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Monday, March 30, 2009

It’s the economy stupid

We here at Tumeke have questioned for some time the sustainability of a consumer culture of plasma TVs, SUVs and Cosmetic Surgery all paid for by Credit Cards borrowing cheap money from the developing world to feed first world marketed neurosis. It never seemed, what’s the word, stable. Add a overheated property market with no capital gains tax and an unregulated financial market that set up enron-esq structures that now risk the entire planets economic future and we have a series of events that make this the worst economic recession our generation has ever witnessed and possibly the worst economic crises ever.

Those who have a vested interest in the ongoing cycle of prosperity have told us for years now not to worry and to keep spending, like a drug pusher wanting to sell just one more hit to their addict client, and those who have signed up blindly to the personally perceived benefits of consumer capitalism are so invested that the mere question of ‘hey kids, is this all sustainable’ get’s attacked with the ferocity of someone who has just had their own children murdered.

Well, despite all that. Could we here at Tumeke just humbly point out for what must be the millionth time now that we are FUCKED and that the economic meltdown will be much worse than we are contemplating and that the social cost alone of this massive economic meltdown will swamp us. My co-blogger Tim has pointed out the reality of America losing it’s dominance in the global currency, Phoebe has pointed out disaster capitalism and I once again note that we are running out of canary’s to kill in the coalmine….

More Kiwis lose homes as recession bites
NEW DATA has revealed the extent of the mortgagee-sale wave sweeping New Zealand and reveals which parts of the country are hardest hit. Figures released exclusively to the Sunday Star-Times show there were 150 forced sales in January a whopping five-fold increase from January 2007's 28 sales, when the property market was robust and the economy stable. And experts say the crisis is starting to hit average Kiwi families who can no longer meet mortgage payments due to job losses, stalling business growth and mounting debt.

…even the wealthy aren’t having fun, poor buggers…
That's rich: now wealthy say they're struggling
FINDING THE Great Recession tough going? Spare a thought for the rich. They're doing it tough in posh Parnell and leafy Fendalton. If you're struggling on the $50,000 average wage, a $500,000 salary is a small fortune. But Kiwi executives claim it's not enough to live on as the recession bites. That's been spelt out by two well-heeled women, both socialites and professionals who spoke to the Sunday Star-Times on the condition their identities weren't revealed. They've given us some insight into the average annual costs for a typical, well-off family of four.

…and a couple of stories for those on the right who scream that poverty has nothing to do with crime…

Sudden surge in child abuse cases
Record numbers violently abused South Auckland babies have been hospitalised with severe injuries in recent weeks, shocking police and child welfare agencies and leading to speculation that the economic recession is contributing. Detective Inspector Mark Gutry, of Counties-Manukau police, told the Sunday Star-Times that investigations had been launched into the cases of seven babies who were admitted to Auckland's Starship hospital in the past six weeks with suspected non-accidental injuries. The number was far above the region's average of one abused baby admitted every six weeks with severe non-accidental injuries and Gutry believed it was a record high. The injuries included a fractured skull, broken limbs and brain haemorrhages. All but one baby had been discharged. "We are very close to concluding some of the investigations. If at the end of that investigation it appears that they are non-accidental injuries, who inflicted them will be charged." Child, Youth and Family was overseeing all of the babies. Gutry said he was unaware of any reason for the surge in numbers, noting the incidence of child abuse had been relatively stable in recent years. Tau Huirama, chief executive of the child abuse network Jigsaw, said New Zealand averaged about 10 child abuse deaths a year. "I can't help but think we've got a national catastrophe on our hands . . . It's got to that stage." He said agencies in the Jigsaw network had noted people were suffering increased stress because of the recession. "I think [the recession] will lead to increased abuse down the track."

Burglary spike a sign of the times
Economic gloom and rising unemployment will cause property crime to rise, say experts - and a flurry of recent burglaries suggests the trend has already begun. "We anticipate that as unemployment goes up, crime will follow," Victim Support chief executive Tony Paine told the Sunday Star-Times. As times get tougher, "we are expecting, sadly, to see more demand for our services".

And National’s response to all of this? A bike lane, a 9day fortnight that ends up costing workers and a privatized prison system?????

You can’t make this stuff up.


At 30/3/09 7:54 am, Anonymous Anonymous said...

…and a couple of stories for those on the right who scream that poverty has nothing to do with crime…

Sudden surge in child abuse cases

Just slip that in the middle some where and hope no one will notice and call you out on just how disgusting it is that you seem to think it is that being short on cash is an excuse to abuse kids.

Did they have 10 child abuse deaths per year duing the great depression in the 30s? Or were people less inclined to be savages back then?

At 30/3/09 9:39 am, Anonymous Right Said Fred said...

What would you do to avert the crisis in New Zealand Bomber?

You are quite critical of Mr Key's efforts...and rhetoric.

We've seen your rhetoric...but what policies would you but forward to stimulate the economy and stop unemployment from growing past 10%?

At 30/3/09 9:41 am, Anonymous Anonymous said...

"Record numbers violently abused South Auckland babies have been hospitalised with severe injuries in recent weeks, shocking police and child welfare agencies"

So of what ethnicity were these babies?

At 31/3/09 12:52 pm, Anonymous Right Said Fred said...

Thank you for your constructive input Bomber...thought that'd be the case.

Any policy ideas...you'd reverse the tax cuts for a start surely, a fair enough argument given a large portion of their direction to the bank accounts of the better off, rather than the broader economy if they were directed at a lower base...AND then???

At 31/3/09 1:24 pm, Blogger Bomber said...

RSF - mate I've blogged many times on solutions


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