You know the 1% are nervous about their money when a Government move launches a tsunami of negative critiques.
When rich white men be shrill, you should take note…
Can Kiwibank be brought back from the dead?
Fears Government plan could turn Kiwibank into a ‘local zombie bank’
Opinion: Government ideology putting money in the bank
…goodness aren’t they frightened by the Government stepping in and backing Kiwibank to the hilt?
They should be frightened.
We need a bank for our own economic sovereignty, we are already molested and damaged by the big Aussie Banks who are reaping billions in monopoly rentals from NZ.
What these shrill rich white man voices all tsk tsking about a New Zealand owned Bank fear is that the sleepy hobbits of muddle NuZilind might wake up and demand some more economic sovereignty and focus on the exceptional greed of the Australian Banks.
This country is built economically upon stealing Māori land and never paying it back, exploitation of migrant workers to ensure a low wage de-unionised economy and the criss-crossing old boys network of monopolies and duopolies that dominate NZ industry.
Normally this crony capitalism goes unnoticed because everyone is benefitting, but with Covid killing free market capitalism and the climate crisis interrupting the economy, people are stressed out and frightened and feeling poorer.
Suddenly the exploitative nature of NZs under regulated free market is under scrutiny like never before.
Why are we paying international prices for Dairy that is produced in this country using a monopoly?
Why are the Supermarket Duopolies killing us on food prices as food inflation explodes?
Why has the Medical Cannabis oligarchy market failed?
Why did the Gib board market fail?
And why the fuck are the Banks taking billions in profits while we suffer?
It’s time the Government had the balls to do what it’s supposed to fucking do!
REGULATE CAPITALISM!
The great jackboot of the State is constantly on the throats of the little people and the taxation yoke is pulled by them when the jackboot of the State should be on the throats of the powerful and rich with the taxation yoke lifted from workers onto corporates!
We need to be kinder to individuals and crueller to corporations!
What these shrill rich man voices screaming about Kiwibank want to avoid is any examination of how the Banks fuck us.
Yes Government should buy and own and back Kiwibank and here is a list of other things that should be done to ensure NZs economic sovereignty in an age of geopolitical shockwaves which will demand more local infrastructure be it energy, pharmaceuticals, an expanded military, more manufacturing AND our own Bank!
- Take the Government contract for its banking needs from Westpac and give it to Kiwibank to boost our own.
- Open a KiwiBank branch in every town in NZ alongside other public services and use it as a community hub as well as banking.
- KiwiBank launch new flexible mortgage platforms for owner occupier first time home buyers that is Government backed AND offers to take any stressed out first time home buyers from other banks who are threatening to take them to a mortgage sale.
- Windfall tax on bank profits.
- Financial transaction tax that makes so much money from speculators and the super rich that it allows us to lower GST to 10%.
The Australian Banks have had it too good for too long, as late stage capitalism continues to implode and crash, we need new ways of ensuring our independence and self reliance.
Being at the mercy of Australian Banks in an under regulated market ripe for annual plunder is not a fucking economic policy!
We need to start regulating these monopolies and duopolies and oligopolies because that’s the job of a Government in a democracy, to regulate capitalism so that its benefits are harvested and shared by everyone, not just by those making obscene profits at our collective expense!
Fuck these rich pricks and their rigged casino!
If there is a Labour/Green/Māori Party Government, you best believe that this drive to regulate and redistribute the vast wealth of these structures to the people they rely on for a market will happen!
Expect to hear a lot more shrill rich white voices screaming the end of Western Civilisation as this political reality begins to dawn upon them.
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What rate of interest are you proposing for home loans?
Below, at or above the OCR?
Is the money going to be printed out of thin air, or will the bank still need to go and borrow from the open market?
No.
Kiwibank will go the way of Kiwirail under the direction of poor man’s Gordon Brown. It’s undercapitalized therefore will require SIGNIFICANT government funding. So after throwing a couple of billion at purchasing it you will need hundreds of millions just to get it to a stage where it is delivering profits relative to Australian-owned subsidiaries.
Ok it’s not economic sabotage akin to the purchase to Kiwirail but it is reasonably close.
