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National’s asset sales cost $124m + $2.3m per week

Written By: - Date published: 7:26 am, September 4th, 2013 - 32 comments

National says that $9m is too expensive for you to have your democratic say on asset sales (that’s less than the budget for Pike River re-entry, which everyone supports even though it’s unlikely to recover bodies). What National doesn’t want to you now is that they’ve spent at least $124m on the asset sales so far, and the foregone net profits from Mighty River is running at $2.3m a week.

Spendthrift Key objects to cost of democracy

Written By: - Date published: 8:01 am, September 3rd, 2013 - 282 comments

Key’s big whine today is that the referendum on asset sales, which over 10% of Kiwis have requested as required by law, will be ‘extremely costly’ at $9m. This guy’s joking, right? Mr ‘2-billion-of-tax-cuts-in-the-middle-of-a-recession’ is whining about $9m on democracy? All up, Key’s squandered well over a hundred million on asset sales so far.

Cost of Mighty River sale keeps on rising

Written By: - Date published: 7:27 am, August 29th, 2013 - 32 comments

National spent $66 million selling Mighty River Power. That’s what it costs to put 750 kids all the way through school. The Greens have done the numbers on Mighty River’s profit announcement to work out the Crown would have a net $2.3 million more per week if it hadn’t sold the shares. That ongoing loss is enough to pay for the education of 18,000 kids.

Who would buy Meridian shares after MRP?

Written By: - Date published: 11:00 am, August 28th, 2013 - 209 comments

If you invested in Mighty River, you’ve lost 13% of your money so far. The word is the current plunge is prices is institutions selling off in order to force the Meridian listing price lower and Mighty River has a long way to fall yet. But the lower it goes, the less likely ordinary people will be to risk their savings on another privatised power company.

Key adds another $40m to the asset sales bill

Written By: - Date published: 6:24 am, August 21st, 2013 - 120 comments

We know that only 2.5% of Kiwis bought shares in Mighty River Power. English now talks of ‘tens of thousands’ buying Meridian shares. This ain’t no widespread ownership – it’s the few buying and the many losing ownership. So far, we’ve paid at least $100m for these sales. Yesterday, Key added $40m in interest-free loans to Meridian buyers.

The opportunity cost

Written By: - Date published: 4:33 pm, August 14th, 2013 - 34 comments

National spent $30m of our money to save (some of) the 800 jobs at Tiwai Point (for an extra year). People have reasonably pointed out that’s the a lot of money – especially when government agencies are routinely destroying jobs by sending work overseas over contract prices that save far less. But what about the broader picture: did the Nats consider the opportunity cost?

“The Big Issue”: councils & transport

Written By: - Date published: 10:57 am, August 5th, 2013 - 16 comments

Campbell Live last Wednesday focused on transport: funding & Auckland versus the regions; public transport & roads; the revolutionary Congestion Free Network plan.  City Vision (supported by Labour & the Green Party – with a major focus on transport) & 2 Future West candidates launch their Auckland council campaigns.

The magical world of New Zealand’s, Neo-Liberal right wing.

Written By: - Date published: 6:06 am, August 1st, 2013 - 83 comments

It has been obvious that some people live in a different world than the rest of us. One where Chicago school economics, work! One where you save the village by blowing it up! One where global warming can be stopped, Canute like, by legislation. One where dropping wages and giving everything to bloated financiers, makes […]

Dropping the pretense: Whanau Ora privatisation

Written By: - Date published: 7:34 am, July 17th, 2013 - 44 comments

So, Tariana Turia is finally dropping the pretense that Whanau Ora is anything but a scheme to privatise social assistance and put it in the hands of unaccountable private groups. Not content with funding family reunions and other bollocks, Turia is now handing the funding decisions to three private groups. Oh, and she doesn’t want them to be covered by the OIA.

