Cut ya rate, cut ya rate ,cut ya rate . Its a given that if they cut their rate the big 4 wont
they haven't thus far and have fatter margins than they have ever had .They have plenty of excuses and continue to get away with it. They were happy to be underwritten by the Australian tax payer by US (no not the USA ) during the GFC and buy up their competitors .The pressure is being applied to the incorrect places.
So Penny Wrong's advice is if the banks don't pass on RBA rate cuts then shop around .Ha good luck Penny .THERE IS NO COMPETITION and your government underwrote them and didn't question their actions
Here's another thought .The teacup gen will be covering the night( re Kony 2012) to show that they care .Perhaps they could broaden their awareness and action to other issues .(Its very trendy to get on the Kony train ) there are lots of other issues tho .Kind of like the trendy "lets turn our lights off for a night and save the planet from global warming " and get right back to western consumerism the next day.
Well the high Aussie dollar sucks unless you are buying stuff from overseas or going overseas on a holiday. Maybe flog off everything here and retire somewhere where life is safe and cheap.
Why are interest rates so high here compared to places like America or Japan?
Yeah its funny how banks say their "money" costs more coz the bond market demands 50% yield on the latest Spanish bond issue.
However when "money" costs reduce, somehow the banks are very quiet.
I wish they'd increase interest rates, bring on the good ol' 18%!
Cheap money is like cheap grog.
uncensored 27 out now..... best eight bucks and change you'll ever spend
except of course for granny porn, that stuff is seriously like eight bucks worth of gold
No way should a government start a bank here. There are enough banks here already. The issue is that banking is a protected industry. Thus the big four can do whatever they feel like, safe in the knowledge the good old taxpayers will bail out if times get tough and the good old government protects them from competition. There is no need for taxpayer money to be spent setting up a government bank. Better to open up the market to get more competition. Plus tell the bankers, "you will never be too big fail".
What was the end result of the government guarantees of a couple of years ago? The big banks buying up all the competition.
I don't think selling the CBA stuffed up the system. I took out a home loan just after the CBA was floated. Their rates were the same as everyone else's. The CBA was built up at a time of limited capital and the feeling banks were not operating in the best interests of the community. Also the Labor government of the time hated the banks.
The banking industry is unbalanced because the big four have so much wealth and power. Much of this power is due to the protection they receive. The banks spend a lot of money to keep and extend this protection.
Wayne Swan should just tell the banks if they don't pass on changes to the cash rate then legislation will be introduced to reduce and eventually eliminate laws that protect banks.
So the two big supermarket chains have a stranglehold over the market with their duopoly, guess we need another big competitor to give them a run for their money, that brings it to three. So why isn't four big banks enough? Am I missing something?
So both sides of govt are clueless to when the RBA meet and set their rate (Th e mad monk and the oh so smug Bill Shorten ,just as well he said "we are all prone to mistakes" )
So a 100 percent chance of an RBA cut is on the cards and bank shares still surge (a big 4 cut of the whole lot is obvious;y unlikely and they will no doubt announce a token cut to keep the toothless tiger pollie wollies at bay and keep shareholders happy,geez those funding costs are just so high )
Hold onto your hats folks a cut is just around the corner and the difference between bank rates and RBA rates will widen further .So How do I get some of that RBA money .It's so much cheaper than the big 4.
Now thats a good idea,
Mugs like you and me borrowing directly from the reserve bank for our home loans.
Now that really would upset the commercial banks!
Stephen.
Send an email to this address:
[email protected]
Ask them if you can borrow money off them. Perhaps offer them 1% margin on their cash rate to pay administraton of the loan.
Do the commercial banks borrow money from the RBA? Wouldn't it be cheaper for them to borrow money from the American Federal Reserve? Right now the cash rate over there is about ZERO.
Yeh! Damn those big corporations taking all our money! Damn them for making a profit! Damn them for running a business! Damn them for providing jobs and investing money in our economy!
I just hate big corporations. Especially coles and woolies and their duopoly. Undercutting all those poor corner stores with their super cheap prices and 2 dollar milks that save me money.
Oh wait... what happened to that supermarket enquiry Kevy ran a few years ago? Thats right! They're charging us too much! Bastards!
Damned if they do, damned if they don't.
They charged too much because they want your money they sell cheap milk ( and put it at the back of the shop) because they want your money. The banks they just want your money if they have to play nice or provide a service to get it then that is just an unfortunate cost of doing business .
More a case of damned if you are greedy damned if you are greedy
The old saying "its not personal it's just business " is not ok if you are a d*ck in business you are a d*ck
when i signed on to a mortgage it was to buy one house...............
why the f#$k do i end up paying for six of them????????????????????
[}:)] 
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