NZ Green Party
Back Benches Job Summit special

Last night, Back Benches broke with convention and invited more than just politicians, adding Charles Finny of the Auckland Chamber of Commerce and Phil O’Rielly from Business NZ to the conversation. Politicos included our very own Sue Bradford and Labour’s Trevor Mallard.

The topic on tap was JOBS. The jobs summit, the global recession and government bailouts/stimulus packages. When asked about the recession, Sue said it was pretty bad and would last a while. Kiwiblog poked fun at her for this, but failed to mention that everyone else on the panel agreed with her that we are in for some seriously troubled waters.

Phil O’Reilly even agreed that economically, it could be as bad as the Great Depression, but that fortunately we have a better social safety-net this time. The business folk tried to spin it as not so bad, but they didn’t disagree with her.

Meanwhile, back in reality, the NPR posted this article:

In his “Daily Notes on the Global Economy,” Carl B. Weinberg of High Frequency Economics notes Japan’s drop in exports last month — down 45.7 percent from the previous January. The bold and italics are his:

We have never seen anything like this in a major developed market economy.

Weinberg goes on to write that without a quick turnaround, half the Japanese jobs involved in making goods for export are at risk.

The reality is that this thing is bigger than any of our business elite are willing to talk about. Nor is the government willing to talk plain for fear of spooking the horses. While we’re making light of the gloom and doom, did you know that a single copy of the New York Times is now worth more than a share in the company?

So watch the Back Benches episode, (linked at the top), and see if you think we are getting a rose tinted view of the economic situation.

18 thoughts on “Back Benches Job Summit special

  1. Are these the same people who failed to predict the collapse in the first place? As a recall, Cullen (ludicrously) pronounced the recession over a few months back.

    Everyone so sure of the future, eh. I’m betting – yes, with real money – none of them will be right.

    We’re in for a freeze. Like the 80s. We’ll pull out towards the end of this year. Not to the same level as before, and we’ll be in for a sluggish few years of flat after that.

    People still gotta eat. They’ll cut back on the Gucci.

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  2. One can only hope this job summit is as successful as the last job summit Sue attended.

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  3. >>but failed to mention that everyone else on the panel agreed with her that we are in for some seriously troubled waters.

    I’m watching that video now, and I think (so far) DPFs characterization is more accurate than your own. Sue sounded like she is talking from an ideological position, rather than offering an informed economic analysis, and the others certainly aren’t agreeing with her.

    To be fair to Sue, she is qualifying it by saying it will be a depression for the group she represents i.e. the poor and unemployed

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  4. BP, I don’t think many people predicted the current financial situation. Otherwise they’d have all sold their shares in September and invested in gold.

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  5. “Sue said it was pretty bad and would last a while. Kiwiblog poked fun at her for this”

    Is there any other way of dealing with her stupid comments?

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  6. >>I don’t think many people predicted the current financial situation

    I did.

    I liquidated all my shareholdings early last year. Got out too soon, but I can certainly live with that :)

    I’d been listening a lot to Peter Schiff & Gareth Morgan (transparency: I invest with Gareth Morgan).

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  7. BP – Your Cullen article supports what I said in my post – that the politicians, particularly those in government, are terrified of scaring the horses and are playing down the situation. Only now we have Obama, on air yesterday, using the word crisis over and over and over again. We have the Japanese economy seizing up and you guys on the right want to call Sue Bradford a scaremonger!! Lol!!

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  8. Frog – you’re quoting Fox?!?? That’s even worse than quoting TVNZ! :)

    I don’t agree with Beck. Where is his analysis to back that position? It’s like Sues prediction – it appears to come out of an ideological position and a need to remain ideologically consistent.

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  9. >>Your Cullen article supports what I said in my post – that the politicians, particularly those in government, are terrified of scaring the horses and are playing down the situation.

    Sure, but point was that we need to treat all these positions with a grain of salt.

    Predicting the future is guesswork. It’s just a series of bets. I don’t tend to listen to anyone who isn’t making large bets with their own money.

    Even then….

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  10. BP speaketh the truth.

    I’m not betting my money but it is my expectation that the world has a long way and a long time to go down yet.

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  11. Just thinking about the Jobs Summit and theSwazi controversy. I wonder what happened to the idea that Kiwibank does all the government’s banking (rather than Westpac)? I think it was Winston making all the noise about it last year so I hope it hasn’t dropped off the radar because of the Winston factor. I think it’s a great idea nd would love to see the Green’s making some noise abvout it this week.

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  12. Doesn’t have the capacity. Would require a lot of investment in systems that would likely prove uneconomic.

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  13. BP – I read this blog on a fairly regular basis and note the extent to which you contribute to almost every post. I must say its very impressive but….do you actually have a life?

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  14. sleepyday: people never make that kind of investment unless they are being substantively rewarded – either financially or through some twisted emotive process – either way, it’s a good reason to Vote Green Hey?

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  15. sleepyday – I think this may be his life. Sometimes I’d even wager that it is BP’s paid employment too, given his inability to say anything nice about anything, always the contrarian, even when he contradicts himself!

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