Constitutional Hill

“Anti-majoritarian liberals” have a right to speak up like everyone else

It is easy to lampoon Minister Blade Nzimande (without resorting to childish references to his high voice): the often turgid and almost unreadable prose (if that is what one can call it); the seemingly unhinged paranoia; the champagne socialism; the long stays at the Mount Nelson Hotel; the million Rand car. But the Minister seems to have some influence in the Zuma cabinet, so one might do well to try and understand what he is saying and engage critically with his ever more incoherent missives against “anti-majoritarian liberals”.

Lurking at the heart of these missives, it seems, is a narrow, completely diminished, understanding of democracy. Minister Nzimande seems unaware of (or he is ideologically opposed to) the fact that our Constitution establishes more than a representative form of democracy in which passive voters are given the opportunity every five years to vote for the party of their choice (which the state broadcaster tells them should be the ANC). In his latest missive, he has the following to say about a supposed liberal ideological third force:

As part of the ideological armoury of the anti-majoritarian liberal offensive are attempts to assemble elite voices in society that appear to be either neutral or authoritative to try and discredit the ANC. The mainstream liberal media, some liberal NGOs, and of late business voices like Reuel Khoza, are all part of an ‘ideological third force’, decrying the ‘threats’ to our constitution and ‘lack’ of leadership in the ANC and society. Similarly, all of our institutions supporting democracy are either affirmed or condemned in the media, purely on the basis of whether they find positively or negatively against the ANC or government, often irrespective of the issues at hand.

That, according to Nzimande, is why the masses should be mobilised behind the ANC/SACP programme of action (as if anyone belonging to the masses are not capable of thinking for themselves and having a view that contradicts that of the movement) and why cadres should not believe a word they read in the print media (the SABC being ideologically less problematic and therefore more believable – unless they report on Julius Malema).

It has not occurred to Minister Nzimande that there might be reasons why the print media are criticising the movement and why NGO’s are taking the government to court. There might be very good reasons for protesting when our government does something reactionary, venal, corrupt or undemocratic. Whether the criticism is provided by an 84 year old granny who voted for the ANC or a newspaper editor – it remains valid no matter what Nzimande thinks. He has not considered the possibility that many of the ANC critics are fighting for a better life for themselves or the communities they serve, something the government is not doing so well because many of its leaders are fighting with each other for positions, which will bring with them the status that a blue light convoy and stays at the Mount Nelson can bestow, along with immense wealth that flows from access to government tenders and bribes by others who wish to access these tenders.

When the President tells an interviewer of The Sowetan: “We don’t want to review the Constitutional Court, we want to review its powers,” a few days before his own case which might revive corruption charges against him is heard by the Supreme Court of Appeal (SCA), one need not have a special ideological hatred for the ANC to worry about a threat to the Constitution. When the President appoints the least qualified and most right-wing member of the Constitutional Court as Chief Justice, and is lauded by the social conservatives and by Blade Nzimande for doing so (Blade saying those who pointed out Mogoeng’s conservative anti-women and anti-gay credentials did so only to spite the President!), then one should surely be aware that liberal and conservative, progressive and reactionary has stopped meaning what it used to mean and that Blade’s rant about an ideological third force is utterly meaningless.

And when North West Human Settlements MEC, Desbo Mohono, says that municipalities need to create stringent by-laws to prevent the “mushrooming” of informal settlements, in effect declaring war on the poor and sounding remarkably like an apartheid era Minister, then any thinking person would surely take Blade Nzimande’s attack against NGO’s and liberals with a pinch of salt. How can one not and begin to think that he is hiding behind his revolutionary language to try and pull the wool over our eyes about the movements true ideology (and ideology that has more to do with wealth accumulation and demonization of the poor than with providing a better life for all)? By the way, the MEC seems to have given the game away on Saturday when he made the following statement:

I would like to urge all local municipalities, to come up with rigid by-laws that would ensure that we do not see another informal settlement mushrooming in our land… We cannot win this battle if we continue to be held to ransom by our people, who continue to occupy land illegally and continue to add numbers to the ever emerging informal settlements.

In this view, it is the people – especially the poor that comrade Blade claims to fight for – who have become the enemy and who is holding the government to ransom by having the cheek of existing and actually wanting to have some kind of roof over their heads every night when they go to sleep. I mean, these people must be part of the liberal ideological third force, cunningly relying on the Constitution which states that everyone has a right of access to housing and placing a positive obligation on the state to take reasonable steps progressively to provide such access to those who need it.

Now, the supposedly liberal NGO’s are the ones who often assist the homeless and those who live in informal settlements and help them to take the government to court when the government that Blade is part of heartlessly evicts the marginalised and vulnerable poor from their often makeshift homes or the dilapidated inner city buildings where they live, often in desperate conditions. The supposedly revolutionary movement of which comrade Blade is a member is often the one who demonises these same people (as the MEC did on the weekend) and who takes steps to try and get them out of sight. (I guess it must be distressing to have to see these informal settlements flash past as one is chauffeur driven in a blue light convoyed R1 million car to another party where one will sip champagne on hehalf of the masses to celebrate the 100 year birthday of the ANC – staying in the Mount Nelson far away from these horrible poor people who dare to want to get a roof over their heads must be so much more soothing and fun.)

In any case, at the heart of all this is a deeply undemocratic attitude to the “masses of our people”, to debate and to criticism of any kind. Citizens are seen as passive voting fodder who must be galvanized every five years to vote for the movement and otherwise must shut up. In the Doctors for Life case, Justice Ngcobo made it clear that this is not the kind of democracy established by our Constitution. The commitment to principles of accountability, responsiveness and openness, wrote Ngcobo, shows that our constitutional democracy is not only representative but also contains participatory elements. This is a defining feature of the democracy that is contemplated. This means that all citizens (even the liberal ones) have a right to have their say and to participate in the discussion. Not even Minister Nzimande can try and shut up anyone who raises concerns about the manner in which the government is “governing” the country.

When the 84 year old granny, Ntombentsha Phama, who welcomed a TV news camera crew into her home and spoke about her plight, and was then berated by a delegation of ruling party councillors sent by Mbhashe Local Municipality Mayor Nonceba Mfecane, they are showing the same kind of lack of understanding or respect for democracy as Blade Nzimande. During a second visit, this time with Mfecane in tow, Phama was again scolded, given two blankets and a business card, and told to call the mayor – not the media – when she had problems.

Like Nzimande the mayor and his cronies never stopped to think that Phama had a RIGHT to invite the TV cameras into her home and that instead of berating her, they might have done something about the criticism. They never thought that the embarrassment to the ANC came not from the granny, but from the way in which the council had behaved. Similarly, Nzimande does not seem to understand that the criticism of the ANC in the media might – at least sometimes – be based on the fact that the ANC is stuffing up. I guess it is far easier to launch a tirade against the granny or against a so called ideological third force, than actually to governing responsibly and effectively and to deal with the criticism. I find that even those evil liberals in the media will praise the government when it does something well. The only problem is that there is not often that much to praise – unless we set our sights so low that anything the government does better than the apartheid state is seen as worthy of praise.

