The NZ Herald published an article today on the banking inquiry panel and the structural problems of the NZ economy. Worth a read for those interested in NZ. Some choice quotes:
New Zealand is "using the credit card to pay the mortgage" and if it continues we will lose our sovereignty to Australia, politicians were told today.
Commentators told opposition MPs holding an inquiry into bank pricing that New Zealand's obsession with property was the cause of most economic problems.
Bernard Hickey, managing director of interest.co.nz, told the inquiry the New Zealand economy was not an economy but a "housing market with a few other things tacked on".
I've written before on this blog how stupid New Zealanders are and their addiction with residential real estate as an asset class. For those that are interested and missed these, you can find them here, here, here and here - I won't bother reposting the facts. Those New Zealanders invested in residential property who lose their shirts and their pension pots will have no one to blame but themselves and their own ignorance. No doubt they will then vote the Labour party in with an election pledge to bail them out of their misery.
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