National bail out South Island Mr Magoo while bashing bennies
So Mr Magoo should never have been covered by this Government under the retail depositors' guarantee scheme in the first place!
The brilliant Fran O'Sullivan is all over this...
Alarm bells were deafening on SCF woes
Kiwi taxpayers should be asking why they have had to stump up a $1.77 billion cheque to "bail out" investors in collapsed South Canterbury Finance.
...shouldn't National have questioned what was going on? Fran thinks so...
Finance Minister Bill English owes taxpayers a clear explanation over why the new National Government did not insist Treasury undertake a deep due diligence on South Canterbury Finance before it was brought within the guarantee scheme. It was, after all, only a matter of months before the Government was making multi-million dollar provisions in its own accounts for finance company failures.
...Key goes from bailing South Canterbury's well-connected investors out and then in the same breath tells Teachers they are disconnected from the real world while promoting vodoo math from the Welfare Razor Gang that forces solo mothers, the mentally unwell, the sick and the crippled back to work in a 6.8% unemployment environment.
It's a feat of political posturing only allowed by a lap dog media that are supposed to be a watch dog media.
The good news however is that instead of knee capping the public service, we can borrow more...
NZ well-placed to handle economic shocks, says IMF
New Zealand is among only a handful of advanced economies where the government's budget is best placed to deal with "unexpected shocks", an International Monetary Fund (IMF) report says.
The National government has been criticised by the opposition for increasing debt to fund tax cuts during tough economic times.
But the IMF staff report released yesterday found New Zealand had the second smallest government debt out of the 23 advanced economies it analysed, suggesting the country's budget would be well-placed to deal with future shocks.
...we shouldn't be borrowing money to fund tax cuts, we should be borroiwng money to fund public services, and now with the IMF thumbs up, let's go get a new credit card and spend on the social infrastructure we will need to insulate our communities from the worst ravages of the coming depression.