If this is your first visit, be sure to
check out the FAQ by clicking the
link above. You may have to register
before you can post: click the register link above to proceed. To start viewing messages,
select the forum that you want to visit from the selection below.
He's just recently put out a newsletter saying that he is changing to a monthly report because there is no much information publicly available that he didn't think it was necessary to duplicate it.
I thought when I read his news letter that it was going to upset a few people.
Some people just have a thin skin!
Hopefully he continues to call a spade a spade after his telling off.
Right. Given the numbers the BNZ hemorrhaged to Westpac when it dumped the AirNZ Airpoints credit cards arrangement, they might be a bit sensitive to that sort of thing, still.
He's supposedly an economist but uses anecdotal data for his BS advice.
He's basically trying to keep his street cred up with a few readers who have the same world view as him.
If his anecdotal evidence is correct that every young bugger is supposedly squandering all their money on consumables
then if they took on his advice and switched to saving all their disposable income:
1. consumer spending would go down.
2. What is the likely effect of decreased consumer spending on local business confidence, wage growth (which has already tanked), job growth, unemployment, the wider economy, and interest rates?
One of the driving beliefs behind low interest rates has been to stimulate borrowing and spending. Lower interest rates = higher house prices.
3. house prices and rents would increase substantially more. As the amount of demand would increase, so too would the ability to pay. With nothing on supply side would match it. So essentially more money would be swallowed up in the game of housing, decreasing housing affordability.
4. The same old stuff would prevail in the country with poor investment in infrastructure and councils unable to raise rates because "poor homeowners" cannot afford rate hikes due to their overpriced mortgages.
Sure this stuff would suffice if he was working at the Salvation Army helping a family or individual budget, but to think its the solution for NZ and thousands of people on the whole is laughable and shows how simple and individualistic minded he is.
The guy gets paid probably what $400,000??? to merely troll. Bankers taking the mickey since forever.
My bet, if there's a hit to the banking system Tony will blame younguns for not saving enough in his and the other banks, rather than all the borrowing and insane lending the Banks have promoted and been a part of.
Last edited by Perry; 12-03-2017, 12:04 PM.
Reason: moderation
Comment