Since when has John Key been involved with the Subprime Mortgage debacle? Sure he was at Meryl Lynch as the head of Foreign Exchange, not mortgage or debt related investments. But you know, if we are going on the same analogy, perhaps we could say Helen Clark was involved with the sale of the BNZ, oh wait, she was.
Jared you would be a moron if you thought this clip was only aimed at such a specific aspect of the finance industry or if you thought foreign exchange speculation was somehow more noble, honourable or sensible than the mortgage dealing described in the clip.
Do enlighten me as to how Foreign Exchange is related to Mortgage related debt financing. Id be interested to know. You would be a moron if you considered all financial trading the same. Oh wait, you are.
According to JK’s own website he was Global head of Forex, European head of bonds and Derivatives and he was an upon invitation only advisor to the Federal reserve of New York from 1999 until he left Wall street (Funny how he never mentions that in his interviews, eh) in March 2001.
He was one of only 4 advisors and the others were someone from Lehman brothers, Citicorp and UBSWahrburg. Together with his bank Merrill Lynch that makes 4 of the banks most hit by the Subprime crisis. In this speech Key tells his audience that he had an Office in Wall street and that he lived on and off in New York from1995 until March 2001.
According to JK himself he was heading the department that was developing all these great new products.
He states in the next page of that interview that the products causing the subprime market were only developed in 2004-2005. While this may not immediately prove John Key’s complicity, the fact that he distances himself from Wall street and lies about the subprime timeline should be cause for worry and it should send journalists into a feeding frenzy because it is a ludicrous and dishonest statement as the rise in subprime mortgages sales started to rise considerably in 1988 because the US government basically ordered Fanny mae and Freddy mac to start lending mortgages to every Tom Dick and Harry and their dog without any regards as to their credit history and Warren Buffet already said in 2002 that derivatives were weapons of mass destruction.
1988 was also the year in which the Glass Steagall act was unofficially repealed
(officially in November 1999) allowing Commercial banks and Investment banks to merge. This was something the Wall street bankers had been lobbying for for some 10 years and which had cost them something like a $ 100 to $ 200 million dollars.
This is what changed a relatively robust banking system into a free for all and an investment bankers wet dream.
John Key worked from 1995 until 2001 at the epicentre of the banksters feeding frenzy in Forex (Currency derivatives are as dangerous as the subprime derivatives), bonds and derivatives for a bank which was one of the most aggressive derivatives traders, he made it all the way to the top and he’s is lying through the teeth about it . What are the chances of him being a squeaky clean choirboy you reckon?
Again, all of this puts John Key smack bang in the middle of not only the subprime crisis but also in the a href=’http://en.wikipedia.org/wiki/Long-Term_Capital_Management’>Asian crisis, the Russian crisis in which Merrill Lynch was involved through the LTCM (long term credit management hedge fund) which collapsed spectacularly in 1988 causing John Key to have to fire so many of his colleagues and finally in the subprime crisis.
At this moment Alan Greenspan’s legacy while once hailed as the magician of Wall street is being revised. For John Key to have been this close to the fire should surely warrant some caution especially since he lies in interviews about is time lines and where he worked.
Thats strange, heres me thinking you were going to tell me how forex was linked to mortgage related derivatives, like I asked. What we are trying to ascertain here is whether or not John Key was involved with H-Fee and/or the Subprime collapse. He wasn’t and that is very clear. For you to suggest otherwise is simply scaremongering and misleading.
by Philip Ferguson This weekend just past marks the 50th anniversary of Woodstock, the most famous of the great 1960s music festivals. It was held over the weekend (Friday-Monday) of August 15-18, 1969. Woodstock was a highpoint of the US ‘counter-culture’, and also the beginning of its end. When exploring the ...
It looks like the government has won over the public on its vehicle feebate scheme:A feebate scheme that would transfer hundreds of millions of dollars from buyers of higher-emission cars into the pockets of people buying EVs and other more fuel-efficient vehicles has been winning favour with submitters, the Government ...
When people suggest lowering the voting age, others argue that the young are too uneducated or silly to exercise the duties of citizenship. Australian John Quiggin has just blown that argument out of the water:Looking at the array of ignorant and vindictive old men attacking Greta Thunberg and other young ...
