But Michael, you said it wouldn't affect us

New Zealand Parliament – 1. Mortgages?Fixed 2-year Rates

Michael Cullen is a liar. Proven and without doubt.

Back in August last year he said;

“Back in New Zealand, we don’t have the same sub-prime mortgage problems ? our banking system is sound, The riskier end of our financial sector is finance companies, where we have seen some troubles in the past year.”

Now in our very own parliament today, in response to a patsy question by Charles Chauvel he said;

I have received reports of the continued fallout from the subprime mortgage crisis in the United States, and the subsequent unravelling of credit markets is putting direct pressure on the New Zealand banking system, in terms of its ability to lend. The banks are finding it difficult to access affordable credit, and are raising mortgage rates as a consequence.

Well now, that is a wee bit of a flip flop in positions isn’t it? August there is no such thing as a sub-prime mortgage problem and now six months later the woes in the economy are all the fault of the sub-prime mortgage crisis that didn’t exist. It can’t be both contentions MR Cullen, it just can’t. Therefore I put to you that Mr Cullen either lied to the public of New Zealand in August or he lied to the parliament today, either way he is a liar.

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