US banks wary of mortgage applicants; US PPI signals deflation; Powell calls out Congress; Japan to inject cash; S&P500 down -2.2%; UST 10yr yield at 0.65%; oil down and gold up; NZ$1 = 60 USc; TWI-5 = 66

Even if Up Strongly week over week indicates that more and more people have started to apply ....bank approves or not is a different story.

With the way economy is heading and more people losing jobs and business, moratge application should be declining going future.

Will have to wait and see how NZ data unfolds but will also be interesting to see the demand and how each bracket - low, mid and high end mortgage application behave.

I'd say lots of re-mortgaging applications as a result of the helicopter drop. One family I spoke with (two parents, three children) got $3,500 and have applied to refinance, using that to pay down the mortgage and also take advantage of the lower interest rates available. In other words, they want to lower their debt, as well as their outgoings. They are waiting to hear whether the bank agrees.

blobbles,
'Disingenuous' means lacking in candour, and purposeful misinformation. Perhaps you used the wrong word.
If people get things wrong, then it is OK to say so.
But questioning of motives is not a good way to go.
Keith W

Must be all those Treasury bonds it is buying.
No better way of undermining someone then by giving them the power to do as they please.
\sarc

The RBNZ dropping the OCR and making noises about the banks dropping interest rates, WITHOUT mentioning commercial lending at all. Orr knows that the banks will be risk averse and will work to hold house prices up despite what is happening, to protect their own investments in mortgage lending. The Government has tried to reassure the banks by saying they will shoulder 80% of the risk (although i don't know the mechanism of how this will be achieved) but the banks still did not go into the commercial area. Some of the contributors to this forum still indicate that the banks either won't lend to business's or that their interest rates are still horrendous. In the mean time saving is being actively discouraged through minimal to nil interest, and the RBNZ talking about negative interest rates.

The net effects I see - the banks will work to vacuum up as much of the helicopter money the Government is creating and then re-direct it into the housing sector. They will see this as a cushion to protect them from the distressed part of their portfolio, and will be able to wait longer before they call in those loans. But they will not be supporting business and jobs, unless that business is VERY secure (likely considered essential), arguing that that is not their role. This can be seen as contradictory for the banks, but the RBNZ is effectively supporting this position as they are not discussing any regulation that will limit and direct banking business.

No, can't do it at work so will look tonight.

Found a way Aj. So far the indication as much about what the JoP did as what it didn't do. Too much money without direction just creates speculative, non-productive investment. Something I've mentioned before. Any central bank must be able to provide direction to the money it creates to ensure the desired outcomes are achieved. When a company like Nissan can make more money through speculative investment than through manufacturing cars, then something is seriously wrong.

A lot of these indicators are already evident here.

"Good problem to have", a "sign of our success", yada yada yada.

I find it perturbing that now the talking point generators are singing a song of economic impacts and negative social effects on people, and "mortgaging our children and grandchildren's future" (Ximon Bridges), where they never lamented the negative social effects on people of declining living standards caused by knowingly nurturing asset bubbles. Only now when the leopards are eating their own faces?

Fiat and credit is the problem. Try creating a credit bubble when you can’t create money/credit out of thin air. Banks would actually need to loan out deposits and be a middleman again. The ups and downs are much smaller with sound money. No inflation targeting, no ridiculous house price growth, markets would work again. Fiat only steals from the future and always fails as history shows.

Italy was no better either.
https://www.trtworld.com/magazine/the-massacre-of-italy-s-elderly-nursi…

They were calling for him to run for President a few weeks back..

There's only one person in the US who is ultimately responsible for the management of the coronavirus out break in the US and that's Teflon Trump, who sheds all responsibility no matter what. The only thing Trump wants to protect above all else is his tax returns!

MSNBC: Trump Could Lose Crucial Tax Return Case After Tough Supreme Court Hearing. https://www.youtube.com/watch?v=K_UI0M9ifmk

Well can contribute, Radius,Ryman, Summerset who acted early and independently. However not so where our family has a resident who were open house even after the NZ border was closed. Believe me, we protested but were told this was in compliance with MOH directive(s.) Have an email confirming that.

Examination of cell phone use has shown there was something weird happening around the Wuhan viral lab in early october - period of a week when all cell phone use there completely shut off. Yet another indicator of possible accidental release from lab doing viral gain-of-function research (including genetic splicing) on bat and pangolin viruses.

The US spy machine knew exactly what was going on.

Unfortunately as history shows, food production is one of the first things to be commandeered by an overreaching government. Shortly followed by famine as mismanagement then runs rampant.

But millions can starve to death before change happens.

actually I do too, but there is a lag between what my brain is thinking and what my fingers are doing and things get lost in translation. It's been a long term problem of mine.

