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6:00 am, June 5th, 2024 - 31 comments
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The current rise of populism challenges the way we think about people’s relationship to the economy.We seem to be entering an era of populism, in which leadership in a democracy is based on preferences of the population which do not seem entirely rational nor serving their longer interests. ...
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https://businessdesk.co.nz/article/primary-sector/ruth-richardson-out-as-synlait-director
Ruthless ruth is useless ruth it would appear
Well sometimes those who live by the Economic Sword…die by it.
here is an extra link..from the…Herald !
Oh and on Useless,Ruthless….and Economic Swords there was that "dame"…
I'll bet you 5 chocolate fish that one of these stories will be written about witless willis one day.
They left out landlords ?
The landlords are all Boomers?
Who's doing well? Power companies, dairy farmers, boomers, Queenstown, crypto funds, banks, landLords…
All? Very unlikely – why do you ask?
"savers"
As if they are somehow virtuous. I know an awful lot of boomers who were inheritors or capital gains beneficiaries rather than savers.
That is now wealthy boomers children.
Banks never weathered a storm at all. The reserve bank gifted them increased profits deliberately by lifting interest rates.
They moved mine and many others real life spending from shops, and living costs to banks. I fail to understand why retailers were not upset about this. The increase in interest rates took loads and loads of money out of the retail economy.
Same with benefit cuts – at least 50 local businesses closed in the six to eight months after the benefit cuts Ruth Richardson did. Loads of money taken out of local economies. Those on benefit spend all their money locally.
Steven Joyce with his centralised procurement took away government income from local businesses and gave it to large (likely donor friendly) firms. Also reduced emergency resilience as hospitals etc gave up their kitchens and stopped doing meals on wheels etc. School lunches likely a repeat.
These businesses do not get how they are shafted by neo-liberal all in the name of efficiency nonsense.
Of course ! My link was more about highlighting those who : "Storm ? What storm ? .."
And yea re the Ruthless Ruth (and Rogernomic) cuts. Massive Economic and Culture shock and slash attacks were never going to lead to anything of long term value for NZ.. And of course the trickle-up effect which was : massive wealth siphoned upwards for the select few.
And…as we know, the likes of Steven Joyce,Bill English, et al ;…just keep amassing more. Creeps.
https://www.rnz.co.nz/news/national/515880/auditor-general-criticises-way-university-of-waikato-contracted-steven-joyce
As over 40% of boomers are getting to retirement without owning a house. And many more still with a mortgage on retirement, as well as having to help out kids. Including those who were "reformed" in the 80's and 90's and never managed to accumulate capital to recover since.
It is more correct to say, "some Boomers", are doing well.
Homeownership rates for older people, while they have dropped are higher than 60%.
Stats NZ 2018 census data
60-64 79.5%
65-69 80.9%
70-74 81.1%
75-79 79.1%
80-84 77.4%
Some drop off in the older age group will possibly be to residential villages – in saying that I'm not sure how licence to occupy is actually counted – and to rest homes.
“Homeownership rates for younger people have seen significant falls since the 1990s; however, ownership rates for those aged 60 years and over have only fallen slightly,” Dr Goodyear said.
https://www.stats.govt.nz/news/homeownership-rate-lowest-in-almost-70-years
While people are talking about the great wealth transfer from the baby boomers and in New Zealand this won't be taxed this wealth won't always be reaching the children of the baby boomers. Some have already spent hundreds of thousands of dollars on residential villages.
In the US of course a lot will be taken up by medical costs later in life.
It is more correct to say some boomers, particularly Maori and Pacific Island peoples have not done so well. The vast majority have with the last 30 years gains in capital values helping.
I agree though others like my father laid off by Roger Douglas and his hatchet men did not do so well in terms of savings. His few shares from power company and insurance company that were issued as they privatised worth about $6,000 were all taken by public trust to cover their fees. My mother at least had a freehold house which was eventually sold for $140,000 which she still has in the bank having used the interest each year to supplement her NZS. Us kids will get a third each. Neither of my parents got any inheritance.
On the other hand a friend of ours has one son who will inherit up to 10 properties depending on how many she sells between now and whenever. She has just turned 80. He's already said he has no desire to be a landlord and will sell them all.
And probably some boomers have become landlords…..
https://parliamentarycatering.nz/bellamys
Bellamy's Restaurant menu and prices
Find the $3 nutritious lunch.