In the previous two posts, I laid out the context and set the theoretical framework to answer a question: whether indigenous economies should take the LEAP. This final part outlines ways to conceive of practicing mana motuhake within the existing legal system by carving out special jurisdictions that enable Indigenous ...
Fully Informed? Labour’s 2017 promises raised expectations that were little short of revolutionary. Unfortunately, they were never adequately shaken through the fiscal sieve. The hard economic work was not done – and it shows. Prime Minister Jacinda Ardern’s critics have long complained that her grasp of the way the New ...
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Back in May, Destiny Church leaders Brian and Hannah Tamaki launched another political party. Despite consisting entirely of followers of their religion, they grandly called it "Coalition New Zealand", in a vain effort to suggest it was something broader. But when they applied for registration, submitters opposed the name, as ...
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To Limit Another's Rights Is To Limit One's Own: Is it too much to expect senior members of our Government to be capable of explaining that we protect the rights of human-beings precisely because not even the most depraved act can cancel-out the fact that its perpetrator is also a ...
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This section builds on Part 1 of this series to provide a theoretical basis for the final instalment (part 3 – to come). Self-determination: law or resurgence — or both? International law promotes the principal of equal treatment and self-determination, which includes peoples’ rights to freely pursue their social, cultural and ...
Everyone was outraged yesterday to learn that the Christchurch shooting accused had been able to send mail from prison to his Nazi fans, apparently pushing more hate. "How could this possibly happen", people asked. Simple: because New Zealand is a civilised country, and so we let prisoners send and receive ...
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The views-per-page for some of my recent postings:Depressing, isn't it? Provide thoughtful and wise commentary on the mainstream of British politics and no-one notices. Make a passing reference to Tommy DICKHEAD Robinson in a thread title and you get hundreds of views. Write something about anti-Semitism and you get another ...
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Image Credit: Wild Rose College A new study reporting the ranges of values for kidney and liver parameters in a healthy population is being actively misrepresented by anti-fluoride campaigners. The Fluoride Action Network’s (FAN) latest ...
Image Credit: Wild Rose College A new study reporting the ranges of values for kidney and liver parameters in a healthy population is being actively misrepresented by anti-fluoride campaigners. The Fluoride Action Network’s (FAN) latest ...
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We asked a young gay science student and critic of trans ideology and the trans activists’ assault on women’s and gay rights to outline his views on Redline. Thanks to him for his article. by Cian Ó Catháin Gender identity ideology (Gender ID) is ripping through western society at full ...
The Environment Committee is currently hearing submissions on the Zero Carbon Bill, and Stuff is reporting on the submissions. Today, they're covering yesterday they heard from "NZ" Steel:NZ Steel has told MPs it may be forced to close with the loss of thousands of jobs if changes aren't made to ...
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by Daphna Whitmore US social psychologist and author Jonathan Haidt spoke on 1 August in Auckland to a crowd of around one thousand people. He is best known for his bookThe Coddling of the American Mind which examines the new climate of trigger warnings and acute sensitivity of Gen Z. ...
What an extraordinarily depressing experience it is to be compelled to watch, at 12,000 miles distance, the contortions and machinations of the British political class as they set about their determined attempt to overturn the decision taken by the British people that they wish to leave the European Union. The ...
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by Don Franks Way back when British guitar virtuoso Joe Brown was a beginning session guy he got to back a visiting American artist. Young Joe was an able technician but had yet to learn some points of professionalism. Part way through “Five foot high and rising” Joe tired of ...
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The Green Part has been accused of lack of transparency in two recent situations. The first was the claimed media lockdown during Green's annual conference and the second was Julie Ann Genter's refusal to release a letter she had sent to Phil Twyford.I do get frustrated when journalist's succumb to ...
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Last week, the ongoing democracy protests in Hong Kong saw a pro-Hong Kong student assaulted at the University of Auckland. The Chinese consulate in Auckland followed this up with a press release "express[ing] its appreciation to the students for their spontaneous patriotism" - effectively condoning the assault and inciting further ...
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Rural communities are wailing about forestry conversions "taking land out of production" and putting it into locking up carbon. Its driven purely by economics: there's more money and lower costs in carbon than in sheep or beef, and if carbon prices rise, there'll be more net money than dairy even. ...
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Alex Casey chats to Bree Tomasel about hosting Celebrity Treasure Island NZ, farting in the ZM studio and going viral on the regular. The most important thing you need to know about Bree Tomasel is not the fact that she peed her pants during Celebrity Treasure Island NZ, but the glee ...
