Unions

ABC lowers the bar (again)

Good to see our tax dollars get allocated so wisely at the public broadcaster. ABC’s JJJ music wing thought an article on oral sex titled, “A beginner’s guide to blowies” was just what the audience required. It will probably get put down as an oversight with assurances it won’t happen again until it does.

Nazi scum?

Just a day before the 75th anniversary of D-Day, where 156,000 allied troops stormed the beaches of Normandy to defeat the Nazis, unhinged protestors in London can scream at a person with different views as  “Nazi scum”. We can always count on the tolerant left to engage in thoughtful, respectful and open debate. Their generosity has now spread to offering unsolicited milkshakes to those they disagree with.

What is striking within all of this, is 1) the police did absolutely nothing (no surprise in Mayor Khan’s London and to be honest the constable looked riddled with fear);  2) every other grievance of the left seems present at the march from the Extinction Rebellion, Islamophobia, Anti-Semitism (ironically practiced by numerous members of the Labour Party which aligns with many of their protests), a call for a general election (which would likely see even bigger swings against this lot) etc; and 3) so many protesters hiding behind masks. What is it with these people who can’t own their protest?  Maybe the Univesity of Mons can hand her an honorary doctorate for standing up to Trump?

Welcome to 2019. To think of the 4,500 poor young allied soldiers who lost their lives on that fateful day 75 years ago trying to defend against the very tyranny these people wish to reintroduce. Those calling others Nazis should take a long stone cold look in the mirror to see what true fascism looks like.

ALP, first find a purpose before you choose your next leader

On what planet does Shadow Treasurer Chris Bowen honestly believe he is a viable candidate for the ALP leadership? Of course the Coalition welcome such an appointment as they’ll be guaranteed another 3 years in government. Does Bowen believe that the electorate will grant what he calls a “blank canvas” and give him a fair go? Like any good retail store, the best assets are put on display where people can see them first. If the repudiated policies of the election just finished were the best he had to offer, what hope has he got ‘connecting’ with the base? Will this be the “these were the policies I wanted but Bill Shorten didn’t let me run them” campaign? If that were so Bowen stands for nothing so will fall for anything,

Bowen co-led the most dreadful campaign. Telling hope owners to forget if their houses slipped into negative equity and throwing two fingers up at self-funded retirees telling them if they didn’t like it not to vote for Labor. At least that message cut through.

Tanya Plibersek withdrew her nomination stating she “wasn’t ready”. Is that what a deputy for 6 years does when her boss vacates the top job? She clearly sees the next 3 years as toxic. So her loyalty to party is limited to her own ambitions of taking the top job once other members of the team have become political cadavers. CM spotted her pre-election in Hermes in Sydney so she is most definitely a champagne socialist.

Anthony “Albo” Albanese is the true Labor man who has never been given a title shot. He too is of the left, but he is eminently likable. He is a down to earth battler. However will his party see him as one to lead them back out of political oblivion? The hard left has been the problem.

Then that leaves Jim Chalmers. He is young. Served as an advisor to Rudd. He was pretty ordinary on Q&A last night. He won’t prosecute like Albo can.

The ALP first has to find a purpose before it selects a leader. If it does it the other way around it will only foul up the works and elevate the chaos this unlosable election has already brought upon them. To make a rash choice and then in-fight over policy direction will turn them into a carbon copy of the US Democrats

The lesson was loud. The electorate rejected radical climate change policy, punishing pensioners, identity politics, class warfare and the politics of envy. That Chris Bowen thinks he can lead the party back from the pits of despair with that legacy behind him means he is more delusional than Malcolm Turnbull.

It is worth remembering that experience is a hard teacher. You get the test first and the lesson afterwards.

NYC Mayor Bill de Blasio joins the 2020 primaries

New York Mayor Bill de Blasio is running for the Democratic nomination for the 2020 presidential election. The NYPD think it’s a bad idea. Patrick J. Lynch, president of the Police Benevolent Association of the City of New York,issued a statement on Twitter,

After six years of disrespect for the police officers who keep our city safe, it’s perfectly clear how the mayor treats men and women in uniform. As commander-in-chief, he would be an unmitigated disaster

It is laughable that a mayor who has shown no interest in running New York City for six years now says he wants to mismanage the entire country,..

