Archive for the ‘economic justice’ Category

I’ve been banging the drum on this issue a bit recently, but what we’re not being told about National’s recent criticism of Labour on taxes is that they don’t actually just hate a CGT because it’s a tax, even though their loathing for taxes they themselves don’t raise, (remember, they took in huge amounts of extra tax by raising GST) is well-known. Let’s set aside for a minute Labour’s position on one, and focus on what the Greens want to do, so that we can talk about an actual CGT rather than about political uncertainty, which I promise to come back to at the end.

Now, the reason National dislike a CGT is because the upper echelons of the Party is full to the brim with people who make money off speculation, which a country with a CGT still allows, but doesn’t privilege as a loophole around income taxes. To them, this tax is economic policy that hurts their preferred method of making money, and equalizes a playing field that they have enjoyed seeing as tilted to those with sufficient capital to make money off capital gains.

The Greens want a comprehensive capital gains tax on real realized gains1, with an exemption for the family home2, which means you will never be forced to sell an asset because it becomes more valuable, in fact, taxes will only ever be paid if the owner of an asset makes a profit (after considering inflation) when they choose to sell. There is only a very small class of people for whom this would impact their day-to-day income, and thus their ability to “go shopping,” and that is people who live primarily off speculation in assets, a profession we should want to wipe out. If they’re professional investors, we want their income to be based on dividends, a financial reward for investing your capital in the productive economy. That sort of virtuous cycle is why we call our economic system “capitalism,” whatever your wider critiques of it. (and I have many)

What this will do in addition to collecting revenue is reduce the value of houses, farms, and other assets that are being bought for speculative purposes3. This might seem like a bad thing for property owners, however it really isn’t. If you buy and sell two properties in the same market, (eg. two farms in Canterbury) for the same value, you’ll likely be no better or worse off for the tax. (the sellers in each transaction will account for the tax in their asking price, but those prices will be depressed by more than the tax adjustment due to the lack of speculative demand) You might get hit badly if the CGT policy has been more effective in deflating prices in the area you want to sell than in the area you want to buy, but it’s not going to be implemented in isolation. A CGT together with a crackdown on investments to launder money, a government program to build thousands of affordable houses, and rule changes that genuinely incentivise people building and buying houses to that are occupied, should all act to depress house prices in all the overheated markets, while leaving the reasonably priced markets, such as the regions, roughly the same.

This might seem like a bad thing for business owners, who might one day want to sell their interest in a business, but it really isn’t. Why, you say? Not every business owner who sells will want to buy new assets for a new business afterwards, so it’s not like the tax balances out somehow. Instead, the benefit comes before the point of transaction, in terms of the availability of capital. Because speculative investments that allow for quick profit will now be taxed, productive investments in businesses of all sizes will become much more attractive. This means that investors will likely to be very happy to sink capital into your venture on a long-term basis, so long as they can expect periodic dividends. This will make starting ventures easier, seeking capital injections to expand easier, and, ironically enough, put local ventures on a more equal ground to ones with overseas owners, because they will have competing local capital. Even without re-investing a cent, this will stimulate the economy. And even though businesses founded before the CGT was implemented will have had to get capital the hard way in comparison, they’ll have an incumbent advantage in the marketplace, and they can always leverage the newly available capital to expand, too.

Now, onto Labour’s handling of tax uncertainty. It is fair to critique Jacinda Ardern’s statement that labour has been transparent about what it wants to do with the tax reform side of housing policy, and whether that would involve a capital gains tax that could apply to farm- and business sales. She has been clear, but she hasn’t been transparent. A transparent party would have told us what option they provisionally favour before going to the working group. However, that doesn’t mean that Bill English is being fair to her in saying she has to have numbers on such a proposal if it’s really just a sense of what option Labour favours going in to the working group. The whole point of having experts advise you is to listen to their opinions on the numbers, so if you’re genuinely going in to a reform process open to expert advice, the numbers in your starting proposal aren’t definite in the first place. If English were really sincerely critiquing her position as either a policy maker or an economist, he would know this. His crocodile tears on taxes affecting “hard-working kiwis” are nonsense. None of his economic or tax policy is sufficiently aimed at kiwis on or below the average wage.

