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90 seconds at 9am: House prices rising; US jobless up; Tobin Tax rejected
Watch You Tube video here. Bernard Hickey details the key news over the weekend in 90 seconds at 9am in association with ASB, including news that Quoteable Value has reported house prices rose 0.2% in the three months to October from the same period a year ago. They are also up 4.1% from the trough in April, but are down 7.5% from the peak in January 2008. QV says there is a shortage of listings that is putting upward pressure on prices. Meanwhile, jobs figures out of the United States show unemployment there rose to 10.2% in October and there were 190,000 jobs lost, which was more than expected. The US economy remains in deep trouble as consumers reduce their spending to try to repay debts. This is a concern for the global economy. Meanwhile the G20 meeting of finance ministers finished in Scotland over the weekend with US Treasury Secretary Tim Geithner rejecting the idea of a Tobin Tax put forward by Gordon Brown, Bloomberg reported.
14 Comments
You should have seen Geithner's
You should have seen Geithner's face on being aksed about the financial transaction tax (not necessarily the version proposed by James Tobin). He was spewing........it would hardly go down well at the G-Sachs HQ would it?
This is a David vs Goliath battle: the global trading world vs the financial leverage monster.
NZ is squarely in the trading camp. we want to trade our products and create a global financial market around that.
The US wants to perpetuate the leveraged monster which has rampaged through global economies for the last 20 years leaving a trail of economic destruction and rising inequality in its wake.
I would like the NZ govt to declare its position on this.
I'm amazed Brown has come forward with this but we should all get behind and push like hell.
Bernard, Can we have a thread on an FTT please?
Of course New Zealand should
Of course New Zealand should be in the 'trading camp' raf, but that Fool we elected as Prime Minister certianly isn't.
"Let inflation do the work" of repaying leaky home owners was his comment on TV1 this morning. What kind of camp does that confirm him as in?
Can we adjust the volumes
Can we adjust the volumes a bit? I find the jingle at the beginning so loud relative to the talking that it hurts. So I have to turn the video down until the jingle is finished then turn it up to listen to your voice Bernard.
regards
@Harriet: The morons camp..."let inflation
@Harriet: The morons camp..."let inflation do the work" seems to be the answer all over, solve your problem by making it someone else's tomorrow. NZ could do a TOBIN tax anyway...it doesn't need the US's permission. Geithner is corrupt IMHO...and Obama is a plonker for appointing him...
@raf: The UK also wants to or is going to break up the "too big to fail" banks...That's one thing a private entity should never let itself get in the position of, threaten/challenge a Govn...Microsoft in Europe thought it could....these banks thought they could....when it comes down to it, putting the equiv of a gun to the Govn's head guarantee's you lose.
regards
Harriet's bang on...Key said inflation
Harriet's bang on...Key said inflation and rising property prices will help those in rotting homes...the man's a fool.
bring on the tobin tax,
bring on the tobin tax, of course Geither is opposed to it after all he is simply a puppet of GS and the banks, he wouldnt want to do anything that might impact on their record profits.
@ steven Obama isnt a plonker, he is just as corrupt as Geithner
Anybody notice the NZD is
Anybody notice the NZD is up 1 full cent this morning???
Why do people say "yay
Why do people say "yay another tax".... Don't you guys like having any money? Think about this for a moment - what ever the tax rate is set at, that is the minimum rise in prices of every thing that we import into the country - no wait - forgot to add an addition 12.5% for GST - soon to be 15%
Not to mention a surge in interest rates as this will be added to the cost of financing. If you want to invest in non-NZ equities and the like - bang more costs - buy anything from over seas online - more tax.
Wake up people - all across the world the Gooberments are spend spend spending money they don't have. All in the name of keeping the circus going for one more election cycle - the only way to pay for this is to tax the productive people to death...
But wait - there's more! In December we will have the mother of all taxes forced upon us in Copenhagen - Cap and Tax! Generate mass hysteria that the world is ending, and then Tax the population for the privilage of breathing!
@Harriet - unbelievable that JK
@Harriet - unbelievable that JK said that - what an absolute blooper - the kind of thing Cabinet might be talking aboiut behind the scenes ... but unbelievable that JK would come out and say it.
I'll bet any money mainstream media "fails" to give it the attention such a comment deserves.
@Martin. Despite having 'another tax',
@Martin. Despite having 'another tax', what most of us want is a redistribution of the existing tax burden. Yes I would go for higher GST and property taxes if they can reduce the personal burden in the middle range.
We hit the top rate too early. Governments of whatever hue need to support their committments to the public.
By all means a Tobin tax but more easily set a high hurdle for the banks to use money borrowed from overseas sources. Get interest rates on deposits up to a level that provides more inernal finacing.
More tax – no way.
More tax "“ no way. Better-balanced tax, tax on things that at the moment escape tax, capital gains, financial transactions means that those currently paying tax will pay less and yes those currently dodging tax will pay more.
If at the same time the rebalanced tax-take means a rebalanced economy then anyone who has medium term view should support the change. Only self-interest stands against it and it is an interest that has been well served to date, so a change is well past due.
"@Harriet – unbelievable that JK
"@Harriet "“ unbelievable that JK said that" - well that's putting it VERY mildly. Complete interview here:
http://tvnz.co.nz/breakfast-news/breakfast-monday-november-9-3119329/vid...
5.50 minutes in: "...let inflation, let house prices take care of things" (re leaky houses).
And I always thought Paul Henry was the bimbo.
Sounds like Key expects house
Sounds like Key expects house prices to rise!
the govt leaky homes proposal
the govt leaky homes proposal is a shameful cop out!
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