  • Mikhail Dworkin Fassbinder

    What I find sad is that some of our people are seduced by the blandishments of liberal WHITISM. Liberals will go out of their way to sabotage the upliftment of our people — for example, promoting labour “brokers,” constantly diverting attention from service delivery by whinging about “corruption”, and lodging environmental objections that delay our vital infrastructural development for years. Then, the WHITISTS try to discredit government’s efforts, by pointing to the very conditions that their own obnoxious counter-majoritarianism has engendered!

    Thanks.

  • Pingback: Stalin’s ghost… : Dan Newling

  • http://www.ozoneblue.co.za/ ozoneblue

    I don’t like Cde Blade any more either. He has turned our higher institutions of learning into a laughing stock. Pierre, I say burn the bitch.

    http://mg.co.za/article/2012-01-19-graduates-lack-of-skills-affect-workplace-says-jansen

    “Nan Yeld, University of Cape Town’s (UCT) dean of higher education development, said new students “flounder and fail or scrape through with marginal passes” because of failures by their schools to adequately prepare them for university. More than half of all pupils entering universities do not complete their degrees. She warned, however that schools are not the only one to blame for the low quality of graduates’ skills, saying universities must to take a hard look at their quality of their graduates’ passes.”

  • Gwebecimele

    If this how court officials treat their equals, one can only assume what happens to the poor uneducated blacks who appear before them.

    http://www.timeslive.co.za/local/2012/04/16/magistrate-sues-minister-npa

  • Maggs Naidu – Zuma must go!

    Fucking, morally filthy and defunct degenerates!

    Sent by Mbhashe Local Municipality Mayor Nonceba Mfecane, they berated her for airing her dirty laundry in public.

    During a second visit, this time with Mfecane in tow, Phama was again scolded, given two blankets and a business card, and told to call the mayor – not the media – when she had problems.

    The drama started on Wednesday, the day after the bulletin containing Phama’s story was aired nationwide. Local Ward 2 councillor Nosakhele Nkqwiliso, acting on Mfecane’s orders, visited Phama and verbally attacked her to such an extent that she fainted. Bystanders alleged the ANC councillor arrived in a 15-car convoy with supporters to grill Phama for alerting media to her situation.

    http://www.citypress.co.za/SouthAfrica/News/Gogo-raked-over-the-coals-after-talking-to-the-SABC-20120414

  • Gwebecimele

    Gwede takes on Khoza for using an annual report/AGM which is aimed at investors/world to voice his opinion on current leadership. One assumes that the ANC is unhappy about the bad publicity for the country and the government amongst its global peers.

    Now, how do you explain Nzimande’s throwing of the baby with the bathwater by making alarming statements about the entire banking industry. If he is to be believed, we must take our money from the banks and invest them elsewhere because they are about to go bust. His statements are like fuel to Khoza’s claims.

    Surely we deserve better.

    As for Khoza, he must show leadership that he preaches every day and drive this debate to its logical end or else he will cause more harm than good. Pulling out is cowardice, it will be easy for his critics to claim he was just impressing his paymasters around the table and avoid dealing with his core message.

  • Gwebecimele

    Maggs

    Phama, Tatane and others will be dissapointed that their “so called” leaders will not even make it to the disciplinary sessions of the party.

  • Gwebecimele

    @ Brett

    I am horrified at the number of families that have reduced our police force to their domestic employment agencies.

    Lets call MP Chakunga to look into this.

  • Gwebecimele

    Try speaking against these tolls. Now that the registration number are way below expectation, comrade Nazir creativity comes to the fore.

    http://dailymaverick.co.za/article/2012-04-16-sanral-to-sa-you-can-revolt-any-time-you-want-but-youll-pay-nevertheless

  • Kyle

    @Mikhail Dworkin Fassbinder

    It is precisely this attitude, whereby an individual speaking out against the government is branded a dirty, sabotaging, and anti-majoritarian liberal with ‘whitist’ tendencies that is the issue being addressed in this blog post.

    We all have the right to speak out against the government should we feel it is failing in any area of its functions. As mentioned in the blog post, we live in a participatory democracy!

    I won’t apologise for participating in our democracy and neither should anyone else.

  • Maggs Naidu – Zuma must go!

    Gwebecimele
    April 16, 2012 at 10:41 am

    Gwebs,

    It’s beyond bizarre that these arrogant, spineless, cowardly turds can intimidate, frighten, humiliate a poor, defenceless elderly person.

    This has to be one of the most evil and outrageous acts post democracy.

    Let’s hope that every ANC supporter will take note and respond appropriately!

  • http://www.ozoneblue.co.za/ ozoneblue

    Gwebecimele
    April 16, 2012 at 10:23 am

    Blade is a class traitor and a sell-out of the struggle. What kind of integrity did you expect exactly?

  • http://www.ozoneblue.co.za/ ozoneblue

    Kyle
    April 16, 2012 at 10:52 am

    Don’t be afraid of mfd. He is another one of those white liberals who bargains his way up the ladder with his white guilt and sucking up to African nationalists. When the shit hits the fan and Malema comes for him+maggot he would be the first one one out on a first class ticket on the chicken run to London or Perth.

  • Gwebecimele
  • Gwebecimele

    ——————————————————————————–

    Possible reasons why Reuel Khoza is angry – Nzimande
    Blade Nzimande
    12 April 2012

    SACP GS on the critis of neo-liberalism and the financial sector in SA

    The fact of the matter is that South African banking industry, despite slick public relations stunt indicating otherwise, is facing the eye of a (brewing) storm; also perhaps the underlying reason why Nedbank is not currently a saleable proposition. The South African banking industry is developing towards a huge crisis, likely to lead to a serious bubble, not dissimilar to that of the rest of the global banking and financial sector, unless drastic action is taken to prevent this.

    Since the onset of the current global capitalist crisis, in which finance was at its centre, the South African banking industry has been sinking deeper into its own financial problems. Despite claims by Stephen Koseff, Chairman of the Board of the Banking Association of South Africa in 2010, that “South Africa was largely insulated against the effects of the global financial crisis due in part to the introduction of the National Credit Act (2007), Basel II (2008), a conservative regulatory framework as well as conservative lending practices”, a closer examination of debt exposure of South African banks tells a very different story.

    South African employers have intensified the casualisation of the working class, including through the dramatic increase in labour brokerage, to circumvent our progressive labour dispensation, similarly South African banks have sought to circumvent the National Credit Act (NCA, 2007) by expanding reckless spending.

    There was a significant increase in lending by South African banks around 2003-2006, largely in anticipation and ahead of the passage of the stringent regulations of the NCA, coupled with the increased pressure by the SACP-led financial sector campaign for developmental but responsible lending.

    Part of the methods for expansion of lending by the banks was the consolidation of an alliance between banks and the retail sector, also marking an increased entry of the major banks into micro-credit. Whilst the passage of the NCA in 2007, including the establishment of the National Credit Regulator, temporarily stabilized the extension of credit by the banks, the percentage of household debt to disposable income grew from about 50% in 2001 to a whopping 80% around 2007.