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At Eden Park on Saturday night, the Wallabies were on the receiving end of a ruthless players’ revenge, writes Scotty StevensonThe rain came. It always seems to at Eden Park, just as the Wallabies warm up on the pitch, dreaming of ending a drought. It came from the west, the ...
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Protesters occupying land at Ihumātao will begin a four-hour hikoi to Mt Albert on Thursday to present a petition calling on the Prime Minister to visit the land. ...
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Source: The Conversation (Au and NZ) – By Laura Jobson, Senior Lecturer in Clinical Psychology, Monash University Many of us enjoy writing in a diary, reading autobiographies or nostalgically reflecting with others about past times. Why is remembering our past so important? Are there downsides? And what can we do ...
Roll Red Roll is a brutal, painfully illuminating documentary on the Steubenville High School rape case, a shocking crime that made headlines worldwide. Emily Writes reviews. This review discusses rape and sexual violenceAugust 11, 2012: two teenage boys rape an unconscious teenage girl as two of their peers watch and ...
By RNZ Pacific Tuvalu’s Prime Minister has condemned the Australian Prime Minister’s conduct at last week’s Pacific Islands Forum, calling Scott Morrison’s attitude “unfortunate” and “neo-colonial,” and questioning Australia’s future in the 18-member body. In an interview with RNZ on Sunday, Enele Sopoaga also threatened to pull Tuvaluan labour from ...
The second hui of the Māori-led inquiry into Oranga Tamariki takes place in Hamilton today. Newsroom, in partnership with Radio Waatea, are broadcasting it live from 1pm. ...
Prolific, award-winning Palmerston North poet Paula Harris somehow manages to be stroppy and properly vulnerable all at once. Here, she writes about her first slam competition – and why she cried all the way home. I am old enough to have given birth to most of the people here.Sure, there’s a ...
High speed rail links between cities could play a massive role in revitalising regional New Zealand, says a visiting transport infrastructure expert. Professor Andrew McNaughton spoke to Alex Braae. Imagine commuting from Hamilton to Auckland, and it only taking an hour to get there. It’s a vision of how the right ...
On the good days, riding a bike is the best. But in Auckland there aren’t nearly enough of those days, and unless decision makers take urgent action, that’s not going to change.This piece originally appeared on Bike AucklandMy first bike crash in central Auckland happened on Symonds Street. I was ...
It's not since 1989 that a mayoralty campaign in the southern city has been so unpredictable - a record 14 candidates have put their names forward. ...
Source: The Conversation (Au and NZ) – By Stephen Mills, Hon Senior Lecturer, School of Social and Political Sciences, University of Sydney On the morning of the last Monday in April, 2019, federal election officials opened the doors of more than 500 pre-poll voting centres around Australia, and waited for ...
Source: The Conversation (Au and NZ) – By Veronica Alfano, Research Fellow, Australian Catholic University Memorising poetry was once common in classrooms. But it has, for the most part, gone out of style. There are good reasons for this. Memorisation can clash with creativity and analytical thought. Rote learning can ...
Source: The Conversation (Au and NZ) – By Darren Paul Fisher, Head of Directing, Department of Film, Screen and Creative Media, Bond University What do J.J. Abrams, Phoebe Waller-Bridge, Shonda Rhimes, David Lynch, Aaron Sorkin, Donald Glover, Jenji Kohan, Jordan Peele, Tina Fey, and Joss Whedon have in common? They ...
Good morning, and welcome to The Bulletin. In today’s edition: Mayors launch bids to return in Auckland and Wellington, Hamilton’s skyline could change significantly, and support for cannabis legalisation plummets in poll.Two incumbent mayors have launched their re-election campaigns over the weekend, with a bigger fight on their hands than ...
MediaWorks has been lobbying the Government to turn TVNZ 1 into a non-commercial channel to help stem its own financial bleeding. Frustrated, and getting nowhere, it’s decided to change tack. ...
Customs has cracked down on a GST rort, leaving Trade Me to pay back thousands of dollars to customers who had new cameras and smartphones seized at the border. ...
The 37-8 result meant the Black Ferns finished with a handy 5-1 record for the year, suggesting they are tracking well enough towards a successful defence of the 2021 World Cup. ...
