This is a question being asked around town this morning as the full details of what happened over the misuse of Treasury and Reserve Bank advice for political ends becomes clear. Some inside and outside Treasury are calling the guarantee a complete cock-up. It only solves half the problem (last week's flight to cash and gold). The banks still don't have any money to lend, and are less likely to get funds as New Zealand is almost alone in the developed world in not guaranteeing interbank lending.
This is what happens when you rush policy and misuse it. The consequences come back to bite you.
So Guyon, Vernon, Tracy, and John do you still see this policy as being a trump card??? Don't you feel a bit ashamed that the real story has just passed you by?
For the record we understand why Bollard and Bushnell feel really upset and betrayed over Labour's throwing convention to one side, but we don't think they should resign. It would send the wrong signals to the markets at present. They should only proceed with the resignations after the election, should Labour be part of the next Government.
