I thought competition was a good thing according to the conservatives ??

We used to have a peoples bank called the Common Wealth Bank of Australia until it was privatized and turned into a ponzi scheme run by greed incorporated. Just another privatization failure in a long list of many.

Nobody with power wants the money to be safe from themselves

Spot

Why are we giving tax payers guarantee of depositors money to private banking scammers who are running a ponzi scheme ? Doesn't make a lot of sense to me.

Those guarantees should only be available to a people run bank. The private bank scammers can maximize their profits at their own risk !!

Nothing - it's a step forward by going back thirty odd years and starting over again and getting it right.... now that the 'unforeseen consequences' have become self-evident.

Sounds like the gullible LostSnail has been listening to that extremist Commo Socialist feminazi sheila.

juliar wrote on Apr 5^th, 2018 at 1:18pm:

Sounds like the gullible LostSnail has been listening to that extremist Commo Socialist feminazi sheila.

So can I ask what are your objective reasons against a peoples bank.

Grappler Racist Filth wrote on Apr 5^th, 2018 at 1:09pm:

Nothing - it's a step forward by going back thirty odd years and starting over again and getting it right.... now that the 'unforeseen consequences' have become self-evident.

I dont know enough really to say either way, but there should at least be a debate about it without resorting to name calling about it being communism etc.

Will Judge Wapner be in charge of it?

Sir lastnail wrote on Apr 5^th, 2018 at 9:31am:

Why are we giving tax payers guarantee of depositors money to private banking scammers who are running a ponzi scheme ? Doesn't make a lot of sense to me. Those guarantees should only be available to a people run bank. The private bank scammers can maximize their profits at their own risk !!

No guarantees should be available to any bank.

"The Australian Government Guarantee Scheme for Large Deposits and Wholesale Funding (the Guarantee Scheme or scheme) was introduced during the global financial crisis in response to similar measures taken in other countries, and to address extreme funding pressures on authorised deposit-taking institutions (ADIs). The scheme closed to new borrowings in early 2010 and the guarantee over the few remaining liabilities ended in late 2015. "

https://www.rba.gov.au/publications/bulletin/2016/mar/5.html

Perhaps you need to keep up with the times.

While we're at it, why not have a publicly owned basket weaving company as well? The private sector has completely failed at weaving baskets.

juliar wrote on Apr 5^th, 2018 at 1:18pm:

Sounds like the gullible LostSnail has been listening to that extremist Commo Socialist feminazi sheila.

Nothing like watching socko taking it up the proverbial by the Stolen Wealth Bank. After all it is tour money isn't it socko :D LOL

Grappler Racist Filth wrote on Apr 5^th, 2018 at 1:09pm:

Nothing - it's a step forward by going back thirty odd years and starting over again and getting it right.... now that the 'unforeseen consequences' have become self-evident.

I just don't recall ever seeing all of these fees in the old days of stamping bank books. Technology is supposed to make things cheaper and yet with these private bank scammers they are using technology to rip off us blind whilst still getting protection from us tax payers in the form of guarantees of depositors money :(

Prime Minister for Canyons wrote on Apr 5^th, 2018 at 1:34pm:

juliar wrote on Apr 5th, 2018 at 1:18pm: Sounds like the gullible LostSnail has been listening to that extremist Commo Socialist feminazi sheila. So can I ask what are your objective reasons against a peoples bank.

Juliar upset that non-conservatives thought this up.  You won't see juliar complaining about coalition wanting to run their own government power station though.

stunspore wrote on Apr 5^th, 2018 at 4:25pm:

Prime Minister for Canyons wrote on Apr 5th, 2018 at 1:34pm: juliar wrote on Apr 5th, 2018 at 1:18pm: Sounds like the gullible LostSnail has been listening to that extremist Commo Socialist feminazi sheila. So can I ask what are your objective reasons against a peoples bank. Juliar upset that non-conservatives thought this up.  You won't see juliar complaining about coalition wanting to run their own government power station though.

"But the plan, outlined to the national press club on Wednesday by Senator Di Natale, would potentially cause more harm than good and will almost certainly never gain any traction, economists say."

https://www.domain.com.au/money-markets/could-greens-peoples-bank-plan-work-not-likely-say-economists-20180404-h0yb4r/

"Why Richard Di Natale's 'people's bank' could make housing affordability worse"

http://www.afr.com/news/economy/why-richard-di-natales-peoples-bank-could-make-housing-affordability-worse-20180404-h0yb88

The banks were dragged into a Royal Commission because of their own doing and the Coalition have already found them innocent before the RC has finished and any findings have been made....Don't expect this Government to do anything that will hold back Capitalism (exploitation) especially when they do so well for such little effort!!!

