Thursday, October 16, 2008

NotPC and the Cullen Fund

NotPC poked a bit of borax at Adolf yesterday over his two posts on the use of the NZ Super Fund to provide much needed investment capital in NZ. He seemed to think it odd that I might deplore the prospect of Michael Cullen 'asking' the fund managers to increase their current levels of investment in NZ while the next day applauding the much more vigorous approach of John Key who will legislate to make 40% the target level for the time being.

Peter Cresswell's picture

This headline a few minutes ago might give NotPC and his little boutique of political theorists a clue as to why these points of view are not at all contrary.

You see, NotPC and his mates are very very good at political theory but they're not very hot on politics. They and Michael Cullen, see the whole world through their very narrow focus of political policy theory but, unlike John Key, they cannot seem to comprehend that yesterday's bad policy can often be tomorrow's best possible answer for the problems of the day. Things change chaps and by hell, they are changing very fast these last couple of weeks.

The other major factor they, like all policy wonks, completely miss is that the same policy in the hands of good people can be wielded for the common good and in the hands of bad people can be used for their own venal political needs. Does he and his band seriously think Cullen and his cronies would ever do anything to cut back an out of control public sector? Do they seriously think Cullen and his cronies will not continue to engage in the most egregiously irresponsible election bribes? No, of course they don't. Cullen desperately needs more money to buy more votes.

In my view Cullen has his eyes on the massive reserves in the NZ Super Fund for one reason and one reason only. He wants to use them so that he can free up other funds to continue Labour's reckless bribery of the electorate during a period when he will have no surpluses if he is re-elected.

Labour Alliance Cabinet

That is why they and they alone are a bunch of greasy pricks.

On the other hand,John Key and Bill English will see to it that the funds are invested in worthwhile, income bearing activities which yield a good return for the fund members AND provide a common good during a time of economic crisis and financial difficulty. How will they do that? Simple. By not attempting to go through the back door and pressure the fund managers.

You see, when it's all boiled down it's not a matter of policy, it really IS a matter of trust.

Cullen and shifty and manipulative Clark have trampled over so many conventions and broken so many laws that they simply no longer can be trusted. You can't believe one word they say about anything. They have a record of mendacity which would be the the envy of Mussolini or Stalin.

New Zealand's finest authority on the character of this godless, morally and ethically bankrupt gang told us all some years ago how they work. Always remember 'they spend all their time scheming and plotting and Michael Cullen is an expert at changing a word here or there....'

For example, I have every confidence that within less than twelve months of re-election, Prime Minister Cullen would have twisted the arm of the Fund to buy the railways at an inflated price with a caveat that the company must employ a large number of unemployable Maoris in order to honour his coalition agreement with Tariana Turia. Then he'll be able to use a billion dollars for bribes in 2011. That's how they think. Labour governs for the good of the Labour Party.

So, NotPC you stick to your gleeful policy prescriptions from the safety of your little cavern on the edge of the political jungle and leave the politics to the people who actually have to step out onto the high plain and get themselves elected before they can do anyone any good.

After all, there can't be very many of you if you have to rely on the National Party to carry one side of your two pole flag at a street demo because the other half of your membership didn't turn up. But you know, I'd help you out again if you needed it. We're all in this together against the common enemy, the Axis Partners.



Clunking Fist said...

Yeah, but they are kinda right. The only thing worse about having such a fund, is having politicians fingers in it. Sure, the fingers might be blue at first, but the next lot these may be red/green.

Where Peter is wrong: voting for the Libz. Why not just piss on yer voting papers, Peter. (Party) vote ACT, or just stay home on the day.

Clunking Fist said...

"...but...they cannot seem to comprehend that yesterday's bad policy can often be tomorrow's best possible answer for the problems of the day."

The problems of the day is a credit squeeze originating from overseas. NZ trying to fix this is like NZ trying to stem gloabl warming: the problems in the US banking system will be fixed by the US. If they don't fix it (and I'm confident they will) then nothing we do will divert the hurricane coming our way.

Clunking Fist said...

And Australia! FFS, what are they DOING: if (well, when) the world slips into recession, it'll be the recession we "deserve". Why give taxpayers money now, only to have to take it off them down the track when their gummint has to pay the borrowing back. And who ever HEARD of a pensioner who went on a spending spree? FFS I can't even get my OAPs to reduce their stockpile of brown paper bags and "twine".
The US tried a stimulus package earlier in the year:
"...will pay taxpayers $600, $1,200 for married taxpayers... There is also a $300 per child tax credit."
It may have helped avoid a recession...if weak consumer spending was the only cloud on the horizon. But Banks with low, no or negative equity won't be fixed by Jim-Bob buying a new pickup truck.

steve h said...

