I have just sent off my cheque for shares in Might River Power. While it is perfectly OK to oppose a decision of Government which was a central plank of its election campaign, is economic vandalism to set out to deliberately wreck a share float offer with a policy (if that's the word) designed nothing more than to depress the worth of the offer and claim some sort of vindication from that ... and who benefits? Certainly not the economy and certainly not taxpayers.
Why not ... because the sale is going ahead and the only thing it will achieve is (1) to reduce the money likely to be received by Government from the partial share float, money which has been pledged to be ploughed back into infrastructure, money that will now have to be borrowed from o'seas lenders and (2) to cause disinvestment in the energy industry with the likely downstream effect of power shortages (brownouts) and (3) to reduce the dividend payable to to Government (read the taxpayer) from those companies where it has a financial interest.
No matter that the policy has been universally panned. It has been dreamed up by economic illiterates whose mantra is to oppose economic development of whatever shape or size and whose political nirvana is to see New Zealand match Tasmania as a failed state. A state where investment is a dirty word ... a state whose unemployment rate exceeds that of NZL.
And their big policy idea along with the effective nationalising of the power industry is to print money as the way forward.
The drift of New Zealanders to Australia is slowing as the realities of the disastrous economic policies of the Labor Government there start to bite home. It will accelerate again if these economic illiterates here ever again get their grubby hands on the leavers of power.
The Labour Party is being led by the nose by the Greens and right now it's not a case of 'jump' but 'how high sir'.
The last Labour/Winston First Government squandered 8 years of surpluses, none of their own doing. One shudders to contemplate just how they would cope in a world where there has been a paradigm shift away from borrow and hope.