>:( >:( >:(

freediver wrote on Apr 5^th, 2018 at 2:55pm:

While we're at it, why not have a publicly owned basket weaving company as well? The private sector has completely failed at weaving baskets.

yeh and why don't we let the private scammers run the electricity grid and supply so we can get a really really great deal :(

Sir lastnail wrote on Apr 5^th, 2018 at 5:58pm:

freediver wrote on Apr 5th, 2018 at 2:55pm: While we're at it, why not have a publicly owned basket weaving company as well? The private sector has completely failed at weaving baskets. yeh and why don't we let the private scammers run the electricity grid and supply so we can get a really really great deal :(

And potato farmers. You can't trust them. What's the point of having a government if they can't grow decent potatoes for us?

The Commonwealth bank was once grubberment owned

In those days you actually got interest on any money you put in

Then the banks bribed the grubberment and public service to sell off the Commonwealth and thus the rotting began

Money lenders are the second lowest scum on earth
Slightly above politicians

Valkie wrote on Apr 5^th, 2018 at 7:52pm:

The Commonwealth bank was once grubberment owned In those days you actually got interest on any money you put in Then the banks bribed the grubberment and public service to sell off the Commonwealth and thus the rotting began Money lenders are the second lowest scum on earth Slightly above politicians

Was sold by Coalition I think?

You should probably re-think.

Labor  tranche 1 1991
Labor tranche 2 1993
Coalition -Tranche 3 - 1996

The three tranches were set up by Keating.

The Commonwealth bank should never have been sold off
to money maggots.

freediver wrote on Apr 5^th, 2018 at 6:14pm:

Sir lastnail wrote on Apr 5th, 2018 at 5:58pm: freediver wrote on Apr 5th, 2018 at 2:55pm: While we're at it, why not have a publicly owned basket weaving company as well? The private sector has completely failed at weaving baskets. yeh and why don't we let the private scammers run the electricity grid and supply so we can get a really really great deal :( And potato farmers. You can't trust them. What's the point of having a government if they can't grow decent potatoes for us?

and what's the point having all of these public servants if they don't do anything for the money they take from us ? At the very least they should provide essential services for us. That's what we pay them to do or do you think we should pay them to look out of windows all day ?

Bobby. wrote on Apr 5^th, 2018 at 8:30pm:

The Commonwealth bank should never have been sold off to money maggots.

Why did they sell it apart from their one off money grab ?

Sir lastnail wrote on Apr 5^th, 2018 at 8:50pm:

freediver wrote on Apr 5th, 2018 at 6:14pm: Sir lastnail wrote on Apr 5th, 2018 at 5:58pm: freediver wrote on Apr 5th, 2018 at 2:55pm: While we're at it, why not have a publicly owned basket weaving company as well? The private sector has completely failed at weaving baskets. yeh and why don't we let the private scammers run the electricity grid and supply so we can get a really really great deal :( And potato farmers. You can't trust them. What's the point of having a government if they can't grow decent potatoes for us? and what's the point having all of these public servants if they don't do anything for the money they take from us ? At the very least they should provide essential services for us. That's what we pay them to do or do you think we should pay them to look out of windows all day ?

Good example.

If you a problem with the tax Dept.
say over instalment tax -
phone them up -
they employ people on the minimum wage to answer you.
$16.50 per hour.
You end up phoning morons who don't understand
anything about taxes -
it's like getting tax advice from the girl behind the counter at the tuck shop.

freediver wrote on Apr 5^th, 2018 at 2:55pm:

While we're at it, why not have a publicly owned basket weaving company as well? The private sector has completely failed at weaving baskets.

I was reading the thread and when I got to this point I thought, WTF? This society does not need basket weavers beyond what are available or they would just appear as there was a quid to be made.

Banking is a different animal.

National and state owned banks never failed, they regulated the banking system in a good way. Private, well all banks, had to compete. Deregulation by Keating may have helped boost the economy initially but here we are now protecting them so they don't bring the economy down. This is what privatisation does. Socialise the losses(taxpayers subsidise and prop up banks) and privatise profits(they don't pay into an insurance fund against losses).

Sir lastnail wrote on Apr 5^th, 2018 at 9:31am:

Why are we giving tax payers guarantee of depositors money to private banking scammers who are running a ponzi scheme ? Doesn't make a lot of sense to me. Those guarantees should only be available to a people run bank. The private bank scammers can maximize their profits at their own risk !!

because - dumbest of the dumb - banking failures tend to escalate like dominos. Protecting one means protecting all. During the GC, many banks and companies folded because of the domino effect, not because of their own malfeasance.

rather obvious, dont you think?

