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90 seconds at 9am: Dow slumps; NZ home listings growth weak; English on tax reform
November 2nd, 2009Bernard Hickey details the key news over the weekend in 90 seconds at 9am in association with ASB, including news that the Dow fell 2.5% on Friday night on concerns US consumers are not returning to the shops and are instead trying to repay debt and save, Bloomberg reported. The US economy remains stagnant and its biggest small business lender, CIT, is filing for bankruptcy, the WSJ.com reported.
Meanwhile, there appears to have not been a spring surge in housing listings in New Zealand. Listings on realestate.co.nz rose 7% in October , but this was less than in previous years and the inventory to sales ratio also rose to 34.4 weeks from 33.7 the previous month.
Meanwhile Bill English said on TVNZ’s Q&A programme on Sunday he now expected the jobless peak to be at 7%, not the 8% previously seen. He is focused on Budget 2010 and a drive to save money. English said the focus for the year ahead would be spending on infrastructure, removing red tape and tax reform.
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November 2nd, 2009 at 2:06 pm
……”the Dow fell 2.5% on Friday night on concerns US consumers are not returning to the shops and are instead trying to repay debt and save”…….
Um, isn’t what they’re supposed to do? Well, if they’re smart they will.
November 2nd, 2009 at 2:25 pm
Um , yeah . Shouldn’t we be applauding them for being prudent ? We’ve been disparaging the Yanks as cranks , for spending more than they earn , for so many years now . Pity us Kiwis won’t learn from their experience .
November 2nd, 2009 at 2:32 pm
Oh but we will Roger we will…that is to say the fools will. The property ponzi economy cannot live forever, even with the RBNZ and the govt porking it like mad. The date the big collapse kicks off is up to the young skilled Kiwi and when they decide to leap the ditch to avoid a life of taxed misery. At the first signs of the exodus, the ponzi game will be over.