NRT – Transmission Gully: A $2 billion scam

Written By: - Date published: 9:52 am, July 11th, 2013 - 13 comments

I/S at No Right Turn on a $2 Billion Transmission Gully scam…

John Key – Economic Miracle Maker

Written By: - Date published: 7:02 pm, July 9th, 2013 - 24 comments

john key snake oilOur wonderful leader John Key is able to sell our assets, spend all the money and then some on his favourite projects, pay down debt and maintain our credit rating all at the one time.  If you believe this there is a bridge that I would like to show you …

Key, Brownlee: Not Auckland’s friends

Written By: - Date published: 9:26 am, July 1st, 2013 - 41 comments

John Key’s u-turn on Auckland City Rail is all smoke, mirrors and sleight of hand stealth of the common good. Phil Twyford and the Auckland Transport Blog are skeptical. Funding?  Roads over public transport? Asset sales?

National Party economics: make $2 billion, spend 5

Written By: - Date published: 7:00 pm, June 29th, 2013 - 89 comments

The National Party are the good economic managers, right?  So why are they spending money we don’t actually have yet?

Who benefits?

Written By: - Date published: 9:19 am, June 21st, 2013 - 42 comments

The leaderless uprising in Brazil exposes unbearable inequalities in a dysfunctional post-growth world.  Extravagant sports events and expensive stadium contrast with anti-public service austerity measures.  Home building lags in Christchurch, while Key looks to asset sales to fund a stadium.

The Blame Game.

Written By: - Date published: 9:14 am, June 20th, 2013 - 84 comments

Blame beneficiaries, blame the young, blame the old, blame the boomers, blame Maori, blame Pakeha,  blame granny, hell, why don’t we just blame the Jews! Anything except place the blame where it belongs. On successive Governments who have sold us out to the rich, and offshore corporates. And the system which allows a few stupid […]

So, who’s up for buying some shares in Meridian?

Written By: - Date published: 8:59 am, June 5th, 2013 - 40 comments

Mighty River closed at a new low of $2.36 yesterday. Here’s English on the likely take up of the sale of Meridian: “We would expect that it will give New Zealanders the opportunity to invest in a large New Zealand company, and tens of thousands of them are likely to do so.” Tens of thousands. For reference, they expected 250,000 investors in Mighty River but only 113,000 showed up.

Images of our time: ‘shock’ capitalism

Written By: - Date published: 11:03 am, May 30th, 2013 - 87 comments

As Naomi Klein said in the Shock Doctrine documentary, disorienting natural and economic shocks result in the wealth being shifted from “public hands” to the wealthiest.  The wealth gap, and extent of poverty in NZ is increasingly & devastatingly marginalising good Kiwis.  Meanwhile, Peter Jackson is flying high.

Shocking the people into submission

Written By: - Date published: 10:10 am, May 29th, 2013 - 24 comments

Last night The Shock Doctrine (2009) aired on Maori TV.  John Key, and his cheerleaders have followed their latest series of shock-inducing attacks on democratic processes and (low income) people’s rights, with positive forecasts for our future. Meanwhile, the gap between the haves & have-nots has grown.

The myth of ‘mum and dad’ investors

Written By: - Date published: 9:15 am, May 24th, 2013 - 121 comments

The myth that National sold Mighty River Power to ‘mum and dads’ is dead. New analysis shows that half the retail shares went to just 12,844 people. A tiny group of 394 people bought 10% of the retail shares. Only 13.4% of the company is owned by what you might call ‘ordinary Kiwis’ – less than the amount owned by foreign investors. But the truth is, ordinary Kiwis are the 98% who bought nothing.

When an “accord” is not

Written By: - Date published: 10:08 am, May 17th, 2013 - 130 comments

Yesterday’s budget is a sop to affordable housing & aims to privatise state housing. Penny Hulse says the government’s related “housing accord” Bill is at odds with the agreement her council has not yet ratified.  It overrides local democracy & endangers the AKL “agreement”. [Update] Waitakere News analysis

‘That’s what the fuss is all about’

Written By: - Date published: 10:00 am, May 16th, 2013 - 22 comments

Hone Harawira challenged the Maori Party for its support of charter schools, at the expense of Maori and public education. He challenged Sharples to resign if today’s budget fails to adequately support kura kaupapa and the Manaaki Tauira programme.

