No Minister

MORE ON LABOUR’S LATEST VANITY PROJECT

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Auckland’s SkyPath bridge is looking like an expensive dog of the Kiwibuild variety designed to pander to woke JAFFAs. Last week Labour was forced to reveal that the benefit-cost-ratio for the bridge was 0.4 to 0.6 to one meaning that every taxpayer dollar spent on the bridge creates just 40c to 60c of value. Further, that those figures are predicated on there being no cost overruns and 2,700 cyclists using the bridge every day. Should any of those two figures prove rubbery then the bcr goes south.

Care to tell me of any major project coming in on budget … Transmission Gully +$196m with more to come; Auckland northern corridor improvement +$147m; Mt Messenger Bypass +$97m; Peka Peka to Otaki Expressway + $112m and that’s just for starters. And 2,700 cyclists on a cold wet windy day … give me (and them) strength.

And assuming those figures are kosher it works out that those hardy cyclists are getting a taxpayer subsidy of $41 per trip.

How to pay for it … easy. Cancel Northland’s Wellsford to Whangarei ‘economic’ highway extension; cancel the Whangarei to Marsden Point highway upgrade; cut the gummit’s contribution to the FNDC, Whangarei DC and Kaipara DC’s road maintenance and capital roading programmes.

Labour Party MPs Kelvin Davis, Willow-Jean Prime and Emily Henderson (who) are wasted spaces when it comes to sticking up for their constituencies.

Written by The Veteran

June 20, 2021 at 3:23 pm

Posted in NZ Labour Party, NZ Politics

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Grateful and Ungrateful

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I don’t know about you but I’ve never walked into a hardware store like Mitre10 or Bunnings and thought to myself how beautiful it is, or that some parts are like a carnival.

But then I’m not from Cuba, whereas the guy in this video is and it documents his first ever visit to a Home Depot store in the USA.

Watching it I’m reminded of a scene from the 1980’s movie Moscow on the Hudson, where Robin Williams, playing a Soviet circus musician who defects during a US tour, is so overwhelmed by his first experience of supermarket shopping that he faints.

Little ordinary things that we all just take for granted in Western democratic capitalist nations.

On the other hand there’s this video from San Francisco that has gone viral in the last few days. It shows a shoplifter just blatantly filling up a garbage bag with stuff from a Walgreens store in daylight and right in front of a security guard, who simply videos the whole event. When the thief cycles out of the place, the guard does make a half-hearted grab for the bag but fails.

The woman beside the guard is also videoing the theft and asks about calling the cops on 911. However, arresting the man would be a waste of time since San Francisco has implemented a policy of not charging shoplifters if they steal less than $950, which has produced daily scenes in the city like this one, as shown in the rest of the video.

The inevitable happened when Walgreens recently closed seventeen of its stores in the city, but blatant shoplifting like this has become a common feature of other large, Democrat-controlled cities as well.

Written by Tom Hunter

June 20, 2021 at 3:04 pm

Ho Ho Ho

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Rotorua Lakes District Council now has no less than SEVEN deputy chief executives.

Too many chiefs and not enough Maoris

Written by adolffinkensen

June 20, 2021 at 2:46 pm

Posted in Humour

DOES THAT EXPLAIN THINGS OR WHAT?

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Just go and read it for yourself, well said Muriel.

Contrast and compare Ms Newman with any single moron running our lives as a cog in the Gubblemint.

Written by Gravedodger

June 20, 2021 at 10:48 am

Posted in New Zealand

More New English

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Once upon a time there was a newspaper called The Australian which could be relied upon to eschew publication of the lies and misinformation put about by leftist academics, politicians and clerics and whose editors had a grasp of the English language.

After a long battle against invasive hordes of poorly educated and ill-equipped cub reporters, The Australian died a few years ago.

Here’s today’s effort.

On Thursday night, Hamze was gunned down by a fusillade of bullets after a car drove past him on Bridge St, near Kid Kyoto restaurant.

I kid you not.

For a start, he was gunned down by an unknown assailant.

For second course, it is likely he was shot as the car drove past. Assassins don’t usually drive past the victim, stop the car, get out, fire half a dozen rounds, get back into the car and drive off.

No mention that he was the head of a MUSIM crime family which is feuding with another MUSLIM crime family.

Bilal Hamze was the cousin of Brothers 4 Life gangster Bassam Hamzy (pictured) who is currently serving time in Goulburn Supermax over a litany of crimes

The Daily Mail carries a more lurid but accurate report.

Written by adolffinkensen

June 19, 2021 at 6:52 pm

Posted in New Zealand

Tagged with ,

All work and no play makes Lori a dull girl

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Chicago’s Mayor needs a ‘Shining’ ability if she is to communicate her wants and needs to her staff effectively rather than how she’s doing it now with verbal and written communication.