New Zealand has long been the world’s imagined lifeboat – and increasingly for something more than just escape, writes Elle Hunt.One Friday morning in January 1847, Charles Dickens wrote to his friend John Forster that he was “disposed to go to New Zealand and start a magazine”. The quote was ...
New Zealand is one of only two developed countries, along with the US, that permits direct-to-consumer advertising of prescription medicines, and it needs to stop, writes Dr David Menkes. It’s been a long time coming: a new Consumer report makes it clear that most New Zealanders want to see a ban ...
Source: The Conversation (Au and NZ) – By Michelle Grattan, Professorial Fellow, University of Canberra Scott Morrison has a sharp lecture for bureaucrats about their KPIs, in a comprehensive speech laying down how he expects the Australian Public Service to operate under his government. Morrison stresses the service must be ...
Source: The Conversation (Au and NZ) – By Michelle Grattan, Professorial Fellow, University of Canberra Treasurer Josh Frydenberg has issued a timetable for the government’s dealing with the recommendations from the royal commission into banking, superannuation and financial services, which aims to have all measures needing legislation introduced by the ...
By Ghinan Salman in Surabaya As many as 43 Papuan students were taken to the district police headquarters after Indonesian police fired teargas and forced their way into a student dormitory in the East Java provincial capital of Surabaya at the weekend. The Papuan students were forcibly removed from ...
Source: The Conversation (Au and NZ) – By Kate Griffiths, Senior Associate, Grattan Institute Each new generation of Australians since Federation has enjoyed a better standard of living than the one that came before it. Until now. Today’s young Australians are in danger of falling behind. A new Grattan Institute ...
Jamie Wall reviews Jonah, the two-part Three telefeature that follows the life of our most famous All Black, and finds it an effective but mixed retelling of the legend.Honestly, it’s a wee bit disappointing that the only notable on-screen dramatisation of the All Blacks in recent years was centred on replacement ...
We love it battered and served with chips, but tarakihi stocks aren’t doing well and another big cut to commercial catch limits is in the works. Ah yes, terrakee, that’s a fish, right?Well, first things first, let’s say it correctly. Pronounce every syllable, remember the Māori vowel sounds (A-E-I-O-U), roll the ...
John Key’s business experience 
by Philip Ferguson This weekend just past marks the 50th anniversary of Woodstock, the most famous of the great 1960s music festivals. It was held over the weekend (Friday-Monday) of August 15-18, 1969. Woodstock was a highpoint of the US ‘counter-culture’, and also the beginning of its end. When exploring the ...7 hours ago
Last week, Australia sabotaged the Pacific Forum by opposing action on climate change. Their Deputy Prime Minister followed that up by saying that Pacific Peoples could always pick Australian fruit - just as they had done in the era of blackbirding. And now, that arrogant, tone-deaf approach has drawn a ...7 hours ago
In the previous two posts, I laid out the context and set the theoretical framework to answer a question: whether indigenous economies should take the LEAP. This final part outlines ways to conceive of practicing mana motuhake within the existing legal system by carving out special jurisdictions that enable Indigenous ...1 day ago
Fully Informed? Labour’s 2017 promises raised expectations that were little short of revolutionary. Unfortunately, they were never adequately shaken through the fiscal sieve. The hard economic work was not done – and it shows. Prime Minister Jacinda Ardern’s critics have long complained that her grasp of the way the New ...1 day ago
You cannot expect to pound communities into the ground day after day, year after year, decade after decade and just expect them to take it lying down. There’s a point at which the place will explode. And we’re faced with some very big ructions on both sides of the Atlantic ...3 days ago
3 days ago
Going Down? Once truth and propaganda become fused in the minds of one’s followers, debate and discussion become redundant. If one’s opponents are all outrageous liars, then engaging with them in any way is pointless. Rather than waste its time, a political party should, instead, target all its messages at ...3 days ago
We need to fundamentally reframe our systems settings to address the drivers causing and underpinning inequality; structural change in systems especially financial. The Equality Network Hui was held in Wellington on 27 June 2019. The hui covered important topics such as child poverty; a living wage; taxation; public health; mental ...5 days ago
The views-per-page for some of my recent postings:Depressing, isn't it? Provide thoughtful and wise commentary on the mainstream of British politics and no-one notices. Make a passing reference to Tommy DICKHEAD Robinson in a thread title and you get hundreds of views. Write something about anti-Semitism and you get another ...5 days ago
