Archive for 'Banks'
My heart bleeds for the poor banks
Posted by John, October 12th, 2016 - under Bankers, Banks.
Comments: none
Public anger builds and banking oligopoly and corruption are set to continue as Turnbull announces banking tribunal instead of a royal commission.
To read my full report in Independent Australia click through here to get to the article. The big 4 Australian banks said ‘sorry’ so Turnbull announces tribunal instead of Royal Commission
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The Big Four Australian banks, super profits and a Royal Commission
Posted by John, August 8th, 2016 - under Banks, Independent Australia, Super profits.
Comments: 1
My latest in Independent Australia. The super profits of the Big Four banks continue to impact on the rest of the economy and Malcolm Turnbull’s solution of ordering them to appear before the Economics Committee is not likely to make them give up those profits.
Maybe Joe Hockey could tax the super profits of the banks instead of our bank accounts
Posted by John, March 29th, 2015 - under Banks.
Comments: 11
Instead of a tax on bank accounts, how about a super profits tax on the most profitable banks in the world. Price control their offerings too.
Bank scandals won’t be solved by regulation
Posted by John, July 9th, 2012 - under Banks, Corruption, Regulation.
Comments: none
Of course, any controls we can put on the rich and powerful—to curtail their ability to soar ever higher into the stratosphere of wealth—are a good thing. These are the same people who tell us that we have to swallow austerity in order to pay their bills.
But bank scandals, corruption and crisis will not be stopped by regulation. They are built in to the system, a system rooted in the drive for ever greater profits. This is how capitalism works.
Australia’s big 4 banks are the biggest bastards in the world
Posted by John, June 25th, 2012 - under Banks, Super profits.
Comments: 6
The Labor Government beat the banks with a wet lettuce for failing to pass on the full RBA rates cuts.
Instead why not tax their super profits and redistribute some their profit to the working class in the form of better social services like health and education, increases in Newstart and tax cuts for workers?
And, given you can’t trust the banks, something their actions have shown, how about regulating their interest rates and other offerings? Price controls over interest rates looks like a good start.
Let’s get serious about bashing the banks
Posted by John, March 5th, 2012 - under Bankers, Banks.
Comments: 1
Get some perspective, people! Don’t you know the banks are in a parlous state and they need our sympathy and support in their hour of need? After-all, the big-four only made $24.3 billion in profit last year – which would leave barely $14 billion remaining after, say, funding the total investment in new public transport infrastructure in Australia and New Zealand made in the first decade of this century.
How about a super profits tax on the banks then?
Posted by John, December 7th, 2011 - under Bankers, Banks, Nationalisation, Profit rates, Profits, Super profits.
Comments: 3
So here we have the most profitable banks in the world, the big 4 Australian banks with $31 billion in profits, not prepared to pass on a 0.25% overnight cash rate reduction to their customers on their home and business loans.
Soak the bastards, Treasurer. Hit them with a super profits tax, or threaten to do that.
And when they claim that that would impact on their costs of lending and would need to be recouped, threaten them with interest rate controls and mention you might set up a people’s bank. Oh, I forgot, we used to have one of them until the previous Labor Government flogged it off.
Maybe we should nationalise the banks under workers’ control instead.
The banks are telling porkies
Posted by John, November 7th, 2010 - under Banks, Competition, Monopoly, Oligopoly.
Comments: 10
Only we rank and file unionists can address the erosion of our living standards that mortgage rate rises produce. Strike for real pay increases.
Don’t bash the banks – take them over!
Posted by John, November 2nd, 2010 - under Banks, Nationalisation.
Comments: 8
So while borrowing costs did rise the Commonwealth and other Australian banks have increased their lending rates to us by more than their increased borrowing costs. They gouged us, and continue to gouge us.
Commonwealth Bank profit makes the case for nationalisation
Posted by John, August 11th, 2010 - under Banks, Nationalisation.
Comments: 9
$5.66 billion. That’s the obscene profit the Commonwealth Bank made last financial year. Remember back to December 2009? The Reserve Bank of Australia raised interest rates 0.25 percent. The Commonwealth Bank raised its rates 0.37 percent. Remember back to the start of the global financial crisis? In October 2008 the Rudd Labor Government guaranteed bank […]