In addition, as I’ve said above, the only people who need numbers on a CGT to know if they can go buy groceries are professional speculators. Your average waged employee won’t ever be taxed under the Greens’ proposal, and Labour is very likely to implement the same safeguards against unfairness in a CGT, but these average workers might well benefit from it in terms of being able to buy a house more easily, or being able to find a job more easily in a new business, or even being able to get capital to start their own business more easily, something every bit as much a kiwi dream for some people as owning a house.

So when you vote, ask yourself: what kind of economy do you want, and who’s got the policies to support it? Because if you want an economy dominated by big corporate farms where the actual workers are largely paid wages by overseas owners, overseas companies who can afford to set up businesses in a capital-poor environment, and people sitting on untenanted property portfolio or serially renovating houses, then you should probably re-elect the government. But if you want a diversified economy with a growing tech sector, fueled by renewable energy and maybe even some high-quality manufacturing jobs, and responsible mining that restores the environment after its done so we can keep making electronics, then you should vote to change the government. Because there’s more to voting for the economy than just finding the person who sounds most economically literate.

It’s quite possible to know what’s going on in the economy and still be captured by the interests of the current winners in the economy, like the government, or even be captured by irrational fears4 that immigration hurts the economy, like New Zealand First, but we should look at what the likely effects of economic policy would be, and also for the two long-standing governing parties, National and Labour, we should look at their record on economic indicators5. Those things both make it clear that only a progressive government, with the Greens moderating Labour’s policies to make them more about ordinary people and to commit them to a CGT or similarly effective policy to reform our economy, will deliver real economic prosperity decades into the future.

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Worth noting today is that Laila Harré has formally re-joined the Labour Party, (h/t to Andrea Vance) and intends to stand as a candidate. (depending on party decisions on electorate selection and list ordering, of course)

Laila has excellent credibility with the Left in general and working people in particular, and her selection as leader was basically the reason the Internet Party enjoyed any legitimacy at all, pre-Mana alliance or post-.1 It wasn’t exactly a great move for her reputation in retrospect due to how successful the Right were in associating Mana and the Internet Party with Kim Dotcom due to his donation, but it does make clear that she has a lot of mana with the left.

Prior to Sue Moroney taking over the issue, Laila was the original champion of paid parental leave in Parliament, (she successfully pushed for 12 weeks) has been a friend to the union movement and a vocal critic of neoliberal policies ever since Rogernomics, and quit as a Labour member to join the NewLabour Party and thereby eventually the Alliance, which as its name suggests, was an electoral alliance of radical left parties, such as the Greens, (temporarily) Mana Motuhake, NewLabour, and the Democrats for Social Credit. After her election in ’96, she has served as Minister of Women’s affairs and associate Minister of Labour and commerce, fighting hard for much of the pro-worker legislation that occurred prior to collapse of the Alliance as an effective political vehicle. She has also served as a strategist for the Green Party, so this is a woman who has literally been prominent in every significant left-wing political movement since the 80s, and would provide credibility to the notion that Labour is positioning itself as a senior coalition partner for the Greens, as Ms. Harré is still to a degree part of the Green whānau, and having her at the table for that discussion could legitimately make it easier for both sides.

If Andrew Little wants to run a big-tent campaign that targets both the Labour left and Middle New Zealand, or even if he is going for a left-wing Labour campaign that targets demotivated voters, (ie. “the missing million” strategy) Laila is an excellent candidate who he should be placing high up his list, as she is persuasive to both groups2. (given her crowning achievements have mostly been around securing pay and benefits for workers, she has a lot of pull with left-leaning centrists) He should even be considering how quickly he can move her to the front bench, I would argue. While she’s not new to politics, she is part of the populist change Labour could represent in 2017, and she deserves a winnable electorate or list position when compared to some of  the less inspiring electorate MPs, and even a couple of the senior List MPs that snuck in with the 2014 election. (Compare and contrast Laila to Mallard or Ardern, for instance, both of whom were given very winnable list and electorate positions. Then compare with her to some of Labour’s less stellar candidates like say, Clare Curran, and I think an objective observer can agree that Laila deserves to be on or near the front bench)

Laila would make an excellent Minister for Women, or a great head of MBIE, or even both, whether or not Labour intend to split MBIE again3 into Labour and Business ministries. While normally I would be promoting a Green candidate for most ministerial positions if Labour can win in 2017, I can’t really see anyone more qualified to advocate for women, and there is simply no way a party branded as “Labour” is going to even consider handing over the ministry dedicated to working people to any other party in more than an associate role. Little should be seriously considering not only his current shadow cabinet, but how the people on his list and winning electorate selection could contribute to a possible cabinet in 2017 if he is taking his job as Bill English’s opposite seriously, and Laila is an excellent way to give himself more options in both the Labour and Ministry for Women areas.

