The PM has backtracked yet again – this time agreeing to a royal commission into the banks. Whether or not we need one is not yet clear, but the way that Turnbull spent nearly two years fighting against an inquiry guaranteed we got it"Andrew Bolt
The fact that the banks themselves demanded a Royal Commission would have had Abbott yelling "Nope" and kicking an own goal yet again with Andrew Bolt cheering. Is it any wonder the only awards Bolt has ever won has been on the back of other peoples shows or awards in-house at News Corp.
Yes, the banks want a Royal Commission so the government and they can set the terms of reference to not show just how dependent they are on each other. The business of banking is debt and reliance that governments will allow them the privilege to create it from nothing. The banks have a safety net and it's not collateral but the government us, you and me who backs those government guarantees as we did during the GFC. Greece was the example of the perfect storm and the people were left to pay with severe austerity. Wall St has boomed again and it was the Americans who were left destitute and it wasn't the 1%. The rich got richer while the poverty line escalated. No bankers were jailed.
Banks are government protected but who lends the government money but the banks who get it from the Reserve Bank the government, not in cash but simply a rise in the debt level.. Who benefits the shareholders of course and they aren't all Australians. Imagine if banks were allowed to go bust the average punter wouldn't feel it if they already live on welfare and week to week wages they only have debt which would be written off. They don't have Capital. Iceland threw their bankers into jail and sacked their government and wrote off peoples debt and the country boomed.
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Peril in a banking royal commission framed in political desperation | afr.com
" Most notably, and outrageously, the terms of reference make it clear that the royal commission will be targeted as much at the superannuation industry, and particularly industry super, as the banks, as the Coalition continues its ideological fatwa against one of the few sectors of the financial industry that has actually been delivering for its customers."
via Investigators Unable To Find Michaelia Cash's Ex-Staffer To Serve Him A Federal Court Subpoena
PAYWALL
All you will get from this intro is that Abbott was complaining about everybody else other than himself if you want to read more buy it from the Australian. Remember when Abbott went out to educate the world like Milo and became a comic success story?One needs to remember Beazley is a Diplomat whose job it is to boost and cover for us. Sorry Bolt you haven't countered anything. It's a bit like the White House Press being asked about Trump.
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