Thursday, November 27, 2008

Should Government save the wonder of Woolies?

Woolworth's in Britain is a slightly different kettle of fish to what you get here in New Zealand or over the Tasman.
In fact, I cannot think of a close Kiwi equivalent of the glorified newsagent, cum sweet shop, music and gifts retailer.
Last winter, I thought the Woolworths stores were looking a little tired and past it.
Anyway, along with another regular UK chain, MFI, the store has called in the receivers.
But as Archbishop Cranmer notes, if the banks can demand and get government help, why shouldn't the retailers?
But could you please explain to His Grace why incompetent, inefficient banks are worth bailing out, but there are no plans afoot to nationalise Woolworths?
Why is the preservation of pick’n’mix not worth a few paltry millions of taxpayers’ money, when the banks have had hundreds of billions?
Why are the jobs of hundreds of banking executives worth preserving, despite their shoddy business plans, while thousands of humble shop-workers are forced to pay the price for Labour’s economic incompetence?
What is this Socialism that bails out the very wealthy and powerful financial institutions, but leaves the weak retailers to die?
What is this Socialism that sides with the might of Mammon while the poor face penury?
What is this Socialism that feeds the banking fat cats on lean and expensive meat, but leaves the workers to the dog-eat-dog world of the market?
Did Gordon Brown claim to have a moral compass?It must be broken.
Anyway, strange as it sounds, New Zealand may well go down the path laid out by Gordon Brown : Bill English is considering bail outs of big businesses facing trouble!
Just who and what can he possibly mean? I retain the concerns I expressed yesterday.
And I don't think Archbishop Cranmer would be too happy either!


Anonymous said...

Bailouts schmailouts. Its all bullshit. The gummint can't bail out anybody or anything. Not on this scale. Just ask yourself- how?

How can the government meet the debts of all of these collapsing so called private and or semi private companies. It can't. All it can do is print paper money. Which then becomes worthless.

Its about time the media grew up and stopped perpetrating the idiotic myth of the "bailout". There won't be one, and whatever will happen will happen and the gummint is powerless to stop it.

We're witnessing a bridge collapsing because its carrying far too much weight. Prepare yourself for the cold dark waters of financial reality. The reality denied so long by the smoke and mirrors of Keynesian socialism.

Just my opinion said...

Everytime I see Woolies I wonder what the hell it is there for. It sells shite stuff and is always empty. I am surprised they have lasted so long here in the UK crisis or no crisis!

Adolf Fiinkensein said...

FFM, go and take some Gavascon or Mylanta. It will settle you down. Better still, go and see what Mr English has actually said. Redbaiter is right. Hyperbole and emotive talk of 'bail outs' is silly. What is proposed is the vague possibility of government loans in the UNLIKELY event that major employers are unable to source their usual sources of credit.

Some people call that 'having a plan ready. What would you propose? Mass lay offs?