1ml = 1mm, surely? One of the joys of the metric system.

He starts with "we had some rain"....

and the council allowed the activity they are now going trying punish us all for. Overallocation of resources by unelected council officials with ' no skin in the game'.

It goes back way further, Belle. Burning down the forests chasing Moa (most of the East Coast of the SI went up this way in the 14-1500's), clear-felling the remnants for farming and milling only the straightest and best trees (most of the rest were termed 'rickers' and used for firewood) and trying to farm the underlying and sometimes unsuitable soils, had had a slow-century-scale effect on weather patterns. Most noticeable in places like Central Southland, where the old Drainage Districts took a century to lower the water table out of the extensive peat swamps. Now it has to be irrigated. Vegetative changes are, to coin a dreadful pun, slow-burning changes......yet remediating - bunging up the tile drains which run to every former tussock, replacing wetlands, getting more forests back etc - will be just as long a slog. The key in each case is that the changes over the average human working lifetime are not all that noticeable.

Resource consents are simply away to fund councils. There's been a 75% increase in some resource consents costs in the ORC region - the ones that will be the most commonly applied for in the current proposed Plan.

But these rules would need to be run off a quite complex formula anyway wouldn't they? Topography, climate (changing), substrate etc would all be inputs to determine the allowable land use.

I still remember hearing on radio (years ago now) the point being made that a failing of the RMA was (still is?) that each consent application must be evaluated in isolation. So say within a catchment, each land use consent individually might be allowed, yet consolidated you get a bad result within that catchment.

Kate Unless you want to end up like EU etc where they regulate inputs and have unsustainable farming that relies heavily on subsidies to survive, regulating inputs is not the way to go. As shown by some submissions to Essential Freshwater Proposals, fencing of waterways can be dependent on topography.

Yes for some that will mean getting out of their pyjamas (into at least shorts and t-shirt), off the couch, and walking down the hallway to their work from home office.

Perhaps not to us, but to the general population maybe. The commentators here all have a good deal of critical analysis and exercise their frontal lobes a lot more than the average joe. A lot of people do not understand where money comes from, let alone how international politics are at work to influence their ideologies.

But my friend, who knows another guy read a post in FB and it is true that China did everything they could and the economy is only on for a slight blip...
No good conversations start with ' I read on FB ..... '

From the BBC live blog;

FBI warns Covid-19 research groups of China hacking threat
Gordon Carrera BBC Security correspondent

"The US FBI and Cybersecurity and Infrastructure Security Agency (CISA) have issued a Public Service Announcement warning groups researching Covid-19 of likely targeting and network compromise by China.
The UK and US had already issued a detailed joint warning about other countries targeting research back on 5 May. On that occasion, they did not officially name names but sources indicated China, Russia and Iran were among those responsible. Now, in a widely trailed move, the US has decided to single out China specifically with this new advisory. So far they have not been joined by the UK and the new alert does not contain any new details of what has taken place. That means this may well be interpreted as a means of both playing to a domestic audience and of raising the pressure on China as part of the growing tension between Washington and Beijing".

Don't forget Philippines, North and South Korea, Laos, India, Taiwan, America, and all in the African continent where they think they can gain influence (they're probably smart enough to stay away from the countries dominated by the religious fanatic nutters).

Yep, it's not clear about social distancing of the 300 +

How do you see it fit with the road blocks put in place in north island, to protect local communities, I know women who were not happy to be stopped and interrogated (no police in at least one example). You wonder if some of the 300 + were on road blocks too.

As an aside what do you think of use having to register details everywhere we go?

https://www.newshub.co.nz/home/new-zealand/2020/05/auckland-woman-creep…
This lady wasn't.

What we might need is a law that allows vehicles to be ticketed for any such similar mass gatherings. As police start writing such tickets, one would assume the crowd would start to break up.

With youth unemployment likely to soar the rapid growth in gangs seems like it might continue.

Sure the credibility a gang gets by being seen to be above the law must be huge.

Death, taxes and CJ099 having a whinge about Trump.

Why? Contact tracing. If we lose the ability to do that, we waste all the effort to date to get us to where we are - near virus-free.

Here is how the Medici kept the rabble out. https://en.wikipedia.org/wiki/Palazzo_Medici_Riccardi

Murray86, anyone who is getting advice is responsible to ensure that they are getting advice from competent, credible advisors. Are you suggesting that our prime minister is less aware of publicly available information about public health issues than you and me? (like about the flu vaccine, like the COVID 19 tests etc). Even if she did not know it the first time, she must have learned her lesson by now.
If she is unable to illicit honest, credible information from her advisors, that is on her. Your expectation from a leader is way too low.