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So the Green Party has announced its new Climate Protection Plan, a $320(ish) tax cut for everyone earning an income in New Zealand, a 1% cut to the company tax rate, funded by a levy of $25/tonne on carbon-equivilent emissions for most polluting sectors, with a $12.50 rate for dairy and an exemption for all other farming sectors that have already kept their emissions at or below 1990 levels. They’ve also pledged that all the money raised by the levy will be refunded to the tax payer, and an independent panel will be set up to suggest any future amendments to the scheme.

This is one of those excellent policies that hits both highly technical and sensible policy benchmarks, and is great politics at the same time. The Greens were never happy with the idea of the Emissions Trading Scheme, being persauded to vote for the stronger version proposed by Labour only because it was marginally better than doing nothing, and due to the potential energy reduction of $1billion invested in insulating houses. The National version of the scheme is largely a giveaway, and where it isn’t, it’s functioning as a money-go-round and not actually reducing emissions, and the small amount of houses they’ve agreed to insulate is bizzare, given that we are already seeing reductions in health costs beyond what the first round of the scheme cost.

This presents the Greens, (and barring and announcements of a competing policy from Labour, the entire opposition) as a movement that can square the circle: They’ll use a carbon reduction policy to provide a tax cut to ordinary New Zealanders, (and because their tax cut is broad-base, it will stimulate the economy, too) and make the business environment even more competitive for companies that achieve low-to-zero emissions. This is an excellent scheme known more internationally as “Cap and Dividend”, and given the shocking failure of ETS policies globally, (mostly due to their vulnerability to business lobbying) a great second-try at making New Zealand more of an environmental leader. (Or perhaps more fairly, a close follower- we would have led in this if we had proposed this during the previous government rather than for the next one)

This isn’t a policy that can be de-railed as a “fart tax”: it’s charitable to farmers, and most charitable where they’ve stepped up and done their part. It’s fair to the rest of New Zealand, refunding us for the externalities heaped on us by polluters. And as a country vulnerable to climate change, especially any political destabilisation it might cause, becoming a leader or a close-follower in addressing emissions is in both our economic and social interests, not to mention our national security interests, given that the more extreme range of climate change prediction could leave New Zealand one of the few relatively agriculture-friendly areas of land.

 

edit: Looks like the $319 is based on two-incomes, so if you’re solo, that’s a $159.50 tax cut. This is, however, the amount after potential cost increases are accounted for.

Let’s say one coalition group bans certain kinds of protest, with disproportionate penalties for those involved, removes democratically elected regional representatives and refuses to reinstate full elections for the area, and proposes to allow our international spying agency to spy domestically, despite also having a domestic spying agency for that job, and then refuses to answer questions on the matter.

The other coalition group proposes to use some seed money to build houses which it will later recoup, and to set up a single-payer system to keep power prices down while still allowing generators to make a reasonable profit.

One of these coalitions could be forgiven for comparing the other to an authoritarian regime like the Soviet Union.

If you thought it was the first one, then you either have no idea about what being an authoritarian means, or you’re a National Party hack. (because at this stage, who’s even left in the Act or United Future parties, and does the Maori Party really ever want to go into coalition with National again?) I wouldn’t care to speculate between ignorance and malice, however.

The single payer model has been shown to work very well in cases where there is a captive market, like for power and healthcare, where consumers can only choose between providers, but have little choice about whether to buy or not. This is well-tested policy, which anyone who took an interest in politics as anything other than a points-scoring exercise should know. This is the first strong policy announcement by Labour and the Greens, and it was presented as a complementary approach with both parties adopting synergistic policies, and competing in a friendly manner for our vote.

Both parties’ job now is to keep following this precedent. Labour has finally realised it has room to its left, and the Greens have welcomed them to the club again. If Shearer can restrain himself from moving back right, and maintain genuine populism instead of the fake middle-of-the-road sort of nonsense we were seeing before, we could be looking at the beginning of a change in government.

