So last month, the ANZ chief executive David Hisco, published a speech where he urgently called upon the Government to do something about the over heated housing market.
He warned that regardless of Reserve Bank lending restrictions local banks may not be able to “keep lending at the current huge volumes anyway”, and he advocated more voluntary tightening of lending by banks.
Now, these were welcome words from ANZ. These banks have exploited the Housing market in NZ for the past decade and have made billions and billions and billions in profits, so to hear one of their top CEOs call for calm as they have drained the economy like a plague of locusts sounded good, until this week.
Barely 3 weeks after calling for restraint, the ANZ was one of the first banks to immediately pass on the new low OCR to customers.
So much for restraint. I’ve never met a banker who wasn’t a greedy prick.
“These banks have exploited the Housing market in NZ for the past decade and have made billions and billions and billions in profits…”
The coup de grace though is that when this Ponzi scheme goes belly up, as it mathematically must, these same arseholes will be screaming for a government (i.e. taxpayer) bailout. Because the “systemic risk to the wider economy must be contained”. Apparently no-one STILL sees it coming, because we could (but refuse) “contain the systemic risk” right now, but that would mean acknowledging NZ sans Auckland housing bubble and immigration is actually in a recession which makes The John Key look bad.
Of course the ANZ did not stick to what their CEO suggested in his speech last week. He challenged the government, or asked them to take action. But the government has not and does not seem to want to take action. Certainly has John Key made clear, that he does not see a need to put constraints on immigration.
And as the government does not seem keen on doing anything to slow immigration, the ANZ is like its competitors faced with an unchanged situation it can on itself not resolve or address.
So competition between the banks force the ANZ to lower interest rates, as their competitors do the same, or are likely to do the same.
I am not at all surprised about this. We have a hands off government when it comes to immigration, housing and some other matters, and that leaves the rats to fight over the bounty they seek to hunt and devour.
There is plenty of evidence that in America the financial sector is rotten to the core.
‘Top executives of the insolvent companies walked away with their personal fortunes intact. The executives had hand-picked their boards of directors, which handed out billions in bonuses after the government bailout. The major banks grew in power and doubled anti-reform efforts. Academic economists had for decades advocated for deregulation and helped shape U.S. policy. They still opposed reform after the 2008 crisis. Some of the consulting firms involved were the Analysis Group, Charles River Associates, Compass Lexecon, and the Law and Economics Consulting Group (LECG). Many of these economists had conflicts of interest, collecting sums as consultants to companies and other groups involved in the financial crisis.[5]’
https://en.wikipedia.org/wiki/Inside_Job_(2010_film)
Is there any reason to believe the financial system in NZ is less rotten?
Its almost a” corporate we care message” to all their customers so desperate to show a human face that a CEO on a huge amount of money wants too show concern about the property market being overheated , its like the ANZ is the firefighter and is using more and more petrol too put out the forest fire it has helped start in the first place.
The BILLIONS of dollars they have extorted from kiwis pockets while pretending to be their friend is appalling to say the least.
Maybe one day we will wake up and say we have had a enough but i think the brainwashing has had the desired effect.
Well, could it be that chief executive David Hisco is a lying, dirty crook? That his B-wank is a vacuum cleaner sucking money out of yours and mines pockets while robbing us of our very life spans as we try to tread the stagnant water they’re dropped us into?
Genuine question – what would your reaction have been if the headline was “Bank that made 7.2 billion dollar profit last year keeps savings from OCR cut for themselves”
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