General New Zealand Politics

[bruce]

‘Brings tears to my eyes’: Family consider selling after $2600 monthly interest rate rise

Rising inflation is likely to bring even more pain to young home owners.

www.nzherald.co.nz

Heyzeuss, the banks were stress testing to over 6%, so WTF happened here?

 

[bruce]

Hipkins has the ideas on how to stop inflation..... he just didn't think it was worth sharing them with the previous PM.

Hipkins knows how bad 3-4-5 Waters is.... he just didn't think it was worth sharing them with the previous PM.

Hipkins knows how bad the merger of RNZ and TVNZ is.... he just didn't think it was worth sharing them with the PM.

Hipkins knows the immigration settings are wrong.... he just didn't think it was worth sharing it with the Immigration Minister or the previous PM.

Hipkins knows how to deal with Youth Crime..... he just didn't bother implementing them as Police Minister.

Hipkins knows how to improve Education outcomes..... he just didn't bother implementing them as Education Minister.

Hipkins knows that there needs to be cutbacks in Government and Public Services..... he just didn't bother implementing them as Public Service Minister.

Hipkins has spent the last five years blaming problems on the previous National government and now it's time to lay them at the feet of the previous PM.

Question: if Ardern was responsible for so many things during her time as PM, why didn't Hipkins (and the other ministers and MP's) roll her?

I hear Nicola Willis speaking to Bernard Hickey today. National have a plan she says ...I have a bridge for sale.
Covid has caused inflation. The Kiwibuild crowd just made it worse with their aid package.

 

[Inruin]

Heyzeuss, the banks were stress testing to over 6%, so WTF happened here?

Reality hitting home to some people. The guy sounds a bit naive to me.

 

[Inruin]

I hear Nicola Willis speaking to Bernard Hickey today. National have a plan she says ...I have a bridge for sale.
Covid has caused inflation. The Kiwibuild crowd just made it worse with their aid package.

The current crowd are only just recognizing there is a problem ffs.

 

[bruce]

Reality hitting home to some people. The guy sounds a bit naive to me.

The figures show very few people are going to be seriously affected by current rates rises, mainly because the banks stress tested.
Like I often say, back in 1985 the first mortgages were 14%, and second mortgages 24%...I survived.

 

[wizards rage]

The figures show very few people are going to be seriously affected by current rates rises, mainly because the banks stress tested.
Like I often say, back in 1985 the first mortgages were 14%, and second mortgages 24%...I survived.

Most will survive. But for some, the house will be worth less than the mortgage and they will have had a baby, or lose their job or the roof will need replacing and they are financially stressed.

Like you say most survived the 80’s but they all have grey hair now 🤣

 

[bruce]

Most will survive. But for some, the house will be worth less than the mortgage and they will have had a baby, or lose their job or the roof will need replacing and they are financially stressed.

Like you say most survived the 80’s but they all have grey hair now 🤣

Now is different. Lending practices were very different then. That is why there was so much strife.

 

[Miket12]

Heyzeuss, the banks were stress testing to over 6%, so WTF happened here?

The banks stress test shows the banks that the borrower can afford repayments up to a certain percentage..... but it takes no account of the effects of inflation on other expenses such as food, insurance, cars, rates, electricity and everything else that they may buy. Plus, people have a tendency to "under estimate" their other expenses on loan applications.... which is fine until inflation gets higher and interest rates rise.

 

[wizards rage]

Barry Sofer has compared Jacinda Ardern’s legacy most in common with Robert Muldoon due to her divisiveness.

My comparison in league terms is to Reece Walsh:

- Both came into the job extremely young
- Both loved the PR and the cameras
- Both extremely popular half way through their time in the job
- Both unmarried with a baby
- Both extremely gifted in some areas - but weaknesses that left gaps the opposition could drive a tractor through/ up to parliament
- Both talented but the team around them was largely incompetent
- both divisive because of their huge strengths but lack of delivery where it mattered
- JA experimented with the drug referendum - RW experimented on the Gold Coast
- Both openly denied they were leaving their positions despite the correct rumours
- Both ended their time with people questioning the value they added
- Both ended with their team way down the ladder/ polls due in part because of their lack of delivery
- Both needed to be replaced with someone playing a defensive game plan
- Both’s legacy will ultimately be as looked good but underperformers that achieved nothing substantial long term and will be quickly forgotten…

Ardern is the Walsh of the Warriors

 

[Rick O'Shay]

Question: if Ardern was responsible for so many things during her time as PM, why didn't Hipkins (and the other ministers and MP's) roll her?

They did but it took 5 years.

 

[bruce]

The banks stress test shows the banks that the borrower can afford repayments up to a certain percentage..... but it takes no account of the effects of inflation on other expenses such as food, insurance, cars, rates, electricity and everything else that they may buy. Plus, people have a tendency to "under estimate" their other expenses on loan applications.... which is fine until inflation gets higher and interest rates rise.

Fair comment Mike, but from what I hear they even analyse your expenditure e.g. TAB. From this distance it seems it may be a combination of a confident borrower and a slack lender.

 

[wizards rage]

Fair comment Mike, but from what I hear they even analyse your expenditure e.g. TAB. From this distance it seems it may be a combination of a confident borrower and a slack lender.

Only over the last year when they realised interest rates were turning and they were going to be exposed. Before that people bought at the peak while the banks were giving away money to anyone that smiled nicely.

 

[snake77]

Barry Sofer has compared Jacinda Ardern’s legacy most in common with Robert Muldoon due to her divisiveness.