So, unless you’ve been living under a rock, or are from outside our fine country of Aotearoa New Zealand, you’ve probably heard a lot about the Living Wage recently, given some pretty exciting advocacy that’s going on for it, especially in the context of a measly 25c raise to the minimum wage in a country where productivity has still risen higher than wages have. (ie. we are getting underpaid for the same amount of work, when compared to our parents and grandparents at our ages) And that’s not even mentioning the government’s stone-hearted ambitions for a low-wage economy, with an anemic minimum wage.

A lot of the media coverage has focused on the difficulties of implementing a living wage for businesses that currently pay near the minimum wage for some workers. While it is reasonable to feature the challenges for employers, these complaints should not recieve the amount of coverage they have, as they’re really not relevant as the short-term challenges will go away when the stimulative effect of higher wages hits the economy as a whole in the form of increased purchases and tax revenues. (again and again, economists that study real data as opposed to models have shown us that putting money into the pockets of people with low wages is the best way to grow the economy, because they will actually spend that money because they have a lot of unmet needs and wants) There has been roughly equal coverage on these difficulties and the novel (to the press, and to people working in service industries, by and large) concept of being paid enough to take time off for family, or to be able to afford say, library fees, on top of rent and food for yourself and your family, if you support one.

Like many people probably will, I had a pang of insecurity about this news- I’m not paid that much more than the living wage myself, and I’m working in a very high-stress environment where I’m held accountable if I make any errors and yet still expected to deliver to a high standard on both quality and volume. But that doesn’t mean that people who are paid less than me now don’t deserve a raise- it probably just means I deserve one too, but that the market is broken and not set up to pay fair wages to people like me or more especially to people on the minimum wage.

We’re so eminently class-conscious, so afraid of this right-wing boogeyman of class war against the wealthy, (and by extension: those less-worthy people catching up to US, putting US on the bottom of the heap- as if the people on the bottom don’t deserve a fair go, too) that the people campaigning for higher wages aren’t talking about owning anything significant, about the equity in earning enough that you can reasonably afford the sorts of services you provide to other people, but rather that we’re merely talking about access to basic services, food, and rent. Granted, some trolls will think that say, internet is not a “basic service”,  but that’s getting into the territory of saying that you don’t deserve a microwave, or a freezer, because you’re a labourer rather than, say, a computer programmer or insurance analyst. Some of these services sound fancy when you consider the high-end uses of them, but we’re literally talking about entry-level internet here. Dialup if you’re in a city, or internet at all if you’re out in a relatively rural area. Being able to email your parents, or actually check wikipedia if you don’t understand something, or look up an obscure word quickly using an online dictionary, being able to request government forms online instead of waiting on hold.

We are setting our sights so low that the actual pushback against people who support the trends in our society of the median wage being more than twice the average wage1,  10% of the population owning a majority of the wealth in our country is literally as meagre and eminently reasonable as “please pay us enough that we can both have kids and afford to read or surf the net in our miniscule spare time”. Some elements of corporate culture have gotten so ridiculous that we ought to be pushing back against things like highly vertical workplace hierarchies, (which are a machine for bullying people, even if that bullying is only restricted to accepting unfairly low wages) executives getting paid more than their actual value to the organisation, and a demotivatingly high amount compared to on-the-ground workers, and we should be saying that we should get paid enough to save for a house, to pay off our student loans within a decade, to be able to save to travel. Those are actually ambitious goals for wages where there is some room to debate about the reasonability of everyone being able to afford those things. It’s ridiculous that to even get coverage about low wages we have to point out that some people are literally not paid enough to live a decent life.

While I’m anything but a labour activist, this quite clearly makes the case for unions in my mind- there needs to be an independent force that can exert some further upwards pressure for ordinary people’s wages, once we get everyone paying a living wage. This campaign is excessively reasonable, and there’s no way to argue against it without sounding like a buffoon or a heartless Scrooge. I want more than a living wage, and I think any skilled worker should be earning dollars more.

