Banks are no better, for again, since the 80's have been gambling on the stock market with depositor's monies, as well as Subprime loans, derivatives, junk bonds, short term money markets, etc.

The way things stand at the moment, even your bank account isn't safe, let alone your superannuation. And it all comes down to the deregulation of banking. But it won't change until it's destroyed, as there's just too much money involved, and too much money available for financial institutions to bribe, corrupt or whatever euphemism you choose, to keep politicians from introducing any change...or more to the point, reverting to tight regulation.

In the US I would be called a commie, but it's not about that. It's about forcing financial institutions to be RESPONSIBLE once again.

Dick Dastardly is right .Not even our bank accounts are safe. See the plans for 'bail in'.http://cecaust.com.au/ Banks want the power to convert our deposits into their shares when the next big crash happens.

The US $ will collapse as the money printing continues. The BRICS nations are expanding and China will soon announce a Yuan backed by gold. The US $ will lose its reserve status and begin to collapse. The market is bigger than all the weapons on the planet. This is why the USA/West Oligarchs want war, ie to shore up their collapsing economy and stop civil unrest that wants to end their power.

The gambling derivative market is 10 times the size of the real economy. The selling of toxic derivatives and US mortgages to our pension funds is what caused the 2008 collapse. The share market has been re-inflated by QE (money printing)but the real economy continues to fail.Bankers and their corporations have more power than our Govts. The selling off of the Commonwealth Bank and 4 State Banks was an absolute disaster. They regulated the banking system and could create from nothing money for infrastructure debt free.

Since "self regulation" of financial services, we've enjoyed two stock market crashes, the Dot Com Bubble, the Subprime Loan fiasco and the GFC, with more to come. So, we've given the keys to the blood bank to vampires, and said "help yourself". Of course, bankers would NEVER be selfish, greedy or corrupt, would they?

Prior to self regulation, we had tight regulation, and no crashes of anything, but gentle rises and declines in markets.

Since the general public doesn't demand a return to tight regulation, we can see that the general public have the financial literacy of a gnat, and are more than happy to buy the swill of "self regulation".

On that basis, why do we have speed limits on roads, and not let drivers self regulate? Could it be that though most would do the right thing, we need a system of regulation to ensure across the board compliance? You can only injure a handful of people on the road, but a banker can only destroy the lives of millions. Hmmm, we need to consult an Einstein to work this out, don't we [cynic]?

Cheers.

How does personal responsibility sit with you Everett?

No one can legislate for that. Without that element 'a fool and his/her money ...'

Oops sorry Everald

Oh, really, Dick Dastardly?

>>Prior to self regulation, we had tight regulation, and no crashes of anything, but gentle rises and declines in markets.<<

Where were you in 1989?

http://www.loansense.com.au/historical-rates.html

A "gentle rise and decline" to 17%+ interest rates and back? Saints preserve us.