The government has announced plans to move the Treaty of Waitangi and other taonga to a new site. Great news! So where are they going? Right next to the old one:The new plan will see a new 22,000-square-metre archive built on the former site of Defence House - the former ...5 days ago
Back in June, StatsNZ went public about a project to track population data on an hourly level by using people's cellphones. It wasn't as bad as it initially looked - they were receiving no individual data, only counts by suburb - but there was still a huge consent problem, so ...5 days ago
Most economists agree that a currently slowing economy could do with some stimulus – and they would also agree that there is no shortage of infrastructure projects which could be brought to productive fruition with help from that stimulus. In view of the current practice of sub-contracting economic policy decisions ...5 days ago
I did an interview on the TVNZ Breakfast Show about the situation in Hong Kong. I tried to frame the issue as a collective action problem between two sides with very different end games. The video is here. Because of time constraints we could not discuss the fact that the ...6 days ago
Image Credit: Wild Rose College A new study reporting the ranges of values for kidney and liver parameters in a healthy population is being actively misrepresented by anti-fluoride campaigners. The Fluoride Action Network’s (FAN) latest ... 6 days ago
Alone, Alone. All, All Alone: Will it be a good or a bad thing, when humanity’s bright blue spacecraft is stricken by the civilisation-destroying problem of Climate Change, that no Huston Control will be standing-by to rescue the crew?“WE HAVE A PROBLEM, HUSTON.” These were the words used by the ...7 days ago
Divided Loyalties: Can the Prime Minister, Jacinda Ardern, be relied upon? That’s what the boys and girls at Foggy Bottom and the Pentagon needed to be reassured about. Because, from the perspective of Washington, it’s looking more and more like Jacinda Ardern and her Labour Party comrades are getting ready ...1 week ago
This handy Queer Theory Glossary is from thetranswidow.com In case you’ve had trouble keeping up with the spate of new queer theory terms, here’s a handy glossary for your reference. Queer – A straight person with an interesting haircut. Non-binary/genderqueer – A chubby young female, typically 16-28, who has ...1 week ago
The winter grazing issue is becoming a highly sensitised one that I hope will not become so politicised that it delays solutions and results in the suicides of some very stressed farmers.Winter grazing has hit the headlines after a determined campaign, including the release of a video of some very ...1 week ago
The Green Part has been accused of lack of transparency in two recent situations. The first was the claimed media lockdown during Green's annual conference and the second was Julie Ann Genter's refusal to release a letter she had sent to Phil Twyford.I do get frustrated when journalist's succumb to ...2 weeks ago
Blowing-Up The House: Is Winston Peters planning to put himself at the head of all those New Zealanders who refuse to countenance the Coalition Government caving-in to the Ihumatao protesters? The most effective way of doing this would be to issue Prime Minister Jacinda Ardern with an ultimatum. If she ...2 weeks ago
A Cult, that many actors, politicians, and those with a low IQ are joining is sweeping across civilisation, with one main intention – ending humans reign on Earth. Starting as a well meaning though deeply flawed theory, that the Earth was warming due to mankind emitting greenhouse gasses, it was ...2 weeks ago
There is a military phrase: “Full spectrum dominance”. It refers to the all-encompassing policy to dominate across all spheres of war. Lately, that has come to include the internet – in other words, cyberwarfare initiatives. That is in addition to land, sea, air and the like. Now, if ...2 weeks ago
The IMF issued a Report on the state of the Economy as it is at present. Some of it points out significant issues that certainly warrant attention, but that we know already exist. Some of it is very much tied to the very obvious context of global concerns, that everyone ...2 weeks ago
I'm glad to see the Lib Dems won.I had a moment of terror yesterday thinking that the Conservatives might cling on, due to a combination of Johnson's elevation to the premiership, the apparent uselessness of the Lib Dem candidate (who had failed to be elected in other constituencies) and the ...2 weeks ago
. . Current Leader of the National Party, Simon Bridges gave the usual rah-rah speech to the Loyal & Faithful in Christchurch today (27 July). With National’s party polling and his own personal popularity sliding steadily in the polls, Mr Bridges has not much left to reverse his fortunes. ...2 weeks ago
