The Banking Royal Commission

[nut]

View attachment 487623 Goldman Sachs.... what a lovely institution .

#loveyourbank

So the above raises the question. What other industries and technologies are being held back because of a system that is putting profits above society?
Is the current capital system actually working? Is it holding back humanity?
The IMF is pro privatisation... why?

No wonder there has been billions spent on holding back the renewable/sustainable energy sectors...
The electric car?

If Goldman Sachs thinks it’s ok to prolong people’s illnesses for profit imagine what other immoral things they are prepared to do for profit???
War?

Regime change in countries that are self sufficient, debt free and not tangled in this world financial mess where debt is power.

 

[Procrastinator35]

So the above raises the question. What other industries and technologies are being held back because of a system that is putting profits above society?
Is the current capital system actually working? Is it holding back humanity?
The IMF is pro privatisation... why?

No wonder there has been billions spent on holding back the renewable/sustainable energy sectors...
The electric car?

If Goldman Sachs thinks it’s ok to prolong people’s illnesses for profit imagine what other immoral things they are prepared to do for profit???
War?

Regime change in countries that are self sufficient, debt free and not tangled in this world financial mess where debt power.

Well Goldman Sachs was singularly responsible for the greatest Wall Street market crash in history that sparked the worst economic Depression in the history of the Western world.

So, yeah.....There's that.

And yet, they are still allowed to exist & function to this day.....Should tell you everything about our Capitalist system & our governments really....They are all bought off & paid off.

 

[Financialpanther]

'Downside risk'?

Dude, these guys are criminals ripping people off of their life savings & they are being protected & enabled to do so by our governments.

Wake up & smell the coffee beans.

Thanks for making my point.

 

[TheMase]

So the above raises the question. What other industries and technologies are being held back because of a system that is putting profits above society?
Is the current capital system actually working? Is it holding back humanity?
The IMF is pro privatisation... why?

No wonder there has been billions spent on holding back the renewable/sustainable energy sectors...
The electric car?

If Goldman Sachs thinks it’s ok to prolong people’s illnesses for profit imagine what other immoral things they are prepared to do for profit???
War?

Regime change in countries that are self sufficient, debt free and not tangled in this world financial mess where debt is power.

JP Morgan and Tesla inventions, particularly The Wardenclyffe Transmitter.

This s**t has been going on a long time!

 

[Financialpanther]

JP Morgan and Tesla inventions, particularly The Wardenclyffe Transmitter.

This s**t has been going on a long time!

Remember what the fuel companies did as well...

 

[Gough]

Did you read the extract you quoted? Where is the implication of consumers regulating themselves?

He was basically saying if decent people, presumably like himself or Kevin Andrews were running the regulators none of this would have happened. It's childlike in it's naivety and only uttered to give himself a point of difference.

 

[Procrastinator35]

Thanks for making my point.

At least there were still enough independent voices left in the 19thC to call these blokes out by their true natures.....Robber Barons.....Because that's precisely what they are & that is precisely what is happening in the Middle East today.

It's not that predatory Capitalism & it's monopolies, both protected & enabled by governments, lacks a morality or an ethic.....It's more that Morality, ethics, truth, transparency, a human conscience & basic decency are actually their arch enemies.....And until we all recognize this as the root cause of all of our societies illness, then nothing will change.

Our MSM today is fully invested into hoodwinking the entire population; Where up is down & left is right.....This is not by accident.

 

[Baltimore Jack]

Pharmaceuticals are one of the biggest criminal organisations to ever exist

 

[RupieDupie]

So the above raises the question. What other industries and technologies are being held back because of a system that is putting profits above society?
Is the current capital system actually working? Is it holding back humanity?
The IMF is pro privatisation... why?

No wonder there has been billions spent on holding back the renewable/sustainable energy sectors...
The electric car?

If Goldman Sachs thinks it’s ok to prolong people’s illnesses for profit imagine what other immoral things they are prepared to do for profit???
War?

Regime change in countries that are self sufficient, debt free and not tangled in this world financial mess where debt is power.

Yep, all the tech that you can dream of, if it’s theoretically possible it can be created.

 

[RupieDupie]

Yep, all the tech that you can dream of, if it’s theoretically possible it can be created.