Sky City, pokies and corruption

Written By: - Date published: 7:56 am, May 13th, 2013 - 51 comments

Key and Joyce made sure Gilmore was out of the way before they announced their dubious Sky City for (more) pokies deal.  The pokies system in NZ is rife with dubious goings on. It’s bad for low income families, communities and their children. [update: responses]

The neoliberalisation of Universities

Written By: - Date published: 8:08 am, May 12th, 2013 - 43 comments

An article in today’s Sunday Star Times, provides evidence of an organised business in providing students with assignments for their tertiary education courses.  The focus is on Chinese ethnicity.  Ultimately, the blame for such rorts lies with the neoliberalisation of universities: the undermining of the critical endeavour of education.

Spin-bustin’: new investors scared off MRP

Written By: - Date published: 8:19 am, May 10th, 2013 - 27 comments

The Nats’ spin is that ‘mums and dads’ were scared off investing in Mighty River Power by the Green-Labour NZ Power plan to reduce power prices but sophisticated buyers bought in. Look at the evidence: 80,000 of the 113,000 retail investors are new to the stockmarket and they boost stockmarket participation by 20%. Hence there were 400,000 existing Kiwi shareholders, and less than 10% of them bought in.

Selling Mighty River cost you $100m

Written By: - Date published: 7:33 pm, May 9th, 2013 - 158 comments

National admitted today that the sale of Mighty River cost around $100m, and that the paltry 2.5% of New Zealanders who bought an average of $8,000 each are not typical Kiwis. The figures themselves are shocking but the politics is really revealing. English didn’t try to avoid the unpalatable failure of asset sales, he was flippant. He is so out of touch he doesn’t see the problem.

We’re leaving & we’re taking the dams

Written By: - Date published: 8:57 am, May 7th, 2013 - 18 comments

Following the Labour and Greens’ rejection of their demand that the parties drop their NZ Power policy to lower power prices, the business elite has announced capital flight. ‘If Origin Energy loses its rentier profits, who’s next? said Phil O’Reilly, close to tears, ‘The banks? The Telecoms duopoly? The petrol companies?* The construction materials oligopoly? The ports and airports?

It’s all in the “game”

Written By: - Date published: 9:00 am, May 4th, 2013 - 192 comments

Supporters of the sale of the powercos, portray the Labour-Green NZ Power policy in terms of political strategy and game-play.  They focus on the “market”, risk, profits & “fat cat hatred”. They avoid dealing with the guts of the issue: fuel poverty, income inequality & damaged lives.

Why Phil O’Reilly wants you to keep paying too much for power

Written By: - Date published: 7:12 am, May 3rd, 2013 - 80 comments

Yesterday, Phil O’Reilly’s Business New Zealand basically declared war on Labour and the Greens. Their ‘open letter’ demanded opposition parties to withdraw the NZ Power policy or risk a capital strike. Unprecedented in modern NZ history. It was a boots and all attempt by the capitalist elite to try to monster the Left. It proves that they think NZ Power is both practical and popular.

Why Brian Gaynor wants you to keep paying too much for power

Written By: - Date published: 7:45 am, May 2nd, 2013 - 34 comments

To say Brian Gaynor is excited about the Mighty River sale is an understatement. Of his last five Herald columns, two have been about how great it will be, and two have been about how awful NZ Power is. His other media appearances have been in a similar vein: Mighty River = good, NZ Power = bad. It’s in his financial interests that investors aren’t scared off Mighty River.

Why First NZ Capital wants you to keep paying too much for power

Written By: - Date published: 6:48 am, May 1st, 2013 - 35 comments

A couple of people have questioned this series of posts outing the financial interests of supposedly ‘independent’ commentators who are coming out against the Green/Labour plan to lower power prices. ‘Everyone has links to everyone in New Zealand’. Maybe so, but not everyone is paid by the people whose interests they’re protecting while pretending to be independent in the msm.

Networks of influence: (dis)Advantage NZ

Written By: - Date published: 9:33 am, April 30th, 2013 - 21 comments

An Advantage New Zealand conference at SkyCity is the centre of major PR for John Key-backed, big oil exploration in NZ. While promoting and backing each others’ destructive profiteering, and endangering NZ’s environment, they are nurturing their networks of influence over expensive dinners and on the golf course.

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