Comments on: Why Australia needs a government-sponsored bank http://www.crikey.com.au/2008/07/15/why-australia-needs-a-government-sponsored-bank/ now with extra source Sun, 12 Feb 2012 02:48:10 +0000 hourly 1 http://wordpress.org/?v=3.2.1 By: Chris http://www.crikey.com.au/2008/07/15/why-australia-needs-a-government-sponsored-bank/#comment-8339 Chris Thu, 01 Jan 1970 10:00:00 +0000 #comment-8339 I agree The privatisation of the Commonwealth Bank has not been good for the Australian economy or banking consumers (only chareholders). It was the main reason for the explosion of bank fees during the 1990s, and the super profits made by all Australian banks since then. If the CBA was still owned by the government they would have been contrained politically from imposing big fee increases. Then if the CBA was not aggressively increasing their fees, it would have been a moderating influence on the sector overall, and the other banks wouldn't have been able to increase their fees either.<br /><br /> I agree The privatisation of the Commonwealth Bank has not been good for the Australian economy or banking consumers (only chareholders). It was the main reason for the explosion of bank fees during the 1990s, and the super profits made by all Australian banks since then. If the CBA was still owned by the government they would have been contrained politically from imposing big fee increases. Then if the CBA was not aggressively increasing their fees, it would have been a moderating influence on the sector overall, and the other banks wouldn’t have been able to increase their fees either.

]]> By: Chris http://www.crikey.com.au/2008/07/15/why-australia-needs-a-government-sponsored-bank/#comment-8340 Chris Thu, 01 Jan 1970 10:00:00 +0000 #comment-8340 I agree The privatisation of the Commonwealth Bank has not been good for the Australian economy or banking consumers (only chareholders). It was the main reason for the explosion of bank fees during the 1990s, and the super profits made by all Australian banks since then. If the CBA was still owned by the government they would have been contrained politically from imposing big fee increases. Then if the CBA was not aggressively increasing their fees, it would have been a moderating influence on the sector overall, and the other banks wouldn't have been able to increase their fees either.<br /><br /> I agree The privatisation of the Commonwealth Bank has not been good for the Australian economy or banking consumers (only chareholders). It was the main reason for the explosion of bank fees during the 1990s, and the super profits made by all Australian banks since then. If the CBA was still owned by the government they would have been contrained politically from imposing big fee increases. Then if the CBA was not aggressively increasing their fees, it would have been a moderating influence on the sector overall, and the other banks wouldn’t have been able to increase their fees either.

]]> By: stephen matthews http://www.crikey.com.au/2008/07/15/why-australia-needs-a-government-sponsored-bank/#comment-8341 stephen matthews Thu, 01 Jan 1970 10:00:00 +0000 #comment-8341 Excellent work professor..The most sensible suggestion I have seen since the panic developed from collateralised debt obligations ( a form of casino chip) to the full blown credit crisis we have exemplified in the USA overnight.<br />I'm pleased too that your colleague has had the input of an 80s entrepreneur Ian Joye ..who I'm sure has brought his own perspective from the events of Oct 87.<br />This Aussie MAC enterprise could be up and funded in a matter of monthss..and staffed with some of the qquality people in the banking sector who are wondering if they have made the right career choice. Presently there is a veritabletitable <br /> Excellent work professor..The most sensible suggestion I have seen since the panic developed from collateralised debt obligations ( a form of casino chip) to the full blown credit crisis we have exemplified in the USA overnight.
I’m pleased too that your colleague has had the input of an 80s entrepreneur Ian Joye ..who I’m sure has brought his own perspective from the events of Oct 87.
This Aussie MAC enterprise could be up and funded in a matter of monthss..and staffed with some of the qquality people in the banking sector who are wondering if they have made the right career choice. Presently there is a veritabletitable

]]> By: Connor Moran http://www.crikey.com.au/2008/07/15/why-australia-needs-a-government-sponsored-bank/#comment-8342 Connor Moran Thu, 01 Jan 1970 10:00:00 +0000 #comment-8342 What we need is portability of loans, like the portability of mobile telephone numbers. The banks know damn well that it's difficult for people to move to an institution with a better offer.<br /><br />The government CAN fix that. I'm not so sure they should, or know how to, run a commercial retail bank.<br /><br />Besides that, an improved profit performance for the Big Four will PROVE that they're operating as a cartel. What we need is portability of loans, like the portability of mobile telephone numbers. The banks know damn well that it’s difficult for people to move to an institution with a better offer.

The government CAN fix that. I’m not so sure they should, or know how to, run a commercial retail bank.

Besides that, an improved profit performance for the Big Four will PROVE that they’re operating as a cartel.

]]> By: doug senwick http://www.crikey.com.au/2008/07/15/why-australia-needs-a-government-sponsored-bank/#comment-8343 doug senwick Thu, 01 Jan 1970 10:00:00 +0000 #comment-8343 With the USA on the verge of its largest financial crisis since the Great Depression,caused in part by the flawed home lending system with Fannie Mae and Freddie Mac at the pinnacle,every Australian should be very thankful that we DO NOT have a similar system.Otherwise we would be in deep doggy dodo just like the yanks.At least when an Australian bank issues a homeloan to a borrower, things like the value of the loan to the amount borrowed and the capacity of the borrower to repay the loan are considered.And that is why the level of defaults at Australian banks are still at very low levels compared to the USA. With the USA on the verge of its largest financial crisis since the Great Depression,caused in part by the flawed home lending system with Fannie Mae and Freddie Mac at the pinnacle,every Australian should be very thankful that we DO NOT have a similar system.Otherwise we would be in deep doggy dodo just like the yanks.At least when an Australian bank issues a homeloan to a borrower, things like the value of the loan to the amount borrowed and the capacity of the borrower to repay the loan are considered.And that is why the level of defaults at Australian banks are still at very low levels compared to the USA.

]]> By: ltu http://www.crikey.com.au/2008/07/15/why-australia-needs-a-government-sponsored-bank/#comment-8344 ltu Thu, 01 Jan 1970 10:00:00 +0000 #comment-8344 Australia needs an "Aussie Mac" like they need a hole in the head. Look what the banksters did to Fanny and Freddy in the USA. They offloaded all their dubious toiletpaper securities through these entities and managed to turn the situation into the biggest taxpayer looting operation in the history of history itself. I guess the banksters see some big fat profits to be made by looting Aussie taxpayers too, and you are a paid bankster mouthpiece. I would like you to declare which banks or hedgefunds are paying you to trot out this idiotic drivel. For all those out there who read Mish, here is his June 18th blog (pre Fannie/Freddy insolvency outing) entitled "Australia loses mind by proposing Its Own Fanny Mae: http://globaleconomicanalysis.blogspot.com/2008/06/australia-loses-mind-by-proposing-its.html Australia needs an “Aussie Mac” like they need a hole in the head. Look what the banksters did to Fanny and Freddy in the USA. They offloaded all their dubious toiletpaper securities through these entities and managed to turn the situation into the biggest taxpayer looting operation in the history of history itself. I guess the banksters see some big fat profits to be made by looting Aussie taxpayers too, and you are a paid bankster mouthpiece. I would like you to declare which banks or hedgefunds are paying you to trot out this idiotic drivel. For all those out there who read Mish, here is his June 18th blog (pre Fannie/Freddy insolvency outing) entitled “Australia loses mind by proposing Its Own Fanny Mae: http://globaleconomicanalysis.blogspot.com/2008/06/australia-loses-mind-by-proposing-its.html

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