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90 seconds at 9am: NZ$ falls as US stocks drop; Labour starts monetary policy debate
November 20th, 2009Bernard Hickey details the key news overnight in 90 seconds at 9am in association with ASB, including news the New Zealand dollar fell to 73 US cents overnight as the global appetite for risk and risky currencies like ours waned in line with a lower US stock market.
There are concerns a bubble is growing in US stocks as cheap credit is pumped into valuations that are running ahead of earnings expectations, Bloomberg reported.
Also, Asian and European stocks fell after Brazil closed a loophole for a tax on foreign investment and borrowing, which raised concerns about more capital controls, the FT.com reported.
Meanwhile back in New Zealand, Labour has started a debate on monetary policy by abandoning the 20 year political consensus that the Reserve Bank Act should not be changed. Labour wants a debate over whether the RBNZ should stick to one tool, the Official Cash Rate, that targets inflation alone.
Prime Minister John Key has rejected the call, saying Labour will talk about a mortgage levy or higher GST, Stuff reported. But I think New Zealand should be more open about a debate.
Tags: 90 seconds at 9am, Brazil, John Key, Labour, monetary policy, National, Phil Goff
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November 20th, 2009 at 9:00 am
Hey John Key , hear a shuffle of feet in the night ? No ! Labour just snuck past you . They are less ” Red ” than National now . Gonna keep saying ” No ” to each and every suggestion that whizzes past yer lug-holes ? Are you related to Queen Helen , her cousin , or nephew . There is a resemblance of style .
November 20th, 2009 at 9:07 am
Roger – yep, dismal. JK replying to Phil G’s speech:
http://www.nzherald.co.nz/business/news/video.cfm?c_id=3&gal_objectid=10610438&gallery_id=108295
November 20th, 2009 at 9:35 am
Roger..Roger.
RED, BLUE, all as GREEN as GRASS and CLUELESS.
Not a true worker or leader amongst em.
They do not ACTUALLY know what is needed.
What is actually needed is a PLAN, with FORESIGHT and LONG TERM goals, not short term PATCHES.
But then I would not get any HUMOUR out of all this. And that is ALL that we can ACHIEVE, with this lot.
Same DECK CHAIRS, SAME TITANIC. SAME ICEBERG, SAME PATCHES.
Different CAPTAIN & CREW and GROUND HOG DAY, bickering over the words, coming over the TANNOY, with the OLD CREW.
Head for the lifeboats…and bail yerself out….when that starts leaking. …..GUYS.
My plan…my advice…..and LAUGH.
This lot could BANKRUPT, MR BUFFETT…..with their MAKE WORK SCHEMES.
Unfortunately they are more like BUFFY THE VAMPIRE SLAYER instead…..all MAKE BELIEVE…and NO WORK.
WAKEY WAKEY NZ……Sold down the RIVER by a pack of IDIOTS.
DAM….not IN-ACT-ION….or is that DAMN.
Have a good day. That is all I can hope for.
Unfortunately, the DEPRESSION is mounting as the STORM approaches.
Still we can get MAORI to plant a few trees..for JOHNNY….eh……HONE-Y
That might hold off the real problems of STATE for even more DIVISIVENESS.
BICKERING…to take place on the new good ship NODDYPOP, sailing to the RESCUE.
Jump ship…seems an OPTION.
HO HUM.
November 20th, 2009 at 9:43 am
A lot can be said in few words.
November 20th, 2009 at 9:45 am
Key has rubbished Treasury at every turn. They may as well turn off their terminals and lights and shut down for the duration. Bollard has entered the arena and flashed his new tools for us to see…something to keep the peasants happy…an expectation of an end to the property ponzi economy…fat bloody chance of that….tools that will never be used without the approval of the banks because the banks have the economy and the useless govt in a trap. “Mess with us and we pull the pin on the grenade Labour helped us to glue under the whole stinking economy”…Get the message?…So Key is getting his instructions from the banks and that is why he has dismissed the Treasury reports…Treasury advice can be seen as a threat to the power and profits of the banks. We now live in a neo feudal economy where an increasing number of families are working to feed the banks. Instead of banks providing a service in the economy…they have become the economy. Every policy action coming from the Beehive will be designed to keep the banks safe and protect their profits.
November 20th, 2009 at 10:07 am
succinct : And sometimes you can say nothing in a few words . Well done !
November 20th, 2009 at 10:11 am
Bernard — I came out in support of Goff’s comments yesterday thinking like you that an open debate on much needed changes would be beneficial .But this morning goof Goff has come out saying Labour will not bring their thinking out into the open until just before the next election “like most political parties do “. So he’s not interested in NZ’s future at all — its just a continuation of their petty political games.
Wally :I think you have a point. NO is a big part of Key’s vocab.
November 20th, 2009 at 10:12 am
Succinct – so?
Wally – on thinking about it – rare for me – it occurs that the reason housing got the bubble, may have to do with the fact that folk are being urged to be good wee cousumers, and that ownership requires the consumed stuff to be kept somewhere.
So it’s unsurprising that the kept stuff became part of the house, and that they all got bigger – where else do you ’store’ it, as a private citizen?
November 20th, 2009 at 10:19 am
RT – but not too many do that here – sadly.
November 20th, 2009 at 10:45 am
succinct : too true , buddy .
November 20th, 2009 at 11:03 am
Wise words form Wally.
November 20th, 2009 at 2:06 pm
Malcolm : Yes , succinct !