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Building, inexorably, towards a clash of clans in May.
02-09-2019, 12:25 PM
Post: #1
Building, inexorably, towards a clash of clans in May.
A Katharine Murphy article in The Guardian that discusses some aspects of campaigning, the effect of early polling and Boomers v Millennials.

It is thought provoking.

https://www.theguardian.com/australia-ne...SApp_Other

Behind every great woman is a man calling her unlikeable.
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02-09-2019, 04:59 PM
Post: #2
RE: Building, inexorably, towards a clash of clans in May.
My subscription to The Guardian ran out. Tongue

Even the bulk of the US press, which spent most of 2020 describing Biden as the best thing since sliced bread, seem to have realised that the Presidency is more like burnt toast.
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02-09-2019, 05:42 PM
Post: #3
RE: Building, inexorably, towards a clash of clans in May.
It isn't paywalled.

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02-10-2019, 11:12 AM
Post: #4
RE: Building, inexorably, towards a clash of clans in May.
looking at insiders today it looks like it will be a 'stop the boats MkII ' election.
thanks to dogooder kerryn phelps?
labor getting nervous?
franking credits and boats, negative gearing and capital gains tax.

nah, scomo is still a dead man walking....
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02-10-2019, 12:39 PM (This post was last modified: 02-10-2019 12:40 PM by Di Wundrin.)
Post: #5
RE: Building, inexorably, towards a clash of clans in May.
Quote:Murphy:
The whole boomers versus millennials motif is a generalisation that can be overworked to the point of cliche, but there will be an element of generational face-off in the coming contest, because the programs of the major parties are inviting that debate.

As ever Murphy washes the tinsel off the issues. Despite her open (and therefore honest) Left bias, I consider her one of the best of the current journalists, in fact on some levels the best.

She's lifted a rock on the undercurrent that has been becoming more apparent over the the last year or two. There is a divide being formed between the generations that is greater than that formed by changing technology and societal tastes in music.

This gap is being widened with more malevolent intent. There is no humour in this one, it's been a steady drift into 'them and us' based on impressions being pushed by both sides of the political ranges.

...damn, to be continued.
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02-10-2019, 02:53 PM
Post: #6
RE: Building, inexorably, towards a clash of clans in May.
fixed that.

It's been apparent for some time that there is a mild contempt for 'boomers' expressed by some young journalists.
They perhaps are thinking of the ones with a few mill under the bed but they don't convey that, only sneer about "the greedy boomers."

Murphy's picked up the more overt form but the more subtle impression has been there before politicians picked it up as 'policy'.

It's a pretty sad indictment of where our society is heading.

I've seen an instance of it, subtle, but a warning sign of the changing attitude of the younger people towards the elderly. A neighbour who I knew but lived in another unit block, brought her grandaughter to pick some of my junk jewellery. The girl liked the baubles and chose 5 pieces so I was happy, but it was attitude to her grandmother that bothered me.
When Jan said "Oh goodness, are you sure you need that many"? The girl snorted and replied "It's only money Nan, you can't take it with you, you know!" ... well true, but where did she hear that and get the idea it was an okay thing to say to her grandmother?" I didn't even hear a thank you to Jan, although the girl thanked me!
Hell I was selling them, Jan was gifting them. Ungrateful little twat.

I felt I should give Jan a discount but I wasn't responsible for her snotty granddaughter and I was already doing 'mates rates' on it. It was up to her to pull the reins not me.

Poor Jan didn't fare well. Nor did the grandaughter. The son/father was killed in a traffic accident not long after that Xmas, Jan had a complete breakdown and I haven't seen her since and word is that she never leaves the unit. I'm betting the granddaughter doesn't visit either.

Bad enough that families drift apart along generational lines, but to have that taken advantage of as a campaign tool is over the fence. Fostering resentment in the young towards their own ancestors is hitting new lows.
I heard a very good point made, no memory of who said it or where but it was in regard to the upcoming RC into the aging and was a slogan that perhaps should be used. "We should be caring for those who cared for us."

I wonder if any Party will pick that one up?? The LNP hopefully.

