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Friday, July 16, 2010

Prosperity is just around the corner, welcome to 1932

The irony in demanding the poor continue to pay for the greed of the global merchant banking class right when our Merchant Banker Optimist Prime passes the greatest tax transfer from the poor to the top 2% this country has ever seen just continues to cause hilarity.

Brave Sue Bradford wants a different approach to Social Welfare than the Paula Bennett slash and burn ideological razor gang she has spawned and this change in direction from the Government towards the needy and not the greedy can't come soon enough as the double dip looms...

Signs of US weakness hits world markets overnight
Stocks in Europe and the US fell after worse-than-expected US economic data bolstered concern about growth. An unexpected decline in US regional factory activity and a third straight month of decline in US producer prices hurt market sentiment. Factory output fell 0.4 per cent in June, a US Federal Reserve report showed. Producer prices slid 0.5 per cent after a 0.3 per cent decline the month before, the US Labor Department said. Other reports showed factories pulled back in the New York and Philadelphia regions in July.

China's property market braced for 30pc drop
Standard Chartered has told clients to prepare for a fall in property prices of up to 30pc in Beijing, Shanghai, Shenzen, and other large cities in China as the delayed effects of monetary tightening begin to bite.

The next American Bubble
Commercial real estate transactions collapse 90 percent from 2007 to 2009. The next taxpayer bailout in the $3.5 trillion CRE market. From $522 billion in sales to $52 billion. CRE market over 4 times the size of the entire credit card market.

Britain 'might not cope with another bank emergency'
Britain's mountain of debt could leave the country powerless to launch another rescue bid in the wake of a fresh financial crisis, the world's central bankers warned yesterday. Their "club" - the Bank of International Settlements - presented in its annual report a frightening picture of the impact of a second banking emergency on heavily indebted nations such as Britain.

In this 1932 replay, we face a crises of capitalism which requires our focus to be on the 219 627 NZ children who in 2009 lived beneath the poverty line and not on the Sam Morgans of this country, Sam and his ilk are doing fine thanks NZ, those 219 627 children living beneath the poverty line are not. That the poor are being asked to cut back so Sam can get his tax cut is offensive.


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