We at pcbycp are very glad about the Banks Royal Commmission. Primarily, (and this is the most important point), Because we need another Royal Commission.
Royal Commission’s are what keep the legal industry going. Without Royal Commission’s, already obscenely highly paid sinecured, ex judges, magistrates and legal hacks would be struggling to keep up the payments on their third or fourth beach property. This is why the banks asked the government to have a Royal Commission. Retired Q.C’s and former Magistrates are just not getting paid enough. And it’s plain to see this restriction of “rivers of gold” is having a trickle down effect upon the economy. These banks are just struggling on what they’re earning now. And since the practise of sending ordinary mums and dads broke with dodgy life insurance and investment schemes has been stilled, (some of them actually topped themselves), there’s still a bit of fat to be gained by priming the legally led economy.
Af that’s the problem. There’s no fat left in the mum and dad investors, they’re all hocked to the eyeballs. They wanted it, and the banks gave em the lot, including the kitchen sinks. And now they’re hurting. They’ll hurt more if interest rates rise, so there’s only one thing the public clamour for; Blame the banks!
The foreign investors have run out of puff also. That’s a double whammy. Until early this year the banks were creaming it, and no-one seemed to mind. But now, wages have stiffed, no one can afford a fourth investment property. And for young people, (under the age of forty) a house in the city is just a pipe- dream.
Timely then, to have a Royal Commission and take a good long hard look at the banks, the chicanery, the skullduggery, the foetid pool of high finance. And lift the lid on the snide, mendacious, obfuscation and bastardry of bank execs. And, the banks are imploring the government to do so. Yes indeed we need to look into all of this with a fine tooth comb, and give the public what they want. Yes indeed Its the high water mark for the banks. And they better know once and for all that this is the bitter end.
Not for them, but for the union movement. Those union industry superfunds are well run, they return good profit to ordinary workers. That’s a bloody good reason to close em down. Those workers could be more efficiently fleeced by the big four banks, and Malcolm was incidentally, (in case you didn’t know) a former banker. Great news for investors, great news for the banking industry and great news for the shareholders of Banks.
Malcolm, by holding a Royal Commission is demonstrating leadership. Decisive leadership. Though the Royal Commissions terms of reference are more knobbled than a New South Wales greyhound, we know that it’ll be fun and wildly entertaining. The duration of the Commission, (less than twelve months) will ensure that we’ all get a laugh and we know that the findings, at the end of it all, wont be the dead mum and dad investors, the ripped off wasteland of broken mariages and crippled enterprises riven by shonky spiv banking execs, but the union movement, or some other sacrificial self parodying scape-goat.
Good on ya Malcolm . Can we have another Royal Commission soon?
Howsabout the nationality and citizen debacle. Could we put that one up to the Queen for approval?
Is she a citizen?
Anyone for Tennis?