Or am I just too sensitive?
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02-10-2019, 07:27 PM
Post: #7
RE: Building, inexorably, towards a clash of clans in May.
Posted because I'm vitally interested in this issue:


Banking royal commission: Labor’s $2.6 billion a year gift to banks

Christopher Joye is a contributing editor to The Australian Financial Review. He is a leading economist, fund manager and policy adviser who has previously worked for Goldman Sachs and the RBA, and was a director of the Menzies Research Centre.

Even the bulk of the US press, which spent most of 2020 describing Biden as the best thing since sliced bread, seem to have realised that the Presidency is more like burnt toast.
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02-10-2019, 07:41 PM
Post: #8
RE: Building, inexorably, towards a clash of clans in May.
paywall
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02-10-2019, 08:20 PM (This post was last modified: 02-10-2019 08:34 PM by dbeyat45.)
Post: #9
RE: Building, inexorably, towards a clash of clans in May.
(02-10-2019 07:41 PM)maxhr54 Wrote:  paywall

Bugger! I had access to the whole article first up .... now paywalled! Angry

Try: Shorten's Gift to Banks

Today I question whether ScoMo and APRA "boned" NAB's Henry and Thorburn - it was somewhat coincidental timing given ScoMo had called for their heads 24hrs earlier - and reveal that Labor will be giving the banks an incredible $2.6 billion annual profitability gift by forcing consumers, rather than banks, to pay for their mortgage distribution costs.

More generally, I note that Labor's response to the royal commission recommendations is odd: it has gone from agreeing to implement them verbatim before the report was released (and they had an opportunity to interrogate the proposals) to now back-tracking and verbally stating they only accept them "in principle", which means they can disagree with the detail of every single one. This contrasts with the Coalition's detailed written response outlining how they will implement each individual recommendation and where they agree/disagree. The politics of this royal commission are also interesting insofar as the RBA governor, Phil Lowe, has taken the unusually partisan step of backing the Coalition's partial rejection of the royal commission's recommenation on mortgage brokers. This is also the only recommendation that Labor has explained it will accept in full without condition, which, as noted above, gifts the banks $2.6bn per annum.

Bill Shorten says ScoMo is the best friend the banks have ever had, but it is easy to bash them in opposition. He does not mention that ScoMo personally introduced the unprecedented big bank tax in 2017, which taxes the four majors' implicit government guarantee that artificially lowers their funding costs. This tax is costing the majors more than $1 billion annually and was a bold and entirely unexpected policy initative championed by ScoMo as treasurer; (click on this link to read or AFR subscribers can click here). Excerpt below:

On Wednesday the prime minister, Scott Morrison, publicly declared that NAB’s chairman and CEO “should consider their positions”. By Thursday night both had been “boned”. It would not surprise me at all if the board had been nudged to do so by APRA and/or the government. While sad for the individuals concerned, who have doubtless given much of themselves to the enterprise, it was beyond time. More than any other bank, NAB desperately needed generational change with adroit politician Mike Baird waiting in the wings to assume the leadership mantle. If anyone has a visceral understanding of the importance of meeting community expectations, it is Baird, a long-time banker who after securing the highest possible political office in state government has returned to the fold at just the right time.

For investors, the Royal Commission delivered what we originally expected, which can be summed up as: bad for equity, good for debt. Put differently, the banks will become much more risk-averse, slower growing, and increasingly mono-line, savings and loans utilities, stripped of non-core distractions. Their returns on equity will, as we have long forecast, converge towards their cost of equity. And this means they must trade around book value—a radically different result to the three times book value multiples that prevailed as recently as 2015.

At the same time, the unprecedented build-up of first-loss equity reserves that APRA has presciently forced through, which is now being amplified by the Reserve Bank of New Zealand’s requirements for the big four’s subsidiaries across the ditch, has effected a huge deleveraging of these beasts’ balance-sheets. That in turn reduces the risk of default on all securities that rank above ordinary shares in the corporate capital structure, including hybrids, subordinated bonds, senior bonds and deposits.

Even the bulk of the US press, which spent most of 2020 describing Biden as the best thing since sliced bread, seem to have realised that the Presidency is more like burnt toast.
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02-10-2019, 11:20 PM
Post: #10
RE: Building, inexorably, towards a clash of clans in May.
Could be fake news but unions want 'death duties' reintroduced is doing the rounds on facebook.
If you thought franking credits and mediscare frightened the punters, then this will cause a stampede...Blush
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