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There’s been a lot of noise from the right wing in this country that ignoring the family first referendum and going ahead with the §59 repeal is the same as the government of today ignoring the keep our assets campaign and going ahead with the mixed ownership model bill. (which I am now shortening to ‘MOM’)

As promised, here are more than three reasons why that’s rubbish:

  1. The previous referendum didn’t actually address what the bill did, it addressed a strawman of the bill that hasn’t come to life since. No innocent parents are being arrested for symbolic smacks. It was possible to say ‘no’ to the referendum question while still supporting the repeal- in fact, I convinced some people that they actually wanted to vote ‘yes’, to more clearly express their support for the repeal.
  2. It’s unlikely that people will deliberately spoil their ballots en masse to express their disdain for the current referendum question. A significant number of people did so for the previous referendum.
  3. The justification for repealing §59 was never that the public supported it. It was purely on the merits of the policy, and parliament (because the repeal enjoyed broad support of almost all of that parliament, in the end) was okay with owning that decision and going with policy over politics.
  4. One basic democratic ideal is that of continuous consent. We live in a democracy, but the government is trying to claim it doesn’t need continuous consent from the public by claiming that the election was a mandate for asset sales.
  5. Some argue that the public misunderstand the MOM. But all of the public criticism of these asset sales still applies.

To go into each of these a little deeper…

Firstly, the §59 repeal was a very specific bill geared towards removing a defense for the crime of assault, with the aim of making prosecution of serious child abuse easier in cases that went before a jury. If the question were to address the repeal bill, it should have asked “Should we repeal reasonable force as a defense for parents or guardians charged with assaulting children under their care?” It did not aim to prosecute ordinary parents for smacking, whether said smacking was “good” or not.

Secondly, if the question is so atrocious in a referendum that people are protesting it by spoiling their ballots, then something is seriously wrong with it and using it as a justification for anything is spurious at best. I won’t deny it did indicate that there was a lot of ill will about the repeal bill, but that’s okay. The left owned an unpopular decision, and I think it has actually made us a better country for having the debate, as it has reduced tolerance for both outright child abuse, and for corporal punishment.

Thirdly, there are two models for justifying a given policy. You might call them “grass roots” vs “centralised”. National has claimed that asset sales had a mandate, ie. that they were justified from the grass roots. Parliament decided it was going to mandate the §59 repeal itself onto other branches of government, ie. that they were taking centralised authority, and leading public opinion rather than following it. A referendum against the second type of decision doesn’t really influence parliament, wheras a referendum against the first type ought to.

Fourthly, to quote myself earlier,

A political mandate is retained by the support of the voting public. Note that word I used, “retained”? You don’t just get to have one for three years after winning an election, not if you endorse a democratic system which requires continuous consent of the governed to function.

John Key got a mandate to form a government, (which is what your politics 101 text book refers to, but I don’t think you’re a child, so you should already know that passing policies and forming a government are two different things that each require their own mandate to be justified) but there was never a clear display of public support for asset sales, as they weren’t the only issue at play in the election. He’s never obtained one since. This is a dramatic change of national policy that Kiwis have opposed ever since the first time it was hoisted on us, back when Labour was acting like, well, ACT.

You can pass a law without a mandate from below, if you have a good reason to – hence why we disagree that this referendum and the previous one are comparable. This is the reason that common definitions of mandate include a “higher command”- you can have a ‘strong leader’ who decides that they know better than the populace, if they’re willing to sell their idea and own it if it’s a failure. National have wisely not tried that justification for this policy.

We’ve let National choose their own justifications, and we’ve knocked each one they’re actually willing to admit down. Passing this law is undemocratic, it’s economic self-harm, it’s theft from the public, and it’s just plain stupid. I’m not sure what more you could ask for in terms of reasons to stop it.

The government never got a direct mandate for this policy, and it certainly doesn’t have one now, when it proposes to actually put it into action. Polls have always opposed asset sales, but the government said that their popularity meant that people supported them.

Fifthly, the public understand just as well as the government, if not better, what is going on. The problem, from the government’s perspective, anyway, is that people have realised that partial sale is little better than full sale. With partial sale comes the move to a corporate model for SOEs under the MOM, which is the cause of many of our previous issues with asset sales- a corporate-structured entity owned by the government is almost as bad as a corporate-structured entity accountable only to its shareholders. With partial sale comes minority shareholder rights, which means the government does not really retain full control of the company as it claims to- shareholders have legal justification to sue the government if they vote for any action that can’t be justified as increasing profits.