While the mayor of our nation’s largest city is busy running around Iowa and getting upstaged by the mayor of South Bend, Indiana, there are real problems here at home. New York City Police officers are continuing to suffer with wages 30% below market rate because the mayor has totally checked out of our contract process…”

Trump also weighed in saying de Blasio is considered the worst mayor in America.

How can the Democrats honestly think they have the right toolkit to fight 2020? De Blasio would have lost many Americans for his stunt to light up buildings to celebrate the passing of a late term abortion bill. All class.

Scab?

Here is an article written by a Year 12 student, Joanne Tran, who didn’t want to be a truant and strike for climate change. She makes valid points.

In the old days workers who didn’t join the picket lines were called ‘scabs’. Good on her for standing up against the herd. No doubt the activists will scream an adult helped write that piece. Even if that turned out to be so, doesn’t that perfectly describe the argument of why kids shouldn’t be used as political pawns to promote one’s agenda? Unless it’s one’s own.

Do Brits really want people like this in control?

EC President Jean-Claude Juncker has managed to find himself drunk again before an African-EU dinner this week. He last embarrassed himself ahead of a NATO dinner where he had to be propped up by those EU member state leaders around him. Poor old Boris Yeltsin would feel outdone by this.

How wonderful that the man who refuses to yield to PM May on Brexit can’t seem to show any leadership in public. Why would Brits want to cede power to unelected bureaucrats like Juncker who take no responsibility in public for their inebriated behaviour? While his term is nearing the end, there is no doubt he’ll retire on a juicy state pension courtesy of member states.

We shouldn’t forget that in July 2016, Mr Juncker sent a letter to all 650 UK MPs claiming the referendum was not a real exercise in democracy and should be disregarded.

No Deal is the absolute best outcome for the Brits. It respects the result of the referendum as it breaks all ties with Brussels. The UK has always been a friend to the continent but the EU is treating the Brits like hostages. Apart from Project Fear it would be fair to say the world’s 5th largest economy will find trading partners soon enough. The auto industry will be the first to ask for a deal with the UK. Others will follow. The EU doesn’t want to lose a big contributor to the coffers.

It was soon after the referendum that we were told the UK economy would collapse. Nothing could be further from the truth. So why pay the Bank of England any mind with its prophecies? Former BoE Governor Mervyn King has publicly stated No Deal will be the best outcome.

Juncker proves again why the Brits should revert to type and be plucky. They just need a leader who is prepared to have a spine and respect the will of 17.4 million voters.

How many canaries in the coalmine do we need?

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CM has said for ages that President Trump risks being hoisted by his own petard if he continues to attribute the stock market to his leadership. It works both ways. Stock markets are suffering. Suck it up.

GM has announced it is pulling the plug on over 14,000 US workers (8,000 white collar, 3,300 blue-collar workers in Canada and another 2,600 in the US) and potentially closing  5 plants. Is this a surprise? The chart above shows the % year over year change of US car sales. It has been stepping down clearly since GFC. In September this year GM’s sales slumped 19% in before falling 5.5% in October. The brutal storm activity is unlikely to help November either.

This quote will live to haunt in the coming downturn – CEO Mary Barra said the company doesn’t predict an economic downturn any time soon and is making the cuts “to get in front of it while the company is strong and while the economy is strong,

50% of US corporations have a credit rating of BBB or less. We are at the sharp end of massive government sector recapitalization crowding out and companies with dodgy balance sheets (that have levered up to conduct massive buybacks to flatter EPS masking anemic earnings growth) won’t be given the same tight interest rate margin spreads come the next refinancing. Await the implosion.

Rising interest rates don’t help and credit markets wait like vultures over the likes of GE which is having a reality check over its $115bn of debt, negative equity and troubled restructuring. Credit rating downgrade have booted it from some funds so the stock is in the cross hairs. If it had any sense it would file for Chapter 11 to buy breathing space.

If you want to put some perspective on it, GE’s market cap in 2000 was $592bn and now is $65.8bn. Tesla is now worth $56bn.

GM is yet another canary in the coalmine