One of the defining features of this government's political style is
how often Prime Minister John Key chooses to sound like a mere
observer of political events. The public may think that they elected
him to lead, and to be the captain on the field but - time and again -
he seems far more comfortable in commenting from the sidelines. The
banks' refusal to pass on the RBNZ's interest rate cuts?
They're
charging 20% interest on credit cards when interest rates are barely flickering above 2%?
They're pillaging New Zealand to the tune of
$4.59 billion a year in profits?
They're making New Zealanders pay
through the nose for the banks' own increased costs of international borrowing?
Jeepers, that's simply how the system works. They charge: you pay. Oh,
and Labour wants to do something about it - by engaging critically
with the banks and/or passing legislation to ensure they pass on
interest rate reductions to their customers?
"They just don't
understand how the banks operate," Key says, while standing on the
sidelines with his hands in his pockets.
Not his problem. After all, the predatory nature of the New Zealand
banking system is only a problem for families with mortgages, for
farmers in trouble and the like. And if they complain... well evidently
they too, just don't know how the banking system operates.
It's not as if there aren't viable options, either. According to
Finance Minister Bill English on Q&A last weekend, "competition"
between the banks is the only, best solution for ordinary Kiwis when
it comes to dealing with any tendency to price gouging by the Aussie
banks.
Leave aside the fact that there is little or no competition
between those banks on credit card interest rates, a field in which
they seem to operate as a virtual cartel. If English is serious about
the virtues of competition, then shouldn't the government be putting
more capital into Kiwibank to enable it to compete more successfully
with the Aussie banks? But no, the government isn't doing that,
either. Oh, Key can express sympathy and he will remember to furrow
his brow in the relevant photo ops, but don't expect too much.
Essentially, he's the nation's best mate, its Re-Assurer In Chief.
Jeepers, that must hurt. Now, what about this flag idea of mine?
Pretty neat, huh?
Mind you, on the few occasions when Key does try to play the
leadership card, you almost wish he wouldn't. In Parliament yesterday,
Key seriously offered his solutions to the nation's problems (a) the
reform of the RMA, which has turned out to be token at best (b) the
signing of the TPP, which will deliver barely discernible gains over
the course of 15 years, and (c) the government's investment in
irrigation schemes, which will raise the cost of a product that the
rest of the world is already producing in excess, more cheaply than
New Zealand.
Source: http://www.scoop.co.nz/stories/HL1603/S00064/gordon-campbell-on-govts-impotence-towards-banks-and-iran.htm
One of the defining features of this government’s political style is
how often Prime Minister John Key chooses to sound like a mere
observer of political events. The public may think that they elected
him to lead, and to be the captain on the field but – time and again –
he seems far more comfortable in commenting from the sidelines.
The banks’ refusal to pass on the RBNZ’s interest rate cuts?
They’re charging 20% interest on credit cards when interest rates are barely >flickering above 2%?
They’re pillaging New Zealand to the tune of
$4.59 billion a year in profits?
They’re making New Zealanders pay
through the nose for the banks’ own increased costs of international >borrowing?
Jeepers, that’s simply how the system works. They charge: you pay.
Oh, and Labour wants to do something about it – by engaging critically
with the banks and/or passing legislation to ensure they pass on
interest rate reductions to their customers?
“They just don’t
understand how the banks operate,” Key says, while standing on the
sidelines with his hands in his pockets.
Not his problem. After all, the predatory nature of the New Zealand
banking system is only a problem for families with mortgages, for
farmers in trouble and the like. And if they complain… well evidently
they too, just don’t know how the banking system operates.
It's not as if there aren’t viable options, either. According to
Finance Minister Bill English on Q&A last weekend, “competition”
between the banks is the only, best solution for ordinary Kiwis when
it comes to dealing with any tendency to price gouging by the Aussie
banks. Leave aside the fact that there is little or no competition
between those banks on credit card interest rates, a field in which
they seem to operate as a virtual cartel. If English is serious about
the virtues of competition, then shouldn’t the government be putting
more capital into Kiwibank to enable it to compete more successfully
with the Aussie banks? But no, the government isn’t doing that,
either. Oh, Key can express sympathy and he will remember to furrow
his brow in the relevant photo ops, but don’t expect too much.
Essentially, he’s the nation’s best mate, its Re-Assurer In Chief.
Jeepers, that must hurt. Now, what about this flag idea of mine?
Pretty neat, huh?
Mind you, on the few occasions when Key does try to play the
leadership card, you almost wish he wouldn’t. In Parliament yesterday,
Key seriously offered his solutions to the nation’s problems (a) the
reform of the RMA, which has turned out to be token at best (b) the
signing of the TPP, which will deliver barely discernible gains over
the course of 15 years, and (c) the government’s investment in
irrigation schemes, which will raise the cost of a product that the
rest of the world is already producing in excess, more cheaply than
New Zealand.