My comparison in league terms is to Reece Walsh:

- Both came into the job extremely young
- Both loved the PR and the cameras
- Both extremely popular half way through their time in the job
- Both unmarried with a baby
- Both extremely gifted in some areas - but weaknesses that left gaps the opposition could drive a tractor through/ up to parliament
- Both talented but the team around them was largely incompetent
- both divisive because of their huge strengths but lack of delivery where it mattered
- JA experimented with the drug referendum - RW experimented on the Gold Coast
- Both openly denied they were leaving their positions despite the correct rumours
- Both ended their time with people questioning the value they added
- Both ended with their team way down the ladder/ polls due in part because of their lack of delivery
- Both needed to be replaced with someone playing a defensive game plan
- Both’s legacy will ultimately be as looked good but underperformers that achieved nothing substantial long term and will be quickly forgotten…

Ardern is the Walsh of the Warriors

I hate to nit pick but I listened to that podcast earlier and I'm pretty sure he mostly compared her to David Lange.

Looking at the divided public response to Ardern, Soper sees some parallels between her and Robert Muldoon.
But Soper believes there’s another politician that offers a tenure more analogous to that of Ardern - and he comes from the ranks of the Labour party: David Lange.

Barry Soper on the past PM who most reminds him of Ardern

Veteran politics reporter says that Ardern will be remembered as a divisive PM.

www.nzherald.co.nz

It's worth mentioning as when I was at school I'd skim read and have to find the answer as I wouldn't read anything. I'm hoping I've improved as I read the article and listened to the podcast this morning.

Said he was also a populous Labour PM. Both good at appealing to the public but not the mechanics of day to day politics.

I will give you an A for creativity with the Walsh comparison.

 

[bruce]

I would compare her to Lange in that he also was a populist flake.
He was a flake because he was lazy on detail, as is she, however as an orator he left Cindy for dead. No comparison at all.
Lange was also the most highly qualified academic apart from Geoffrey Palmer. Palmer had a PhD in law, Lange a Masters. Lawyers are notorious for avoiding post graduate study.
Muldoon was also an excellent orator, and a very nasty and divisive one, probably the worst I can remember.
Cindy mastered the internet, that is how she got in and the right wing did not pick it in time.
but heyzeuss spare me I was original sort of impressed with Nicola Willis, but that is fading, and she hasn't even got into power yet.

 

[Cces]

Fair comment Mike, but from what I hear they even analyse your expenditure e.g. TAB. From this distance it seems it may be a combination of a confident borrower and a slack lender.

We went for an Open Bridging loan at the back end of 2021 & as part of the process they went through the Mrs' & my finances with a fine tooth comb. We managed to get approval but not before they told my fiancee she had to spend less on shoes & I had to reduce the amount I spent on supplements 🤣
Dumb luck would have it that we got beat out at auction at the very top of our budget & then decided to stay put. Plenty of stress, & probably a second job, for me if we were successful with the purchase

 

[snake77]

We went for an Open Bridging loan at the back end of 2021 & as part of the process they went through the Mrs' & my finances with a fine tooth comb. We managed to get approval but not before they told my fiancee she had to spend less on shoes & I had to reduce the amount I spent on supplements 🤣
Dumb luck would have it that we got beat out at auction at the very top of our budget & then decided to stay put. Plenty of stress, & probably a second job, for me if we were successful with the purchase

We aren't in a bad spot but if they looked closer at our spending my wife would see how much my new hobby is costing. I've spent some stupid amounts on shipping. Luckily I've finally sorted out the NZ Post US address.

My main issue at the moment is getting a landscaper to the house to finish off the front. On the third company (first two I went back again) now and I still haven't got a quote. Get that done and we are close to being able to buy something more suitable.

 

[Miket12]

As I said before he gets my vote he will need to convince me with facts and not just fluff we have been given

I'm still undersided who I'll vote for but I'll tell you which party would win my vote straight away. One which stood up and said we're putting forward our policy, not to win the votes of our traditional supporters by going back to our core/founding policies but introducing policies we believe are best suited for the country.... even if the policies are further to the right or to the left than we'd expect.

That sort of honesty may not win them the election but they'd win my vote.

 

[john nick]

I'm still undersided who I'll vote for but I'll tell you which party would win my vote straight away. One which stood up and said we're putting forward our policy, not to win the votes of our traditional supporters by going back to our core/founding policies but introducing policies we believe are best suited for the country.... even if the policies are further to the right or to the left than we'd expect.

That sort of honesty may not win them the election but they'd win my vote.

True mate. I am UNDERSIDED also.
😉 😜

 

[Miket12]

We aren't in a bad spot but if they looked closer at our spending my wife would see how much my new hobby is costing. I've spent some stupid amounts on shipping. Luckily I've finally sorted out the NZ Post US address.

My main issue at the moment is getting a landscaper to the house to finish off the front. On the third company (first two I went back again) now and I still haven't got a quote. Get that done and we are close to being able to buy something more suitable.

I have a client that wants to partner with a social housing provider to build nine social housing dwellings on a site in Otara. They've approached all the major banks and no one is willing to lend them money for it even though the rent will be paid for by MSD.

 

[dean]

I'm still undersided who I'll vote for but I'll tell you which party would win my vote straight away. One which stood up and said we're putting forward our policy, not to win the votes of our traditional supporters by going back to our core/founding policies but introducing policies we believe are best suited for the country.... even if the policies are further to the right or to the left than we'd expect.

That sort of honesty may not win them the election but they'd win my vote.

So you will be voting ACT then.