    This means that 80% of disposable income went to servicing debt. Perhaps the situation is more serious than this, as our own financial sector campaign showed us that usually the indebtedness to formal financial institutions by the working class is also accompanied by further indebtedness to ‘omashonisa’, whose debt statistics are unknown!

    However, with the onset of the global capitalist crisis and the crisis of the global finance capital around 2008, the pattern of lending by South African banks has since changed radically and dramatically. During this period, there has been a huge increase in the number of unsecured credit transactions, a phenomenon exactly similar to that which led to the bursting of the housing bubble in the United States, triggering the current global capitalist crisis.”

  • http://www.ozoneblue.co.za/ ozoneblue

    Gwebecimele
    April 16, 2012 at 11:29 am

    I wonder who is financing his brand new R1,1m BMW 750i. Must be the workers I assume.

    http://3.bp.blogspot.com/_vCXBX4q7xEo/Sq8yKex0yzI/AAAAAAAABio/NtvkLl9w-Cw/s400/11sep09xzapiro.gif

  • Mikhail Dworkin Fassbinder

    @ Kyle

    With respect, you appear to represent the quintessential voice of rampant WHITISM. Fact is, the times of European rule is over. Ergo, I advise you to adopt a humble but helpful attitude, assist where you can in the project of TRANFORMATION, and speak only when spoken to.

    Thanks.

  • http://www.ozoneblue.co.za/ ozoneblue

    Mikhail Dworkin Fassbinder
    April 16, 2012 at 11:52 am

    “Ergo, I advise you to adopt a humble but helpful attitude, assist where you can in the project of TRANFORMATION, and speak only when spoken to.”

    Assisted suicide centres would be useful as well. Where racist (heterosexual) White males can bite the bullet without making a bloody mess.

  • Pierre De Vos

    A special song for Dr Nzimande…. (“DIe KOmmunis Sokkie”) http://dieskynmaagde.co.za/tunes/

  • Kyle

    @Mikhail Dworkin Fassbinder

    Ad hominem.

  • http://www.ozoneblue.co.za/ ozoneblue

    @pdv

    lol. A touch of class.

    “ek wil jou rokkie ophef soos die werkersklas”

  • Paul Kearney

    It’s funny that it’s taken the likes of PdV (and even our own Mags) so long to see that there erstwhile heroes always had feet of clay and were in it for themselves. Blade of course is still beloved of those like Dworky who no doubt still idolise Stalin, Ceaușescu and Tito et al and think that there are only two classes; the peasants and the great leaders. The peasants should be lucky and grateful to get the crumbs that fall from the great leaders’ table and never question them. A bit like apartheid in a way!

  • sirjay jonson

    Paul Kearney
    April 16, 2012 at 13:18 pm

    “A bit like apartheid in a way!”

    Actually, a lot like today.

    Panem et Circenses

  • http://www.ozoneblue.co.za/ ozoneblue

    Paul Kearney
    April 16, 2012 at 13:18 pm

    Maggs/mfd are racist capitalists just like yourself.

    PdV is just plain confused since his highly unfortunate flirtations with Derrida.

  • Jama ka Sijadu

    Everyone has a right to speak up but if you speak against the ANC you will be supported & hailed as a brave visionary who speaks “truth” to power. If you speak in support of the ANC you will be called a troll & a mindless sycophant.
    No middle ground for people who just talk facts?
    One thing The Falsetto is right about : the media “has abandoned any of its pretences to objectivity and fairness reporting in relation to the ANC and government.”
    It’s all out psychological warfare now.

  • Graham

    Excellent stuff, Pierre.

    Hey Dworkovski, to paraphrase you, “you appear to represent the quintessential voice of rampant BLACKISM”.

    Thanks!

  • Gwebecimele

    @ JkS

    It will be interesting to see if Gordhans will also be challenged to provide facts by Coovadia.

  • http://www.ozoneblue.co.za/ ozoneblue

    Jama ka Sijadu
    April 16, 2012 at 13:52 pm

    Certainly the New Age is one (if not the only) of the better, more objective and pro-ANC newspapers out there despite a concerted [xenophobic/racist] effort by the liberal media to smear the Guptas and Zuma’s “Indian friends”.

  • Jama ka Sijadu

    Anyway, the man has a ‘nice’ blog shame, I will resist the temptation to compare it with the Prof’s…

    http://www.reuelkhoza.co.za/

  • Jama ka Sijadu

    @ Gwebecimele

    Coovadia says: South Africa’s banks rank 2nd in the world for soundness, according to the Global Competitiveness Report 2011/12 & ranked 2nd out of 183 countries for good practice in protecting both borrowers and lenders when obtaining credit for business.

    Yet ordinary lower middle-class people are refused home loans on the one hand & approved credit cards & short term loans on the other…big 4 banks posting improved results & yet the retrenchments continue.
    I don’t agree with the thrust of what comrade Blade says in his piece, but there is certainly something amiss in the banking industry.

  • Dmwangi

    ‘Local Ward 2 councillor Nosakhele Nkqwiliso, acting on Mfecane’s orders, visited Phama and verbally attacked her to such an extent that she fainted. Bystanders alleged the ANC councillor arrived in a 15-car convoy with supporters to grill Phama for alerting media to her situation.’

    Classic media sensationalism. Not a syllable of this resonates as true.

    ‘In any case, at the heart of all this is a deeply undemocratic attitude to the “masses of our people”, to debate and to criticism of any kind. ‘

    No, at the heart of this is the failure of modern liberalism to provide a theory of human nature, which in turn causes its adherents to convulse when their utopian projects fail. For us Schumpeterians, things like corruption, petty-politicking, and abuse of office is to be expected from ANY government. It’s the ‘progressive’ fiction that these things can be uprooted from human nature that is dangerously pollyannish. The best we can hope for is a regime under which ppl are not wantonly killing each other and their is some mild respect for private property.

    On a global, historical scale, ANC government does not stack up too shabbily. Contrasted with utopian, Rousseauean expectations it does less well. And I know PdV is not fond of voting and wants all citizens to be full-time political activists, but the masses (on whose behalf is allegedly speaking) have made the calculation that the ANC, more than any other party, serves their interests or they wouldn’t perpetually vote for them. Now perhaps PDV and his elitist colleagues would like to argue that the masses are too ignorant to know which party they will be best served by, but that begs the question: why would you want more participatory democracy if the commoners are too stupid to engage in self-governance???

    In other words, having a more participatory, anti-majoritarian form of government is a contradiction. Either you want more popular participation or more governance by judges. Which is it??? It cannot be both since the political views of these two classes are wildly divergent.

  • Jama ka Sijadu

    Ahh here we go: Coovadia says “crisis? what crisis?”

    http://www.thenewage.co.za/48593-9-53-Banking_body_fights_back

  • Maggs Naidu – maggsnaidu@hotmail.com

    Jama ka Sijadu
    April 16, 2012 at 16:44 pm

    Hey JkS,

    “there is certainly something amiss in the banking industry”.

