Bernard Hickey talks with Marcus Lush on Radio Live at 6.50 am about Barack Obama's jobs speech; Saab's bankruptcy and house building at 10 yr low

Bernard Hickey talks with Marcus Lush on Radio Live at 6.50 am about Barack Obama's jobs speech; Saab's bankruptcy and house building at 10 yr low

Bernard Hickey and Marcus Lush talk every weekday morning just after 6.50 am about business, economics, markets and personal finance.

Every weekday morning just after 6.50 am I talk with Marcus Lush on Radio Live about the latest news in business, markets, economics and personal finance.

I usually send through suggestions the night before or earlier in the morning. Sometimes we veer off into other areas or pick up on things that happen overnight.

But here's my suggestions as of 7 pm the night before. I'll update later on Friday with a link to the audio. Here it is.

Here's the link.

Marcus,

1. Barack Obama's speech around 11 am on Friday NZ Time will be closely watched. Many hope it will be a major stimulus plan to get the world's largest economy going. No one should be holding their breath for anything too substantial. See more here at Bloomberg.

2. Construction work completed in the June quarter was much weaker than economists expected. Total building activity dropped 6.6% in the three months ended June 30, following a 6.3% decline in the first quarter of the year, according to Statistics New Zealand. That’s the lowest level since September 2001, before the housing boom really hit its stride in the past decade, and was led by a 12% slump in residential property. Non-residential construction activity fell 1.4%. The value of home construction sank 11% to NZ$1.28 billion in the period, with new dwellings dropping below NZ$1 billion for the first since June 2002. See more here in our article.

3. Here's something interesting in the new world. BNZ has created a new head of Maori banking to cater to the increasingly wealthy iwi groups and the NZ$37 billion Maori economy. See more here in Gareth Vaughan's article.

4. Saab has filed for bankruptcy protection. It is one of the casualties of the GM carve up and hasn't been able to pay its 3,700 Swedish workers in recent months. See more here at NZHerald.

cheers

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Remember Pagani's blather about how great France was..a model for NZ!

 "Across France, scores - possibly hundreds - of towns and cities are hoping Switzerland will rescue them from a debtor's hell.

During the boom years of the past decade, the A-list resort of St Tropez, the industrial city of St Etienne, the glum Paris suburb of Argenteuil and many other towns signed up for complex long-term loans linked to the Swiss franc. Today, those borrowings have become a time bomb." herald

Oh yeah that's some example for us to follow.....as is the court case where a past president is being done for being a crook...

 

1.Unemployment rate is 9%( in truth it is double that)
2.Real wages are falling
3.Income advances go to the wealthy

4.Middle class is shrinking
5.Jobs hard to find
6.Approval ratings of Congress and Obama at record lows
7.Consumers have high debt ratios

8.Home prices are still falling
9.Homeowners are trapped in their homes, unable to refinance
10.Boomers need to save for retirement

However, those simple facts are far too complicated for a PhD like Fed chairman Ben Bernanke to figure out.

Federal Reserve Chairman Ben Bernanke says he is surprised by how cautious consumers have been in the two years since the recession officially ended. But the Fed chief offered no hints of any steps the Fed would take to boost the weak economy

http://globaleconomicanalysis.blogspot.com/2011/09/bernanke-complete-dunce-puzzled-by-weak.html

11. State and city fiscal holes are driving austerity programmes that are driving layoffs!

12. Any sign of growth, even a slight smell, leads to higher petrol and diesel costs!

13. The European debt crisis has a life of its own now.

14. China is moving to throttle its own property driven credit bubble of madness.

 "So, to sum up: Bernanke said that a "range of tools[made in China]" are available to boost the economy, which will be discussed at two-day meeting later this month, and that they "are prepared to deploy these tools" if needed" telegraph

Updated now with link to audio here

http://www.radiolive.co.nz/Will-Barack-Obama-fix-his-ailing-economy/tabi...

cheers

Bernard