o Aotearoa Tuia ki runga, Tuia ki raro, ka Rongo to pō ka rongo te ao Nō reira, tēnā ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • New strategy unifies all-of-Government approach to help Pacific languages thrive
    A united approach across all-of-Government underpins the new Pacific Language Strategy, announced by the Minister for Pacific Peoples Aupito William Sio at Parliament today. “The cornerstone of our Pacific cultures, identities and place in Aotearoa, New Zealand are our Pacific languages. They are at the heart of our wellbeing,” Aupito ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Upgrades for sporting facilities ahead of FIFA Women’s World Cup
    Communities across the country will benefit from newly upgraded sporting facilities as a result of New Zealand co-hosting the FIFA Women’s World Cup 2023. The Government is investing around $19 million to support upgrades at 30 of the 32 potential sporting facilities earmarked for the tournament, including pitch, lighting and ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Partnership supports climate action in Latin America and Caribbean
    Aotearoa New Zealand is extending the reach of its support for climate action to a new agriculture initiative with partners in Latin America and the Caribbean. Foreign Affairs Minister Nanaia Mahuta and Agriculture Minister Damien O’Connor announced a NZ$10 million contribution to build resilience, enhance food security and address the ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Landmark agreement for Māori fisheries celebrates 30th year
    The 30th anniversary of the Fisheries Deed of Settlement is a time to celebrate a truly historic partnership that has helped transform communities, says Parliamentary Under-Secretary to the Minister for Oceans and Fisheries Rino Tirikatene. “The agreement between the Crown and Māori righted past wrongs, delivered on the Crown’s treaty ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Government backs initiatives to cut environmental impact of plastic waste
    The Government has today announced funding for projects that will cut plastic waste and reduce its impact on the environment. “Today I am announcing the first four investments to be made from the $50 million Plastics Innovation Fund, which was set last year and implemented a 2020 election promise,” Environment ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Call for expressions of interest in appointment to the High Court Bench
    Attorney-General David Parker today called for nominations and expressions of interest in appointment to the High Court Bench.  This is a process conducted at least every three years and ensures the Attorney-General has up to date information from which to make High Court appointments.  “It is important that when appointments ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Depositor compensation scheme protects Kiwis’ money
    New Zealanders will have up to $100,000 of their deposits in any eligible institution guaranteed in the event that institution fails, under legislation introduced in Parliament today. The Deposit Takers Bill is the third piece of legislation in a comprehensive review of the Reserve Bank of New Zealand Act and ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • New fund to help more Pacific aiga into their own homes
    The Government has launched a new housing fund that will help more Pacific aiga achieve the dream of home ownership. “The Pacific Building Affordable Homes Fund will help organisations, private developers, Māori/iwi, and NGOs build affordable housing for Pacific families and establish better pathways to home ownership within Pacific communities. ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • More than 100,000 new Kiwis as halfway point reached
    Over 100,000 new Kiwis can now call New Zealand ‘home’ after the 2021 Resident Visa reached the halfway point of approvals, Minister of Immigration Michael Wood announced today. “This is another important milestone, highlighting the positive impact our responsive and streamlined immigration system is having by providing comfort to migrant ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Maniapoto Claims Settlement Bill passes third reading – He mea pāhi te Maniapoto Claims Settl...
    Nā te Minita mō ngā Take Tiriti o Waitangi, nā Andrew Little,  te iwi o Maniapoto i rāhiri i tēnei rā ki te mātakitaki i te pānuitanga tuatoru o te Maniapoto Claims Settlement Bill - te pikinga whakamutunga o tā rātou whakataunga Tiriti o Waitangi o mua. "Me mihi ka ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • 50,000 more kids to benefit from equity-based programmes next year
    Another 47,000 students will be able to access additional support through the school donations scheme, and a further 3,000 kids will be able to get free and healthy school lunches as a result of the Equity Index.  That’s on top of nearly 90% of schools that will also see a ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Healthy Active Learning now in 40 percent of schools across New Zealand
    A total of 800 schools and kura nationwide are now benefitting from a physical activity and nutrition initiative aimed at improving the wellbeing of children and young people. Healthy Active Learning was funded for the first time in the inaugural Wellbeing Budget and was launched in 2020. It gets regional ...
    BeehiveBy beehive.govt.nz
    1 week ago