    There may certainly be things amiss with the banking industry and with most other sectors.

    It’s nonsense that there is “sufficient silence” about the ills in our society until it becomes fashionably convenient to use to scapegoat critics of these awful leaders.

  • Dmwangi

    @Maggs:

    Brilliant! What exactly is ‘amiss’ in the banking industry? Please give me some metrics or financial ratios supporting such an assertion. Or are we to just presume that your ‘economic intuition’ should suffice. I know, let’s have Maggs give a quarterly report to the regulators about what his ‘feelings’ tell him regarding housing prices, bank liquidity, reserve ratios, etc. He can even ‘intuit’ to the market what the proper exchange rate should be?

  • Mikhail Dworkin Fassbinder

    Maggs, I say the free press is the gleaming headstone in the tiara of our ship of state.

    Yet our people are more and more tired of the LIBERAL media (the New Age aside), acting as the “unofficial” opposition, doing the DA’s dirty work, ultimately accountable only to their WHITISH paymaster.

    WDYS?

  • Maggs Naidu – maggsnaidu@hotmail.com

    Dmwangi
    April 16, 2012 at 18:23 pm

    Hey Idiot Guy II,

    Which part of “may” is not clear to you??????????????

  • Dmwangi

    @Maggs:

    Nice hedge. But no responsibly informed person could look at the state of the South African banking industry and make the claim: “There may certainly be things amiss….” Given that the financial statements of the major banks are practically pristine (especially compared to their international counterparts) what exactly would lead one to think there ‘may’ be something ‘amiss.’ Or were you just making a vacuous statement of possibility– a la it’s possible there are extraterrestrial aliens?

  • Maggs Naidu – maggsnaidu@hotmail.com

    Dmwangi
    April 16, 2012 at 18:47 pm

    LOL Dm,

    you’re within a hair’s breath of dethroning OB!

    And that’s a pretty tough beat.

  • Dmwangi

    @Maggs:

    I ask again: what exactly would lead one to think there ‘may’ be something ‘amiss’ in the banking industry?

  • Maggs Naidu – maggsnaidu@hotmail.com

    Dmwangi
    April 16, 2012 at 19:25 pm

    DM,

    “I ask again: what exactly would lead one to think there ‘may’ be something ‘amiss’ in the banking industry?”

    The thing that “would lead one to think” is called a brain!

  • Lisbeth

    Dmwangi:

    “I ask again: what exactly would lead one to think there ‘may’ be something ‘amiss’ in the banking industry?”

    Although Pravin Gordhan thinks everything is oojah-cum-spiff with our banks, one could argue that their CEOs are vastly overpaid, and their charges are too high for my liking. That aside, do you think it’s good practice that banks continually raise my credit card limit without asking permission, but would probably refuse to grant me a 100% bond on a property I wish to buy, even though they can repossess the property if I default on my bond repayments? That, maybe, is what Cde Blade meant when he mentioned ‘unsecured debts’.

  • Dmwangi

    Lisbeth:

    With all due respect, Gordhan is actually one smart Indian fellow and knows quite a bit more about these matters than second-year feminist studies students.

    CEO pay is rigorously correlated with output and is mostly tied to long-term performance incentives.

    Charges are high because it is a highly regulated industry (as it needs to be), with high barriers to entry and an oligarchic character.

    Yes, it is standard industry practice to use credit-scoring models to determine risk-return and allocate capital accordingly. The National Credit Act prescribes very stringent lending criteria and effectively militates against any probability of a ‘bubble’ in unsecured credit. Moreover, securities backed by ‘unsecured’ loans are a miniscule part of the overall credit market and economy as a whole. The large banks are well-capitalised and more than able to absorb losses in this area. Finally, I have no problem with relaxing credit standards on things like 100% real estate bonds so long some kind of bond-market insurance product is required to be purchased with them.

    Unfortunately, your personal anectdotes are no substitute for solid financial analysis as any greenhorn CA, CFA or MBA will tell you.

  • Paul Kearney

    Guys, Gordhan a pill pusher who has a vague, learnt on the job idea of finance and economics. His main job is to act as bagman for ANC largesse and keep the status quo ticking over. To this end he doesn’t mind banks ripping off their customers, charging for every tiny thing and most likely colluding to do it. They pay miniscule rates of tax because SARS do not have the expertise or will to disentangle their fincial statements. With this juicy bone to feast on banks would be suicidal to be in poor financial shape. BUT external factors are at work. The larger banks persist in offshore ventures, possibly to squirrel cash away from SA and these mostly seem to do poorly. My guess is that, proportionally, most of their income is from SA. Then you have ABSA ruled in SA (read “used to carry out Barclays instructions”) by Maria “You’re Fired” Ramos who destroyed Transnet (just R300bn to partially re-build). ABSA is just a convenient cash cow in the SA sinecure to help boost Barclays profits. This system with its proportionally massive cost added to doing business is one of the structural hobbles on SA’s economy. However, like with global banks, whether they are in good shape or not is very, very difficult to evaluate.

  • Maggs Naidu – Zuma must go!

    Paul Kearney
    April 17, 2012 at 7:42 am

    LOL PK,

    “Maria “You’re Fired” Ramos”.

    The Aurora guys are demonised (as they should be) for asset stripping.

    Ms R on the other hand gets acclaimed (and huge bonuses) for doing the same with Transnet – i.e. doing an Andrew Coleman on the tracks.

    We still have the same kakky rail network (three different types of lines, incomplete sections, exhorbitant costs, failing infrastructure …) with the roads taking more toll from heavily laden trucks moving on our roads what should be rail cargo.

  • Thomas

    A must read:

    “Scathing” is how the government described Media Monitoring Africa’s assessment that reporting on the Protection of State Information Bill has been poor and one-sided. Unsurprisingly, that was taken as an affirmation that media in this country operate with an anti-government bias. OSIAME MOLEFE takes a more in-depth look at the issue.
    None of the media organisations present at the hearings into the Protection of State Information Bill [POSIB] reported that Media Monitoring Africa said coverage of the bill had been one-sided and poor.

    In addition, a statement released days later by the government highlighting this aspect of MMA’s presentation received virtually no pick-up in the main stream press. This means that if the private company the ANC hired to monitor media reports and individual journalists were meticulous at its job, it could have two new entries to file in the dossier to back the party’s allegations of bias on the part of the media. These would be in addition to the ANC’s original allegation, seemingly now affirmed, that the reporting on the bill has not been without bias.

    According to a statement by Ministry of State Security spokesman Brian Dube, media law practitioner Justine Limpitlaw said in her presentation on behalf of the MMA: “The media did this country a disservice with its biased and poor reporting. A number of good aspects of this bill, and there are many, have not been reported on.”

    Dube continued: “We have been on record calling for balanced, sober and fair reporting on this matter simply because we were worried about the nature of the debate, which was driven by the media. The public were not given the accurate facts on this bill and it was made as if all things under the sun were to be classified and no access whatsoever will be made available.”