So, NotPC you stick to your gleeful policy prescriptions from the safety of your little cavern on the edge of the political jungle and leave the politics to the people who actually have to step out onto the high plain and get themselves elected before they can do anyone any good.

Exactly. Well said. No one cares what he thinks as his party is irrelevant and their ideas have never been tested. Maybe get 1000 votes.

PC said...

So your answer to my post, Adolf is that they and they alone are a bunch of greasy pricks because they're bad bastards, whereas your boys are a bunch of good bastards so it's all okay.

That's it?

And this over what you called just three days ago a "defining election issue."

And then you say it's me who's "not very hot on politics."

Sheesh, man, grow some balls.

Or is Eric Crampton right: that "politics" is just cheering for the home team, without any thought given to the content of policy.

I'll let your readers think about that one.

Meanwhile, let them reflect on another comment from Eric C. explaining succinctly why Key's "Dancing Cossacks' policy is wrong:

"1. International portfolio diversification just makes sense.
2. Failure to engage in such diversification exposes government to massive risk where an adverse shock to the NZ economy simultaneously hits both the superfund AND the tax revenues that otherwise be used to stop the gap.
3. Keeping political meddling out of superfund constitutes a bright-line rule. Any breach of this makes any other nonsense later on much more likely.
4. If Key is elected and goes through with this, I hope he is held to proper account should #2, above, eventuate. Just like Barney Frank properly ought to be held to account for his role in creating the subprime mess. Key will be every bit as culpable.
This policy is bad enough to outweigh damn near any other marginal benefit that might have been had from a change in government. Because I’m pretty sure that even if Cullen is mouthing words in the direction of similar policy in the leadup to the election, I’d bet he’d break the promise come December. I don’t think Key would. "

Sus said...

Vote ACT, Fist? Why? Why vote for the "Liberal" party that's not so liberal after all?

*That waits to throw people in jail after three violent crimes, instead of one.

*That thinks it's ok to tell adults what they may not put into their bodies.

*That believes in the redistribution of wealth.

*That wants to set the IRD onto criminal gangs, ie setting legal gangs onto illegal gangs.

*That upholds Prohibition - in spite of the fact that it still doesn't work. Hell, we can't even keep drugs out of jail, let alone the streets!!

*That, in spite of all evidence to the contrary, still expects the state "services" to work efficiently.

Oh, *that* liberal party. Sounds like a wasted liberal vote to me.

Anonymous said...

Forget the economy. Who is that in the front row with the pus-coloured bozo tie and the black shirt?

That says it all. Any cabinet that includes such a fashion tragic has got the collective intelligence of a, of a, of a ...Labour gummint.

Anonymous said...

I don't know how many folks here are old enough to remember what happened when the Social Security funds got moved to the consolidated account. Yep the politicos of the day pissed them against the wall in election bribes.

Any move by these two showers to get the funds under their management will have an identical result.

Clunking Fist said...

Sus: I'm not sure what your point is? Are you saying vote Libz? If I thought that they might break the 5% barrier or get an electorate seat, I probably would. But I suspect they won't (in fact I'd put money on it), so I won't waste my vote.
No party represents my views, but the ones on the "right" represent more of my views than those on the "left", so I am forced to vote for the lesser of various evils (LOL) and ACT are the only party which can maximise the value of my vote, ASSUMING Hulun doesn't somehow cobble a coallition together. If she does, then my vote is severlly devalued...


What struck me about this incident is the hypocrisy of Michael Cullen.
there he was promoting his own plan to get the fund to invest in new Zealand.
then, the next day, John key proposes what Cullen was preaching and all of a sudden it was a bad idea,

Clunking Fist said...

Just to be clear FFM: it is a bad idea on BOTH days..

Sus said...

Hi Fist .. I'm saying that a vote for ACT is still a vote for socialism, albeit less than the rest.

I'm disappointed with ACT. They're still fiddling around trying to make socialism work, rather than have the guts to throw away, even transitionally, the shackles of it.

If nothing else, the recent market failure/credit crunch shows glaringly what happens when the system is fiddled with, rather than left alone.