John Key's moral hazard didn't exist bailing out Mr Magoo but does exist bailing out 10 000 uninsured Christchurch quake survivors
Let's get this straight, $1.6 billion to bail out Mr Magoo was not a moral hazard even though once National included him in the guarantee scheme for political reasons, SCF went onto behave and lend in the exact manner people knowing they will be bailed out by the Government do.
THAT WASN'T A MORAL HAZARD, oh no, that was prudent arse kissing for the wealthy wankers who jumped in to milk this system for as much as they could, we had to bail out National's well connected money mates for the 'National Interest'. I'm not sure how propping up a mythical and romanticized vision of Mr Magoo that so many South Islanders tied themselves to for the sum of $1.6Billion helps the rest of NZ who are bleeding because of the global economic recession, but that's how this bullshit is being spun.
So what about the 10 000 Christchurch residents who are uninsured? What about them? Will we bail them out with the speed John Key bailed Mr Magoo out? Like hell he will, all of a sudden those 10 000 Christchurch residents are a 'MORAL HAZARD' - note, bailing John Key's wealthy chums out with $1.6billion wasn't a moral hazard, but helping the 10 000 uninsured residents from one of the worst earthquakes this country has seen in 80 years IS A MORAL HAZARD.
The unblinking manner Key used to just dump those 10 000 uninsured Christchurch quake survivors on The Nation and Q+A yesterday was jaw dropping in its audacity in the wake of the Mr Magoo bailout and gave a quick glimpse into his cold calculating mind, the sort of cold calculations I'm sure he used when making his fortune by betting against the NZ currency when he was a trader all those years ago.
Bailing out Mr Magoo - NO MORAL HAZARD! Bailing out the 10 000 uninsured Christchurch Quake survivors - MORAL HAZARD! Nice to see where Key's morality actually lies once all the smile and wave news puff pieces are stripped bare.