    Speaking to Daily Maverick, Limpitlaw drew a distinction between poor reporting on one hand and one-sided reporting on the other because, while they are closely inter-related, they are different. She said the one-sidedness to reporting on POSIB was symptomatic of poor reporting, which in turn was “from the over-commercialisation of news, cost cutting and the juniorisation of newsrooms, meaning there isn’t the competence or capacity that there ought to be, particularly for reporters dealing with complex issues like legislation.”

    Limpitlaw did not think the one-sided reporting was the result of anti-government bias. She also clarified that she said “one-sided” not “biased”, as Dube’s statement claimed. The transcript of the hearings confirms this. The word biased gives a sense that the media were deliberately ignoring the other aspects of the bill. Limpitlaw says that was not what she was suggesting.

    Like all pieces of legislation, the bill is complex and reporting on it takes a complex set of skills and much time.

    “Reporting on it in a way that frames it in terms of how it fulfils South Africa’s international obligations and the apartheid-era legislation it replaces is not something a journalist can do without dedicating [a] significant amount of time [to it], which, currently, journalists do not have,” she said.

    Limpitlaw also questioned why Dube, in what was effectively the ministry’s look back at the week’s presentations, focused on an aspect of what she said that was neither the crux of her presentation nor was the quality of the media’s reporting the subject of the hearings. Key to the MMA’s presentation was that, while the bill is long overdue and much work had been put into it, the document in its current form was still unconstitutional.

    “In the case of POSIB, the coverage has been poor in not reporting fully on this particular piece of potential legislation. This was the case with the Sexual Offences Act, where the media focused on sections on teens not being allowed to kiss each other. They didn’t talk about the positive purposes of the bill. This kind of coverage is common with a lot of legislation. It’s an area, with some exceptions, that we’re not very good at in South Africa,” MMA director William Bird said.

    But Democratic Alliance MPL Alf Lees took exception with this point of view when Limpitlaw raised it during her presentation. He said it was not the media’s job to praise government.

    However, context is king, according to Bird.

    “If a story fails to give sufficient context, over time it starts to form a particular pattern of reporting,” he said.

    Disasters in Africa affect nameless, faceless people and one disaster is virtually indistinguishable from another, thus perpetuating stereotypes about the continent, Bird said. But reporting on disasters in developed nations, as was the case with the recent Swiss tunnel bus crash disaster, gives fuller explanations as to what happened and why it happened. The reporting also humanises it by giving names and faces. This context is never given to reportage of disasters in the developing world, Bird said.

    This is distinguishable from formal bias, where there is a deliberate effort to report on something to put forward a particular viewpoint. He concedes that the default media position would be a bias in favour of free speech and access to information. However, the editorial pages have reflected this, while the reporting has, with mixed results, attempted to be fair and accurate.

    Bird also blames poor reporting on government communicators.

    “Government has difficulty communicating its own programmes and intentions. Journalists, working under various constraints, are expected to make sense of it all. For the most part, they make the best of what they have,” Bird said.

    When initially introduced, POSIB was shocking and draconian by any reading, according to constitutional law professor Pierre de Vos. The bill had been through over 30 drafts before the ANC used its majority to muscle the still-imperfect document though the National Assembly. “The reason it [POSIB] has been improved was because of civil society and the rapport the opposition built with the ANC representatives on the parliamentary committee,” he said.

    Bird shared this view and added that, when first introduced, POSIB did not exist as a bill isolated from what appeared to be a broader attack not only on freedom of expression and access to information, but on media freedom too.

    “It just wasn’t the mooted media appeals tribunal, it was the general environment and the run-up to the elections where [ANC secretary-general] Gwede Mantashe said the ANC’s biggest opposition was print media,” Bird said.

    Other pieces of legislation introduced before POSIB, like the Public Service Broadcasting Bill and the Icasa Amendment Bill, were deeply flawed and threatened our democracy in similar ways, according to Bird. This shaped much of the initial and subsequent reporting around POSIB, nudging the good aspects of the bill from the reporting.

    When contacted, Dube said if his statement substituted “biased” for “one-sided” in the Limpitlaw quote, it was an inadvertent error.

    “Perhaps it’s my interpretation of what ‘one-sided’ means but if she didn’t use that specific word, I take the point. However, the net effect of what she meant remains the same. I could never spin direct quotes, so it must have been an honest mistake,” he said.

    He would also not be drawn into saying whether his statement or Limpitlaw’s original remark received no coverage because it did not fit into the mainstream media’s narrative of being the voice that speaks truth to power without fear or favour. “I cannot say for certain why our comments – mine and Ms Limptlaw’s – were poorly covered. Only the media can answer that question,” Dube said.

    “Different newsrooms reach different decisions about the newsworthiness for different reasons. You cannot infer a wider pattern from the lack of coverage of one submission among many to the committee, and one press release from the Ministry of State Security,” said Mail & Guardian editor Nic Dawes.

    “Some of [the reasons] are about the merits of the issue at hand, some are about what else is happening during a particular news cycle, some of them are more crudely practical, and include considerations such as the availability of staff in a particular place a particular time.”

    Chaos erupted at the hearings on the day the MMA made its presentation as committee chairman Raseriti Tau stopped the Alternative Information Development Centre during its presentation because it contained “political statements”. Public protector Thuli Madonsela also made her presentation to the committee later in the day. These two events dominated much of the coverage of the hearings.

    Cape Argus editor Gasant Abarder said he was not aware of Dube’s statement, but has on previous occasions opened up his publication’s op-ed pages to ANC MPs like Luwellyn Landers to discuss elements of the bill which they felt weren’t being reported on, or to tackle its more contentious elements, like the lack of a public-interest defence. Abarder also acknowledged the problems that Bird and Limpitlaw said led to the poor reporting on POSIB, but believed media houses have been working on it.

    Dawes and Abarder were unapologetic about their editorial position of opposing the bill in its current form, but both maintained that their publications have made a clear distinction between an editorial position and the reporting. Even in opposing the bill, editorials have acknowledged the complexity of competing rights, ultimately concluding that POSIB impinged excessively on freedom of expression and access to information, said Abarder.

    “Inaccurate or otherwise unethical reporting on the complex issues surrounding the bill certainly does nothing to assist the cause of freedom of information and freedom of speech, and I think we all need to be vigilant in that regard,” Dawes said.

    Bird believes that government and the media do their best, and that the past three years have been the most introspective for media in this country, culminating in the revisions to the press code. Some within the ruling alliance do see this. Cosatu said in its presentation to the committee on the bill that the media, while imperfect, remain the most effective means by which ordinary people can access information. DM

    ——————————————————————————–

  • Jama ka Sijadu

    My understanding of the Finance Minister’s comment is the concern that our banks are funding comsumption rather than investment.
    Unlike comrade Pravin & some of the commentators here, I possess no fancy degrees & PhDs (barely scraped through matric), so I cannot readily pull out “metrics or financial ratios supporting such an assertion,” but in my limited understanding this tends to have a negative effect on the economy?

  • Maggs Naidu – Zuma must go!

