Bernard Hickey talks with Marcus Lush on Radio Live at 6.50 am about European financial turmoil; Key's insurance conundrum; A Buffett tax

Bernard Hickey talks with Marcus Lush on Radio Live at 6.50 am about European financial turmoil; Key's insurance conundrum; A Buffett tax

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 9 pm this evening. I'll update later with a link to the audio.

Marcus,

1. European stock markets are slumping tonight and US stocks are expected to fall sharply too. Over the weekend Europe demonstrated again it has no idea how to fix its sovereign debt crisis. A decision on a fresh bailout payment to Greek was delayed until early October, just days before Greece is expected to default. Greece has to make two bond payments on Tuesday night and Wednesday night. Some are seriously worried it won't be able to make those payments. See more here at The Guardian.

And to make matters worse, UBS says its losses from the Kweku Adoboli rogue trading was bigger than expected at US$2.3 billion.

2. Labour says the government should intervene to provide insurance for Christchurch home owners and businesses who are trying to get on with rebuilding. John Key says this would be like writing a blank cheque and we should just wait for the reinsurers to return. We might have to wait a long, long time. Is he OK with that? Are Cantabrians OK with just leaving it up to the free market? See more here from Alex Tarrant.

3. Barack Obama is about to announce a 'millionaire's tax' or 'Buffett tax'. Billionaire investor Warren Buffett called for such a tax a few weeks ago. It's a good idea we should adopt here. I now think last year's tax cuts for the wealthy were a mistake. See more here at The Guardian.

cheers

Bernard
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and the UK a £12 billon hole in its finances. This is a well written article, our future awaits.

http://hat4uk.wordpress.com/

 Where does the money come from ?

With a worsening worldwide Climate change scenario, how much longer until insurance/ re insurance companies aren't able to cover damages.

http://www.mi.uni-hamburg.de/fileadmin/fnu-files/models-data/fund/eredam...

Walter, the FIRE industries were well and truly stuffed before these disasters hit. They joined the Casino and blew it.

Good point Andrew - I have to organize more hunting trips then, because many are based in Switzerland too. I may have to stay for some weeks in different cities - Zug is one of them.

Walter, keep your eye open for one of these guy's, an extra Interest.co bonus for a shot between the eyes, 50 points for a gut shot, 10 if you wing them.

 

http://www.theecologist.org/News/news_analysis/1045180/how_goldman_sachs...

 

 

 

http://www.theecologist.org/News/news_analysis/1045181/banks_should_end_...

 

 

 Andrew - Swiss “Bangster swines” are not easy to get. You cannot get them through the brain, because they don’t have any and most body parts are stuffed with layers of money, there is no heart and you can’t get through the a..h because they are sitting all day long - unless they play golf and bend over occasionally. It is a little bit a waiting game. It could take me months over there and they are so many – a real pest.

Puffet's hypocritical envy tax, and all this to save a problem which doesn't exist: part of the one way ticket Bernard would sell us to the Police State.

So on balanced consideration you are not 100% in favour, Tribeless?

Tribeless, maybe the reason the rich pay more income tax as a proportion that they are of the population is because they receive a greater share of the total income.

What is more important is do they pay a higher rate of tax overall than the rest.  Most subsidies for the low income earners is to offset a rate of pay that cannot provide a living wage.

This has occurred due to globaliasation and the removal of tariffs which allows imports frm very low wage countries.

I agree Govt needs to control/reduce its spending but while we citizens meet our contribution based on our income then the rich should not be given  favoured tax treatment as they are in the US.