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The Forum > General Discussion > Wayne Swan forced to eat crow.

Wayne Swan forced to eat crow.

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After more than 30 stern warnings to the banks not to raise their rates more than the RBA the CBA, encouraged by Wayne Swan's pouring derision on Joe Hockey for daring to suggest that the government should take action to increase banking competition, gave him the one finger salute.

Now the treasurer has had to perform another embarrassing back-flip, Wayne Swan has been forced to eat his words and look at restoring the competition destroyed by his earlier selective support of the big banks.
Posted by Shadow Minister, Wednesday, 3 November 2010 8:14:26 AM
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I could rebut this without much trouble.
Ask are our banks profit makers owned by share holders or the publicly owned things you infer.
But it is pointless.
You are not interested in discussion or even what Abbott would do in power, so in the interests of OLO I leave your sandbox to you.
I am as guilty as you if I contribute to such as your last twenty posts.
Posted by Belly, Wednesday, 3 November 2010 1:34:36 PM
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yep...aint it a grand scam
resource plundering...[the mining boom]
ie stealing money..from the people...[by paying minimum...royalties..

while the market for their plunder goes through the roof

and the non mining indusdtry...is in stasis..if not freefall
then those fools paying off over priced houses
get wacked..by a nice increase...in intrest[ursury]

and the privatised..common-waelth..[lol]..bank
is the first to up the rate
DOUBLE..if you dont mind

on top of a huge increase,..in proffit
ok credit for hockey...making a point
but govt knows..it cant change nothing

[after all govt..gave the federal reserve...and the mint
to the bankers..in the 30's..in the first place

nice bonus..all round
how do they sleep at night

oh and the shareholders is us
or rather those taking our COMPULSORY super/by the truckload

but recall..those who sit..on the boards..[managing,your..super

[who voted themselves..an average increase..[globally]..
this last year...of 54 percent]...are doing just fine

and its them govt serves in the end
while we cop..it into our back end...again

but soon the poo-poopydoo..hits the fan...big time
then govt..will HAVE to take..back the banks
and jail..the bankers

yes dream-on

make..the boss-miners..pay their way
[govt could be doing..that they are doing]
Posted by one under god, Wednesday, 3 November 2010 2:09:42 PM
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SM, you are judging this one very wrongly. Hockey has screwed
up big time in a rush to attempt to be popular. Its a shame
that a potential treasurer does not have a better understanding
of our banking system.

Fact is that anyone who agreed to comply with banking laws was
given a guarantee. The GFC created a flight to quality. Many
overseas banks cut and ran, leaving a trail of debris behind them.

Our local big 4 picked up the pieces.

As an intelligent fellow, you are quite able to study the financials
and realise that increased profits have not come from higher margins
on housing loans, but from a decrease in bad loans and a rise
in turnover as well as a rise in corporate banking as distinct from
retail banking.

Joe screwed up on this one and is relying on the rest of us not
understanding the figures, to run with his spin.

Sadly, he just ain't a Costello and its a great shame that the
liberals didn't have the brains to hang on to Costello, when they
had a chance.

So sadly we are left with our present pair of comedians, to lead
the liberals. Its time they scratched through the back bench,
to dig up a bit better talent, IMHO.
Posted by Yabby, Wednesday, 3 November 2010 2:15:24 PM
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Actually Belly,

I have been watching this with some interest, with a particular eye on the strategic game play rather than the politics, and this last week I have seen yet another wedge policy implemented by the libs.

Given that the competition has been nearly eliminated by the unbalanced securities given to the big banks, there is little that the government can do in the short term, and the opposition's 9 point plan was more a long term re-balancing plan than a short term panacea, but with obvious populist appeal. It was also a gamble, as being against the Laissez faire direction of the party, it was an obvious chink that Labor attacked with gusto, but if, as happened, the banks rise was considerably higher than the RBA, then Wayne Swan would look timid and ineffectual.

What was even better, was that Wayne Swan then attacked the banks and said that he would implement a policy (to be announced in a month) that looked remarkably like Joe's 9 point plan, making him look incompetent on top of ineffectual, and validating Joe Hockey as a better treasurer.

The final cherry on top, is that the liberals just need to sit back and watch Labor take on the banks, as well as the miners, the farmers, and the asylum seekers. With the Greens blocking the rear Labor is circling the drain.
Posted by Shadow Minister, Wednesday, 3 November 2010 2:32:01 PM
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Well Yabby they are sure about to change their lack of profit from the home loans, this is their second go at increasing their margins.

I never thought I would be bitching at the salary packages of those who run successful businesses, making good profits for their shareholders, but the bankers have gone too far. Their efforts to justify their salary packages, by ripping off customers are too blatant.

My first home loan interest rate was 4.25%, & at that time everyone was receiving 3.25% on their bank accounts. Banks got along quite well on those margins, perhaps itís time for them to try again.

I have no use for banks, & would prefer to avoid them permanently.

I know there are arguments against a new government owned bank, but I would like to suggest that we start a government debit card, to be issued to all welfare recipients. All government pensions & other welfare payments could be credited to this card.

This could get a few million people out of the hands of the banks & save a billion or more they pay in fees. Even the threat of such an attack on banks rip off profiteering may be enough to tone down their avarice, to some extent. Heaven knows it needs to be done
Posted by Hasbeen, Wednesday, 3 November 2010 2:56:13 PM
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