Sir lastnail wrote on Apr 5^th, 2018 at 3:09pm:

I just don't recall ever seeing all of these fees in the old days of stamping bank books. Technology is supposed to make things cheaper and yet with these private bank scammers they are using technology to rip off us blind

Back in the days of bank books you could only access your money during banking hours at the Bank. Now you can use ATMs, Internet banking and EFT. The costs used to be subsidized by large interest rate margins. The margins now are much smaller so fees have been introduced on a user pays basis.

The Commonwealth Bank has over 50,000 employees. Given the size of the company it's profits are actually quite reasonable.

As for a peoples bank, it would inevitably get sold off at some stage. All governments privatise the profits and socialise the losses

Sir lastnail wrote on Apr 5^th, 2018 at 8:51pm:

Bobby. wrote on Apr 5th, 2018 at 8:30pm: The Commonwealth bank should never have been sold off to money maggots. Why did they sell it apart from their one off money grab ?

It was actually to save the State Bank of Victoria which was close to collapse in the late 80s (remember Tricontinental?). The CBA bought the SBV and paid for it by being privatised and selling shares.

Setanta wrote on Apr 6^th, 2018 at 12:36am:

freediver wrote on Apr 5th, 2018 at 2:55pm: While we're at it, why not have a publicly owned basket weaving company as well? The private sector has completely failed at weaving baskets. I was reading the thread and when I got to this point I thought, WTF? This society does not need basket weavers beyond what are available or they would just appear as there was a quid to be made. Banking is a different animal. National and state owned banks never failed, they regulated the banking system in a good way. Private, well all banks, had to compete. Deregulation by Keating may have helped boost the economy initially but here we are now protecting them so they don't bring the economy down. This is what privatisation does. Socialise the losses(taxpayers subsidise and prop up banks) and privatise profits(they don't pay into an insurance fund against losses).

How is banking different?

And how do our taxes prop up banks?

freediver wrote on Apr 8^th, 2018 at 12:19pm:

Setanta wrote on Apr 6th, 2018 at 12:36am: freediver wrote on Apr 5th, 2018 at 2:55pm: While we're at it, why not have a publicly owned basket weaving company as well? The private sector has completely failed at weaving baskets. I was reading the thread and when I got to this point I thought, WTF? This society does not need basket weavers beyond what are available or they would just appear as there was a quid to be made. Banking is a different animal. National and state owned banks never failed, they regulated the banking system in a good way. Private, well all banks, had to compete. Deregulation by Keating may have helped boost the economy initially but here we are now protecting them so they don't bring the economy down. This is what privatisation does. Socialise the losses(taxpayers subsidise and prop up banks) and privatise profits(they don't pay into an insurance fund against losses). How is banking different? And how do our taxes prop up banks?

We offer the banks a tax payer guarantee of their depositors money and that allows them to be reckless with their lending practices knowing very well that if they fail  the tax payer will be there to bail them out.

The taxpayer guarantee should only be available for the peoples bank and not these private scam artists who pander to their greedy shareholders !!

longweekend58 wrote on Apr 6^th, 2018 at 7:44pm:

Sir lastnail wrote on Apr 5th, 2018 at 9:31am: Why are we giving tax payers guarantee of depositors money to private banking scammers who are running a ponzi scheme ? Doesn't make a lot of sense to me. Those guarantees should only be available to a people run bank. The private bank scammers can maximize their profits at their own risk !! because - dumbest of the dumb - banking failures tend to escalate like dominos. Protecting one means protecting all. During the GC, many banks and companies folded because of the domino effect, not because of their own malfeasance. rather obvious, dont you think?

Well if the depositors guarantee is limited to the peoples bank only guess which bank the punters are going to deposit their hard earned money into ?? Nobody is going to worry about the stolen wealth bank and their band of greedy shareholders. Nobody is going to touch them with a barge pole !!

We can’t have a public only bank with government guarantee cause that would send the other banks broke.

We can’t have a public bank passing on interest rate cuts verbatim from the RBA cause that would send private banks broke.

We can’t have a public bank assessing home buyers to see if they’re eligible to apply for such a loan cause that would send the private banks broke.

In fact we can’t have a public bank that doesn’t charge millions of dollars in fees cause that would send the private banks broke.

A public bank sets a standard that private banks won’t stand for.

In fact anything that benefits the consumer in the way of banking will not be stood for by the private banks.

It would be so unfair if the consumer got a good deal, unbearable unthinkable that some of the wealth in our nation actually got distributed to the general public.

There are plenty of not-for-profit banks or equivalents - credit union type places that will give you a home loan. They are generally cheaper than the big 4, as are the smaller conventional banks. You would expect that from an oligopoly type situation - which is why the big 4 keep buying up the smaller banks.

There should not be a government-run people's bank because it is not the government's place to be running a business, and they generally do a bloody aweful job at it.