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

  • Put our most vulnerable first
    Don’t forget whānau and communities most at risk, says the Green Party, as the Government lays out its three-phase plan for Omicron. ...
    1 day ago
  • Boosting our immunity against Omicron
    With Omicron in the community, it’s vital we all do our bit to help to slow the spread, keep each other safe and protect our health system. One of the most important ways we can reduce the risk of Omicron is to get a booster dose as soon as we’re ...
    2 days ago
  • Equitable response to Omicron vital
    The Green Party supports the Government’s decision to move Aotearoa New Zealand to traffic light level Red at 11.59pm tonight, but says its success will depend on the support that is made available to the most vulnerable. ...
    5 days ago
  • How we’re preparing for Omicron
    As countries around the world experience Omicron outbreaks, we’re taking steps now to ensure we’re as prepared as possible and our communities are protected. ...
    1 week ago
  • What’s Labour achieved so far?
    Quite a bit! This Government was elected to take on the toughest issues facing Aotearoa – and that’s what we’re doing. Since the start of the pandemic, protecting lives and livelihoods has been a priority, but we’ve also made progress on long-term challenges, to deliver a future the next generation ...
    2 weeks ago
  • Tackling the big issues in 2022
    This year, keeping Kiwis safe from COVID will remain a key priority of the Government – but we’re also pushing ahead on some of New Zealand’s biggest long-term challenges. In 2022, we’re working to get more Kiwis into homes, reduce emissions, lift children out of poverty, and ensure people get ...
    2 weeks ago

  • Penguin rehab and native forest restoration get helping hand
    A long-running penguin rehab facility which has been hard hit by the tourism downturn, and work to restore native forest habitats in the Catlins are being supported through Jobs for Nature funding, Conservation Minister Kiri Allan says. Otago’s Penguin Place and The Hokonui Rūnanga Catlins Biodiversity Project will receive combined ...
    BeehiveBy beehive.govt.nz
    18 hours ago
  • Resilient economy reflected in Crown accounts
    The Government’s financial accounts continue to reflect a resilient economy that has performed better than expected and puts the country in a strong position to respond to Omicron, Grant Robertson said. The Crown Accounts for the five months to the end of November were more favourable than forecast in the ...
    BeehiveBy beehive.govt.nz
    18 hours ago
  • Government announces three phase public health response to Omicron
    Reducing isolation period for cases and close contacts at Phase Two and Three to 10 and seven days Definition of close contact required to isolate changes to household or household like contacts at Phase Three Increased use of rapid antigen tests with test to return policy put in place for ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • New Ambassador to Thailand announced
    Foreign Affairs Minister Nanaia Mahuta today announced the appointment of Jonathan Kings as New Zealand’s next Ambassador to Thailand. “Aotearoa New Zealand has a long-standing relationship with Thailand, celebrating the 65th anniversary of diplomatic representation between our countries in 2021. We also share much in common at regional and multilateral levels ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • Government’s Family Package continues to deliver for New Zealanders
    The Families Package helped around 330,000 families in its first year - more than half of all families with children in NZ These families received an estimated $55 per week more from Families Package payments in 2018/19 than in 2017/18, on average Families Package increases to the maximum possible Accommodation ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • New Zealand retains top spot in global anti-corruption rankings
    Justice Minister Kris Faafoi has welcomed news of New Zealand’s ongoing position as top in the world anti-corruption rankings. The 2021 Corruption Perceptions Index released by global anti-corruption organisation, Transparency International, ranks New Zealand first equal with Denmark and Finland, with a score of 88 out of 100. “This is an ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • Testing improvements see New Zealand well prepared for Omicron
    New Zealand’s PCR testing capacity can be increased by nearly 20,000 tests per day to deal with a surge in cases as part of our wider COVID-19 testing strategy, Associate Minister of Health Dr Ayesha Verrall said. “We have continued to adapt our public health response to safeguard the health ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • 5,000 portable air cleaners for schools on their way
    As schools are preparing to return, Education Minister Chris Hipkins has announced 5,000 air cleaners have been ordered for New Zealand schools. “As we know, along with vaccination, testing, good hygiene and physical distancing, good ventilation is important in minimising the risk of airborne transmission of the virus that causes ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • New Zealand to move to Red from 11.59pm today
    All of New Zealand will move to the Red setting of the Covid Protection Framework (CPF) at 11:59pm today as Omicron is potentially now transmitting in the community, Prime Minister Jacinda Ardern says. “Nine COVID-19 cases reported yesterday in the Nelson/Marlborough region are now confirmed as Omicron, and a further ...
    BeehiveBy beehive.govt.nz
    5 days ago
  • Mandatory boosters for key workforces progressing well
    More than 5,785 (82%) border workers eligible for a booster vaccination at 6 months have received it so far, COVID-19 Response Minister Chris Hipkins says. “That’s a really strong uptake considering we announced the requirement the week before Christmas, but we need to continue this momentum,” Chris Hipkins said. “We ...
