in which we eat humble pie, crow, hat, whatever...

I once I said I'd treat the PM with something other than derision if and or when an industry group supported an interest rate rise...

Well blow me down, look what Peter Hendy said today:

Peter Hendy, the chief executive of the Chamber of Commerce and Industry, says
his organisation supports the Reserve Bank's decision to raise rates.
"We think there's quite a lot of justification for this particular rate rise," he
said.
"We've been very worried about inflationary expectations building up."
He acknowledges that it will cost business but says rising inflation is also
a burden to businesses.
"We're hoping that it will be the only rate rise that's necessary to get us back to the 2 to 3 per cent target for inflation the Reserve Bank has," he said.

Caught like a rat in a trap. Hoist by own petard. Done like a dinner. So, something other than derision, eh....

OK, the PM is correct to say that every dollar that a worker gives up in previously agreed, negotiated, contractually binding agreements, is a plus to the economy's competitiveness. That is why, as I understand it, profits are taking an increasingly greater proportion of GDP.

Doesn't make it right.

DH: whatever...

A more interesting post will follow later this evening.