Ummmm – what about ALL the Kiwis who have been screwed over by the banks?

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Nicola Willis sings the Blues

Govt to spark banking inquiry, with a focus on rural services

Finance Minister Nicola Willis has requested an inquiry into banking competition, focusing on rural banking.

It comes as parliamentarians — including the Prime Minister — descend on Fieldays in Waikato.

Willis said promoting robust competition in the sector was “vital” to rebuilding the economy.

“New Zealanders deserve a banking sector that is as competitive as possible. Banking services play an important role in our communities and in the economy. Kiwis rely on access to lending when they make big financial decisions, like buying their first home or opening a business.”

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She said in pursuit of that objective, she today wrote to the chairpeople of the Finance and Expenditure, and Primary Production select committees, requesting a select committee inquiry into banking competition.

“I have asked that the Finance and Expenditure Committee lead the inquiry, in conjunction with the Primary Production Committee, which will focus on rural banking.”

This Government is so partisan they can’t help but expose their bias every time they open their mouths!

Why focus on rural banking? These  fucking banks are making billion dollar profits by Australian Banks who use NZ as a monopoly rental!

If we were serious about rural banking we would demand more local branches and investigate how the banks forced debt for dairy intensification onto farmers and would only lend for dairy dairy dairy!

The manner our Farmers have been locked into debt for dairy intensification is the biggest financial scam of the last 20 years, but beyond their concerns are the concerns every Kiwi has in a rigged banking industry!

The Australian Banks make more here than they do in Australia because they price gouge us and are pimps fuelling the property speculation!

Asking if Bank profits are ‘excessive’ misses the point – with 24 000 on emergency housing wait lists, 600 000 needing food banks each month & underfunded health, education & welfare social infrastructure collapsing, Bank profits are obscene!

Windfall tax those rich pricks!

Bernard Hickey has argued, “We could have gotten $200 billion in extra tax revenues if only there had been a fair tax system which meant that capital gains were taxed at the same rate as every other type of income.”

In a liberal progressive democracy, it doesn’t matter what role you play in the complex super structure of our society and economy.

It doesn’t matter of you are a garbage collector, a dr, a nurse, a drain layer, teacher or tradie – if you all stopped doing your jobs the system can’t work.

Everyone deserves to share the collective harvest of civil society with public services and policies focused on the public good enshrined in the intrinsic civil liberties each individual has.

Wealthy individuals who become mega rich thanks to the landscape generated by those values are required to pay more back into the system they have benefited from beyond the bare necessity of ruthless accountancy practices.

These rich pricks have designed the system for themselves, ‘you can’t tax unrealised capital gains’ the Right scream, like bullshit we can’t!

Council rates are based on valuation and you can borrow against that capital gain.

If it means the mega rich have to sell a mansion or two to pay the tax bill, so fucking be it!

There are 14 Billionaires in NZ + 3118 ultra-high net worth individuals, let’s start with them, then the Banks, then the Property Speculators, the Climate Change polluters and big industry.

Making these levels of extreme profit by the Banks right before the looming recession of late stage capitalism is an outrage!

We need a banking inquiry that goes to the heart of the dominance of the 4 Australian Banks and the need to make KiwiBank our economic sovereignty ballpark against Australian banking dominance.

 

16 COMMENTS

  1. Rural farmers and the corporate farmers are thier own biggest enemy .They over spend on the farm first of all then over capitalise on massive new homes and million dollar milking sheds etc .Then they find the place is over valued and cant sell because they owe the bank more than its worth .for years farms were not bought and sold as a business but based solely on capital gains .I hear farmers moaning about how hard it is at present but they still send the 3 kids off to private school at 20k each per year .Bit rediculas really when there is perfectly good schools right here .

  2. The key recommendation from the Commerce Commission – allow people to move banks without penalty. Like we did with mobile phones. Once people could take their mobile number with them, they were no longer locked to one provider. Therefore it was harder for the mobile providers to take advantage of them. We could legislate something similar for banking.

  3. A few things that could be addressed at a banking inquirey.

    Why has the government given a $2.9billion tax cut to landlords which increases city investor demand and pulls bank capital away from farming and industry?

    Why aren’t banks required to provide mortgages with fixed rates for 10 to 30 years like in the USA so borrowers aren’t continually being rorted in their when to float when to fix game?

  4. The only surprise should be the fact that it is National that are doing the inquiry into the banks. Labour did nothing.

    • ” Labour did nothing. ”
      Jesus! What’s it going to take for many of you to wake the fuck up?
      Labour IS national. Labour stopped being Labour 40 years ago after roger douglas stabbed it in the front in about 1984.
      Do you fuckers not read? Don’t you have an ability to think in a more spherical way? Is that why people still think the planet’s flat? Because it looks like it is from about 1.8 meters up, you dumb shits.
      Breaking news dipshits! The planet we know of as Earth is fucking round and roger douglas is an extreme far right small-cock psychopath with margaret thacher and ronald regan’s pubic hair stuck in his moustache.
      Lets go back further to Hayek and fucking friedman. Freddy hayek was a fucking Austrian fascist with a penchant for pocketing other people’s money. Just ask little Milton, a desiple of psycho Fred’s just like thatcher, regan and little stumpy douglas.
      This, all of this, is about power, your money and their itchy little cocks.
      Dear old Labour DOES NOT EXIST.
      If blaming is required, and frankly yes it fucking is, then we should blame ourselves. We should blame each other. We’re allowing a scary fucking situation to develop and if we’re not strong and vigilant we’ll lose our fucking country. Just ask Maori how that feels.

      • Cannot help but mostly agree.
        But, TINA! There Is No Alternative – that’s what they said back in the Douglas days too and there wasn’t, then. Sadly, there isn’t now, either.
        Any suggestions, CB?

  5. 100% really says it all! The rentier ticket clippers have been allowed to impoverish society by absconding from taxation. The Australians milk our society for profit while dumping their de facto ne’er-do-wells on us on a mean Shylock technicality! The 501s are Australian in heart, blood and sinew!

  6. “Ummmm – what about ALL the Kiwis who have been screwed over by the banks?”

    That’s all Kiwis. The banks are in the business of farming Kiwis, it’s one of the most lucrative businesses around.

  7. The thing with the banks is that they rip the shit out of you but with the attitude that they are doing you a favour and you should be thankful for being arse raped every god damned day.

  8. Bomb, i think you area somewhat fan of Three!s breakfast show. Wonder did that interview with the Minister of Finance, and the rant that continued with the first enlightened question, will you follow Australia, and its vaping question. What a shallow puddle, their minds must be.

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