Comments on: Back the debt truck up — we need big ideas like the People’s Bank

By: JamesK

JamesK — Wed, 08 Jul 2009 12:24:37 +0000

Not enough here by way of detailed programmatic specificity

By: Bernard Keane

Bernard Keane — Wed, 08 Jul 2009 08:39:44 +0000

My god Phelps, I’ll actually pay “Swannie Mae”. Nice.

By: harrybelbarry

harrybelbarry — Wed, 08 Jul 2009 07:42:32 +0000

Not for profit bank would be good, but they would have to put some legal paper with NO loop holes and not sold off like the CBA , when we get a change in parties.

By: Altakoi

Altakoi — Wed, 08 Jul 2009 06:01:56 +0000

What the financial services sector has lacked is an ethical acceptace of the sort of agency relationship which is assumed by professions like medicine and law. In these it is considered malpractice to put your commerical interests ahead of the interests of your client. This might be improved by a publicly owned bank, but it would also require a less sociopathic orientation among the top executives in finance who seem to feel that its all their money.

By: j-boy57

j-boy57 — Wed, 08 Jul 2009 05:48:48 +0000

Tonka Turnbull
I dont think Malcolm realises how much he has damaged himself
with the thinking electorate out here.
I for one was hoping for a genuine attempt at some kind of intelligent
debate in the parliament,not petrol ,pensioners and perfidy.
Maybe malcoms just another overated white shoer with ambition and ego

By: Peter Phelps

Peter Phelps — Wed, 08 Jul 2009 05:11:39 +0000

How about calling the new bank ‘Ruddie Mac’ or ‘Swannie Mae’.

Seems appropriate for its presumptive role as politicised sub-prime lending institution.

By: Richard Wilson

Richard Wilson — Wed, 08 Jul 2009 04:57:04 +0000

I agree. We need a people’s bank but one run by the people not the government. I am inclined to the view of of UK MP Kate Hoey who wrote in the UK Guardian on June 8, 2009:

” I believe the time is right for a people’s bank to be established through the post office and for Northern Rock to be incorporated into it”.

Now I wonder where the idea for today’s SMH story came from!

But critically, Hoey doesn’t want the government to get their hands on the people’s money and states unequivocally:

“The national interest would be better served (than selling it to Virgin Money) by integrating it(Northern Rock) into a nationally owned bank, not state run nor shareholder driven, but locally based, prudently managed, and responsible to a public interest trust as its governimg body”.
In other words, a not for profit entity entity protected from any government getting its grubby hands on the bank’s wealth. I mean how safe is the future fund really!

As Ross Gittens so aptly put in the SMH this morning (July 8, 2009):
“When you earn your livelihood from banking or politics, it is not hard to be always fully abreast of market conditions….But because banking and voting constitute such a small part of our daily lives it is hard to be well informed about what the sellers are up to. This gives them a considerable advantage over us”.

In a world where big government and big business are becoming increasingly linked and collectively tarnished, there is need for a third way. That way is for the people to protect their interests through the not for profit sector efficiently run for the benefit of its members, not corporate interests nor recipients of government boondoggles or conferred monopolies.