Australian Politics Forum - Abbott to deregulate the banks ?

fractalign

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Abbott to deregulate the banks ?
Jun 20^th, 2014 at 9:02pm

I hope I have got this wrong, but i have read the Tony Abbott is in secret talks about deregulating Australia's bank system. Is this really a good idea. Australia has one most profitable banking systems in the world. I really believe that if it were not for the economic prudence of our financial system Australia would have sunk to the depths of the US and Europe during the GFC.

Is he proposing that we should have a US style banking system where anything goes ? That did wonders over there. We have a financial system the envy of the world and the thought that this foreigner may be trying to break it up makes me livid.

It seems that this government is complicit in the systematic whole sale destruction of this country. I predicted doom and gloom when these guys came to power, I also predicted doom and gloom if the other guys stayed in power.

What i did not predict was that there would ever be a a proposal to trash the only institution this country retains that actually returns a profit and has a longterm future.

If this turns out to be true, the country is finished.

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Grendel Gold Member Offline OzPolitic Posts: 28080 Gender:	Re: Abbott to deregulate the banks ? Reply #1 - Jun 20^th, 2014 at 9:29pm Then rest happy, that at this stage the 2 people having spoken about this from the Liberals; Abbott and Robb say they are not going to do it.
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John Smith

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Re: Abbott to deregulate the banks ?
Reply #2 - Jun 20^th, 2014 at 10:30pm

Grendel wrote on Jun 20^th, 2014 at 9:29pm:

Then rest happy, that at this stage the 2 people having spoken about this from the Liberals; Abbott and Robb say they are not going to do it.

they also said they weren't going to introduce any new taxes, weren't going to cut health and education, weren't going to touch pensions, weren't going to

oh bugger, it there's just to many to list ... you get the drift.

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Our esteemed leader:
I hope that bitch who was running their brothels for them gets raped with a cactus.

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Andrei.Hicks Gold Member Offline Australian Politics Posts: 23818 Carlsbad, CA Gender:	Re: Abbott to deregulate the banks ? Reply #3 - Jun 20^th, 2014 at 10:49pm You do realise they took over from a Government that increased debt every single year (despite promising not to - but that's another story). Cuts were necessary. Why did the last lot run up so much debt? That's the question.
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Tony

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Re: Abbott to deregulate the banks ?
Reply #4 - Jun 20^th, 2014 at 11:00pm

The stupid cuts Abbott, Hockey & Cormann are making will likely cause a recession. Private sector still has high debts from the 2001–7 real estate boom. Taking money away from households with little or no discretionary income means these people will have less to spend.

Others think they are next and will save not spend. As the recession gathers pace more people stop spending, even more as unemployment climbs.

So these cuts were not needed and are counterproductive, as people lose their jobs they stop being taxpayers and start being dole recipients. Those under 30 will turn to crime etc to get something to eat. If they stay with parents—parents have less to spend.

Madness—as anyone with any understanding of economics will see. Must be better ways to cut spending/increase tax revenues.

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John S

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Re: Abbott to deregulate the banks ?
Reply #5 - Jun 20^th, 2014 at 11:10pm

Andrei.Hicks wrote on Jun 20^th, 2014 at 10:49pm:

You do realise they took over from a Government that increased debt every single year (despite promising not to - but that's another story).

Cuts were necessary.

Why did the last lot run up so much debt? That's the question.

Easy way to paid off the debt is for the government to print more money.

Read all about here

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'The worst Labor Government is always better then the best Liberal government for Australians workers'

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Tony Full Member Offline Australian Politics Posts: 190 Gender:	Re: Abbott to deregulate the banks ? Reply #6 - Jun 20^th, 2014 at 11:14pm Best fiscal setting is for the govt to keep running moderate deficits. Some definitions: 1. Deficit—net transfer of money from govt to private sector 2. Surplus—govt takes more from private sector that it gives Put another way: Surplus—govt is taxing private sector too much.
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cods

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Re: Abbott to deregulate the banks ?
Reply #7 - Jun 20^th, 2014 at 11:16pm

Andrei.Hicks wrote on Jun 20^th, 2014 at 10:49pm:

You do realise they took over from a Government that increased debt every single year (despite promising not to - but that's another story).

Cuts were necessary.

Why did the last lot run up so much debt? That's the question.

the real question is andrei..

WHAT DID WE GET FOR THAT WHOPPING BIG DEBT....

bugger all.

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ian Gold Member Offline OzPolitic Posts: 9451	Re: Abbott to deregulate the banks ? Reply #8 - Jun 20^th, 2014 at 11:56pm cods wrote on Jun 20^th, 2014 at 11:16pm: the real question is andrei.. WHAT DID WE GET FOR THAT WHOPPING BIG DEBT.... bugger all. still got your pension Cods? Look around at the european countries holding out the begging bowl. Consider yourself lucky.
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Sir Grappler Truth Teller OAM

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Re: Abbott to deregulate the banks ?
Reply #9 - Jun 21^st, 2014 at 12:33am

cods wrote on Jun 20^th, 2014 at 11:16pm:

Andrei.Hicks wrote on Jun 20^th, 2014 at 10:49pm:

You do realise they took over from a Government that increased debt every single year (despite promising not to - but that's another story).

