Comments on: The day that Barnaby Joyce made sense http://www.crikey.com.au/2009/12/14/the-day-that-barnaby-joyce-made-sense/ now with extra source Sat, 11 Feb 2012 22:41:28 +0000 hourly 1 http://wordpress.org/?v=3.2.1 By: Scott http://www.crikey.com.au/2009/12/14/the-day-that-barnaby-joyce-made-sense/#comment-51888 Scott Tue, 15 Dec 2009 01:29:28 +0000 http://www.crikey.com.au/?p=105457#comment-51888 Why would you want to re-regulate the banks? Deregulation of the Australian Financial System was one of the microeconomic reforms responsible for the decade and a half of economic growth. Competition increased, bank margins decreased. I don't think we need to go back to the bad old days where you had to give away your first born to get a loan, and paid above the odds. APRA has sufficient powers as is. Also inregards to the US, a lot of the TARP funds weren't required and have been paid back. US debt is still attractive to low risk investors. Credit Default swaps (especially sovereign) are a very poor indicator of default risk. They are basically a financial instrument used to hedge Government bond yields and prices, not the bonds themselves. You can do the same using bond immunization (which most investors use...that is why not many punters use Credit Default Swaps at all) Nothing Barnaby has said has changed my opinion that he is hopelessly out of his depth on Financial/Economic issues. Why would you want to re-regulate the banks? Deregulation of the Australian Financial System was one of the microeconomic reforms responsible for the decade and a half of economic growth. Competition increased, bank margins decreased. I don’t think we need to go back to the bad old days where you had to give away your first born to get a loan, and paid above the odds. APRA has sufficient powers as is.

Also inregards to the US, a lot of the TARP funds weren’t required and have been paid back. US debt is still attractive to low risk investors. Credit Default swaps (especially sovereign) are a very poor indicator of default risk. They are basically a financial instrument used to hedge Government bond yields and prices, not the bonds themselves. You can do the same using bond immunization (which most investors use…that is why not many punters use Credit Default Swaps at all)

Nothing Barnaby has said has changed my opinion that he is hopelessly out of his depth on Financial/Economic issues.

]]> By: The Boxing Candle http://www.crikey.com.au/2009/12/14/the-day-that-barnaby-joyce-made-sense/#comment-51856 The Boxing Candle Mon, 14 Dec 2009 14:28:53 +0000 http://www.crikey.com.au/?p=105457#comment-51856 Loving the assumed perspective that mainstream politics generally works from a rational perspective given we live in such unsustainable times (yeah, yeah, I know you think you'll be long gone when the shit finally hits). Regardless of his assumed level of wit at least he's got the stones to publicly spruik an alternative perspective. Loving the assumed perspective that mainstream politics generally works from a rational perspective given we live in such unsustainable times (yeah, yeah, I know you think you’ll be long gone when the shit finally hits). Regardless of his assumed level of wit at least he’s got the stones to publicly spruik an alternative perspective.

]]> By: jc123 http://www.crikey.com.au/2009/12/14/the-day-that-barnaby-joyce-made-sense/#comment-51832 jc123 Mon, 14 Dec 2009 08:42:14 +0000 http://www.crikey.com.au/?p=105457#comment-51832 But it wasn't prop trading desks that got the US banks into trouble. But it wasn’t prop trading desks that got the US banks into trouble.

]]> By: jeebus http://www.crikey.com.au/2009/12/14/the-day-that-barnaby-joyce-made-sense/#comment-51824 jeebus Mon, 14 Dec 2009 08:12:24 +0000 http://www.crikey.com.au/?p=105457#comment-51824 There are right ways and wrong ways to start discussions about contentious issues like America's fiscal situation, Australia's banking oligopoly, and Chinese government ownership of our assets. While Paul Volker is able to present his views in a considered and rational way, Barnaby wields his newly awarded power like a big stick, hitting as many bee hives as he can. There are right ways and wrong ways to start discussions about contentious issues like America’s fiscal situation, Australia’s banking oligopoly, and Chinese government ownership of our assets.

While Paul Volker is able to present his views in a considered and rational way, Barnaby wields his newly awarded power like a big stick, hitting as many bee hives as he can.

