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Bernard Hickey is confused

by Whaleoil on January 29, 2012

Bernard Hickey is becoming ever shrill theses days. Take his latest article in the Herald. He is having a fit about John Key and borrowing and a swipe at selling the Crafar Farms to the highest bidder rather than the knock down price that Michael Fay was seeking.

But the single line that makes his whole article farcical is this one:

The only way to end our addiction to overspending is to throw out the enablers of foreign borrowing and selling assets to foreign interests.

As one of my commenters notes that is “one” way, but i’m not even sure that Hickey’s suggestion would break the addiction to overspending.

Electing fiscal conservatives and responsible guardians of the public purse is probably the best way. Weaning the population fo their addiction to welfare is certainly another way too..in fact fiscal conservatism, weaning off welfarism, and the time honoured proven method of cutting our coat according to our cloth would solve a great many ills in this country.

This country has an entitlement epidemic. We need to inoculate ourselves from debt fueled by “entitlements” voted by a population of net tax takers rather than the net tax payers.

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  • Guest

    “Electing fiscal conservatives and responsible guardians of the public purse is probably the best way. ” 

    Amen.

  • http://bwwebblog.blogspot.com/ Bawaugh

    Throwing out overseas investment would not be a good idea.

    In order to cut debt one needs to have a government that spends less and get the people to spend less and save more. Simply having the government spend less is good, but is only half the solution. The total NZ debt level is quite high however the level of NZ Government debt is quite low (compared to the rest of the world) it is all the other debt people have raked up that is leading to an increased level of debt. 

    Still cutting Government spending is a good first step. Banning land sales is not (in any case the experts have stated this deal is good for NZ – and there is no way the Chinese will be able to ship the farms of shore)

  • Frederico

    Bernard Hickey is as much to blame for the Crafar farms being sold to the Chinese as anyone…He got the ball rolling for the receivers with he’s little spying mission to one of the properties early on a sept morning 2009 with a camcorder to record the ‘animal welfare’ problems. All that was about was laying the ground for a bank takeover (Rabo were his main advertisers at the time remember) stir up abit of public resentment toward the bad farmer then send in the heroic/liberating receivers ( no ‘nasty bank’ syndrome eh)..BH know at the time the worlds economies were in free fall, banks had put up the ‘closed for business’ signs. My question is, who did he think was going to be able to come up with that much cash at that point of the recession to buy them? (he would have well known the amount crafar owed) …he would have known the answer to that question, cause there was only one answer, only one country with cash… China

  • Gravedodger

    “Bernard Hickey is confused”  whats new?

    He still thinks govt can legislate for higher wages, can make me wealthier by taking my money and giving it to a dope head, can close the gap between the haves and the havenots by thieving off the former,  can borrow to riches.
    I wouldn’t say confused, just nuts, it’s easier to spell.

  • Phar Lap

    Yes i have noticed Hickey has become a loose cannon.In fact a misinformed financial lightweight.Time he went back to London ,where perhaps he might be of assistance to the Brits.  Their deficit is now a trillion pounds at least.He came back to NZ a few years ago, all guns blazing .Sadly he has run out of steam and needs a new game.NZ can well manage without his stupid outbursts.

  • Hakim of Phut

    First rule of Chinese negotiation.. dont pay the price you agreed.

    But of course  they cant get title without  handing over the (borrowed ) money at settlement.

    Remember they have someone to run the farms,  an SOE which is supposed to buy  and run farmers for eventual kiwi ownership,   quite how they came into the picture we dont know ( yet)  but it was probably some arm twisting by  Williamson on the board of  Landcorp.

    So during the  2nd lot of negotiations they screw Landcorp in that inimitable Chinese way, and get more out of the business than they would if they would  have been sole owners. This then justifies the so called higher price they offer the banks.

    Normally they  would play these sort of games with Fonterra and get a higher milkfat price ( which Fonterra all ready does in ‘special cases’).

    Those poor duds at Landcorp wont know what hit them

    • Johnboy

      You velly wise Hakim.  You sure you not little grasshoppers blind mentor?

    • Johnboy

      You velly wise Hakim.  You sure you not little grasshoppers blind mentor?

    • Gazzaw

      HoP – you’re spouting the same old xenophobic rhetoric. What exactly do you mean by ‘don’t pay the price you agreed’ and ‘that inimitable Chinese way’. Quote some examples.

      So do you think that Fay would have been a better bet? That bastard has rorted Kiwi taxpayers for the last time. 

      • Hakim of Phut

        Many years experience.  The negotiation doesnt  end  when you think you have a price. Why do you think foreign firms in China have found out the hard way.

         Dont come back and say no-one told us .Anyway Fay  is just part of a consortium that will each take one farm or so, as the banks will only sell as a job lot. They could have sold them all 2 years ago if they were sold individually.

