Quote Originally Posted by Logen Ninefingers View Post
Such complacency in the responses. Either being dismissive or posting red herrings seems to be the way to go. It wasn't STUFF making the comments on risky lending, it was the second in command at the Reserve Bank.

I also have to laugh at the comments about so-called 'capitalism'. Under capitalism saving is supposed to the be the engine-room, the driver fueling investment & growth. This joke zombiefied system that we have had foisted on us since the GFC is just about constant interest rate suppression and state money printing, and savers can go to hell.

The definition of 'capitalism' in NZ seems to be 'a bunch of good buggers reaping huge capital gains off the housing market', and 'socialism' is 'a bunch of bludgers sitting on the benefit - no wonder they can't get ahead'.

Now we have a Reserve Bank who are supposed to be keeping inflation within a set band, and now it pops up to 3.3% suddenly the government hands them additional tools to 'deal with housing', and we have government ministers such as Stuart Nash talking about "loooking through" inflation.
Translation: the so-called 'independent' Reserve Bank will ignore their inflation mandate (hand in glove with the government) and again favour housing asset owners over everyone else.
But now they are trying to get a camel through the eye of a needle: they need to keep house prices rising moderately, while decreasing the pool of buyers, while checking inflation, while dealing with a rent crisis, while meeting the aspirations of young first home buyers. In other words, they need to do the impossible.
Well said.

As for TeslaGod. Most people in NZ do not invest in shares or have a clue about it. Instead like yourself, they use houses as a tool for financial gain (without considering who pays for the cost in society). I dunno about you but I don't like to leave people behind just because you can own houses, and your friend can't even own their 1st home.

If you don't feel that you're a product of the housing problem in NZ, then I would say that's a pretty selfish way of thinking.