Those concerned for Langridge’s wellbeing say they hope he’ll change his mind when he sees the ocean coming. The protester who has vowed to stand outside Parliament every day until the Government announces a climate emergency says he accepts that his quest will most likely end in drowning. Ollie Langridge, ...2 weeks ago
Opportunities to dodge tax are shrinking with the completion of a new tax agreement with Switzerland, Revenue Minister Stuart Nash announced today. Mr Nash and the Swiss Ambassador David Vogelsanger have today signed documents to update the double tax agreement (DTA). The previous DTA was signed in 1980. “Double tax ...2 weeks ago
Ongoing drug-test sanctions contradicts Government’s rhetoric on drugs Reports that two-thirds of beneficiaries who fail drug tests are still having their benefit sanctioned contradicts the Government’s so-called health approach to drugs. Auckland ...3 hours ago
By Ben Bilua in Suva Multimedia skills and innovation are key to adapting to the changing media landscape, said US academic Professor Debora Wenger as newsmakers around the world continue to grapple with challenges arising from the transformation of technology and social media. Speaking to journalists at a regional ...23 mins ago
The new RBNZ seems to crave the limelight and be known for advocacy of new causes, and that has not impressed macroeconomics professor Robert MacCulloch. ...47 mins ago
Pharmac’s model and budget is under intense scrutiny, as the Government prepares to announce its interim cancer action plan. ...2 hours ago
After alleged Christchurch terrorist wrote to a supporter, Jacinda Ardern says our laws may need an update for the digital age. ...3 hours ago
The Commerce Commission's first market study will wade into the complex fuel market - here's what you need to know. ...5 hours ago
The new joint from the team behind one of Wellington’s favourite craft beer bars is dedicated to minimal-intervention, organic wine – and more exciting things are coming to the heritage building it’s housed in.Before the Cadbury factory opened in Dunedin in 1930, New Zealanders ate Cadbury chocolate made in England. ...5 hours ago
A new five-year strategy comes with a new prison population reduction target from the minister. ...6 hours ago
Alex Casey chats to Bree Tomasel about hosting Celebrity Treasure Island NZ, farting in the ZM studio and going viral on the regular. The most important thing you need to know about Bree Tomasel is not the fact that she peed her pants during Celebrity Treasure Island NZ, but the glee ...6 hours ago
The way things are going, Germany may soon be 'the sick man of Europe' again. ...7 hours ago
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At Eden Park on Saturday night, the Wallabies were on the receiving end of a ruthless players’ revenge, writes Scotty StevensonThe rain came. It always seems to at Eden Park, just as the Wallabies warm up on the pitch, dreaming of ending a drought. It came from the west, the ...7 hours ago
Editor’s Note: Here below is a list of the main issues currently under discussion in New Zealand and links to media coverage.
Protesters occupying land at Ihumātao will begin a four-hour hikoi to Mt Albert on Thursday to present a petition calling on the Prime Minister to visit the land. ...7 hours ago
Source: The Conversation (Au and NZ) – By Jamie Walvisch, Lecturer, Monash University This morning an Extinction Rebellion protester was arrested after hanging from a rope over the William Jolly Bridge in Brisbane, blocking all lanes to peak hour traffic. And earlier this month in Brisbane, more than 70 climate ...8 hours ago
Source: The Conversation (Au and NZ) – By Laura Jobson, Senior Lecturer in Clinical Psychology, Monash University Many of us enjoy writing in a diary, reading autobiographies or nostalgically reflecting with others about past times. Why is remembering our past so important? Are there downsides? And what can we do ...8 hours ago
Roll Red Roll is a brutal, painfully illuminating documentary on the Steubenville High School rape case, a shocking crime that made headlines worldwide. Emily Writes reviews. This review discusses rape and sexual violenceAugust 11, 2012: two teenage boys rape an unconscious teenage girl as two of their peers watch and ...8 hours ago
By RNZ Pacific Tuvalu’s Prime Minister has condemned the Australian Prime Minister’s conduct at last week’s Pacific Islands Forum, calling Scott Morrison’s attitude “unfortunate” and “neo-colonial,” and questioning Australia’s future in the 18-member body. In an interview with RNZ on Sunday, Enele Sopoaga also threatened to pull Tuvaluan labour from ...8 hours ago
New Zealand's economy is not headed for recession, ASB chief economist Nick Tuffley says. ...10 hours ago
The second hui of the Māori-led inquiry into Oranga Tamariki takes place in Hamilton today. Newsroom, in partnership with Radio Waatea, are broadcasting it live from 1pm. ...10 hours ago
We continue our series on bookstores around New Zealand as Wilma van den Bosch explains how she opened Petronella's in Lake Tekapo. ...10 hours ago