      • Gazzaw

        HoP. I had 19 years of dealing with mainland China and many more in Singapore & Malaysia and you are wrong & displaying more than a little xenophobia. Foreign firms have largely found out the hard way because they didn’t do their homework first. Did you take the time to acquaint yourself Chinese business or learn some basic Mandarin or Cantonese? I think not.

        The deal’s done & dusted now with conditions that suit all parties apart from the xenophobes in our community. If you really think that there was no chance of Fay on-selling to overseas interests then you are more naive than I thought. He has a proven track record.

        By supporting Fay, Shearer has just displayed his commercial naivety & backed his first loser. No doubt his decision will prove popular with the ignorant.

      • Hakim of Phut

         Experience not in China , in NZ. 
        Thats where the farms are as well, coincidence ?

        Often NZ largest companies are bastards  to deal with as well. But they would be seasoned negotiators   but it is quite common  with  ordinary Chinese here  with a business knowledge. 

    • Super Guest

      The left really have tapped into the sort of xenophobic nationalism that wouldn’t be out of place in Berlin circa 1930.

  • Symgardiner

    NZ needs to seriously consider a constitution which establishes taxation rates that can only be changed through referendum (say a 70%) majority. Likewise debt restrains should also be included along with some bill of rights stuff. The problem is that anything with the label “Constitution” will get leapt upon by the bro-ocracy.

  • http://whoar.co.nz/ phillip ure

    i know..!

    ..let’s borrow some more so we can give more tax cuts to the rich…

    ….and of course we must ensure they continue to pay zero-tax on their profits..the rich..

    ..(they work so hard for their money..eh..?..poor luvvies..!..)

    ..we should make sure the wealthiest are able to continue hide their income in trusts…

    ..and thus scoring the double-whammy of both avoiding tax..and ‘qualifying ‘ for working for (some) families..!..whoar..!..eh..?

    ..(..c.f:..’they work so hard’..etc.)..

    ..and i reckon we should extend the exemption for the farmers to be able to pollute with impunity…

    ..’cos..y’know..!..they are the backbone of the country..(not the wreckers of the environment those mad greenies claim..eh..?..)

    ..and of course we still have three places to drop to have the worst child-poverty rates in the oecd..

    ..so come on..!..(new zealand..!..new zealand..!..)

    ..we can do it..!

    ..really..just more of the same from key/nact…

    ..eh..?

    phil(whoar.co.nz)

    • Frederico

      Please fuckoff…please!

    • Johnboy

      Good God Magpie. I never realised the Whale was so generous with lines used for amount of text displayed.

      He is obviously even more generous with text displayed versus sense made.

    • Dad4justice

      phool whore is evidence that “mad greenies”have brainrot.

    • Thorn

      Is that all?

    • Super Guest

      Jesus Christ, where’d you learn to…do everything you do?

    • Ben E. Basha

      When you are a net tax payer, then you can whinge. Trust tax rates are now the same as the higher tax rate so there is no benefit to having a trust. Financial illiteracy is the curse of this country, and you are a great example.

  • MrV

    It’s all very well for all the debt scare mongering, but the reality is you need to reduce it slowly, otherwise you will set off a spiral of debt-deflation. Remember that some of the ‘debt’ being spent into the economy is somebody elses income. Thus it needs to be reduced at a rate the economy can absord without causing too much unemployment.

    I know Key realises this, and is why the adjustment has to be over an extended period, measured in decades.

    Sure it definitely isn’t pretty, and you are better off not to be in this situation in the first place. All parties in govt. are responsible, the ones who won’t acknowledge it are the Labour party who spent up big time in the 2000′s while doing little to improve productivity.

  • starboard

    Bawhaha! The fool whore is still around. On parole are we Phil ?

  • http://whoar.co.nz/ phillip ure

    he is such a man of vision..that key…

    ..he ‘had a dream’…

    ..it involved a compound..on a tropical island…

    ..with walls and servants to keep the peasants at bay…

    ..how could he make the money to achieve that dream..?

    ..well..he was working for the dream-merchants…lehmans..

    ..so he/key had a brilliant idea..

    ..he would manipulate the markets to help drive the new zealand economy into the shitter…

    ..and then gamble/bet big on just that outcome..

    …it worked a dream for him..

    ..that dream…

    ..it made him squillions…

    ..(c.f…’he worked hard ‘etc..)

    ..and now..

    ..he is getting to do it again..for real …

    ..driving new zealand down the shitter..

    ..phil(whoar.co.nz)

    • Super Guest

      Ladies and gentleman, the product of NCEA English exams.

    • Anonymous

      Think how great the NZ economy would be if all those who were physically able took responsibilty to look after themselves. Just imagine if you and thousands like you contributed something in the way of tax instead of taking it from others with pathetically lame excuses! We’d be booming!!! eh

  • starboard

    Youre an idiot whore. The only people driving NZ down the shitter are lazy parasites like yourself who sponge off the rest of us. You wouldnt work in an iron lung. Go and wash yourself you dirty hippie.

