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| Thread ID: 135808 | 2013-12-14 07:55:00 | Just another waste of money | wainuitech (129) | PC World Chat |
| Post ID | Timestamp | Content | User | ||
| 1362544 | 2013-12-16 01:04:00 | My point was that of all those people who bought into those investments, not one of them was forced to do it. They all did it of their own free will. That is true, but just as getting on a bus of your own freewill, the Bus Company has a duty to deliver the service you have paid for. If you buy a ticket to Wellington from Auckland you don’t expect to be kicked off in Papakura. The Law doesn’t allow that sort of trading unless it seams you’re a Finance Company. To be fair though, the SFO has honed in on some, but probably they need more resources and I think it was the Government that honed in on South Canterbury Finance. However, a lot of the money was in reality stolen, which is different to backing a looser. ;) |
B.M. (505) | ||
| 1362545 | 2013-12-16 02:05:00 | That is true, but just as getting on a bus of your own freewill, the Bus Company has a duty to deliver the service you have paid for. If you buy a ticket to Wellington from Auckland you don’t expect to be kicked off in Papakura. The Law doesn’t allow that sort of trading unless it seams you’re a Finance Company. To be fair though, the SFO has honed in on some, but probably they need more resources and I think it was the Government that honed in on South Canterbury Finance. However, a lot of the money was in reality stolen, which is different to backing a looser. ;) I think we all have a right to expect the local bus company to be able to pick us up and drop us off at a pre arranged point along the bus route. I would consider the bus company to be in the same group as your bank. They are there to provide you with a reliable service although both of which can be open to customer complaints about bad service. Investing is more like trying to pick which horse or greyhound to back. There is always the chance you could win big.. or not. |
Webdevguy (17166) | ||
| 1362546 | 2013-12-16 06:21:00 | And why should they? If they are a privately funded investment company then they are nothing to do with the government . You are correct and the hard-nosed line would be to ignore the finance company collapses . Unfortunately it isn't just a few embarrassed managers and directors who suffer - in fact some of them escape untouched . The people who really get hurt are mums and dads who invested their savings in what "experts" said were solid safe companies . The government could say tough luck and normally that's what happens but the GFC brought on a landslide of defaults - too many ordinary people lost out . So the govt guaranteed the investments to allow an orderly unwinding of the mess . I should add that not all finance businesses were guaranteed, or all types of investments - Blue Chip for example, SCF debenture holders for another . As I said before, don't invest it if you can't afford to loose it . NO investment fund is ever guaranteed . Banks are guaranteed and safe . Government bonds are guaranteed . But that is the only guaranteed fund . Banks are safe but there is no guarantee . In fact when the GFC hit us, there was a week when one of our banks (Westpac?) could not meet its payments and the govt quietly guaranteed it . Subsequently all of the banks were guaranteed . They paid a fee to the govt for this and the taxpayer actually had a win for once . Those guarantees have now ended . |
Winston001 (3612) | ||
| 1362547 | 2013-12-16 06:56:00 | If they wanted to get a decent proportion of Kiwis owning these assets they'd wait a year or two between each sale so that the average kiwi has enough time to amass some savings between each sale . Half the reason Meridian (the best one!) didn't sell well was because peoples wallets were empty after buying into Mighty River . They fail to realise that the average Kiwi doesn't have an income like an MP . Funnily enough we do live in a rich country but we don't realise it . As at October 2012 New Zealanders held $109 billion in their bank accounts . That is a lot of hay, enough to buy the asset sales 20 times over . . rbnz . govt . nz/statistics/tables/c17/" target="_blank">www . rbnz . govt . nz Furthermore a surprising percentage of homes have no mortgage at all . |
Winston001 (3612) | ||
| 1362548 | 2013-12-16 06:56:00 | You are correct and the hard-nosed line would be to ignore the finance company collapses . Unfortunately it isn't just a few embarrassed managers and directors who suffer - in fact some of them escape untouched . The people who really get hurt are mums and dads who invested their savings in what "experts" said were solid safe companies . The government could say tough luck and normally that's what happens but the GFC brought on a landslide of defaults - too many ordinary people lost out . So the govt guaranteed the investments to allow an orderly unwinding of the mess . I should add that not all finance businesses were guaranteed, or all types of investments - Blue Chip for example, SCF debenture holders for another . Government bonds are guaranteed . But that is the only guaranteed fund . Banks are safe but there is no guarantee . In fact when the GFC hit us, there was a week when one of our banks (Westpac?) could not meet its payments and the govt quietly guaranteed it . Subsequently all of the banks were guaranteed . They paid a fee to the govt for this and the taxpayer actually had a win for once . Those guarantees have now ended . Well explained . :thumbs: |
B.M. (505) | ||
| 1362549 | 2013-12-16 07:19:00 | Oops - found the data too late. "Of those households who owned their home, 56.4 percent had a mortgage, and 43.6 percent did not have a mortgage. " www.stats.govt.nz |
Winston001 (3612) | ||
| 1362550 | 2013-12-16 07:24:00 | Funnily enough we do live in a rich country but we don't realise it . As at October 2012 New Zealanders held $109 billion in their bank accounts . That is a lot of hay, enough to buy the asset sales 20 times over . . rbnz . govt . nz/statistics/tables/c17/" target="_blank">www . rbnz . govt . nz Furthermore a surprising percentage of homes have no mortgage at all . Don’t know what’s going on here Winston but you and I seem to be singing from the same song book again! :eek: :D But you are right, NZ is the luckiest country in the world . We have by the grace of ? everything . Yet we let a lousy 123 f’wits stuff it for us . All we need is 1 Statesman! Jeeeeez I get so angry!!!!! :angry |
B.M. (505) | ||
| 1362551 | 2013-12-16 09:43:00 | You forgot the two bailouts of the BNZ BM. | mikebartnz (21) | ||
| 1362552 | 2013-12-16 18:06:00 | Don’t know what’s going on here Winston but you and I seem to be singing from the same song book again! :eek: :D But you are right, NZ is the luckiest country in the world. We have by the grace of ? everything. Yet we let a lousy 123 f’wits stuff it for us. All we need is 1 Statesman! Jeeeeez I get so angry!!!!! :angry Sad to say, there is a dearth of half decent political minds throughout the world. |
Cicero (40) | ||
| 1362553 | 2013-12-16 18:58:00 | Sad to say, there is a dearth of half decent political minds throughout the world. Quite the contrary, there is an astonishingly effective political mind on the planet. The tragedy is that it is shared out among so many politicians that the average representative has a share that is, in practical terms, undetectable. ;) |
R2x1 (4628) | ||
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