Prolific, award-winning Palmerston North poet Paula Harris somehow manages to be stroppy and properly vulnerable all at once. Here, she writes about her first slam competition – and why she cried all the way home. I am old enough to have given birth to most of the people here.Sure, there’s a ...10 hours ago
The country's wood processors say the international log price war and protected overseas economies are crippling the New Zealand trade. ...11 hours ago
On the good days, riding a bike is the best. But in Auckland there aren’t nearly enough of those days, and unless decision makers take urgent action, that’s not going to change.This piece originally appeared on Bike AucklandMy first bike crash in central Auckland happened on Symonds Street. I was ...12 hours ago
Source: The Conversation (Au and NZ) – By Stephen Mills, Hon Senior Lecturer, School of Social and Political Sciences, University of Sydney On the morning of the last Monday in April, 2019, federal election officials opened the doors of more than 500 pre-poll voting centres around Australia, and waited for ...14 hours ago
Source: The Conversation (Au and NZ) – By Laura Hart, Senior Research Fellow, University of Melbourne Last week, federal health minister Greg Hunt announced that more than 60,000 Australians will be asked about their mental health and well-being as part of the Intergenerational Health and Mental Health Study. The mental ...14 hours ago
Source: The Conversation (Au and NZ) – By Veronica Alfano, Research Fellow, Australian Catholic University Memorising poetry was once common in classrooms. But it has, for the most part, gone out of style. There are good reasons for this. Memorisation can clash with creativity and analytical thought. Rote learning can ...14 hours ago
Source: The Conversation (Au and NZ) – By Darren Paul Fisher, Head of Directing, Department of Film, Screen and Creative Media, Bond University What do J.J. Abrams, Phoebe Waller-Bridge, Shonda Rhimes, David Lynch, Aaron Sorkin, Donald Glover, Jenji Kohan, Jordan Peele, Tina Fey, and Joss Whedon have in common? They ...14 hours ago
The inverted yield curve is to economists what Voldemort was to Harry Potter - the dark lord whose name should never be mentioned. ...15 hours ago
Good morning, and welcome to The Bulletin. In today’s edition: Mayors launch bids to return in Auckland and Wellington, Hamilton’s skyline could change significantly, and support for cannabis legalisation plummets in poll.Two incumbent mayors have launched their re-election campaigns over the weekend, with a bigger fight on their hands than ...16 hours ago
MediaWorks has been lobbying the Government to turn TVNZ 1 into a non-commercial channel to help stem its own financial bleeding. Frustrated, and getting nowhere, it’s decided to change tack. ...17 hours ago
The Wallabies arrived in Auckland with one hand on the Bledisloe Cup and flew home with it amputated. ...17 hours ago
Customs has cracked down on a GST rort, leaving Trade Me to pay back thousands of dollars to customers who had new cameras and smartphones seized at the border. ...17 hours ago
The 37-8 result meant the Black Ferns finished with a handy 5-1 record for the year, suggesting they are tracking well enough towards a successful defence of the 2021 World Cup. ...17 hours ago
Nikki Mandow tells us why social procurement is more exciting than it sounds - and how it might change the world. ...17 hours ago
New Zealand is one of only two developed countries, along with the US, that permits direct-to-consumer advertising of prescription medicines, and it needs to stop, writes Dr David Menkes. It’s been a long time coming: a new Consumer report makes it clear that most New Zealanders want to see a ban ...18 hours ago
A look at how our banks behave when the rules aren't tough enough. ...18 hours ago
By Ghinan Salman in Surabaya As many as 43 Papuan students were taken to the district police headquarters after Indonesian police fired teargas and forced their way into a student dormitory in the East Java provincial capital of Surabaya at the weekend. The Papuan students were forcibly removed from ...22 hours ago
Source: The Conversation (Au and NZ) – By Kate Griffiths, Senior Associate, Grattan Institute Each new generation of Australians since Federation has enjoyed a better standard of living than the one that came before it. Until now. Today’s young Australians are in danger of falling behind. A new Grattan Institute ...23 hours ago
Jamie Wall reviews Jonah, the two-part Three telefeature that follows the life of our most famous All Black, and finds it an effective but mixed retelling of the legend.Honestly, it’s a wee bit disappointing that the only notable on-screen dramatisation of the All Blacks in recent years was centred on replacement ...1 day ago
We love it battered and served with chips, but tarakihi stocks aren’t doing well and another big cut to commercial catch limits is in the works. Ah yes, terrakee, that’s a fish, right?Well, first things first, let’s say it correctly. Pronounce every syllable, remember the Māori vowel sounds (A-E-I-O-U), roll the ...1 day ago
That’s a brilliant clip.
