All parties in Parliament want a select committee inquiry into banking competition — except Labour, which believes it would be “premature”.
Well, well, well.
What do we have here?
Who has been screaming against the fucking banks and their grotesque obscene profits?
Why your friendly neighbourhood The Daily Blog!
That’s right kids, TDB led the charge against the fucking Australian Banks and their fucking obscene profit margins WELL BEFORE it became fashionable.
National cancels Working Groups and immediately sets up a Working Group to examine the banks!
How is it that National are being more progressive than Labour?
I’ve never heard so many simpering gimps defending the unholy profit rampage of the banks.
You corporate wealth worshipers should be ashamed of yourselves sucking up to the fucking Australian Banks!
Asking if Bank profits are ‘excessive’ misses the point – with 25 000 on emergency housing wait lists, 100 000 food parcels a month & underfunded health, education & welfare social infrastructure collapsing, Bank profits are fucking obscene!
Windfall tax those rich pricks!
The banks are taking monopoly rental profits out of NZ economy! That $10b profit is $10b that should be staying in NZ! The 4 Aussie Banks are absentee landlords!
Why are you all so focused on building the Australian Economy?
Comrades, I have 6 words for you: Fuck. The. Banks. You. Stupid. Hobbits!
Look, if you are going to turn a blind eye to the obscene profits made by foreign banks using the rigged casino of oligopoly can we all at least agree on one thing, that when the economy predictably ruptures next year and the corporate banks come to the Government with their giant golden begging bowl, encrusted with diamonds, emeralds and sapphires, carried into the room on the backs of homeless children, when the 4 big Foreign Banks come begging to be bailed out, we collectively tell them to go fuck themselves right?
Surely you simpering gimps sucking up to the banks by refusing to tax their obscene profits can collectively agree not to bail these greedy fucks out when the economy goes belly up right?
RIGHT?
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Why the fuck are all our banks foreign anyway? And then we set one up for ourselves, and it’s shit and the government won’t even use it.
They won’t use it because a requirement of government banking is it has to have a AAA credit rating. But if the government put all its banking though it, it would grow to get a AAA rating. Like anything – which came first, the chicken or the egg?
People and politicians have been misled by economic theology. Banks create money out of thin air. They do not use the reserves of depositors. In a simple double entry bookkeeping operation, the loan is balanced by an asset of the loan to be repaid. That loan is spent into the economy and turns up a deposit elsewhere. When the loan is repaid, the circulating extra money is cancelled out. The economic textbooks are wrong. See the statement of the 2014 statement by the Bank of England “Money creation in the modern day.” Confirmed by a German Bank.
Banks would like to do more for the community, you would hope. But community sponsor ship budgets are probably hard to increase.
Who sold the BNZ?
same old same old inquiry and 2years later a set of reccomendations that are duly ignored by the govt of the day…see duopoly…inquiry means boot that can down the road,
and while they’re at it compel them to reopen branches and reinstate closed atms…they want digital payments for everything well that went well in the floods didn’t it?
National want a select committee to do a 10 minute review. It’s a con.
Excuse the fuck out of me! Who was, and is it, who’s been calling for a royal commission of inquiry into the scum banksters and their equally scummy privateer mates like fay/richwhite etc ? Me. That’s fucking who.
While the daily blog, born of Tumeke, was still sucking on latte’s 12 or more years ago I was at the dire coal face of the fucking dirty bnz and its sleazy, slimy fucking auckland money fiddling fucking elite who were fingering winston peters while he did the cafe’s with don brash dahlings! Yes. There is a photograph. But where is it? I can no longer find it on the net. Fucking funny that aye. Fuck! When I find it, I’ll post it here. If I’m allowed!
Unless one has a reason to be drawn down into the vile swamp that is our economy and its relationships to our politics and urban businesses one can never know just how deeply fucking dirty [it all is].
Our economy has its beginnings in innocent, isolated agriculture and finds its one-way to the vaults within the leafy streets where the mansions grow in Remuera. Aye boys?
Royal Commission of Inquiry urgently please! ?
RNZ
“Labour leaning towards Commerce Commission for bank profits inquiry”
Green Party’s Chlöe Swarbrick said they would support it, but she had tried for two years to get the committee to look into the economic response to Covid-19, and did not think much of their chances with this one.
“Speaking freely and frankly about my experiences … there is some really unfortunate partisanship that plays a role in blocking getting access to really basic information.
“Our banks have made $6 billion in profits last year alone. That is $180 a second after tax, and again in a context where so many New Zealanders are struggling that is absurd.”
I’ve met and talked briefly with Chloe Swarbrick. She’s a beacon of hope in my humble opinion.
“…there is some really unfortunate partisanship that plays a role in blocking getting access to really basic information.” That. Right there, is Gold.
Fuck. We only have one primary industry and it’s been our only primary industry for the last 140 years, give or take. Our primary industry is one whereby farmers grow food for export and since AO/NZ’ers invented refrigerated shipping, we had sole access to the northern hemisphere markets.
So, as I asked Lianne Dalziel once ” Where’s our money then because there seems to be a quite a bit of it missing? ” She didn’t know. FYI Lianne: At $180 a second I have a greater understanding of where the money is. Not here. Our distressed farmers earning as low as .70 cents for their wool and a few cents more for other produce, if their Urban abusers deign to allow them to get that lest they start asking rude questions. Aye boys?
A dozen eggs for $10.00 if you can get them. Are you fucking kidding me?
This farmer has a word on the national party. FUCK! the national party. They fucked labour by letting roger rat up the drain pipe then, once he did his business, he escaped down the sewers to create the abomination that’s act. A narcissistic vehicle to carry seymour’s twerking little arse hole.
Load of nonsense.
Well said Countryboy, 100% correct again. If Blob says it’s nonsense, then we all know it’s the opposite.
‘Why are you all so focused on building the Australian Economy?’
Well how do you think John Key got Australia’s highest honour…the Order of Australia!!
John Key the Australian Order of Sleaze, oh and New Zealand’s.
James Brendan Bolger wasn’t it?
” Who sold the BNZ? ”
The National government in 1990 led by Bolger , Birch , Richardson and Shipley and other delightful people.
The immanent collapse revealed after the October 27 general election of that year was a crisis created like in 1984 that we were bankrupt to justify the economic austerity measures that Richardson was intent on carrying out.
To create fear in the population like in 1984 and provide their buy in to the emergency legislation the national bank of the country was about to disintegrate and that set the tone for what was to follow in a early budget before the end of the year and then the main event in July 1991 ” The mother of all budgets ” that imposed severe austerity measures and moved the country into one of the most neo liberal economies in the western world where even the paper boy and girl were taxed when they put their money into their savings account and hospitals had to show a profit return as now they were a business and ” Americanised ”
and trade unions operating were almost under law made illegal. If Birch could have got that through without other laws preventing him that is where industrial relations and worker protection was going.
Roger Douglas had plans to charge even the police out so that the state no longer was responsible for funding anything which led to Lange’s famous cup of tea in 1987.
The sovereign banks of our country were sold …all of them and the only exception was Kiwi bank created by Jim Anderton in 2001 and I believe TSB are still a fully owned Kiwi bank.
Hope that answers your question Denny but I can’t remember who became the largest shareholder.
Michael Fays interests through FR and Capital Mkts were the BNZ’s biggest shareholder when they went broke and needed a gummint bailout.
Fay-‘it’s my fucking bank and I’ll do what I want’-breached loan thresholds to related parties …a right royal…rort.
We don’t need a commission on banks. We need to stop filthy foreigners profiting from the money-issuing power that belongs solely to our nation. One bank, an national bank.
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