    Jama ka Sijadu
    April 17, 2012 at 10:26 am

    hahahaha JkS,

    “barely scraped through matric”

    So, unlike Dmwangi, you have not got one of those thingies which “impress White people”!

    Not to worry there’s a handy Sne-ism “some among us appear to be erudite”.

    Strip away all the jargon to get to the substance beneath and you will find, err, ummm, – NOTHING!

    As long as banks make more money profits funding consumption they will continue to do so.

  • Gwebecimele

    OB & Brett

    Stop supplying Fransman with “snake oil statistics”.

    http://www.politicsweb.co.za/politicsweb/view/politicsweb/en/page71654?oid=293125&sn=Detail&pid=71616

  • Gwebecimele

    I believe our comrades serving on several financial institutions boards are doing a good job of denying first time buyers finance to purchase land. Under Khoza & Netshitendze you won’t find finance to purchase land except if it is accompanied by a building loan, while Nxasana might finance you( IF U HAVE 40% deposit).

    This must be a welcomed move to facilitate transformation of land ownership. It is for this reason that we must feel comfortable to have comrades owning stakes in these institutions and sitting on their boards. Through their lips they will take a sip on our behalf.

  • Gwebecimele

    DMwangi is right.

    These indicators were closely watched by the BEST BRAINS amongst the banks & regulators in Ireland, Scotland, UK US etc, hence we are full of praises for them.

    “housing prices, bank liquidity, reserve ratios, etc. He can even ‘intuit’ to the market what the proper exchange rate should be?”

  • Annah Harendt

    @ Mikhail Dworkin Fassbinder

    Yes, WHITISM is over. The Chinese are coming. You are going to love them, they are technically adept, far smarter than you, hyper-competitive hardworking, and will steal jobs in your country while you spew obsolete ideological captrap…

  • Jama ka Sijadu

    Gwebecimele says:
    April 17, 2012 at 12:04 pm:

    “Through their lips they will take a sip on our behalf.”

    Your tone is worryingly starting to resemble that of a certain MDF…

    Maybe we need a Grameen Bank here in SA?

  • Maggs Naidu – Zuma must go!

    @ Dworky,

    hehehehe – your basket is full of fish!

  • Gwebecimele

    @ JkS

    I can assure you, I am not part of the “Western Cape Pressure Group” i.e. Dworky, OB, DMwangi, Srijay and others.

  • Jama ka Sijadu

    @Gwebecimele

    LOL – It would appear then that you are anti – the anti-majoritarian commentators on this blog?

  • bob

    Hey Ozone,

    You must be a student, suddenly when the total desaster called ANC affects you directly then the individual is culpable (but never the movement). ROTFLOL

    The fish starts stinking from the head and this one is already rotten to the core and the faster people understand this the faster we can get rid of these air thieves and build a better society.

  • Lisbeth

    “Not to worry there’s a handy Sne-ism “some of us appear to be erudite”"

    Appear … erudite … I’ve just realised that the purpose of writing is to inflate weak ideas, obscure poor reasoning, and inhibit clarity; and that, with a little practice, writing can become an intimidating and impenetrable fog!

    But “strip away all the jargon” … :-(

  • Mikhail Dworkin Fassbinder

    @ Hannah Arendt

    “The Chinese . . . will steal jobs in your country…”

    Unlike WHITISTS, the YELLOWISTS at least offer DECENT JOBS at DECENT WAGES. (Gwebe will explain.)

    Thanks.

  • Gwebecimele

    Our next Minister of Police.
    She is our hope and we are proud of her.

    http://www.iol.co.za/news/politics/top-cops-under-fire-at-parliament-briefing-1.1278090

  • Gwebecimele

    Igama labafazi malibongwe.
    Our next Minister of Police.
    She is our hope and we are proud of her.

    http://www.iol.co.za/news/politics/top-cops-under-fire-at-parliament-briefing-1.1278090

  • Gwebecimele

    Is this why our financial institutions are very strong??

    http://www.timeslive.co.za/local/2012/04/17/many-gripes-over-funeral-policies-ombud

  • Gwebecimele
  • Maggs Naidu – Zuma must go!

    Lisbeth
    April 17, 2012 at 15:43 pm

    Lisbeth,

    “writing can become an intimidating and impenetrable fog!”

    Or a lot of nonsense!

  • joeslis

    @ Dmwangi

    “CEO pay is rigorously correlated with output”

    Maybe Richard Laubscher, one-time CEO of Nedbank, was a little before your time. He screwed up big and got a a multi-million golden handshake for his efforts.

    http://secure.financialmail.co.za/08/0516/moneyinvest/emoney.htm

  • Dmwangi

    @Joeslis:

    Of course one can pick out exceptions. That’s like saying markets are inefficient because I once bought a new car that broke down within a month. Information asymmetries will always exist between buyers (shareholders) and sellers (labor).

    However, as a general rule, in AGGREGATE, total compensation must, by definition, in the long-run, be a function of correlative output.

  • joeslis

    “Of course one can pick out exceptions.”

    Aw, c’mon, Dmwangi! Why do you think we call them ‘banksters’?

  • Maggs Naidu – Zuma must go!

    A plea to everyone to stop picking on Dmwangi.

    He may be a nice guy beneath the appearance.

    And he cannot help it if he is a bit slow and stupid – that was god’s plan.

    p.s. just kidding about the “stop picking” bit – have a field day.

  • Brett Nortje

    Hhhmmmm.

    Maggs, you’re being too generous.

    Please mention the US’ $23trillion bail-out. And the huge bonusses the year after.

  • Michael Osborne

    Brett, you may find that your 23 trillion figure is overstated by a rather huge factor. The bailout was huge. But not that huge.

  • bob

    @Mikhail Dworkin Fassbinder

    April 17, 2012 at 15:48 pm

    @ Hannah Arendt

    “The Chinese . . . will steal jobs in your country…”

    Unlike WHITISTS, the YELLOWISTS at least offer DECENT JOBS at DECENT WAGES. (Gwebe will explain.)

    Thanks.

    I suggest you familiarise with the coming coming hegemons, in Zambia the solve labour disputes with a shotgun. On top of that in China people prefer to work for Western companies cause Chinese corporates are seen as ruthless exploiters. Maybe a bit of travel would expand your narrow horizons.

  • Dmwangi

    @Brett:

    ‘Please mention the US’ $23trillion bail-out. And the huge bonusses the year after’

    I thought we were discussing the state of SA banks. Now please give me one financial measure demonstrating that one iota of concern about the state of SA banks is warranted.

  • Brett Nortje

    Michael Osborne says:
    April 18, 2012 at 11:52 am

    Er, Michael?

    http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aY0tX8UysIaM

    U.S. Rescue May Reach $23.7 Trillion, Barofsky Says (Update3)
    By Dawn Kopecki and Catherine Dodge – July 20, 2009 15:01 EDT

    U.S. Treasury in Washington
    July 20 (Bloomberg) — U.S. taxpayers may be on the hook for as much as $23.7 trillion to bolster the economy and bail out financial companies, said Neil Barofsky, special inspector general for the Treasury’s Troubled Asset Relief Program.