[TheStandard: A moderator moved this comment to Open Mike as being off topic or irrelevant in the post it was made in. Be more careful in future.]
IIRC, Bellamy's is no longer subsidised for MPs (or anyone else for that matter).
https://www.rnz.co.nz/news/political/484482/parliament-food-prices-spike-after-mps-reject-3-point-5m-plea
So I don't see why the menu is at all relevant.
It seems entirely comparable with other high-end(ish) restaurants in price.
Because it's in parliament.
It's a meme.
It's where people know MP's eat.
It's expensive, some might even say exclusive.
Show up out of touch people in Wellington are.
I could go on…
I've actually eaten there four times this year.
I've never seen an MP there. At least not one I recognized. Everyone there appeared to be, like me, a member of the public. You have to book and give the names of all the visitors but anyone can go there
Thanks for proving the whole exclusive/out of touch wellington point.
Is it good?
It is OK but frankly it isn't worth the money. I was only there because we were entertaining Aucklanders on each occasion who wanted to see the place.
It is run by Logan Brown but the food isn't as good as at their main restaurant. The service is good though. If you are in Wellington go to Ortega Fish Shack.
Correction. It WAS run by Logan Brown. I realised I had mistyped this just after my edit time expired.
Interesting longform interview by BHN with Chris Hipkins last night on their youtube channel (from 6 min on).
Talking about Labour regrouping, election promises, etc.
Puerile, pathetic vindictiveness from a puerile, pathetic, vindictive government:
https://www.rnz.co.nz/news/national/518667/terrorism-and-violent-extremism-research-funding-cut-by-two-thirds
This research agency was set up under Andrew Little’s watch, and was a response to the Christchurch Massacre. The amount of funding it requires is peanuts compared to most government agencies but the work it undertakes is sorely needed, especially for ethnic groups who are targeted by right wing extremists.
From the link:
Did “Christopher Luxon” precipitate this decision?
https://www.rnz.co.nz/news/national/513461/government-funding-ends-for-15-year-long-growing-up-in-new-zealand-project
https://newsroom.co.nz/2024/04/04/stats-nz-scraps-survey-gathering-key-child-poverty-data/
How to get cross-party support for funding these crucial longitudinal studies? A reckon-based, ideological approach to reducing child poverty is simply poor governance, imho.
What’s good for the Government [books] is not necessarily good for the country.
https://www.rnz.co.nz/news/political/518705/timely-boost-for-government-books-from-financial-markets-trust-tax-payments
R&D in NZ is under threat and soon will need S&R to survive.
In regards to the 'books'.
It irks me, when we have poverty, children living in cars and going to school hungry, governments of all stripes, aim for and boast about achieving surplus.
It's like a storeman being proud of a full store.
Still not much 538 poll average movement for Biden or against Trump after conviction.
Biden has a mountain to climb if he's to win again.
Yep the conviction doesn't seem to have changed much at all on Real Clear Politics polling. Trump still holding a small 1.1% lead overall but crucially ahead in all of the battleground states. (Trump has never won the popular vote.)
https://www.realclearpolitics.com/
This is a serious problem for the Coalition, bubbling under but will soon come to the boil. The "fast track" legislation is unpopular, and not just with the predictable opposition. It's Muldoonism and alarm bells are ringing:
(no need to shoot the Greenpeace messenger, you can ignore their take if you want and go straight to the poll details provided in the link)
National Voters Concerned About Fast Track Bill | Scoop News
Hope it becomes an extremely painful boil on our CoC govt's backside – they may have misjudged voter appetite for watering down environmental protections, but the economy, austerity, unemployment and the cost of living are powerful distractions.
In 2010, the Key/National govt backed down on their proposal to mine in National Parks, and later went ahead with unpopular sales of public assets. They were re-elected for another term in 2014, increasing their parliamentary seats from 59 to 60.
How much better off would our govt's financial position, and indeed that of most Kiwis, be now, if those asset sales hadn't gone ahead? Slow learners, short memories.
I'm picking it won't cause them any problems.
They are following the process laid out by Roger Douglas from the Labour Party – say you are doing this for the person in the middle, pretend you have a vision of success, do lots of change all at once and do it quickly.
His problems with Lange mainly stemmed from the fact that Lange was worried about those at the bottom. They have no-one in any of the three party coalition worried about them.