  • Muffin

    Ive just been over at the standard stirring (as we should) Iam disgusted with how those fucking lefties are getting stuck into Fran for her article. Do they not understand that if you are going to sell something you should get top dollar? Good to see that Fran is actually giving it back to them…

  • http://whoar.co.nz/ phillip ure

    no star-bored..

    ..the ‘parasites’ are those who have so successfully waged a class-war against the rest of us..

    ..the ‘parasites’ who pay no tax on their ‘capital-gains’…

    ..(‘no tax’..how can they not be parasites..?.
    ..in america the debate is over moving the capital gains rate from 15%..to what wage-earners pay..

    ..here..the ‘parasites’ pay nothing….)

    ..the ‘parasites’ are those happy to borrow money so they can have tax cuts…

    ..the ‘parasites’ who hide their income in trusts..to avoid tax/qualify for w.f.f..

    ..how can they not be parasites’..?

    ..the ‘parasites’ are the farmers..(concentration-camp-owners/operators) who are killing our environment…to feed their greed…

    ..and chief ‘parasite’ is john key..

    ..the man who made his millions from feeding off/killing the nz economy…

    ..which type of ‘parasite’ are you..there..star-bored..?

    phil(whoar.co.nz)

    • Mully

      Here’s a better question, where are all the capital letters from you posts?

      And why do all your lines start and with “..”

      Don’t you think you’d be taken more seriously with correct grammar?

      • frosty

        I might be wrong, but from his rants he seems to disagree with ‘capitalism’ (because that’s ‘cool’ in his click) – and again I might be wrong, but, I think, that he thinks, ‘capitalism’ is when you use a capital letter at the start of a (difficult to comprehend) sentence.  If only Whore can rid the world of one capital letter at a time, by writing shitload’s of crap sentences without them, it will restore equality to the world!!!
        Stupid hippies!

    • Phar Lap

      What part of RIGHT dont you understand, you little fat Green frog. We will always be in control of jealous self pitying pyscopaths like you.You are so sick and bitter of successful people you are full of mad dog shit.In fact your mouth is all brown you even talk the shit you are full off.

    • Anonymous

      So someone who works hard but also structures their affairs so they pay the smallest amount of tax they legally can is a parasite? So what does that make someone who just chooses not to work at all? What to you call someone that feeds off a parasite? It must be hard to shave without a mirror in you house eh.

    • EX Navy Greg

      Phil, in my opinion those that create wealth should pay LESS tax than those who do nothing, or those that sponge off the state.
      J K made his money from selling currencies from one bank to another, it is very simple and I can’t understand why leftards / hippies / dope smoking losers can’t understand that.

      NZ is borrowing $320m a week to pay for the Labour party handouts, WFF, student loans etc.
      The only “parasites” in NZ are pot smoker losers like you. Got a job yet? how many years have you been on the Benny now ? Who is paying for the web hosting for your hippy website ? Oh that’s right…us “parasites”
      If bullshit was music you would be a brass band, go away.

  • http://whoar.co.nz/ phillip ure

    crikey..!

    that phar lap is quite faecally-focused…eh..?

    phil(whoar.co.)

    • Anonymous

      …probably on acccount…
      …of your…
      …cerebral diarrhoea

  • nzd.gbp

    removing the wealth effect of owning over priced houses by unlocking land for residential development is another way to stop over consumption too. it’s a scandal that those regulating land supply own real estate and directly benefit at the expense of young nz’ers who no doubt they’ll replace with immigrants who earned higher salaries overseas. i’m not sure that you really want to stop “over consumption” (what ever that means) but if you do, release land for housing and watch. those youngster would start saving because buying a house would become realisable again like it was for the baby boomers, and those like helen clark, who sit on property portfolios would have to find more productive avenues for their investments.

  • Brian Smaller

    WHALE – please, please get rid of philu. It wont do yoru blog any good having him here.  What gets em is how the Labour party and left are so anti this sale but quite happy to have signed off on hundreds of other sales to overseas investors. FFS, they were the ones who did the FTA with China.

  • http://whoar.co.nz/ phillip ure

    “..your hippy website..”

    ..not so much ‘hippy’..as ‘hip’..

    ..eh..?

    phil(whoar.co.nz)

    • Agent BallSack

      …Please post some stats on your website phillip
      finger space
      …I cant be stuffed with the brain rot
      finger space
      …of visiting

      BallSack
      http://www.nowebsite.com

  • starboard

    Hey Phil..I thought the yanks were coming to buy whore off you…ya know..you were gona make millions..bawhahahaha!! Give up the cooking phil..its rotting ya brain.