Chief Stipe

FFS two GSE's (SOE's) had 90% of the market! Government playing in a field they shouldn't have stuffed it up and the taxpayer is still paying for it. BTW I certainly wasn't born into privilege!

Going where?

Ok I'll call it. The decision to cancel Rotorua was bullshit. Forecast is now rain tonight and none after 8am tomorrow for the day!

Bollocks. Let's take you through this in baby steps. Was Bear Stearns the first bank to be bailed out 6 months before Lehmans? Yes. Were the two public/private institutions Fanny Mae and Freddie Mac run under Congressional Charters to facilitate access to affordable home loans under severe financial stress to the tune of trillions of dollars in 2007-08? Answer is yes. Did the Fed have to bail them out? Yes. If the biggest holders of home loan mortgage risk were exposed when the housing bubble burst and they were public/private agencies under the control of central Government who was responsible for the crash? It all comes back to Government playing in a market that they shouldn't be active in other than as a regulator. Now who was to blame for the GFC? Just as who is to blame for the current economic mess? It wasn't Covid but the stupid policies of rampant money printing, artificial closing down of markets and their supply chains and gross handouts without any discipline.

It wasn't the owners that gave Williams a serve it was Rod Douglas, the Racing Manager who is the uncle of the trainer Clayton Douglas. Rod Douglas has been a successful trainer in his own right so it isn't as if he doesn't know what he is talking about. I guess you've never given a jockey a serve after a poor ride. It is speculation to suggest that the injury was caused at the start and either way that doesn't excuse Williams decision to take off so far out. If anything missing the jump along with his riding instructions he should have taken it quietly.

The red haze over your eyes prevents you from being open minded and unbiased. At one stage the pseudo government agencies held 90% of the at risk home mortgage market totalling at least $5 trillion. Lehmans had net assets and less than $700billion in debt by comparison. Bear Stearns got bailed out by the Feds 6 months earlier but Lehmans weren't afforded the same privilege even though there was an expectation that the Fed would be even handed. But the Feds had a far bigger problem with the GSE's Fanny Mae and Freddie Mac. Their problem was accentuated by political mismanagement and being directed to ensure the home loan market remained "affordable" to Mum and Pa Kettle. Suggest you read a bit wider.

Does it matter?

Perhaps some posters should be less equivocal in their postings.

Giga Kick out for the spring www.racing.com Sprint star Giga Kick is out for the spring after tearing a muscle in his McEwen Stakes return at The Valley. In a statement on Saturday morning, trainer Clayton Douglas said a torn gluteal muscle suffered in his controversial first-up run had meant there was no time for him to recover for his big spring goals. “I have arguably the best horse in the country, who was set to have a great spring running in races carrying $30 million in prizemoney, but unfortunately he is going to the paddock,” Douglas lamented, “That’s racing. “Subsequent veterinary assessment showed the horse had sustained the injury, giving insufficient time to have the horse recovered and ready for his spring targets. “The vets assessed it as an injury most likely caused by over-exertion at high speed.” Williams was to have been replaced on Giga Kick for his next run after sending the horse through sizzling mid-sections in the McEwen after the horse was slowly away. Giga Kick had been the favourite to defend his crown in next month’s $20 million The Everest in Sydney. “I am still amazed that he only got beaten two and a half lengths last start after missing the start by two lengths and injuring himself in the race, after what Craig acknowledged was a poor ride,” Douglas said. “I can’t be prouder of my horse, who is tough and brave, and he will come back for what will, hopefully, be a drama-free Autumn preparation.”

Giga Kick out for the spring www.racing.com Sprint star Giga Kick is out for the spring after tearing a muscle in his McEwen Stakes return at The Valley. In a statement on Saturday morning, trainer Clayton Douglas said a torn gluteal muscle suffered in his controversial first-up run had meant there was no time for him to recover for his big spring goals. “I have arguably the best horse in the country, who was set to have a great spring running in races carrying $30 million in prizemoney, but unfortunately he is going to the paddock,” Douglas lamented, “That’s racing. “Subsequent veterinary assessment showed the horse had sustained the injury, giving insufficient time to have the horse recovered and ready for his spring targets. “The vets assessed it as an injury most likely caused by over-exertion at high speed.” Williams was to have been replaced on Giga Kick for his next run after sending the horse through sizzling mid-sections in the McEwen after the horse was slowly away. Giga Kick had been the favourite to defend his crown in next month’s $20 million The Everest in Sydney. “I am still amazed that he only got beaten two and a half lengths last start after missing the start by two lengths and injuring himself in the race, after what Craig acknowledged was a poor ride,” Douglas said. “I can’t be prouder of my horse, who is tough and brave, and he will come back for what will, hopefully, be a drama-free Autumn preparation.”