Moaning about a lack of funding for the marginalized and then trumpeting the part purchase of a corporate entity for a couple of Billion doesn’t make logical sense and is tribal in its analysis. If anyone can tell me what Kiwibank does now; and into the future that the other banks don’t do then I’m all ears. It replicates the other bank’s services and products.
Otherwise you economuic argument falls into the same reality trap as the Trekka and BataBullets. Inferior domestic substitutes that are not required in a modern global economy.
oh panzerboi like the aussie banks aren’t coining it hand over fist, the fear for them shilled by rightists is a slightly less rapacious kiwibank may take market share from them.
LOL. So your whole argument is that because Australian Banks are making money we should be able to too. LOL fucking LOL.
and why not panzerboi…they’re all carrying loans on their books that mean mass default can kill them…remember the GFC when the too big to fail failed, remember the under financed insurance company that your tax dollars had to pay out because they couldn’t honour their liabilities.
So you would rather plough hundreds of millions into a poor imitation of a business/service we already have to replicate this service?
Are you the son of Rob Muldoon’s love child?
Why are you worried about Aussie banks failing, cosmoboi? Australia will have to bail them out, not us. And if they fail, then NZ banks will fill the gap.
freda an example is an illustration of a point not the actual point…in this case the undercapitalisation of financial institutions which makes meeting their liabilities problematic
frank but I thought more players in any field led to competition and better prices for the consumer, so is banking an exception to that.
lol OK buddy.
You forget that a serious government can just MAKE or TAKE the money. Pity Ardern won’t do it.
A bank creating money out of thin air, is NOTHING like trying to run a railways (or any other REAL) business.
That is a strawman arguement personified.
Ok Frank.
Privateer Michael Fay ran privatised NZRail into the ground lied about its value and sold out and ended up in court for insider trading. The business had to be bailed out by the government.
The privatised AirNZ was mismanaged and had to be rescued by the government. Fortunately it was picked up for a song.
This government just paid to $2 billion to the Superannuitants and Accident victims to buy KiwiBank. When instead they could have injected $2 billion capital and left it in the already quasi government ownership. Who knows but was it the lack of expected government investment capital to grow the bank that caused ACC and Superfund to sell out? Seems incompetent.
Government owned Kiwibank – job for day 1: Make $500million profit by moving goverment banking over from Westpac.
Fantasy land stuff.
The great jackboot of the State is constantly on the throats of the little people….
Yes. Yes it is. That’s what happens when the State gets as big as ours has, and when it’s increased again by the Left I guarantee you that will continue to punch down – because Big Business loves Big Government.
for an overarching totalitarian dictatorship we have difficulty getting BASIC things done…. so I think you might be overegging the pudding tom
Be fair gagarin, John Thomas did precede his post by saying his comment was “Fantasy land stuff”.
And what followed, truly was.
Reductio ad Absurdum so early in the debate. You must be desperate. I just said that our State is big, not that it’s an overarching totalitarian mass. Still, given your demands for more state even with all these Labour failures I could see us reaching the level of your Soviet heroes.
It’s well known in banking circles Kiwibank has been poorly run for years. A real opportunity missed. They have had opportunities to exploit the major banks as a point of difference by opening or at least not closing branches when the big 4 did but they closed them anyway.
You can’t even use paywave in Post Shops who owned Kiwibank because it doesn’t exist. WTF?
But my fear is, as is everything with Labour, they will lose their way quickly generally because they have no idea what they’re doing and this buyout will become a taxpayer millstone. As with migrant exploitation, Labour capitulated this week after standing firm and opened the door back to the status quo.
The government needs a minister who has some idea what they’re doing and whose sole job it is to oversee this venture, (not a Minister of everything), to employ the best, leave these experts to run this as they see fit with an open cheque IF they want this bank to fly. Otherwise forget it!
The thing is Labours track record does not bode well for this purchase!
No Labour owning anything will end in disaster.
My prediction is Kiwibank will cease to exist within a few years.
Having worked in the IT sector with banks and insurers I can guarantee you that KB doesn’t have the systems to cope with the Government’s Westpac work. It would take years and billions, and I wouldn’t trust KB or a Labour government to get it right even then.
Good to see a bit of sense about the ability of this Bank and this government is not capable of running a hot bath.