    The Treasury’s $700 billion bank-investment program represents a fraction of all federal support to resuscitate the U.S. financial system, including $6.8 trillion in aid offered by the Federal Reserve, Barofsky said in a report released today.

    “TARP has evolved into a program of unprecedented scope, scale and complexity,” Barofsky said in testimony prepared for a hearing tomorrow before the House Committee on Oversight and Government Reform.

    Treasury spokesman Andrew Williams said the U.S. has spent less than $2 trillion so far and that Barofsky’s estimates are flawed because they don’t take into account assets that back those programs or fees charged to recoup some costs shouldered by taxpayers.

    “These estimates of potential exposures do not provide a useful framework for evaluating the potential cost of these programs,” Williams said. “This estimate includes programs at their hypothetical maximum size, and it was never likely that the programs would be maxed out at the same time.”

    Barofsky’s estimates include $2.3 trillion in programs offered by the Federal Deposit Insurance Corp., $7.4 trillion in TARP and other aid from the Treasury and $7.2 trillion in federal money for Fannie Mae, Freddie Mac, credit unions, Veterans Affairs and other federal programs.

    Treasury’s Comment

    Williams said the programs include escalating fee structures designed to make them “increasingly unattractive as financial markets normalize.” Dependence on these federal programs has begun to decline, as shown by $70 billion in TARP capital investments that has already been repaid, Williams said.

    Barofsky offered criticism in a separate quarterly report of Treasury’s implementation of TARP, saying the department has “repeatedly failed to adopt recommendations” needed to provide transparency and fulfill the administration’s goal to implement TARP “with the highest degree of accountability.”

    As a result, taxpayers don’t know how TARP recipients are using the money or the value of the investments, he said in the report.

    ‘Falling Short’

    “This administration promised an ‘unprecedented level’ of accountability and oversight, but as this report reveals, they are falling far short of that promise,” Representative Darrell Issa of California, the top Republican on the oversight committee, said in a statement. “The American people deserve to know how their tax dollars are being spent.”

    The Treasury has spent $441 billion of TARP funds so far and has allocated $202.1 billion more for other spending, according to Barofsky. In the nine months since Congress authorized TARP, Treasury has created 12 programs involving funds that may reach almost $3 trillion, he said.

    Treasury Secretary Timothy Geithner should press banks for more information on how they use the more than $200 billion the government has pumped into U.S. financial institutions, Barofsky said in a separate report.

    The inspector general surveyed 360 banks that have received TARP capital, including Bank of America Corp., JPMorgan Chase & Co. and Wells Fargo & Co. The responses, which the inspector general said it didn’t verify independently, showed that 83 percent of banks used TARP money for lending, while 43 percent used funds to add to their capital cushion and 31 percent made new investments.

    Barofsky said the TARP inspector general’s office has 35 ongoing criminal and civil investigations that include suspected accounting, securities and mortgage fraud; insider trading; and tax investigations related to the abuse of TARP programs.

    To contact the reporters on this story: Dawn Kopecki in Washington at dkopecki@bloomberg.net; Catherine Dodge in Washington at Cdodge1@bloomberg.net.

    To contact the editor responsible for this story: Larry Liebert at lliebert@bloomberg.net

  • Mikhail Dworkin Fassbinder

    Bob, with respect, I did say that Gwebe (or perhaps even Maggs), would explain how Chinese investors etc. would be a vast improvement on WHITIST employers.

    Thanks for your interest.

  • Michael Osborne

    Er, Brett, the very article you cite quotes Treasury as saying that $2 Trillion had been spent, and that the 23 trillion figure you cites was misleading, in that it stated the hypothetical amount that COULD in future be spent.

  • Michael Osborne

    Er, Brett, the very article you cite quotes Treasury as saying that $2 Trillion had been spent, and that the 23 trillion figure you named was misleading, in that it stated the hypothetical amount that COULD in future be spent.

  • Brett Nortje

    Thank you for pointing that out, Michael.

    There is little wrong with MY reading comprehension. I could have quoted selectively from the article or chosen another article without all the nuances in this Bloomberg one….Knowing you do not like reading assignments….

    “Barofsky’s estimates include $2.3 trillion in programs offered by the Federal Deposit Insurance Corp., $7.4 trillion in TARP and other aid from the Treasury and $7.2 trillion in federal money for Fannie Mae, Freddie Mac, credit unions….”

  • Maggs Naidu – Zuma must go!

    Mikhail Dworkin Fassbinder
    April 19, 2012 at 0:04 am

    Dworky,

    I dunno about that – the Chinese are killing our rhino.

    And they have polluted our ground water through AMD.

    Exploited generations of workers.

    Ignored basic health and safety standards affecting thousands of mine workers.

    Stole their pension funds.

    Supported the apartheid state.

    Bribed our government officials around the Arms Deal.

    And more.

    I would be wary about praising the Chinese!

    WDYS?

  • Gwebecimele

    I predicted the failure of this years ago. Just on price alone (about R200 000) VS a similar car in India selling for about $4000 and has been in production for years.

    http://www.businessday.co.za/articles/Content.aspx?id=169934

  • Gwebecimele

    Our justice system at its best.
    Leadership in this sector of our society is no different from the taxi industry.The only difference is the lifetime salaries and BIG titles.
    The previous case of rape of this girl was aborted by the system and those responsible are sleeping well at night. I have no duobt that this is just one of many similar cases that fall through the cracks.
    http://www.timeslive.co.za/local/2012/04/19/casualty-of-rape

  • Michael Osborne

    U.S. Rescue May Reach $23.7 Trillion, Barofsky Says (Update3)

  • Michael Osborne

    Brett, you are being naughtily evasive.

    The heading of the piece you cite says the bailout “MAY” reach $23 trillion.

    Your interpretation is like saying that, given that I have just increased my credit line to R1 million, my future debt MAY reach that amount.

    If my present level of debt is, say R100,000, it would be more conventional to say that I need a R100,000 bailout, not that I need a R1 million bailout.

  • Maggs Naidu – Zuma must go!

    Michael Osborne
    April 19, 2012 at 14:17 pm

    Prof MO,

    “I have just increased my credit line to R1 million”

    That’s small change for Dmwangi.

    His net income is more than that of Greece. Hmmm, wait that’s a bad example; anyone can have a net income more than Greece.

    But Dmwangi’s net income is a lot – are you impressed?

  • Michael Osborne

    No, Maggs, I am not the least impressed by Dmwangi’s wealth.

    I must admit, though, that his graduate degree inspires a certain awe.

  • Brett Nortje

    LOLOL! Michael, stop trying to lawyer yourself out of this one.

  • Maggs Naidu – Zuma must go!

    Brett Nortje
    April 19, 2012 at 20:01 pm

    G,

    Stop needling Prof MO.

    He’s impressed with Dmwangi’s graduate degree.

    The Prof must be a WHITE person.

    WDYT?

  • Brett Nortje

    I think mwangi is a perennial attention-seeker trumped only by your good self.

