Australian Politics Forum - So what is wrong with a Peoples Bank ?

Sir lastnail Gold Member Offline Australian Politics Posts: 30923 Gender:	Re: So what is wrong with a Peoples Bank ? Reply #15 - Apr 5^th, 2018 at 5:58pm 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
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freediver

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Re: So what is wrong with a Peoples Bank ?
Reply #16 - Apr 5^th, 2018 at 6:14pm

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

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 Sad

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?

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People who can't distinguish between etymology and entomology bug me in ways I cannot put into words.

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Valkie Gold Member Offline Australian Politics Posts: 16282 Central Coast Gender:	Re: So what is wrong with a Peoples Bank ? Reply #17 - 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
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stunspore

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Re: So what is wrong with a Peoples Bank ?
Reply #18 - Apr 5^th, 2018 at 8:06pm

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?

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lee Gold Member Offline Australian Politics Posts: 21227 Gender:	Re: So what is wrong with a Peoples Bank ? Reply #19 - Apr 5^th, 2018 at 8:22pm 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.
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Bobby. Gold Member Offline Australian Politics Posts: 120916 Melbourne Gender:	Re: So what is wrong with a Peoples Bank ? Reply #20 - Apr 5^th, 2018 at 8:30pm The Commonwealth bank should never have been sold off to money maggots.
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Sir lastnail

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Re: So what is wrong with a Peoples Bank ?
Reply #21 - Apr 5^th, 2018 at 8:50pm

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

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

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 Sad

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 ?

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"If you take out Saddam, I guarantee you that it will have enormous positive reverberations on the region..." - Benjamin Netanyahu in 1995

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Sir lastnail Gold Member Offline Australian Politics Posts: 30923 Gender:	Re: So what is wrong with a Peoples Bank ? Reply #22 - Apr 5^th, 2018 at 8:51pm 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 ?
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Bobby.

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Re: So what is wrong with a Peoples Bank ?
Reply #23 - Apr 5^th, 2018 at 8:54pm

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

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

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

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 Sad

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.

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Setanta

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Re: So what is wrong with a Peoples Bank ?
Reply #24 - Apr 6^th, 2018 at 12:36am

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).

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longweekend58

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Re: So what is wrong with a Peoples Bank ?
Reply #25 - Apr 6^th, 2018 at 7:44pm

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?

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The_Barnacle

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Re: So what is wrong with a Peoples Bank ?
Reply #26 - Apr 8^th, 2018 at 11:26am

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

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The_Barnacle

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Re: So what is wrong with a Peoples Bank ?
Reply #27 - Apr 8^th, 2018 at 11:39am

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

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 ?

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.

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freediver

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Re: So what is wrong with a Peoples Bank ?
Reply #28 - Apr 8^th, 2018 at 12:19pm

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

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).

How is banking different?

And how do our taxes prop up banks?

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People who can't distinguish between etymology and entomology bug me in ways I cannot put into words.

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Sir lastnail

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Re: So what is wrong with a Peoples Bank ?
Reply #29 - Apr 9^th, 2018 at 12:33am

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

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

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).

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 !!

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"If you take out Saddam, I guarantee you that it will have enormous positive reverberations on the region..." - Benjamin Netanyahu in 1995

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