It didn't start with Lehman's - that's a myth. Bear Stearns was six months before and the Fed bailed them out. Of course Fanny Mae and Freddie Mac can't be ignored. They held 60% of the home mortgage market and were well in the crap before Stearns and Lehmans. The Fed was obliged to keep propping the FM's up. Arguably the Government screwing with the home mortgage market precipitated the Financial Crisis. 60% of the home mortgage market is measured in trillions. Lehmans had $639 billion in assets and $613 billion in liabilities but the Feds chose to let it fail afterall it had bigger liabilities with Fanny Mae and Freddy Mac and the millions of home owners who through their own greed were over stretched. It's a classic case of Central Government getting over involved in a market that they shouldn't be to supposedly deliver some social good. In this case cheap and easily available home mortgage loans.

You are sounding incoherent now. The Fanny Mae and Freddie Mac over exposure in the sub prime market precipitated the GFC. The rest was a domino effect. Once again conclusive evidence for Government to stay out of markets the shouldn't be in!!

Well you seem to reside in the Mariana Trench!

They are Government Sponsored Enterprises (GSE's). A bit like our SOE's. I'm surprised Beg, Borrow and Hope Robertson didn't create a Fanny Ardern and Robbie Son mortgage bank.

I suggest you read a bit more history. Fanny Mae and Freddy Mac over exposure to the sub prime market precipitated the GFC. They were both formed by Democratic Congresses in 1938 and 1970 respectively. The Federal Government is obliged to bail them out. They exist only because of a congressional charter. Their purpose is to provide cheaper housing loans at lower market rates. They are the classic example of market intervention by Government which stuffs everything. According to Fannie Mae and Freddie Mac's congressional charters, which gave them government-sponsored enterprise (GSE) status, they operate with certain ties to the U.S. federal government that provide a financial backstop. For instance, in September 2008, during the height of the financial crisis, they were placed under the direct supervision of the federal government.

You go first.

Bollocks. The GFC was triggered by large lending organisations being over exposed in the home property market. House prices fell at the same time housing supply had rapidly increased. Some very large lenders were exposed on the subprime mortgage market. Market forces prevailed.

Keep up! It was in a technical recession unlike many of "our peers"! Of course the way things were measured was also adjusted.

No the facts don't say that. How many countries also had a recession like New Zealand? As you so eloquently (well not that much) pointed out NZ's recent growth (one quarter doesn't make a summer) measly that it is is based on immigration and property price surge. Hardly sustainable. You seem somewhat confused - on the one hand you will bag your Red friends for this bit then laud the growth figures. A bob each way?

Clearly you have no understanding of markets or economics. If an asset isn't performing due to mismanagement then of course it will sell cheaply. Happens all the time in the private sector.

Metservice rain Forecast for Rotorua adjusted downwards.

Rotorua isn't mentioned. Just not sure cancelling a meeting 2 and a half days out is a good precedent considering NZ’S maritime climate. I believe the rush to make the decision was predicated on the fact that nominations closed for Cambridge at midday today for next Wednesday but they've now kept them open till 9am tomorrow. Now that's interesting in itself - why so far out? They don't have people working weekends? Will Rotorua be compensated for the cancellation?

Probably for Canterbury which is quite predictable but I question its value for areas or regions that have more geographical complexity. I certainly hope that NZTR are not relying on yr.no which is based in Norway to make local decisions on the weather. However the Metservice has updated its forecast and heavy rain is forecast for Sunday for a two hour period 1100 to 1300. But still nowhere near 200mm. Perhaps 75mm from late Friday to late Sunday. I guess with this precedent there will never be any heavy track racing again. Meanwhile Riccarton will continue to throw up hard and fast especially this year with El Nino in play.

I never use that - basically it is entirely computer generated based on historical data and European based computer models. The NZ Metservice and the VUW Weather model are the best sources. They are more nuanced and aligned to local conditions.

No censorship here Michael nor do I complain about any minor slight directed at me. On any other site you'd have been given the flick pronto. Sadly it is an indictment of the tribalism rampant in society. With the incessant desire to cancel anyone with an alternative opinion. "He doesn't agree with me.....ban him!" Back on topic I guess you consider it OK for an official to publicly bad mouth a trainer without any evidence?