Trevor Manuel resigns as well...

Garyvdh said:
My bet....

there will be a new Political Party announced before the end of the week.

anyone wanna take me up on that?
Click to expand...

My thoughts exactly.

Obaht said:
I beg to differ. If you look at the rate of inflation and the current HIGH interest rates in SA now, it is clear that he has NOT done a very good job. But then again, I don't think anyone can steer a evolving banana republic like SA.

The ONLY thing that SA was good at over the last 5-10 years was BORROWING lots of money, which is why it seemed so prosporous but it was just an illusion. The chickens are coming home to roost and Trevor Manuel is leaving, and will probably retire with his "so called legacy", that he was the best thing to happen to SA since the discovery of gold. In reality, did he REALLY do a good job? A good job would have resulted in increased productivity, employment and lower interest rates. Clearly SA has NOT seeing increased productivity, lower unemployment or lower interest rates.

SA is now a credit risk and will be facing spiraling inflation and and a whole host of problems that has come with trying to borrow your way to prosperity.

You haven't seen the start of the problems yet.
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Actually we were/are a part of a global economic downturn, which was handled quite well by the finance department, who had little control over global pressures. Look at the state of affairs in US and UK, particularly from a business perspective and you will realise that TM did in fact handle the situation to the best of his ability, or control. Tito IMO made a few cock ups along the way though.

We have had our debt downgraded by the likes of S&P and Moodys, but we are still in investment territory ratings wise. We are in no way a high yield risk. And the spiralling inflation: well it started as a result of global inflationary pressures, which was handled mostly by the reserve bank. From a financial perspective we did hedge considerably in the currency market which paid dividends, and was under TM's direct control.

Taking into account the global inflationary pressures and economic downturn (considering both US and UK are almost certain of a recession), what should TM have done better in this case?
 
Garyvdh said:
My bet....

there will be a new Political Party announced before the end of the week.

anyone wanna take me up on that?
Click to expand...

I agree - my prediction:
After they all step down on Thursday they'll resign from the ANC on Friday - Monday we'll hear about the new party... With Trevor Manual as Presidential candidate ;)

Just thinking about him - considering that he is part of the NEC who appealed for ministers not to resign it is very strange for him to resign - something must be up...
 
kilps said:
I agree - my prediction:
After they all step down on Thursday they'll resign from the ANC on Friday - Monday we'll hear about the new party... With Trevor Manual as Presidential candidate ;)

Just thinking about him - considering that he is part of the NEC who appealed for ministers not to resign it is very strange for him to resign - something must be up...
Click to expand...


Mr Blu has been asked to attend a .... errmmm .... 'meeting' over the weekend ;)
 
ALSI has only dropped by 3.56% today.

Ok, 3.18 %
3.08%

Oh wait on the way up again.

Long day....

-9.41% for the month
 
kilps said:
I agree - my prediction:
After they all step down on Thursday they'll resign from the ANC on Friday - Monday we'll hear about the new party... With Trevor Manual as Presidential candidate ;)

Just thinking about him - considering that he is part of the NEC who appealed for ministers not to resign it is very strange for him to resign - something must be up...
Click to expand...

With a coalition with DA ID etc?
 
bekdik said:
With a coalition with DA ID etc?
Click to expand...

Doubtful they will go that route from the outset. Although with time not on their side for the elections, it might be a necessary evil so to speak...
 
DJK said:
Doubtful they will go that route from the outset. Although with time not on their side for the elections, it might be a necessary evil so to speak...
Click to expand...

A coalition would be the best thing that could happen as it could break the single party state. It is also a better option than a COSATO SACP run economy.
 
DJK said:
Actually we were/are a part of a global economic downturn, which was handled quite well by the finance department, who had little control over global pressures. Look at the state of affairs in US and UK, particularly from a business perspective and you will realise that TM did in fact handle the situation to the best of his ability, or control. Tito IMO made a few cock ups along the way though.

We have had our debt downgraded by the likes of S&P and Moodys, but we are still in investment territory ratings wise. We are in no way a high yield risk. And the spiralling inflation: well it started as a result of global inflationary pressures, which was handled mostly by the reserve bank. From a financial perspective we did hedge considerably in the currency market which paid dividends, and was under TM's direct control.

Taking into account the global inflationary pressures and economic downturn (considering both US and UK are almost certain of a recession), what should TM have done better in this case?
Click to expand...

Actually, the levels of debt in SA, both personal and public, are incredible. Look for higher interest rates in the future. Canada, by way of example is paying down it's debt, even in these uncertain times. The interest rate over here that I pay the bank on my bond is only 4.75%. I could even get a lower one at 4.25% if I bothered to take the time to do it.

The principal stands that the "borrower is a slave to the lender, and that the rich rule over the poor." In my opinion, SA is about to become a whole lot poorer and increasingly subservient to the money lenders.
 
the rest of the list... The other resignations were of the Ministers of:

Defence, Mosiuoa Lekota
Minister in the Presidency Essop Pahad
Intelligence, Ronnie Kasrils
Correctional Services Ngconde Balfour
Public Enterprises, Alec Erwin
Science and Technology, Mosibudi Mangena
Public Works, Thoko Didiza
Provincial and Local Government, Sydney Mufamadi
and Public Service and Administration Geraldine Fraser-Moleketi.

The deputy ministers who resigned are:

Foreign Affairs, Aziz Pahad
Finance, Jabu Moleketi
Correctional Services, Loretta Jacobus.
 
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