...and additionally, it’s not like other countries can’t create this.

 

[nut]

Pharmaceuticals are one of the biggest criminal organisations to ever exist

Private health and profiting from disease is a scam.... a sick scam.

 

[Bombermania]

The bottom-line is always Usury to line your own pockets.....You know....That evil thing that's outlawed by Islam....Coincidence?....Er....No.

These guys are simply following the American model that's now accepted as 'The Way of the world' & is actually what is destroying the world.

The ethic of materialist greed Trumps morality, honesty, integrity, real values, Spirituality, human decency, the intellect, respect for others & a fair-go.

The usurers have won the day & it is our cowardly & corrupt politicians who have enabled them to do so.

End rant.

Disagree as the evidence isn't showing that at all, what the evidence is showing really shouldn't be a surprise considering ASIC's record, and the low educational standards required to work in parts of finance, just take needing two witnesses to sign a document, I'm pretty sure most people know that means two people actually see the person sign the document yet the NAB has admitted that some of its staff were so clueless to not understand that.

Some people are just dumb.

The problem is that many people will look to take the easy path to complete a task, it isn't just a finance sector problem, we see it across the workforce.

 

[Bombermania]

So the above raises the question. What other industries and technologies are being held back because of a system that is putting profits above society?
Is the current capital system actually working? Is it holding back humanity?
The IMF is pro privatisation... why?

No wonder there has been billions spent on holding back the renewable/sustainable energy sectors...
The electric car?

If Goldman Sachs thinks it’s ok to prolong people’s illnesses for profit imagine what other immoral things they are prepared to do for profit???
War?

Regime change in countries that are self sufficient, debt free and not tangled in this world financial mess where debt is power.

Nice rant but now for some good news while our bumbling politicians have been fighting over emission targets and whether coal is sexy, the world of capital has been flowing heavily towards renewable energy, ultimately it is the bankers and investors who are backing the rise of renewable energy now just don't tell the politicians as their feelings might get hurt.

 

[Ice-Wolf]

View attachment 487623 Goldman Sachs.... what a lovely institution .

#loveyourbank

I.E. for corporations treatments (especially expensive recurrent ones) are better than cures.

 

[Procrastinator35]

Disagree as the evidence isn't showing that at all, what the evidence is showing really shouldn't be a surprise considering ASIC's record, and the low educational standards required to work in parts of finance, just take needing two witnesses to sign a document, I'm pretty sure most people know that means two people actually see the person sign the document yet the NAB has admitted that some of its staff were so clueless to not understand that.

Some people are just dumb.

The problem is that many people will look to take the easy path to complete a task, it isn't just a finance sector problem, we see it across the workforce.

Ignorance doesn't cut it in a court of law.

In my experience - and I have almost 52 years of it - those who work in the finance/banking sector, are the most calculating people there are.

I don't buy their nor your excuses & alibis here, for a New York minute.

 

[Sinjin Smith]

He was basically saying if decent people, presumably like himself or Kevin Andrews were running the regulators none of this would have happened. It's childlike in it's naivety and only uttered to give himself a point of difference.

Ok, I had a different perception. I actually agree that the regulations at present are useless, if he did in fact state that under his control they would be more effective that's bullshit as well as he was indeed in a position to change that and didn't. I still don't read that in your post quote.

The electorate needs to focus on Kelly O'Dwyer and Turnbull, Abbott isn't a player anymore, those two purposely delayed the commission and aren't owning up to it.

 

[Ratts of Tobruk]

The quote ITT from Abbott didn't quite say that, but the fact he cut the regulator massively means the way his comments can realistically be read is him pretending that it's simply that the wrong people are now working for the regulator. This piece for the ABC does suggest that a big part of the problem at ASIC was to do with their approach, and that happened well before Abbott fell arse-on-fire into being PM.

Good take on the cause of this s**t

https://www.smh.com.au/business/the...ross-gittins-metrics-kpi-20180424-p4zbbj.html

Metrics can be fine, so long as you have a good manager. That article mentions that problem of bosses not being very smart with using them, yet still 'metrics' gets the blame. Teachers 'teaching to the test' is something people complain about, but the whingefest about the rarely held NAPLAN test (and the fact that 'teaching to the test' still does mean kids have to learn stuff) is completely over-the-top. Relying on measurements purely is silly, but the flip side is that if we don't measure stuff then people who are incompetent, corrupt or failing aren't found out as quickly.

