"I know it's a bribe," "but I'll take it anyway."

So claims a debt laden student reacting to Labour's craven student loan bribe. Brian Fallow in today's Herald has a thoughtful article on Labour's massive electoral bribe.

Fallow reveals the huge gap of $1.7Billion between fair value for the current loan portfolio and what is in the country's balance sheet. This sum will consume Cullen's 2007 forecast when a more transparent reporting standard is introduced and the portfolio is written down to fair value.

Shows what a dork Cullen is - this will really upset your OPERDA or WTF acronym you try to bamboozle people with. Real issue Michael - we are going backwards and you are not being honest. Your bribe will worsen the situation.

But I guess you don't give a toss - your sole objective this time is to get Helen back in power for a record third term. end, justify, means...

The size of the writedown estimated here is before any increased uptake in loans as a result of the free interest rate under Labour. Labour in their craven, cynical, calculated pledge have taken today's opportunity for power against tomorrow's opportunity to pay.

Another Labour "fact" is destroyed in the analysis as well. Much was made by Labour of the impact of student debt on the brain drain.

The reality, only 25,000 of the 445,000 people (5.6%) with student loans are overseas.

Again. spin, end, justify, means.