Matt McCarten is pulled apart by Liberty Scott.
“Remember, we spent a billion dollars of our taxes bailing out the Bank of New Zealand in the early 1990s. The bank made the same mistakes that the American institutions have made. You’ll remember that our free-market ideologue, Ruth Richardson, was in charge of our economy at the time, but that didn’t stop her from taking a billion dollars of our funds to bail them out“
I remember a bit better than you Matt. The bail out was NZ$380 million, hardly a billion. However, you have long campaigned for higher taxes so what’s NZ$600 million between socialists? The bail out was just after the 1990 election, the bank had been left in a parlous state after the 1988 sharemarket crash, and Matt – it was majority state owned. Yes the taxpayer held a majority state – something you undoubtedly approve of. So the taxpayer bailed out a majority taxpayer held bank, it was privatised two years later.