And for bonus points, I’m going to go for the other two defenses of passing this bill that don’t really relate to the referenda. The government attempts to defend the sales by saying they’ll be to kiwi mums and dads, and we’ll try to get them to keep those shares in New Zealand. Well, that’s a load of rubbish. In the sense that the term “mums and dads” is used in politics, it usually refers to median kiwi families. They will buy, at best, a vanishingly small minority of the shares put up for sale. As always, investment will be done, in the large majority, by the investment class with the existing wealth and disposable funds to afford it. Having kiwi millionaires own the shares is little better than having overseas billionaires and multinationals own them- it’s still benefitting people who don’t need more wealth, and who aren’t going to govern these former SOEs in a way that will benefit ordinary people.

Not only that, the government’s only announced plan that could reasonably prevent people from on-selling their shares to wealthy foreign interests, and worsening our cashflow problem, is that they want to offer bonus shares to people who hold on to the current shares. Except- <em>whoops</em>- they don’t have time in Parliament left to pass a law authorising that, and any capital loss (ie. spending that’s not an investment of some type) not authorised by an Act of Parliament is illegal, so they can’t.

The final attempt to defend this dead idea is that the sales will be good for the economy… except they’ll lose the government money in only a few years, the interest rate on our national debt is so low that cutting our way to a surplus doesn’t really do much for the state of our debt, and the higher electricity prices are likely to plunge growth back into the negatives again. So this is a relatively rare case of a bill which has completely no justification.

Remind me why it’s going to pass through parliament, again? Oh, right. Because Peter Dunne wants to be in every government he possibly can. What a great reason for stealing our state-owned power companies from us.

Last election, Labour presented its opposition to asset sales as a contrast. This is typical of the modern NZLP’s centrist approach to politics.

The way you contrast yourself to a painful privatisation agenda is not to simply oppose it. No, you punch your opposition in the face, you take the reverse of their position. You say “You want to talk about ownership of assets? Fine. We’re going to nationalise assets that will perform well as SOEs.”

And if Labour grew a spine, they could do this in a popular and fair way. Announce they’re going to nationalise everything National has sold, and that they’ll only pay people for their shares if they were bought directly through the option. They don’t even have to promise a refund to be fair- hammer the point that these people were trying to steal property they already collectively owned, like uprooting a public drinking fountain, and protesting that you paid rates for it.

But Labour can go still further. You know what else would be better back in public hands? TVNZ. Force a split to the broadcaster- let them keep TV2 and the various commercial-owned channels. Reinstate TV7 as a public service channel, and run TV1 as a cultural/news/documentary/public entertainment channel. Make the governance aim that they attempt to self-fund, and ban them from providing dividends to the government- if they run a profit, they can either save it for when they have higher costs, or reinvest it.

There’s also a good argument for nationalising the telecommunications infrastructure, (hell, we invested in most of it in the first place) nationalising or forcing a buyback* of State insurance, (state-run insurance is almost inevitably cheaper, as it doesn’t need to collect the same profit) making Kiwisaver compulsory in all but exceptional circumstances, and requiring all kiwisaver funds to invest 50% of their assets in New Zealand businesses.

That would be a real conversation about ownership and the state’s role in productive enterprise, and National couldn’t stop it with cheap ads about dancing Cossacks this time- we saw what happened to the economy after they tanked our last attempt to have New Zealanders investing in New Zealand.

But Labour won’t do this, because to push for such a plan yourself is to admit to New Zealand you are no longer wholly a party of the centre, that you believe in some leftist principles, (as opposed to taking a left-leaning slant at centrist principles) and the politics of the NZLP is now firmly rooted in the centre of political discourse. They might do some of these things under the political cover of a coalition partner asking for them, (thank you, Winston. And may I never have to say those three words again) but the current leadership of the Labour party are scared little boys that only know how to compromise and appear “sensible”. I require more than sensible from my government, thank you. I want them to lead.

*I don’t require that we simply “steal” every asset back that was immorally sold in the past, but we can force the owners to accept a fair and reasonable price, rather than being forced into an inflated buyback. National is going to criticise you for paying too much if you do a market buyback, so why pay more when you can get the same business for less money and the same political cost? Also, I don’t accept that the word stealing applies to taking back something that should never have been sold, and that people got for bargain prices and for which they have received more than a full return on their investment.

 

update: You could also run a billboard for people’s hilarious grass-roots mockery of asset sales, like, say, this auction.