    BeehiveBy beehive.govt.nz
    5 days ago
  • NZ to move to Red
    Nine COVID-19 cases reported yesterday in the Nelson/Marlborough region have now been confirmed as the Omicron variant, and a further case from the same household was confirmed late yesterday. These cases are in a single family that flew to Auckland on 13 January to attend a wedding and other events ...
    BeehiveBy beehive.govt.nz
    5 days ago
  • New Zealand to provide further help for Tonga
    Aotearoa New Zealand is giving an additional $2 million in humanitarian funding for Tonga as the country recovers from a volcanic eruption and tsunami last weekend, Foreign Affairs Minister Nanaia Mahuta and Defence Minister Peeni Henare said today. This brings Aotearoa New Zealand’s contribution to $3 million. “This support will ...
    BeehiveBy beehive.govt.nz
    6 days ago
  • Quarterly benefit numbers show highest number of exits into work
    The Government’s strong focus on supporting more people into work is reflected in benefit figures released today which show a year-on-year fall of around 21,300 people receiving a main benefit in the December 2021 quarter, Minister for Social Development and Employment Carmel Sepuloni said. “Our response to COVID has helped ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Northland to move to Orange, NZ prepared for Omicron 
    Northland to move to Orange Rest of New Zealand stays at Orange in preparedness for Omicron All of New Zealand to move into Red in the event of Omicron community outbreak – no use of lockdowns Govt planning well advanced – new case management, close contact definition and testing rules ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • RNZAF C-130 Hercules flight departs for Tonga as Navy vessels draw nearer to Tongatapu
    A Royal New Zealand Air Force C-130 Hercules has departed Base Auckland Whenuapai for Tonga carrying aid supplies, as the New Zealand aid effort ramps up, Foreign Affairs Minister Nanaia Mahuta and Defence Minister Peeni Henare said today. “The aircraft is carrying humanitarian aid and disaster relief supplies, including water ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • New Zealand prepared to send support to Tonga
    New Zealand is ready to assist Tonga in its recovery from Saturday night’s undersea eruption and tsunami, Foreign Affairs Minister Nanaia Mahuta and Defence Minister Peeni Henare said today. “Following the successful surveillance and reconnaissance flight of a New Zealand P-3K2 Orion on Monday, imagery and details have been sent ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Aotearoa New Zealand stands ready to assist people of Tonga
    The thoughts of New Zealanders are with the people of Tonga following yesterday’s undersea volcanic eruption and subsequent tsunami waves, Foreign Affairs Minister Nanaia Mahuta says. “Damage assessments are under way and New Zealand has formally offered to provide assistance to Tonga,” said Nanaia Mahuta. New Zealand has made an ...
    BeehiveBy beehive.govt.nz
    2 weeks ago
  • Record high of new homes consented continues
    In the year ended November 2021, 48,522 new homes were consented, up 26 per cent from the November 2020 year. In November 2021, 4,688 new dwellings were consented. Auckland’s new homes consented numbers rose 25 per cent in the last year. Annual figures for the last nine months show more ...
    BeehiveBy beehive.govt.nz
    2 weeks ago
  • Report trumpets scope for ice cream exports
    Latest research into our premium ice cream industry suggests exporters could find new buyers in valuable overseas markets as consumers increasingly look for tip top quality in food. Economic Development Minister Stuart Nash has released a new report for the Food and Beverage Information Project. The project is run by ...
    BeehiveBy beehive.govt.nz
    2 weeks ago
  • Honouring the legacy of legendary kaumātua Muriwai Ihakara
    Associate Minister for Arts, Culture, and Heritage Kiri Allan expressed her great sadness and deepest condolences at the passing of esteemed kaumātua, Muriwai Ihakara. “Muriwai’s passing is not only a loss for the wider creative sector but for all of Aotearoa New Zealand. The country has lost a much beloved ...
    BeehiveBy beehive.govt.nz
    2 weeks ago
  • Have your say on proposed changes to make drinking water safer
    Associate Minister for the Environment Kiri Allan is urging all New Zealanders to give feedback on proposed changes aimed at making drinking water safer. “The current regulations are not fit for purpose and don’t offer enough protection, particularly for those whose water comes from smaller supplies,” Kiri Allan said. “This ...
    BeehiveBy beehive.govt.nz
    3 weeks ago
  • Planting the seeds for rewarding careers
    A boost in funding for a number of Jobs for Nature initiatives across Canterbury will provide sustainable employment opportunities for more than 70 people, Conservation Minister Kiri Allan says. “The six projects are diverse, ranging from establishing coastline trapping in Kaikōura, to setting up a native plant nursery, restoration planting ...
    BeehiveBy beehive.govt.nz
    3 weeks ago