‘Shining’ comes from the famous 1980 horror movie, The Shining, and is the term used by one of the characters to describe psychic abilities that enable mental telepathy between such ‘gifted’ souls.

The alternative is that Mayor Lori Lightfoot (MLL) will have to continue writing emails to her staff like this one recently discovered via FOIA request.

And you thought New Zealand had it bad with the mayors of Auckland and Wellington.

I won’t go so far as to say that Lightfoot is as crazy as a shit-house rat, and I can understand the incredible pressures she’s been under during the last year of Covid lockdowns and Burn Loot Murder/Antifa riots.

But this is not how you communicate with your staff and since she was a law partner you would think that she’d have learned that you don’t do this unless you want to have most of your staff quit and ultimately be fired because your team is not performing. It’s not surprising that her staff turnover has been huge. How she didn’t learn this in the private sector is perhaps more a reflection of the idiosyncratic aspect of law firms and partners.

But she also had many different types of jobs to pay for her university education, including working as an assistant for halls of resident and even as a cook for the school’s football team. She held factory jobs at home during summers to help pay for her education. This background was one of the reasons I had some hope for her as Mayor of Chicago, as well as the fact that she defeated the Daley-machine part of the Chicago Democrat Party so perhaps would not be beholden to those special interests.

Instead we have a fail on all counts.

The whole “Shining” thing arises because people made connections between Lightfoot’s email and this famous scene from the movie.

Written by Tom Hunter

June 19, 2021 at 4:03 pm

A distorted economy

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Two graphs that summarise where we are economically as a nation, and without even looking at the tourism numbers, which are bad enough on their own.

First up, real estate prices for residential properties.

Those increases, in one year, are staggering. In dollar terms they exceed any “help” that any government, even one as spendthrift as Labour, can give to young, first-time home owners.

The price to income multiplier increased during the “nine long years of neglect” of National from 5.05 to 6.08. Under Labours stewardship it’s now at 8.61.

It’s been common wisdom for twenty years now that Aucklanders were cashing up and heading to the Waikato and Bay of Plenty. But since when are retired Aucklanders or Wellingtonians cashing up their houses and moving to Gisborne (almost 50% increase) or for that matter the West Coast (33.6% increase). There will be specific reasons for this inflation but they all boil down to factors driving the basic economic law of demand exceeding supply.

In Auckland those factors have been population growth increasing faster than homes can be built – which in turn is based on government immigration decisions on the demand side vs. building regulations and costs, and even more so the land-banking of city planning causing huge lifts in the cost of land, far beyond the increase in house value itself.

But can those factors be driving demand exceeding supply across the whole nation this time? Immigration has been basically zero for the last year and while land-banking and city planning are a nation-wide supply restricting problem there have not been dramatic changes in those factors in the last year, and some areas have always been more relaxed than others. So what’s driving this recent nationwide inflation?

  • Government changes on investment deductibility and the increased time over which the bright-line test can be applied (basically a Capital Gains Tax) mean that investors are deciding now it’s not a great time to sell, reducing the number of listings (supply)
  • Sensitive people are feeling the breeze of general inflation and take positions to protect their own capital base by lifting those sales from the market, further tightening supply. Better to sit on the potential capital gains, increase the mortgage and use that money to buy a new boat. Notice the increase in prices for second-hand boats, caravans and motor homes.
  • Interest rates pushed down in 2020 as the classic mode of Keynesian response to a potential recession. That increases demand, at least for a while.

The government must be hoping that this is just a one-off and that once the housing market has adjusted to a post-Covid world, things will settle down. We should all hope for that but I see merely the results of a “critical mass” of factors that have finally come together at one point in time rather than individually affecting the market at different times. Even if this spike cools down, the ongoing house price increases will still be greater than we can cope with.

Then there’s this:

That’s Fonterra’s share price in the last three months. An awful drop from $5 per share to $2.82 that exceeds the percentage drop in 2018. That last was caused by financial problems at the company. Problems that, like the housing situation, had been bubbling away for years, but which hit critical mass that year.

Fonterra has since cleaned up many of those problems and was looking pretty healthy internally, with a good payout. So what’s happened?

Professor Keith Woodford is on the case as usual with two articles in May that discussed what might be coming.

You can read the details in those two articles . The summary comes to five points, the first two being around proposals only.

