Sunday, July 24, 2005

Finally seeing some sense and balance from a Herald columnist. Jim Eagles reviews the 90's and the dogma laden statements from Clark and Co, demonising the decade.

From that decade we can give thanks for the Fiscal Responsibility Act and the Reserve Bank Act 1989 which gave the central bank independence - two key pieces of legislation Dr Cullen now uses as the backdrop to "prove" 'his responsible and prudent economic management'.

Where would we be now without the restructuring of the 80's and 90's?

The anti- Privatisation agenda of Labour deserves more analysis. We should recall that 18 months before Air New Zealand collapsed, a major shareholder, Singapore Airlines, approached Cullen seeking to recapitalise the airline. Cullen refused. Unbelievable really - refusing one of the world's premiere airlines taking a significant minority position. The upshot was 18 months later Cullen had to bail the show out for $885million. If he had played his cards more wisely, it would have been Singapore's money (if the Ansett collapse transpired) not the tax payers.

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