Monday, June 23, 2008

Our own sub-prime in the making?

There is something really nagging me about this. I can't quite put my finger on it.

It seems those of you who are contributing your hard earned wedge in the stealth tax that is KiwiSlaver, your money is not only funding a third of the election bribes being offered, but also propping the economy up.

So what is being really said is that without the extra dosh raised by this tax, we would deeper in the brown stuff.

Are we just putting off the day when the true costs will be exposed? Meanwhile, the government continues to spend like a drunken sailor. All the halmarks of very own own sub-prime.


Anonymous said...

Uh... just checking - you do know the government doesn't get the money in kiwisaver? It goes into various private schemes which invest it... i'm not saying your wrong - just that what you have written in this post is wholly innacurate...

KG said...

kiwisaver smells like a scam.
It smells like a scam because the most corrupt government in NZ's history dreamed it up and promoted it.
I wouldn't touch anything Labour invents with a bargepole.
What checks are there on the "various private schemes" by the way? Who are the directors? What's their track record? How is the money secured?
Are we supposed to believe that with so many finance companies going belly-up in often criminal circu,stances, those private schemes are somehow--magically--immune?

PM of NZ said...


In my view, it doesn't matter what is printed in a prospectus, the money in any finance company is unsecured.

Just the payout pecking order changes with the supposed security.

The underlying recent track record of the vultures in this game says that they will always get their cut of the action at their clients expense.

KiwiSlaver suckers are in for a rude awakening in the near future as the oncoming recession tanks their 'investment' and the vultures raise their fees to preserve their lifestyles.

I for one, would never willingly put money into such a scam.

The question I keep asking myself is 'Would I invest in such a scheme if it was offered without the government bribe?'

The answer I keep coming up with is a resounding 'No'.