  1. Reduce farmer requirements to own shares, with them needing to hold one share for every four kg of Milksolids supplied, compared to the current one share for every kg of supply. That last is a hangover from Co-op days when the shares were a nominal $1 that never changed as farmers joined and exited co-ops.
  2. Shut down or cap one arm of its two-armed share investors world, the Shareholders Fund. This Fund and the related Trading Among Farmers (TAF) scheme allowed a two-way flow of “units” and shares between the Fund and the Farmer share trades, which kept the price of shares and units within a cent or two of each other and supplied vital pricing information to both farmer investors and external investors.
  3. The Fund allows non-farmers to buy shares and get a dividend but with no shareholder voting. While there was talk about enabling the company to raise capital this way without trying to get cash from cooperative members, the real reason was to remove the redemption risk as farmers exited the company. Under the old co-op model they would not have had the cash to pay them out. The Fund and TAF would shift the risk.
  4. The flaw was that the only way TAF could remove the redemption risk should Fonterra lose a major number of suppliers was by taking on a new risk of losing control of the company to non-farmer investors.
  5. The risk now is not from exiting farmers but from a substantial and ongoing reduction in production, perhaps in the order of 10% to 20%, primarily driven by future environmental regulations around herd sizes. That’s one rock. The other is that farmers still want to control the company.

While only proposals, they did suspend trading before the announcement and they have cut the link between farmer share trading and the external fund, showing the future to investors.

Those investors, the market, have reacted badly to all of this and although it would be easy to say that this is just frippery that ignores the now “healthy” internals of Fonterra, the fact is that share prices tell us what the market thinks of any company’s future.

Clearly Fonterra’s and perhaps the rest of the dairy industry’s future in NZ is not good. What that means exactly for the wider NZ economy is another question, but clearly for some environmental and economic extremists like No Right Turn the message is the same as for the Huntly power station and the fishing industry: Let It Die.

Written by Tom Hunter

June 19, 2021 at 12:24 pm

The New English Language

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Adolf scans the part time job ads each morning. See what you make of this one, from an insitutions of tertiary education, no less.

The Administration and Student Support Officer will provide administrative support to the Campus. The position is responsible for the efficient and effective day-to-day co-ordination of the administrative support function which contributes to the service for campus staff and students. The position ensures effective communication is established and maintained with other college and local work teams and functions and that College business practice requirements are able to be met.

Written by adolffinkensen

June 19, 2021 at 12:17 pm

Posted in New Zealand

Tagged with

Something Different For Saturday

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A guest post (satire) by regular commenter rossco.

Office of the Prime Minister of NZ (19.00hours and 2 gins to the wind)


Dear Mr PDM1946,

Thank you for your interest in the daily activities of our beloved PM.

As you will well appreciate she is a national treasure, and to be perfectly frank is of chiefly status, particularly among the Pasifikia population of South Auckland, if not the population of New Zealand.

As such she can do no wrong and is deserving of special treatment, well above that of mere ordinary people of NZ.

As you well know our pacific cousins get their orders at Church every Sunday morning and there wont be any complaints from that quarter. We don’t call them coconuts for nothing here at HQ.

Despite the rumours perpetrated by low brows such as yourself there is vaccine’s for Africa here in dear old New Zealand. (Confidentiality between me and you Mr PDM it is vaccine destined for Africa but a wink and a nod from dear Jacinda got it diverted here to save serious embarrassment to the Govt, oh and Ashley )

Our dear PM had her vaccination in Manurewa as a PR stunt to “encourager les autres” . I assume you understand French Mr PDM1946, not as any selfish, self centered motive that you are trying to insinuate.

“Les Autres” of course are staunch Labour supporters and need encouragement to follow orders.

I’m sure we met in a previous life Mr PDM, I used to prosecute perceived miscreants on TV, and was quite famous, then I moved on to getting a law degree, which was not fun as I became less prominent, and it’s a bother being a lawyer, so here I am working for the PM and loving it. She’s a wonderful women and I’m on the forefront of the Socialist revolution. Part of telling fucking ordinary New Zealanders what to do and when to fall in line.

Are you part of that line Mr PDM 1946. If not, with questions like that you soon will be!

Have a nice day and I’d ditch the ute……soon.

rossco

Note this was a contribution by rossco on my post yesterday about the PM having her covid vaccination in an area outside of her usual place/places of residence and thought it worthy of wider exposure.

Thanks for letting me run with it rossco.

Written by pdm1946

June 19, 2021 at 11:46 am

Posted in New Zealand

AND FOR THE SECOND TIME THIS MONTH

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Many of you will have viewed with some disquiet the lead item on TV1 6.00 news tonight showing hundreds of gang members on motorcycles taking over a public road forcing cars off to the side while they escorted the hearse containing a deceased gang member to his final resting place. This being the second such instance in the past month.

And the police stood back and allowed this to happen. Their hands-off approach is driven by Deputy Commissioner Wally Haumaha who has championed engaging with gangs (on their terms) and by a government who believe the burgeoning gang problems can be solved with hugs and kisses.

So the new norm is grin and bear it because the police won’t intervene. Old time Police Commissioners like Gideon Tait will be spinning in their grave.

New Zealand … the way you’ve got it.

Written by The Veteran

June 18, 2021 at 10:45 pm