Nobody with power wants the money to be safe from themselves

Spot

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.

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




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

Will Judge Wapner be in charge of it?

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.

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


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 whilst still getting protection from us tax payers in the form of guarantees of depositors money

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


"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-...

"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-h...

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


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

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

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.

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


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 ?

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



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.

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



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 8:51pm:


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.

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


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 !!

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.