Wait, WHAT? National want to deregulate banks the way they deregulated mines and leaky homes?

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I am genuinely astounded…

Paul Goldsmith calls time on 30 years of RBNZ regulatory independence, saying the Government should have a say

National Party Finance Spokesperson Paul Goldsmith wants to  shake-up banking, by ripping a scab that hasn’t been touched for 30 years. 

Goldsmith has called into question the independence of the Reserve Bank, responsible for setting interest rates and regulating banking. 

He thinks the Government should have a say in how much risk banks are allowed to take, weighing up the cost to consumers of having a faster, looser and cheaper banking system with the need for stability. 

The Bank has been independent for 30 years, with politicians of both main parties fearful of even questioning the bank’s right to manage it’s own affairs. 

…this is pure and simple economic vandalism by a pack of right wing small Government ideologues. Put aside that this is the worst time to deregulate banks as we are about to go into recession, look at the previous example of National deregulating things.

Remember Pike River Mine where National deregulated Mining through inaction and it cost 29 lives and a crime scene National attempted to cover in concrete.

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Remember the housing deregulation that led to leaky houses?  How much did that cost? Why a mere $47 billion dollars!

National are trying to raise from the dead the Government = needless regulation myth, a myth that their very own Rules Reduction Taskforce looked at when National were last in power that concluded

It was a surprise to us to find out that a number of the loopy rules are in fact just myths. They are misinterpretations and misunderstandings that have been repeated so often that they have taken on the status of facts. We heard many examples where people are not clear about what they need to do and why. Myths fill the gap when clear information is hard to find. We highlight these myths in this report along with the loopy rules that need to be changed or removed. We discovered that loopy rules are difficult to get rid of because they’re part of a wider system, because a focus on the customer is absent, or because of the interests of experts or the fears of their administrators. What’s clear is they thrive when rule makers fail to take responsibility for them.

…National are scrapping the policy barrel. Deregulation has been horrific to NZ and the damage National could cause our Banking Industry could be obscene.

So far National are promising to beat up beneficiaries and allow the Bankers to run wild.

If National actually win on these policies, we deserve everything we get.

6 COMMENTS

  1. Martyn – Paul Goldsmith has no idea of ‘history’ and therefore has no credibility.
    I am never surprised at what comes out of his mouth.
    He always speaks rubbish in Q+A time in parliament, so when I hear him I just tune out.
    He must use drugs or something when he tries to look intelligent but it always fails.
    Another example of “hollow man” syndrome sadly.

  2. Nothing there to worry about. Parties in opposition shout shit faster than your average treatment plant and always know without a doubt how to fix things. But when push comes to shove they do fuck all, case in point the current mob of big talking do nothings. 9 years of big talk then 2 years proving that was nothing more than just that, talk.

    As for being forgetful better add in everyone who votes for Labour or National. If any who vote for them had a functioning memory neither party would exist today.

  3. nats really are the monster raving loony party who carries the risk when bankers blow up the bank depositors and the tax payer this is a really bad idea and another reason to keep the nats out of power there reckless greedy corrupt and stupid

  4. This latest idea is in response to Adrian Orrs request that the four main Aussie banks keep more money in New Zealand in case of another economic shock.

    Until Adrian’s tenure former governors and governments have allowed the Australians too suck huge profits out of the banking public and have control of New Zealand operations by having a chairman sit on both boards.

    National simply will not tolerate another independent , intelligent governor too interfere in the big banks making billions in profits by extorting New Zealanders.

    They are already trying too scare everybody by having people like Rogernome Allan Scott former treasury secretary saying the banks here will scale back their business and restrict credit if they have too keep more money here.

    Of course the CEO’s make huge bonuses in performance pay too keep what is one of the best most profitable banking systems in the world exactly the way it is without interference from kiwis or their governors and government !!!!

    Of course in the event of another serious correction the first thing the Aussie banks will do is take money out of New Zealand too shore up their own banks and will not give a shit on the effect that will have on our country.

    All Orr is trying too do is safeguard our economy , surely the Aussies would do exactly the same if the situation was reversed.

    Goldsmith and his colleagues act in the interests of corporates and big business first and foremost and kiwis should remember that every time they hear these leeches come up with another bright idea.

  5. RNZ now.
    “Former PM John Key may have to relinquish banking role”
    https://www.rnz.co.nz/news/in-depth/400258/former-pm-john-key-may-have-to-relinquish-banking-role

    The big four banksters gone now. Today. Immediately. They’re dangerous, treacherous and now thanks to jonky by the looks of, treasonous.
    As of, say, midnight tonight? All AO/NZ mortgage debt to them is written off. All cash assets they retain is returned to our government to be duly returned back into our society, the society they grifted those monies, now their profits and heading off-shore.
    Our deals with foreigners to have them invest in our tax paid for infrastructures is done. Gone.
    A royal commission of inquiry into how exactly that was done and whom most benefited. ( As if we don’t fucking know already. )
    Free electricity, Which we AO/NZ’ers have in abundance which would enable our government to easily subsidise transitioning our car fleet to full-electric. Now. Today. It can be done.
    Me? Mad? Crazy? Stupid? Absurd? Idiotic?
    Perhaps. But at least I’m not a lawyer to a fucking scum bankster.

  6. the whole FIRE sector should be nationalised – – usury is illegal in the major religions for a reason. it causes wadespread poverty and destabilises nations when half of society is enslaved to the other half. the banks deliberately fuck with inflation, housing, stock markets, in their insatiable avarice to steal everything from hard working people. the profit motive (capitalism) brings out the worst in people, and the sooner it’s destroyed, the better

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