Must read

What's hot

Why did the Conservative Party delete this Facebook update?
crazy
34

Will Labour buy them back?

by Whaleoil on June 19, 2012

Regular readers will know that I don’t think too much of Bill English, but occasionally he comes up with a cracker. Today he did just that.

Watch this speech this afternoon, as he calls on labour to confirm whether or not they will commit to buying back the assets that apparently will be gone forever.

Will they commit to borrowing $7 billion to buy them back?

Tagged: •

Related posts

  • toby_toby

    Labour is embarrassingly inconsistent on asset sales. Prior to the election, Phil Goff was constantly chirping that “once they’re gone, you can’t buy them back”. Labour still uses that same line. Yet, in another election video, Goff said that Labour had already bought back Kiwirail and Air New Zealand! Now, Bill English says the David Clark of Labour has said on tv that buying back assets is “not off the table”.

    Well, which is it, Labour? Can you buy them back or not?

    • Patriot

      A Power Company share float for a minority interest — where Labor voters and Maoris will NOT be buying those shares because Maori & Labour voters are opposed to purchasing shares of these Assets …. tells me that i will buy more Power shares so i can sell them back to Labour if they should get back to Govt — a Govt who have a majority & Controlling interest of 51% of the Power Company anyway .
      Where the share float is a minority interest — it aint an asset sale ,, cos the Govt retains control . Why Labour & Maoris mistakenly call it an asset sale , tells me how dumb they are.
      Labour’s & Greens election campaigned on NO Asset Sale — and lost — no more referendums need be held

  • jb

    Power prices are a red herring by Labour. They obviously fail to understand the idea of competition. What we have now is not a competitive market. Why would state owned power companies want to bring prices down right now, the funds all end up in the same place: government coffers; which really is a Labour/anti-sales paradise isn’t it.

  • Le Sphincter

    $7 bill ??? Is Bill been to a long lunch …again. A few months before the big downturn it was $5 bill

    • Greg M

      Mr Ring gear, it will possibly be more than $7b, the assets under mixed ownership will improve in value.

      • TravisPoulson

        Sheesh, Le Garbage chute makes another handling error. I was going to point out the increase of value 2 hours ago, but thought I’d sit it out to see if anyone else noticed both feet sticking out his mouth.

        +10 points Greg M.
        -10 Le Arsehole, for not recognising value to sell vs value to buy back later.

        You need to work on your ball skills Le Crapper, you’ll never make the French rugby team with this amount of knock-ons.

      • Gazzaw

        Greg, if my calculations are right and you purchased 1000 Auckland Airport shares when they were first issued for $1000 & took advantage of the various bonus issues and participated in the shares in lieu of cash dividends over the last few years you would now have 1900 shares worth about $4800 plus a few years of conventional cash divvies.

        • Greg M

          Correct. I Purchased 15000 ordinaries at the IPO.
          Hehehehe! It has had a few dull years, but long term it has been very good.

    • pukakidon

      Shit pipe, it will be a good investment then, I will buy shares at the 5bil sale price and you and your mates will buy them off me at the 7bil price.

      Labour have no economic competency, fools and their money are soon parted.

      • Greg M

        Absolutely. I will be in the line for Solid Energy shares. I see the coal gas reserves in the Taranaki exploration has gone from an estimated 190Pj to 900 Pj of gas. That’s enough to run Huntly power station for 45 yrs.
        These shares are going to be a bloody good investment.

        • Gazzaw

          Greg, as I have said above if these issues are as good as AIAL there will be some exceptionally happy Kiwis. I haven’t a clue what percentage of AIAL is owned offshore as the shares are also listed on the ASX but I am sure that the majority are held by Kiwi individuals or funds. When you compare what the airport was like when it was first listed & the huge & successful complex that it is now you can see just what can be achieved by partial privatisation.

          • Greg M

            Gazz, I have a small parcel of AIA, Very well managed company.

          • Greg M

            Gazzaw, I can find out who owns what, as a shareholder all I need to do is go to the share registrar with my fin number and ask for a list of all shareholders. (as I’m sure you are aware) Watch this space, but my info is about 16% is on the ASX.

      • Sym Gardiner

        The problem is it isn’t THEIR money. Its ours!

        • pukakidon

          You are absolutely right, but unfortunately they don’t think so. Remember you are talking about Labour here, they see tax payers money as belonging to them, a resource to bribe the feeble minded in order that they can continue to feed at the trough and win elections. They don’t give a toss about the country, it is all about staying in power.

  • TravisPoulson

    The main Labour policy should be no surprise to anyone, borrow and spend. Never a problem for the Labour party to spend money that isn’t ours.

  • grandstream

    The sad reality is that if labour are in power, it will Cockwallet Robertson and Rusel Norman as Finance Minsiter making the call to borrow and buy back the assets. And they are stupid enough to actually do that……..or will they take a page out of Marx’s manifesto and nationalise the assets……..

    • Gazzaw

      They will hire Cullen as a consultant to benefit from all of his business nous & experience from the Kiwirail buyback from Toll.

      • parorchestia

        Sir Michael, pleease

  • BR

    The reason power prices are high is because it is so damn difficult for anyone to build more dams and generators without treading on the sensibilities of the smelly hippies and Maori activists. These obstructionists from the left are exclusively to blame for high power prices. They have been taken seriously by our lawmakers, and because of this, scarcity has been imposed on the power consumer. The Maoris with their superstitious nonsense and the greens with a comparable measure of fairy tale absurdity have restricted power availability using a typically Goebellian propaganda campaign aided and abetted by the mainstream media.

    Bill.

    • Fair majority

      have you not considered what you have just posted? I disagree with everything you just said as its racist ( im europeon btw) and close minded. You are perhaps a little right with legislation holding back progress but consider these things are put in place to protect your own rights and future as best they can, your a citizen of this country and this is your country so embrace it.