Cuts were necessary.

Why did the last lot run up so much debt? That's the question.

the real question is andrei..

WHAT DID WE GET FOR THAT WHOPPING BIG DEBT....

bugger all.

Thing is - this rot began with the Howard government and the GST - since which time governments of both stamps at both Federal and State level have had billions pass through their hands - and yet have clearly shown us they are totally incapable of handling this money.

I'll await the outcome of the next year - then we will see how much Bro Joe borrows with his unlimited ceiling...

These governments, since the 1980's, more resemble a person borrowing to pay credit card bills by getting another credit card....

There's an easily assemblable list right here on OzPol for any government to begin cutting its own spending without culling its paid-up pensioners and the unemployed.

Plenty of scope for taxes where it matters to fill their self-created 'Black Holes'...

Let's ensure that people who come here on sub-contract to avoid tax are taxed when they work here.. simple enough. Doesn't matter if it's a current loophole - one word will close it - a simple regulation by taxation authorities will ensure that loophole is closed.

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“Facts are stubborn things; and whatever may be our wishes, our inclinations, or the dictates of our passion, they cannot alter the state of facts and evidence.”
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OldnCrusty

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Re: Abbott to deregulate the banks ?
Reply #10 - Jun 21^st, 2014 at 6:58am

cods wrote on Jun 20^th, 2014 at 11:16pm:

Andrei.Hicks wrote on Jun 20^th, 2014 at 10:49pm:

You do realise they took over from a Government that increased debt every single year (despite promising not to - but that's another story).

Cuts were necessary.

Why did the last lot run up so much debt? That's the question.

the real question is andrei..

WHAT DID WE GET FOR THAT WHOPPING BIG DEBT....

bugger all.

Survival from the GFC, one of the best economies in the western world and one of the best and richest societies in the world. Wink

Brought to you by Kevin Rudd and co. Grin

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Armchair_Politician

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Re: Abbott to deregulate the banks ?
Reply #11 - Jun 21^st, 2014 at 7:03am

John Smith wrote on Jun 20^th, 2014 at 10:30pm:

Grendel wrote on Jun 20^th, 2014 at 9:29pm:

Then rest happy, that at this stage the 2 people having spoken about this from the Liberals; Abbott and Robb say they are not going to do it.

they also said they weren't going to introduce any new taxes, weren't going to cut health and education, weren't going to touch pensions, weren't going to

oh bugger, it there's just to many to list ... you get the drift.

... and Gillard said there'd be no carbon tax!

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____

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Re: Abbott to deregulate the banks ?
Reply #12 - Jun 21^st, 2014 at 7:13am

Armchair_Politician wrote on Jun 21^st, 2014 at 7:03am:

John Smith wrote on Jun 20^th, 2014 at 10:30pm:

Grendel wrote on Jun 20^th, 2014 at 9:29pm:

Then rest happy, that at this stage the 2 people having spoken about this from the Liberals; Abbott and Robb say they are not going to do it.

they also said they weren't going to introduce any new taxes, weren't going to cut health and education, weren't going to touch pensions, weren't going to

oh bugger, it there's just to many to list ... you get the drift.

... and Gillard said there'd be no carbon tax!

And cons when on like cut chooks ... now you are silent on the multitude of abbott's lies.

Hypocrites.

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Ex Dame Pansi

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Re: Abbott to deregulate the banks ?
Reply #13 - Jun 21^st, 2014 at 8:34am

Andrei.Hicks wrote on Jun 20^th, 2014 at 10:49pm:

You do realise they took over from a Government that increased debt every single year (despite promising not to - but that's another story).

Cuts were necessary.

Why did the last lot run up so much debt? That's the question.

Check this out. Some INDEPENDENT economists have checked it out and they agree that Bowen is right.

Has the Government doubled the budget deficit?

"Now what's happening here is that Joe Hockey has doubled the deficit, adding $68 billion to the deficit by changes to Government spending and changes to Government assumptions, and now he's asking the Australian people to pay for it",

The verdict

Mr Bowen accurately quoted changes totalling $68 billion in the Mid-Year Economic and Fiscal Outlook.

The MYEFO forecasts a budget deficit twice as large as it was in the PEFO. The economic assumptions in MYEFO are different from those used in the PEFO, and there is spending in the MYEFO that was not in the previous forecasts.

It remains to be seen how the two sets of forecasts stand the test of time, but as of today, Mr Bowen's claim checks out.

http://www.abc.net.au/news/2014-05-06/has-the-government-doubled-the-budget-defi...

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"When the power of love overcomes the love of power, the world will know peace." Hendrix
andrei said: Great isn't it? Seeing boatloads of what is nothing more than human garbage turn up.....

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John Smith

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Re: Abbott to deregulate the banks ?
Reply #14 - Jun 21^st, 2014 at 9:39am

Andrei.Hicks wrote on Jun 20^th, 2014 at 10:49pm:

You do realise they took over from a Government that increased debt every single year (despite promising not to - but that's another story).

Cuts were necessary.

Why did the last lot run up so much debt? That's the question.

what has that to do with plans to de- regulate the banks?

Cheesy

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Our esteemed leader:
I hope that bitch who was running their brothels for them gets raped with a cactus.

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