@ xray. “It’s well known in banking circles.” Well, fuck the banking circles then! The ‘Banking circles’ can go fuck themselves, in circles too if they must. I know, I repeated myself. However, at the risk of repeating myself, yet again, those banking circles can go fuck themselves! And, I hope it’s one of those horrible fucks where no one cums because the light bulb’s to bright and the sheets are now tangled and sweaty and in circles.
An old school TDB post I can relate to. Nationalising Kiwi Bank is obviously a good idea–but–the Aussie bank billion dollar profit export offshore per quarter has to be pinged to make it meaningful.
Bullet points are good too including a branch in every town. Try dealing even with Kiwibank on a weekend if an ATM has swallowed your card, not a happening thing. Service needs an upgrade asap.
A whole programme of reconstituted public ownership of infrastructure is there for a truly progressive Govt. that has the guts to ditch the NZ neo liberal Parliamentary consensus. A revived Ministry of Works, bye Fulton Hogan. Publicly owned and controlled power generation and supply, bye Contact Energy etc. and so on.
Funny.
why do anything properly when the usual half arsed kiwi clusterfuck will suffice.
🙂
Yea Nah! Seems the way though.
And there’s Tom Hunter above – blowing his trumpet, much like so many IT professionals you see walking down the street with their ID cards blazing.
The then 4 trading banks were quite happy to steal the intellectual property of a collective they’d set up, which at the time was regarded highly around the Whurl.
I’m pretty sure I could cobble together a few 3rd world Bangalore Indians to put together something that would cope adequately – and then excel, just as one or two ‘ten pound poms’ created the system that was the banking envy of the world 40 or 50 years ago. But why the fuck would they – there are better places to do their mahi (in that space, going forward).
I quite like watching the likes of youse fellas wank your egos
It would be a good idea to have a Bank Manager manage the bank. However can anyone see this meddling, controlling, we-know-best government keeping their nose out of meddling with Kiwibank? Robbo looked far too smug and pleased about it for my liking.
It will be up for rebranding and co-governance in no time as well.
Up for Government financial assistance before we know it.
it would be even better to have it run by a non-neo lib, chicago school true believer…someone with an idea at least from this century.
Robbo looking pleased and smug, and fat around the chops. Snme people like that apparently, with Putin who tries to keep fit and on his toes being ‘guyed’ all the time. Robertson has everything he wished for I think; represents one of the rainbow fraternity made good.
I sincerely hope you’re joking @ Martyn. I’m afraid it’s going to take an election loss (possibly a complete rout) before that can happen. People are going to have to be shuffled off into jobs at the U.N, or corporate America , or other little gigs in failing colonising nayshuns.
Maybe at some point, “in this space, going forward”, New Zealand Aotearoans are going to be allowed to be part of ‘officials’ advice’. Currently, those officials – don’t usually have Chinese sounding names, more often British and Okker sounding accents), and they’re equipped with the rhubarb Pols and Meerkatting buzz. Apparently it’s “best practice”. Actually its lazy, unimaginative, learned (polly wanna cracker, parrot-fashion) practice).
No, it’s going to have to take a couple more election cycles.
Meanwhile, Labour appear to be on a mission to alienate everyone in their traditional base. Teachers, Nurses, labourers, lower level public servants, various diaspora (particularly SouthEast Asian and those from the Indian subcontinent, refugees……)
Not to be conspiratorial, but you have to ask WHY?
Today’s positive note, Labour sends a mealy-mouthed warning (sort of), to the supermeerkat duopoly.
Fuck it’s pathetic!
Very.
tim don’t forget the surplus 2nd rate yanks we employ as experts…
puts me in mind of
FILTH – failed in london try honkers
I trust the govt. I shall bank with an Aussie Bank called Westpac. Like them.
@ MB. Now you’re talking. x
I don’t think introducing either of these taxes would sway the banks away from making obscene profits, they’d still find a way. Look at it in the same way as the supermarket duopoly; ultimately the banking sector will need to have increased competition in order to be willing to offer customers a fairer deal.
“REGULATE CAPITALISM!”
New Zealand hasn’t had capitalism since the Douglas years of the mid 1980s.
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