41 thoughts on “Monday Message Board

  1. I’ve no problem with the concept of public investment. Certainly, at bthe infrastructure level, this is essential.

    Its not happening on any relevant scale at either State or Federal level Michael.
    Rees job creation is scam. They announce 200 jobs (big deal) and it turns out the fine print dictates its only 400 and they are estimating the rest on “the multiplier effect” A multiplier of 5? In this environment? No damn WAY. The trouble is they think the voters are idiots and they are not collectively and they are going to feel that, so if I was any State Labor Minister right now Id be thinking seriously of defecting to the winning party.

    Unfortunately I still have no where to place my vote…so I will be as disruptive as I can.

    I commend you Michael…thats the first honest comment Ive heard you make. Roozendahl and Tripodi need to go for a start.

  2. No Alice, Rees is not making things up for the $2.3 billion Epping to Chatswood Rail Link is now transporting over 10,000 people every day and the $3.6 billion investment in 626 new air-conditioned carriages is not a pipedream? Thumbs up Rees.

  3. Not nearly far enough Michael. The Chatswood to Epping rail link is cheaply built shoddy and poorly designed and has numerous problems…too steep an incline to go under the Lane Cove River…that was an atrocious mistake and to get it into perspective…it really connects only two major shpping centres and university and Im sure the shopping centres (and tehir owners) were more important to State Labors friends in high places than an improvement in general transport options.

    They need to finish the job. It is a rail line with two stops only… before it connects to an old rail line (Chatswood). A much hyped drop in a bucket of needed infrastructure.

    Thumbs down.

  4. Sorry Fran. I almost complimented Michael for his vision but it belongs to you…shame you dont vote Fran..we really need you.

  5. Oh and the carriages are running years late. They were supposed to arrive in 2008, then 2010 and now not before the next election (if ever……).

  6. @Alice

    Even if I did vote I’m in a blue ribbon seat (Epping), so it would make absolutely zero difference, and even if my seat were line ball, I’m not going to vote Liberal …

  7. No Alice, the daily commuters on the Chatswood to Epping rail link would possibly give Rees a big tick and a big kiss. Keep up the good work Rees.

  8. Alice #21,

    You have ignored the already large and growing role of the government in the economy. You cannot have it all – huge expenditure in infrastructure, social services, public services purely for employment rather than for actually providing services to people who need them let alone figuring out how to pay for it. How are you going to attract international investment where government activity crowds out debt capital financing in the markets? How are you going to maintain corporate competitiveness with higher taxes and interest rates?

  9. Sean,
    Australia doesnt attract sufficient private investment to keep us well employed simply because we dont have enough people here to give private firms a volume market to sell into. Ideological opposition to government investment just for the sake of it doesnt help. Australia has characteristics that are unique to teh Australian economy – its not a mini clone of the US (and even the US has considerable public investment despite the market rhetoric) Private businesses also need to be assured their workers can get to work and the transport is effective to carry their goods – this requires decent communal infrastructure – not pathetically short user pays (toll road) strips dotted here and there (which State Labor became so enamoured with). There is no need for preferential division between government investment and private investment although an overwhelming majority of one form or the other, would I suspect, be highly undesirable. Using a mix of both can also maximise private investment and as for crowding out – thats a poor argument – firms can in this globally de regulated financial environment supposedly seek the most competitive funds from anywhere..they are not restricted to local finance and competition is “supposed” to lower the costs of finance (and I am dubious about this anyway..).

    Fran – Im the same…on the Northern Beaches. The clots keep voting blue and I vote black!

  10. Crikey John, ‘crazy uncle’ has done it again splitting the Liberals and Nationals, trading insults and ripping into each other. And NSW frontbencher Bob Baldwin possibly thinks he has quite a few big reds jumping around in the top paddock telling him to consider packing his bags.

  11. Crikey John, a recent study found 4 of 11 rural politicians ‘had not heard of climate change tipping points, suggesting they did not understand that climate change has the potential to accelerate if not addressed urgently’. Maybe ‘crazy uncle’ is not the only one that has quite a few big reds jumping around in the top paddock.

  12. Crikey John, it has been reported today that Peter Debnam has broken ranks with the schmuck and is opposing the NSW Opposition’s ban on the publication of school league tables, warning it is a form of censorship.

  13. A few quick facts about the PBGC:

    1. It is an insurance scheme which guarantees US corporate pension benefits. It is not funded from government tax revenue but from premiums paid by private companies and from the assets seized from bankrupt pension schemes together with investment income.

    2. The principal liability of the PBGC is the cost of paying out pensions, as such its deficit represents the difference between the current value of assets and NPV of future pension benefits.

    3. Because pensions are paid out over an extended period of time, the PBGC can sustain a deficit for an extended period of time and can overcome a deficit by increasing insurance premiums.

    4. The PBGC’s deficit relates largely to the fact that it invested most of its assets in the stock market. From May 1 to yesterday the DJI rose from from 8200 points 9,000 points.

    but of course this is all nonsense PGBC will collapse the rotted sepuclchres of capitalism will crumble awake and the workers and peasants will realise at last that unreconstructed Marxists fossils aren’t pretentious wankers after all.

    Any day now.

  14. Goldman Sachs joins Morgan Stanley and Citibank in repaying its emergency funding from the US government.


    A quick titbit:

    “Taking into account the dividends that Goldman Sachs paid on the government’s preferred shares, the Treasury earned an annualized 23 percent return on its funds, according to estimates from the bank and the Treasury.”

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