Yesterday Kiwibank bought a controlling stake in New Zealand Home Loans. Here's John Key using strange logic to justify National's support for state-owned banks.
National Party finance spokesman John Key said the deal appeared to be an extension of a strategic plan by New Zealand Post to engage in joint ventures with private companies.
National supported joint ventures between the public and private sectors, he said.
"It makes sense for Kiwibank to engage in that way."
Getting private sector provision into an area which has been monopolised by the state is good. The state extending itself into areas to compete with the private sector is bad. Key's equivocation must be an anathema to Don Brash.