This story by the NZ Herald manages to sum up all that is wrong with the corporate NZ mainstream media.
It’s a story about how the Banks will survive even if a global economic crisis hits us, let’s look at their language and conclusions…
“The types of stress test we do on our bank now are a 50 per cent decline in house prices in Auckland, 40 per cent elsewhere, low dairy prices, 13 per cent unemployment, negative GDP … you name it, we put it in there and we can’t break the bank.”
A 50% price meltdown in Auckland, flatlining dairy prices and a 13% unemployment rate, but don’t worry the banks will be ok?
Is this a joke?
If we had a 50% meltdown in house prices and 13% unemployment, do these people honestly think NZers would leave the banks unburnt as they go on riots and mass protests?
What’s most hilarious about this is the fact that NZME is 86% owned by the banks. So, we have a story acknowledging there is a real possibility of an economic crisis, but don’t worry the banks who also happen to own this media company will be fine.
Sure the rest of us plebs will be unemployed and have lost any investment in our owner occupier homes but the bloody banks are sweet as.
This is the self interested corporate media we have in NZ.