The Forum > General Discussion > How to Beat the banks.
How to Beat the banks.
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I don’t need reminding, I just ignored this part of your comment. Your concept that every working Australian is a bank shareholder is absurd. There is a very real difference between being a shareholder and having superannuation with a fund that is an institutional investor in a bank. Think direct voting rights, sale rights, dividend distribution rights et al. Either there are some concepts that 17 year old girl didn’t teach you, or you are deliberately trying to pull the wool.
Unlike your St George example which was also misleading, I can't easily confirm your accuracy on the CBA margin or more importantly, how it compares to other lenders in the snapshot you have written about.
Regardless, I absolutely agree that competition from deregulation pressured banking margins. Your observation is timely and very important. However my point was more about privatisation. For better or worse, CBA ‘profit’ was controlled by and directed to the government. Unlike you, in the ideal, the government governs for the people, not the individual.
Whilst I share your view that banks need to be sustainable. The questions for us as a society are, how profitable and at what cost?
As for your chance lesson from a 17 year old girl, it’s great that this completely luck based event lead you to such a satisfying investment strategy for yourself. Imagine where you could be, if you had not met this switched on lass or she had instead suggested to you to buy a large chunk of land in suburbia, which you might one day sell to developers for an enormously increased amount.
Your apathy and disregard for those who have not been so lucky is distasteful and, I suspect, at the heart of this issue of all those like you. Success, knowledge and intelligence are the poor cousins to compassion, empathy and decency. Fortunately for some, they are not mutually exclusive.
Mortgageinsider (Mick)