This is the world we live in and it is not confined to banks. When you create an entire economy that exists for no other reason than to achieve sales incentives this is what you get.

Pharma reps make more than the scientists that create the drugs.

Project managers get paid more than the engineers and the architects.

Real estate agents make more than anyone for 10 minutes work.

The guy who sells the car makes a fortune. The guys who made it is unemployed.

When all the emphasis is on the sale what the hell does everyone think is going to happen?

I don't know about the others, but those first two aren't right. Maybe over the life of the project the second one is right, but the whole point is you don't

The point is the bank creates money via fractional reserve banking.

They create money...

As I said, using that definition you could "create money" too. So could I. It's called business.

 

[Procrastinator35]

Pharmaceuticals are one of the biggest criminal organisations to ever exist

The current opioid plague in the U.S, fed by the over-production in Afghanistan & the Golden Triangle in Burma, is a testament to that fact.

Then of course, there's Monsanto & their GMC's....Attempting to enforce governments' - via kick-backs & bribes - to legislate for a total monopoly over the entire planet on their behalf......Corporate corruption has become a God-damned plague on us all.

 

[nut]

As I said, using that definition you could "create money" too. So could I. It's called business.

So if I had zero dollars. And you have me $10... I could create $100 like the banks can? Through fractional reserve banking. Awesome!!!

Just so I’m clear, you do understand that banks don’t need to hold deposits to the value of the loans they issue. They really only need a 10th...
I wish I could be a bank.

 

[Bombermania]

So if I had zero dollars. And you have me $10... I could create $100 like the banks can? Through fractional reserve banking. Awesome!!!

Just so I’m clear, you do understand that banks don’t need to hold deposits to the value of the loans they issue. They really only need a 10th...
I wish I could be a bank.

Not correct, they need to hold capital above their loan book.

They do use deposits as a major source of funding.

You could always buy bank shares, not that I would at the moment

 

[AM]

Ignorance doesn't cut it in a court of law.

In my experience - and I have almost 52 years of it - those who work in the finance/banking sector, are the most calculating people there are.

I don't buy their nor your excuses & alibis here, for a New York minute.

That would be an essential skill in banking and finance would it not? Sorry, couldn't resist.

Ross Gittins shares your view about the creatures who have for so long ripped us off.

And we should remember that quite apart from resisting a banking Royal Commission the Liberals gutted ASIC in 2014.

The Abbott government's 2014 budget set in motion $120 million of cuts to ASIC's funding over four years, leading to the loss of more than 200 staff. At the time, the government emphasised a greater role for self-regulation instead of state intervention.

 

[Procrastinator35]

That would be an essential skill in banking and finance would it not? Sorry, couldn't resist.

Ross Gittins shares your view about the creatures who have for so long ripped us off.

And we should remember that quite apart from resisting a banking Royal Commission the Liberals gutted ASIC in 2014.

There's nothing wrong with the use of irony as a means to parody the self-evident absurdity of your adversaries arguments.

 

[Jimmy_the_Gent]

It's annoying that the narrative is turning from "there is criminal behaviour at the big banks" to "ASIC is an ineffective regulator". It feels like the perfect crack in the story for the banks to scoot through. Everyone will be busy discussing what needs to be done with the regulator, allowing the banks to get hit with a wet lettuce leaf without raising too many eyebrows.

 

[Twoslabs]

I'm pretty sure most people know that means two people actually see the person sign the document yet the NAB has admitted that some of its staff were so clueless to not understand that.

Some people are just dumb.

The problem is that many people will look to take the easy path to complete a task, it isn't just a finance sector problem, we see it across the workforce.

Yep this is a fact.

Trust me I see this every day and have to fix it.

This is what occurs when you have a system where sales targets make up more than 70% of your ability to get a bonus and where regulatory compliance is less than 10%.

 

[Mofra]

Private health and profiting from disease is a scam.... a sick scam.

It goes a little further up the chain as well - "me too" drugs and patent farming are well known phenomena.