The link is not so brilliant though.
Here’s a good link for ya
http://www.nzherald.co.nz/politics/news/article.cfm?c_id=280&objectid=10539975
Since when has John Key been involved with the Subprime Mortgage debacle? Sure he was at Meryl Lynch as the head of Foreign Exchange, not mortgage or debt related investments. But you know, if we are going on the same analogy, perhaps we could say Helen Clark was involved with the sale of the BNZ, oh wait, she was.
Jared you would be a moron if you thought this clip was only aimed at such a specific aspect of the finance industry or if you thought foreign exchange speculation was somehow more noble, honourable or sensible than the mortgage dealing described in the clip.
Oh wait, you are.
Do enlighten me as to how Foreign Exchange is related to Mortgage related debt financing. Id be interested to know. You would be a moron if you considered all financial trading the same. Oh wait, you are.
“Id be interested to know.”
Freudian slip.
Jared,
According to JK’s own website he was Global head of Forex, European head of bonds and Derivatives and he was an upon invitation only advisor to the Federal reserve of New York from 1999 until he left Wall street (Funny how he never mentions that in his interviews, eh) in March 2001.
He was one of only 4 advisors and the others were someone from Lehman brothers, Citicorp and UBSWahrburg. Together with his bank Merrill Lynch that makes 4 of the banks most hit by the Subprime crisis. In this speech Key tells his audience that he had an Office in Wall street and that he lived on and off in New York from1995 until March 2001.
According to JK himself he was heading the department that was developing all these great new products.
He states in the next page of that interview that the products causing the subprime market were only developed in 2004-2005. While this may not immediately prove John Key’s complicity, the fact that he distances himself from Wall street and lies about the subprime timeline should be cause for worry and it should send journalists into a feeding frenzy because it is a ludicrous and dishonest statement as the rise in subprime mortgages sales started to rise considerably in 1988 because the US government basically ordered Fanny mae and Freddy mac to start lending mortgages to every Tom Dick and Harry and their dog without any regards as to their credit history and Warren Buffet already said in 2002 that derivatives were weapons of mass destruction.
1988 was also the year in which the Glass Steagall act was unofficially repealed
(officially in November 1999) allowing Commercial banks and Investment banks to merge. This was something the Wall street bankers had been lobbying for for some 10 years and which had cost them something like a $ 100 to $ 200 million dollars.
This is what changed a relatively robust banking system into a free for all and an investment bankers wet dream.
John Key worked from 1995 until 2001 at the epicentre of the banksters feeding frenzy in Forex (Currency derivatives are as dangerous as the subprime derivatives), bonds and derivatives for a bank which was one of the most aggressive derivatives traders, he made it all the way to the top and he’s is lying through the teeth about it . What are the chances of him being a squeaky clean choirboy you reckon?
Again, all of this puts John Key smack bang in the middle of not only the subprime crisis but also in the a href=’http://en.wikipedia.org/wiki/Long-Term_Capital_Management’>Asian crisis, the Russian crisis in which Merrill Lynch was involved through the LTCM (long term credit management hedge fund) which collapsed spectacularly in 1988 causing John Key to have to fire so many of his colleagues and finally in the subprime crisis.
At this moment Alan Greenspan’s legacy while once hailed as the magician of Wall street is being revised. For John Key to have been this close to the fire should surely warrant some caution especially since he lies in interviews about is time lines and where he worked.
bugger, caught in purgatory again. help.
Captcha: pastor Jones. LOL
Thats strange, heres me thinking you were going to tell me how forex was linked to mortgage related derivatives, like I asked. What we are trying to ascertain here is whether or not John Key was involved with H-Fee and/or the Subprime collapse. He wasn’t and that is very clear. For you to suggest otherwise is simply scaremongering and misleading.