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http://www.tvhe.co.nz/2011/12/16/rbnz-december-2011-bulletin/ The Visible Hand in Economics Fri, 16 Dec 2011 23:34:33 +0000 hourly 1 https://wordpress.org/?v=6.9.4 http://www.tvhe.co.nz/2011/12/16/rbnz-december-2011-bulletin/#comment-36176 Fri, 16 Dec 2011 23:34:33 +0000 http://www.tvhe.co.nz/?p=6601#comment-36176 Interestingly, I don’t see a mention of 911 there, but that changed our behaviour somewhat! The first thing that happened was our Professional Liability insurance rocketed from several thousand to one quote of $40,000! Of course it settled down but we ended up with three times the pre 911 cost.
I think it influenced the professional advice we gave.. being more cautious than before.
The second thing that happened was the failure of a Tauranga Finance House mid decade that cost us a bit.. that impelled me to move a lot of money out of the sharemarket, a building investment and finance houses back into the bank.. where we were getting 7-8% anyway.
Basically, those two events, plus the house price rises and petrol almost doubling looked to me like the familiar boom and bust cycles of the 60s to 80s and I stayed reasonably cautious.
JC

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