http://www.crikey.com.au/2008/11/05/banks-dig-in-over-rba-cut/ now with extra source Sat, 11 Feb 2012 23:34:35 +0000 hourly 1 http://wordpress.org/?v=3.2.1 http://www.crikey.com.au/2008/11/05/banks-dig-in-over-rba-cut/#comment-6191 Mirek Thu, 01 Jan 1970 10:00:00 +0000 #comment-6191 Quite right, Bernard, you exposed it for what it is in reality: an increasingly concentrated cartel, doing wjat cartels do best: price gouging, eliminating competition, maximising their own profits and executive payouts, whilst cutting services and staff, all for the good of `stability` and `financial responsibility`. Amongst the `developed countries, Australia has the most expensive banking system, which means that the it`s profit rate is higher than the prevailing rate. The power of the cartel can be judged by the Government`s understanding nod at the last RBA cut, and a complete silence this time around. This is the silence of complicity, for this is the Government (like previous ones), of the Big Banking, by the Big Banking and for the Big Banking. Rudd, Swan, Tanner & Co are incapable and unwilling to redress this gouging power and it`s concentration, because they are part of it and represent their interests. So let`s not hold our collective breadth: we, the punters feel helpless in this situation, even more so than the present Government, like the latter, have to eat humble pie. How pathetic! Quite right, Bernard, you exposed it for what it is in reality: an increasingly concentrated cartel, doing wjat cartels do best: price gouging, eliminating competition, maximising their own profits and executive payouts, whilst cutting services and staff, all for the good of `stability` and `financial responsibility`. Amongst the `developed countries, Australia has the most expensive banking system, which means that the it`s profit rate is higher than the prevailing rate. The power of the cartel can be judged by the Government`s understanding nod at the last RBA cut, and a complete silence this time around. This is the silence of complicity, for this is the Government (like previous ones), of the Big Banking, by the Big Banking and for the Big Banking. Rudd, Swan, Tanner & Co are incapable and unwilling to redress this gouging power and it`s concentration, because they are part of it and represent their interests. So let`s not hold our collective breadth: we, the punters feel helpless in this situation, even more so than the present Government, like the latter, have to eat humble pie. How pathetic!

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