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It is morally defensible to establish a nation-state built around maintaining a specific and exclusive ethnic population
Total votes: 11
How Regulation is Killing the Open Market.
Submitted by Mark Hubbard on Wed, 2010-12-01 23:39
Whoops: to anyone coming in here via the link from NotPC, this thread was originally called the Authorised Financial Advisor (AFA) Regulations ... thread.
[Warning: I have a life so I’ve not read it all, barely even half, of this legislation.]
Long title of appropriate Act:
Oh vey is the State going to whack you if you transgress all this Gobbly Gook and accompanying Whopper Securties Legislation bullshit.
If I've got someone giving me investment advice, I'd rather that person could pass an economics exam, rather than advise me on his legally constructed code of ethics (that also doubles as PR for a professional body with a monopoly) and consumer law legislation.
Correct me if I'm wrong, but the AFA designation includes only minimal and very basic technical components. Moreover, it's regulation that won't stop tomorrows problems, because it was written to cover yesterday's failures (Hat tip Fairfax O'Rouke). So we've put in more layers of bureaucracy, created a mammoth police state super duper regulator at the heart of it all, but we still have investing by numbers.
Oh no no no. 'Ethical' investing by numbers. Snort.
As stated clearly in this piece - http://www.stuff.co.nz/busines... - the laws already existed to 'theoretically' stop the finance company mayhem, but as with all over-regulation, it came to nothing, and now we've just moribund our economy even more. Part of the course, of course ... (And lets not even go to the need for sound money and the broken Keynesian economic system the finance companies were all operating in that was in reality the problem). Regulation did not stop the chaos in the finance company sector, 'buyer beware' is the only thing that could have.
Before August 2008 the State was somewhere between 46% and 47% of the entire economy, this is still rising ... I'll leave it to the AFA's to make the connection between that and the prospects of the domestic investment products they're selling. (And next time you're at your AFA's office, ask him what the technical definition of inflation is, or to explain the capital asset pricing model (CAPM): if he can't answer, ask yourself if the code of ethics has been constructed for him, or for you, the investor).
And I wonder if John Key may start finally pondering the over preponderance and mess of securities legislation now he is trying to implement legislation that will create a financial hub in New Zealand, with many thousands of jobs attached, and billions of dollars to the country: http://www.nzherald.co.nz/busi...
Bemoans our leader:
The Prime Minister's frustration with Ministry of Economic Development officials spilled over publicly during a question session at an Auckland dinner on Tuesday night where he stressed New Zealand needed to be more optimistic and back success.
"There's been a whole series of advice coming from MED which basically says 'if you want to do this, you've got to deliver the Magna Carta of documents'," Key told the International Business Forum audience.
"'You've got to do all these things and need bipartisan support' and [so] it goes - on and on and on."
And on and on and on, yes John: well you keep feeding this ugly old tyrant called Nanny State, why don’t you spend the rest of your political career freeing us from her and her minions of bureaucrats. That would be the best news for investors and investment in New Zealand.
[Shall we start a book on how many people I can upset with this one? (Oh no, I've just had phonecall, I'm promoting an unauthorised sweepstake: apparently the little grey men from Internal Affairs are on the way now. I'd say we'll drown our sorrows over a drink, but I've not got a licence.]
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