    WDYSTT?

  • Gwebecimele

    Coovadia and Khoza need to speak up about this leadership in banking!!!!!!!!!

    http://www.businessday.co.za/articles/Content.aspx?id=170086

  • Maggs Naidu – Zuma must go!

    Brett Nortje
    April 19, 2012 at 22:38 pm

    G,

    Dmwangi is not an attention seeker. I am.

    You’re just cross that he would rather go with me on a romantic weekend than with you!

  • Brett Nortje

    You’ll forgive me I hope for sensing that your tail is wagging like my pitbull when she sees another bull breed.

  • Dmwangi

    Oh my! Envy is such an attractive emotion. No wonder it is a mortal sin.

    Unfortunately, you guys don’t understand that when one has health, wealth, education, a wonderful family and successful career, there is not much he can be bothered by.

    So continue manifesting your covetousness….

  • Alibama

    MDF I luv yo tung-in-cheek, but fear it’s lost on most.
    BTW did YOU know that all these leftist slogans like “a decent wage”,
    are in, and therefore imported from G7 leftist-circles?
    ———–
    }}South African employers have intensified the casualisation of the
    working class, including through the dramatic increase in labour
    brokerage, to circumvent our progressive labour dispensation, similarly
    South African banks have sought to circumvent the National Credit Act
    (NCA, 2007) by expanding reckless spending.{{

    What I did NOT know; being isolated on the arse-end of the globe, is that.
    Italy and France have the same disasterous type of labour-legislation as
    has been copied here. And it’s now realised that they are consequently
    in deep shit. It’s tragic, when one is isolated in space and time, and can’t
    look outside to see that it’s all been done and solved before and elsewhere.
    NOW I know why the UK:econ degrees started by studying Plato & Aristotle.
    ———
    }}There was a significant increase in lending by South African banks
    around 2003-2006, largely in anticipation and ahead of the passage
    of the stringent regulations of the NCA, coupled with the increased
    pressure by the SACP-led financial sector campaign for developmental
    but responsible lending. {{

    What I’ve wanted to know, is how/why the local “agitation for
    unsustainable housing loans for the pooh-wa” [which crashed the
    US and global economy] died out here. Why was SA wiser/luckier?
    ————-
    }} the percentage of household debt to disposable income grew from
    about 50% in 2001 to a whopping 80% around 2007.{{

    That’s inevitable, when the population is told, and WANTS to believe
    that, except for apartheid, they are the same as mulungu, and that
    bling can prove it.
    —————-
    ]] A number of good aspects of this bill, and there are many, have
    not been reported on.”{{

    That’s true and inevitable: I don’t talk about the traffic lights that WORK.
    ————
    ]]The bill had been through over 30 drafts before the ANC used its majority
    to muscle the still-imperfect document though the National Assembly. {{

    Certain creatures can’t ‘walk-on-water’ no matter how many times they try.
    The national municipal-billing-crisis where they illegally confiscated my
    rental property, has had a zillion complaints and promises to fix. They should
    sub-contract it to a first-world company. How’s municipal accounts in the Cape?
    BTW, if you listen to the BBC, when they’re listing ‘commonwealth countries’
    and they fail to mention SA, you realise that they’ve realised that SA has
    gone to shit. Time to accept that it’s just a temporary sun-tanning place.
    ————-
    }}However, as a general rule, in AGGREGATE, total compensation must,
    by definition, in the long-run, be a function of correlative output.{{

    Yes, and consider the consequnce of the fact that shovel-boys are not
    needed and that it takes 20 yrs schooling to make a productive person,
    and the last decades of new-SA education. So even if you deny the genetic
    factor, where will SA be in 20 years? No worse than Zaire or Haitti.
    ————-
    ]]Gwebecimele says: Our justice system at its best. Leadership in this
    sector of our society is no different from the taxi industry. The only
    difference is the lifetime salaries and BIG titles. The previous case
    of rape of this girl was aborted by the system and those responsible
    are sleeping well at night. I have no duobt that this is just one of
    many similar cases that fall through the cracks. {{
    That’s right, and IF the education system had worked like Zim’s DID
    after independance. The system COULD have improved after 2 generations.

  • Mikhail Dworkin Fassbinder

    @ Alibama

    “I luv your tung-in-cheek, but fear it’s lost on most.”

    With respect, I am not too sure what you are on about. My demand for DECENT WAGES for DECENT WORK is unabated. As is my solidarity with the Democratic Republic of Korea in the face of IMPERIALIST aggression.

    Thanks.

  • Maggs Naidu – Chaiwala!

    Mikhail Dworkin Fassbinder
    April 23, 2012 at 12:45 pm

    Dworky,

    “With respect, I am not too sure what you are on about

    In which case it’s even lost on you!

    Well spotted Alibaba.

    Not to worry Dwork, tung in cheek is better than what the okes on the JSC have opted to do with their tongues – since this is a family blog I will not share.

  • Alibama

    }} when one has health, wealth, education, a wonderful family and
    successful career, there is not much he can be bothered by.{{
    Provided one can’t see the consequences for one’s descendants who’ll
    be trapped in a Haitti-like society.

  • Alibama

    }}The National Consumer Commission received a complaint from billionaire Wendy Appelbaum about Auction Alliance on January 31……
    2012 over the conduct of Levitt during the auction of Quoin Rock Estate, formerly owned by Dave King. The auction was held in….
    Stellenbosch on December 10 2011.

    Appelbaum alleged that Levitt used a ghost bidder whilst conducting the auction which is contrary to the provisions of section…
    45 of the Consumer Protection Act..

    The allegations of ghost bidders involving Auction Alliance first emerged in the public domain in February 2012 after an………
    expose by a national newspaper and an investigation by M-Net’s actuality programme, Carte Blanche.{{
    —-
    When I described on this forum that I’d witnessed at a SHERIFF sale, how fake bidders who bid the price above market
    to chase the genuine buyers away, and later ‘rectified’ the bid and had it re-auctioned for peanuts with no competition;
    some clown wrote that “he’d been to plenty sherrif auctions and never seen that happen”. Which implies that if you.
    haven’t lately seen people-making-babies, you don’t believe it happens.
    At the time there was some ‘law-public-input-scheme’ to which I reported the details, and to De Lille, since she had the
    guts to challenge the ArmsDealLooting. Of course with the level of corruption and chaos in the country, it was ignored.
    Consider the decades [perhaps 50 years] old absurd legislation which was fixed only after Walton [I think his name was]
    brought it to the constitutional Court, which LEGALLY allowed looting-lawers to confiscating peoples houses for peanuts,
    without Court oversight. Obviously there are plenty other defective statutes. That’s why the alert Nigerians are able
    to eg. hijack apartment-blocks. The SAns are skaaps: acting REactively; only after there’s an accident, instead of
    designing a foolproof system from the beginning.

  • Brett Nortje

    I’m the clown, and I stated what I observed just as you did.

    If you do not like that tell it to the hand.

    You’ll forgive me if I am far more interested in Maggs unwavering belief in the supernatural then your incoherent rants.