On Committed Omits.. and other things..
May 20, 2011 § Leave a comment
I had started this early evening on the kiwi Budget day. Asking myself which glaring omission would media and commentariat leave out.
In the event I had listened to the usual hip-pocket response stuff for who plussed, who minused on government forecast expenditure. Medical, education—mojo; savings(aka cuts* to Opposition parties) in the working family tax side and kiwi-saver accounts. The latter I presume as realistic buoyancy for the large impact of Canterbury’s earthquake-stricken rebuild needs.
Buoyancy upon whom? Good question for those asking; answered with greater certainty than incoherent guesses on Budget day the morning after. Ratings Agencies – Fitch, Moody’s, S&P – all featuring on where you can hear it for yourself @ RNZ. If growth arising from the rebuild and whatever economic buoyancy materialised. Late this and next year. Making the government determinations okay, in RA eyes, re deferring credit downgrades.
Yet really, I wondered, how might RAs rank so powerful an influence in the government and its bureaucratic mindset? Know they not the present RA predicament/s stateside. Of the shaping up themselves—so very hard to do when their own fees are paid by lenders and investing bodies!
And perhaps the answer to this lies in the nature of NZ’s governing reliance – aka fast-followers – on others, particularly those claiming specialist skills and knowledge in pertinent matters. Along with, and importantly I suspect, lag times between actual financial/commercial experience at necessary levels and realtime in a Recession-changed and changing world.
Witness if you will the commendable PM Key whose experience in financial world centers enables his confidence to air how an australian-based RA analyst was a “bright boy” enough to recognise that Budgets can offer more than one way to skin a costs cat. Message being; hey, at least wait for it!
Yet, and taking matters in the above link into account, we might sensibly point out how the PM’s experience ( gone by 2002 ! or thereabouts ) may be somewhat dated. Not, as it were, tainted by later SEC-offensive activities. But, by the same token, somewhat too reliant upon the earlier experiences and RA track record. Back then.
A reliance which sharp RA folks may tacitly further in their own and lenders and/or investors’ interests. Furthermore, appear superior to their elsewhere-based offices. Very good, I’d guess, for the ambitious though insofar as realtime professionalism somewhat doubtful in advantage or preference-taking terms. As indeed they, like military officers, are duty bound to pay. Everyday. Every way.
Still, as a best they could do Budget with all the problems of funding public services and the vulnerable I’d tick one of Mr. English’s(Fin Minister) more forthright efforts. A Forthright Bill springs to mind 🙂
And beats by miles and miles and miles the all-right compassionless act claptrap of John B’s profession: “missed opportunity”. Utterance met with a spoof on my earlier description of this ‘peripheral party’ status with a slick spelling change to those wild wideboys aka peri-feral among battlers.
Someone else – could be an RA-reliant mobster-type – said Bill was “timid”. Self-interested don’t have the quake rebuild to fund and votes to retain, reliant as they are on too much dosh or cred for themselves.
Pre-Budget and perhaps related was heard this wannabe epsom substitute-MP. Big** on steel. Not new bright steel, but encased stiff steel. Stiffening backs. No! – says I to our spoofers – not rods for their own backs. Tho wouldn’t such chance be a fine thing.?
* The Member comparative of 15 grand a year earner vs a 70 grand a year family and relatively larger net income gainer from this govt’s earlier taxcut package ought be congratulated. For responsibly telling how austerity era rules fairer. Besides, dropping that weekly bottle o’ plonk and/or a bigger block o’ cheese is good for them. Try it. Then believe it.
Hey brothers and sisters, and notwithstanding Kim’s Grayling suppositions due air Saturday – belief is coming back!
** The Budget’s big omission was pipeline stuff. Goes with Minister Joyce’s UFB fiber rollouts. Buzz word: Big-Data. Brashing coalition could use their brains for a change. No way is the $1.5bn spend “money down the drain”. Tho they could be for messing up.
We’re flat tack right now and imho says mebbe later, when the other big science story clears…
Stay on the good word and its work..