Source: >http://www.scoop.co.nz/stories/HL1603/S00064/gordon-campbell-on-govts-impotence-towards-banks-and-iran.htm
On Thursday, 17 March 2016 12:58:32 UTC+13, Rich80105 wrote:
One of the defining features of this government's political style is
how often Prime Minister John Key chooses to sound like a mere
observer of political events. The public may think that they elected
him to lead, and to be the captain on the field but - time and again -
he seems far more comfortable in commenting from the sidelines. The
banks' refusal to pass on the RBNZ's interest rate cuts?
Why should they? Money for morgages doesn't come from the RBNZ it comes
from lenders and the OCR has little to do with it. Anyone with a scrap of understanding knows this. You and Little do not.
They're
charging 20% interest on credit cards when interest rates are barely
flickering above 2%?
So? It's a free country there's nothing illegal here. If people are stupid enough to pay credit card interest rates there's not much the government
can do about that.
They're pillaging New Zealand to the tune of
$4.59 billion a year in profits?
So?
They're making New Zealanders pay
through the nose for the banks' own increased costs of international
borrowing?
Duh! Businesses pass on costs to customers, *obviously*.
Jeepers, that's simply how the system works. They charge: you pay. Oh,
and Labour wants to do something about it - by engaging critically
with the banks and/or passing legislation to ensure they pass on
interest rate reductions to their customers?
As explained, the OCR doesn't mean an interest rate cut on the deposits to the bank that are then lent out to mortgage borrowers.
"They just don't
understand how the banks operate," Key says, while standing on the
sidelines with his hands in his pockets.
He's right.
Not his problem. After all, the predatory nature of the New Zealand
banking system is only a problem for families with mortgages, for
farmers in trouble and the like. And if they complain... well evidently
they too, just don't know how the banking system operates.
Mortgage interest rates haven't been this low in decades. Why on earth are you whinging?
It's not as if there aren't viable options, either. According to
Finance Minister Bill English on Q&A last weekend, "competition"
between the banks is the only, best solution for ordinary Kiwis when
it comes to dealing with any tendency to price gouging by the Aussie
banks.
And Kiwibank. And TSB. And SBS, Heartland Bank etc. It's nothing to do
with Australian or NZ or China or whatever.
Leave aside the fact that there is little or no competition
between those banks on credit card interest rates, a field in which
Of course there is. Your stupidity and ignorance is beyond belief. All of
the main banks offer low interest credit cards. As I said, only the stupid pay 20% interest.
they seem to operate as a virtual cartel. If English is serious about
the virtues of competition, then shouldn't the government be putting
more capital into Kiwibank to enable it to compete more successfully
with the Aussie banks? But no, the government isn't doing that,
There's no reason why they need to... Kiwibank and the others I mentioned already do compete.
either. Oh, Key can express sympathy and he will remember to furrow
his brow in the relevant photo ops, but don't expect too much.
Essentially, he's the nation's best mate, its Re-Assurer In Chief.
Jeepers, that must hurt. Now, what about this flag idea of mine?
Pretty neat, huh?
Mind you, on the few occasions when Key does try to play the
leadership card, you almost wish he wouldn't. In Parliament yesterday,
Key seriously offered his solutions to the nation's problems (a) the
reform of the RMA, which has turned out to be token at best (b) the
signing of the TPP, which will deliver barely discernible gains over
the course of 15 years, and (c) the government's investment in
irrigation schemes, which will raise the cost of a product that the
rest of the world is already producing in excess, more cheaply than
New Zealand.
Source:
http://www.scoop.co.nz/stories/HL1603/S00064/gordon-campbell-on-govts-impotence-towards-banks-and-iran.htm
Really Dickbot, your abject ignorance of banking and finance is
staggering.
Meanwhile, Little's crazy ideas about the same subject are getting mercilessly bagged from all directions - academics, economists and journalists.
http://www.mortgagerates.co.nz/article/976503971/no-role-for-politicians-in-ocr-uproar-experts.html
"To date, only The Co-Operative Bank has passed on the full cut to its floating home loan rate customers."
Others have followed. It's called "competition" Dickbot, and instead of whining, move your business to Co-operative.
Little's ideas and outbursts about interests are inane and ignorant. Your unquestioning support for them is predictable.
| Sysop: | sneaky |
|---|---|
| Location: | Ashburton,NZ |
| Users: | 31 |
| Nodes: | 8 (0 / 8) |
| Uptime: | 189:03:43 |
| Calls: | 2,082 |
| Calls today: | 5 |
| Files: | 11,137 |
| Messages: | 947,681 |