]]> By: RaymondChurch http://www.crikey.com.au/2009/12/14/the-day-that-barnaby-joyce-made-sense/#comment-51789 RaymondChurch Mon, 14 Dec 2009 06:25:40 +0000 http://www.crikey.com.au/?p=105457#comment-51789 Too true SBH, after confirmming last week he is the big mouth almighty most suspected. Joyce was equally absurd having to admit he was wrong. So why say it in the first instance? Because that is what he does. Shoots his big yapper off, no idea what he is saying, has been doing it since Nov 2007 and he is being found out. Barmy Barney has been outed and he will find it very difficult to duck the bombs heading his way leading up to the next election. Too true SBH, after confirmming last week he is the big mouth almighty most suspected. Joyce was equally absurd having to admit he was wrong. So why say it in the first instance? Because that is what he does. Shoots his big yapper off, no idea what he is saying, has been doing it since Nov 2007 and he is being found out. Barmy Barney has been outed and he will find it very difficult to duck the bombs heading his way leading up to the next election.

]]> By: SBH http://www.crikey.com.au/2009/12/14/the-day-that-barnaby-joyce-made-sense/#comment-51771 SBH Mon, 14 Dec 2009 05:23:38 +0000 http://www.crikey.com.au/?p=105457#comment-51771 Hmmm maaaybe but that doesn't get him off the hook for this mornings AM performance where he spent most of it fending off alegations that he's linked with the CEC and finished by admiting that he'd made a goof-up on all that finance stuff. All the focus on him none on Rudd - still. Hmmm maaaybe but that doesn’t get him off the hook for this mornings AM performance where he spent most of it fending off alegations that he’s linked with the CEC and finished by admiting that he’d made a goof-up on all that finance stuff. All the focus on him none on Rudd - still.

]]> By: jazz http://www.crikey.com.au/2009/12/14/the-day-that-barnaby-joyce-made-sense/#comment-51756 jazz Mon, 14 Dec 2009 04:45:00 +0000 http://www.crikey.com.au/?p=105457#comment-51756 So we have options? acting or re-acting! We can lift the interest rates or we wait very inactive for the USA to default. Now 14 days ago the banks "acted" the third time in a row and lifted up the interest rates. NOW didn't we get exhausted reading all these angry comments of bank customers wagging their fingers at their bank threatening to leave and walk out of their marriage? And this by nota bene "emergency" low interest rates! So now I really do want to know what happens when we just wait and the USA defaults - what does that exactly mean for the ordinary Aussie? Can anyone explain this to me and preventative to all the "angry" customers who might just start snarling all over again after reading this article. So we have options? acting or re-acting!
We can lift the interest rates or we wait very inactive for the USA to default.
Now 14 days ago the banks “acted” the third time in a row and lifted up the interest rates.
NOW didn’t we get exhausted reading all these angry comments of bank customers wagging their fingers at their bank threatening to leave and walk out of their marriage? And this by nota bene “emergency” low interest rates!
So now I really do want to know what happens when we just wait and the USA defaults - what does that exactly mean for the ordinary Aussie? Can anyone explain this to me and preventative to all the “angry” customers who might just start snarling all over again after reading this article.

]]> By: Barbara Mortimer http://www.crikey.com.au/2009/12/14/the-day-that-barnaby-joyce-made-sense/#comment-51738 Barbara Mortimer Mon, 14 Dec 2009 04:15:01 +0000 http://www.crikey.com.au/?p=105457#comment-51738 At last some political debate. This is the best Christmas present of all Tony Abbott & Barnaby Joyce stirring the Ruddsters all holidays.I've been interested in Barnaby ever since he got headlines after he came back from Antarctica and said something like " we might as well just let the Chinese go & mine the Antarctic they are going to anyway ". Who knew they were even thinking about it before he mentioned it ? Babs. At last some political debate. This is the best Christmas present of all Tony Abbott & Barnaby Joyce stirring the Ruddsters all holidays.I’ve been interested in Barnaby ever since he got headlines after he came back from Antarctica and said something like ” we might as well just let the Chinese go & mine the Antarctic they are going to anyway “. Who knew they were even thinking about it before he mentioned it ? Babs.

]]> By: shepherdmarilyn http://www.crikey.com.au/2009/12/14/the-day-that-barnaby-joyce-made-sense/#comment-51737 shepherdmarilyn Mon, 14 Dec 2009 04:14:23 +0000 http://www.crikey.com.au/?p=105457#comment-51737 The difference is that US and British banks got billions in cash, our banks didn't get a red cent. The difference is that US and British banks got billions in cash, our banks didn’t get a red cent.

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