The Forum > Article Comments > Establishing a People’s Bank > Comments
Establishing a People’s Bank : Comments
By Christopher Joye, published 11/1/2010'Banking' is a necessary public good that all Australians require access to in order to make their way in life.
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Posted by Ho Hum, Monday, 11 January 2010 3:43:40 PM
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the solution is simple, australia post should simply look at a takeover of suncorp paying shareholders market rates for shares, then there will be a people's bank and a people insurance entity fully integrated
Posted by slasher, Monday, 11 January 2010 8:32:17 PM
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Best article for a long time.
Quote:"such opposition would be based on an ideological fiction (the fact is that the state already underwrites much of the industry)" Gold. Such honesty should be more common in journalism! Banking and insurance are both industries that periodically require public bailouts due to profiteering and ignorance of risk. Now that these industries know that taxpayers will bail them out they will continue the trend. Executives must be grinning as they can continue their multi-millionaire lifestyles whilst contributing nothing of real value to society. These industries are "utility": They do not produce wealth, they just redistribute it. When an economy is taken over by utility industries at the expense of wealth creation industries and taxpayer subsidies effectively allow "living dead" corporations to survive...the economy *will* decline. The US has generated a few extra millionaires and Billionaires in the last decade...but all at the expense of the middle class and poor. Few *new* wealth industries are being created (China does that now) and hence the slide into poverty begins. Profits for publicly propped up companies should be controlled. Utility companies should also be limited (using tax laws) so as not to be "too big to fail" and to be allowed to die when management allows profits to override risk management. Finance is *not* wealth! the real economy is being strangled by bankers. Time for another Jesus to abuse the money counters...it is plainly evil for parasitic industry to exist, let alone profit to such an obscene degree. Posted by Ozandy, Tuesday, 12 January 2010 10:06:22 AM
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Yes Ozandy.They seemed have become too powerful.Keating sold the people's bank and it wasn't his to sell.
see "Fall of the Republic" it puts the whole GFC in perspective. http://www.youtube.com/watch?v=VebOTc-7shU Posted by Arjay, Wednesday, 13 January 2010 2:43:49 PM
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There you go Arjay, there is a peoples bank for you, the Fed!
45 billion in profits, paid to taxpayers. Bernanke earns little more then you do. http://news.smh.com.au/breaking-news-business/us-fed-reserve-earned-us45b-in-2009-20100112-m4ny.html ' Posted by Yabby, Wednesday, 13 January 2010 10:39:55 PM
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