      • TravisPoulson

        Racist? sigh. Of course, he mentioned maori, has to be racism eh? It’s not racist, don’t be a cocksmoker. BR was correct in everything he said.

        • TravisPoulson

          Refrain from posting on the internet until you have learned the true definition of racism. Just precious PC bollocks.

          • Fair majority

            I’m sure your a nice person underneath it all. Had a great chat with you and yes you are right I didnt correctly use the term racist as I’m sorry for this I could have explained my disagreement with generalization more clearly. I used to be like you in you disagreement for the Maori concerns but from a empathetic and logical point of view mine have changed mainly so in the better for the majority of people’s opinions. One day or at some point you may find I agree with what you say on a different topic but this has overwhelming disregard whether is be the Maoris kiwis elderly or siblings of those who will be affected. Thank you Travis have a good night

        • Fair majority

          You are really not considering the fact that there are people that cannot afford to buy these “assets” as a government they are running a business yes? No business would sell and asset bring in more money and increasing in capital. You are looking at this in a narrow minded point of view that the general public can afford it. I don’t know your background and financial position but I would guess yours is pretty good yeah? As your supporting the concept of this. With regards to the whom is funding the fair questionnaire as to who does and doesn’t agree.. And the who’s funding it comment … Sure and fair comment I don’t know if it is the that funded it but its called lobbying and I hate the concept so I agree with you three thanks for your response

          • Fair majority

            Lol cocksmoker what is that ? Please explain do you know something about this ?

          • Fair majority

            Stop living in your past experiences … Of political party’s.

          • TravisPoulson

            Turnouts at protest marches doesn’t tell me there is a overwhelming opposition, not sure if you saw WO’s post a few days ago of the Wellington protest, very low in numbers. The MUNZ protest pulled more people.

          • TravisPoulson

            You aren’t considering the fact that the other option is to borrow more. Given the global financial situation I don’t see that as a good idea.

            You seem to be forgetting that we also have a city to rebuild, and that money has to come from somewhere, and I know where Labour expects it to come from.

            It’s better to be paying dividends to New Zealanders than interest to foreign banks.

            So which option do you suggest,

            #1 borrow more
            #2 partial sale of assets
            #3 massive cuts to welfare and public services/subsidies

            I hear plenty of criticism from the left about the partial sale of assets, but no magic solution suggested to take its place.

            Lets not forget that the whole point of the partial sales in the first place was to contribute to the Chch rebuild, remember?

          • Fair majority

            You may have won me over on this one… Are these NZ assets built by our older generation owned by the banks??? And if so is there a fair way to distribute these ” dividends fairly to the majority of the people? I always assumed they were 100% nz owned if I’m wrong I take it all back except for the generalization comments

          • TravisPoulson

            So if you’re against the partial asset sales, what is your solution? I have never understood this about all those opposing it, no solutions, just opposition. There is no better solution in this matter, just other options.

  • Fair majority

    Really unbiased media?? Are you sure. I don’t know about you but I live in and deal with the now of how politics affect my future.. Being tomorrow… Obviously. I have shifted my stance from one to the next preferred government and on this issue surely you have to respect a nationwide poll run by the greens whom I would generally not have voted for and still undecided but… Fair ?? Majority vote or do you think money stature and or financial position is more important. I come from a realitivliy wealthy background and do not and never will agree with putting money = power … A fair situation. Surely this money equals power is something you cannot clearly examine but I would raise the incidents of the tea cup with the johns, the urgency never before seen before with dotcom and so many other incredibly odd situations based around and forever forgotten by mainstream media thereafter. Media will never be fair on any level and asset sales are a joke. Who would in there right mind sell something that is an asset ( look up the term in a dictionary ) it makes not sence unless the benefits provide more financial benefit long term. Historically look at the poor decisions other governments have made in the past with the sales of namely assets. I couldn’t care less wether it be John key or Helen or brash or whomever. Selling assets is not supported by the majority and is not fair and beneficial for the again majority. End on story

    • TravisPoulson

      ”
      surely you have to respect a nationwide poll run by the greens”

      The greens had to pay people to collect signatures by confronting them like jehovah witnesses.

      Also you refer to them as asset sales in your comment. You’re an idiot. It’s mixed ownership, and the there WILL be benefits long term, as the value of the assets will increase, providing a good investment for New Zealanders. Total asset sales is what the Labour party does.

      How about addressing each blog post individually, instead of copy/pasting the same crap on different threads.

      “Selling assets is not supported by the majority and is not fair and beneficial for the again majority. ”

      Sheesh, another person that slept through the last election.

    • Greg M

      You don’t get it do you. I am a two ticks national voter and I don’t support asset sales.
      However, I strongly support the mixed ownership / partial share float that is being offered.
      If you have (say) $10k to invest, you will get about 3.5% at best from bank deposit.
      All of these floats will realise substantially more than that, plus capital gains.
      Another factor to consider, the taxpayer will now only be liable for 51% of the maintenance costs, not 100%.
      I am 47 years old and I have a few bucks in the bank, a few properties and a few shares, and I am debt free. I lived in a steel cabin with the RNZN for 22 yrs, when I wasn’t at sea I lived in a caravan. I will be lining up for the shares when they are floated, and all the Labour party failed teachers / unionists / academics etc who have never had a real job can fuck off.
      I have made serious sacrifices, and I have done my bit for NZ to get myself where I am now, has any Labour party politician / unionist / schoolteacher party member ever done the same?
      Shearer, Little, Cunliffe or whoever the leader is today, my question is :
      Why would I vote for you and what actually is your policy given the asset sales under previous Labour governments?

%d bloggers like this: