The Banking Royal Commission

[Admiral Byng]

It is the proper role of governments to regulate private industry. Private industry will naturally always put profits above people, I don't think there is anything surprising about that. What is surprising is that we trust them to self-regulate and then act surprised when all this s**t happens. It should up to regulators to set the boundaries for private industry, based upon the public interest and maximum benefit to society, acting on some general principles which vaguely resemble a code of ethics.

 

[RupieDupie]

Josh Frydenberg today said on AM that it is clear the banks have 'put profits before people' in a mournful, disappointed tone of voice.

'Profits before people' is the motto of your party Josh, get with the program!

Considering the evil Big Four Banks made a point of demonstrating that they can increase interest rates out of cycle and have their victims pay off their fines for criminal activity, it will only be considered a penalty for these four thug institutions to lose their financial licenses (and sell off assets to compensate their victims).

But given what we now know about politicians and watchdogs, no doubt their victims will be forced to pay off the big four banks penalties.

Only in Australia. The lucky country.

 

[RupieDupie]

It is the proper role of governments to regulate private industry. Private industry will naturally always put profits above people, I don't think there is anything surprising about that. What is surprising is that we trust them to self-regulate and then act surprised when all this s**t happens. It should up to regulators to set the boundaries for private industry, based upon the public interest and maximum benefit to society, acting on some general principles which vaguely resemble a code of ethics.

Unfortunately we do have watchdogs, but when these also fail to act, what is the suspicion? In the same way members of parliament seem to be doing all right with their various investment properties...

 

[Procrastinator35]

It is the proper role of governments to regulate private industry. Private industry will naturally always put profits above people, I don't think there is anything surprising about that. What is surprising is that we trust them to self-regulate and then act surprised when all this s**t happens. It should up to regulators to set the boundaries for private industry, based upon the public interest and maximum benefit to society, acting on some general principles which vaguely resemble a code of ethics.

The trouble is that our pollies are being bribed, blackmailed & bought off mate.....Because it's big business who can afford to do that kind of thing.

Better to pay a million $ in bribes than a billion $ in tax.....Turn the other cheek son.

 

[RupieDupie]

The trouble is that our pollies are being bribed, blackmailed & bought off mate.....Because it's big business who can afford to do that kind of thing.

Better to pay a million $ in bribes than a billion $ in tax.....Turn the other cheek son.

Who watches the Watchmen?
A Royal Commision into the Watchmen?
An anti corruption watchdog for the anti corruption watchdog...

Gets Ren and Stimpy silly but true of Australia,

 

[Rotayjay]

Profits before people is the motto of all private business, otherwise how the **** else do you stay in business. I'm shocked that people are shocked that private enterprises put their own interests ahead of the interests of Australia. How could people not see this coming? Surely nobody fell for the bAnKiNg pRoFiTs bEloNg tO aLL aUStraLIans; anybody who believes that must have an IQ of 75.

Hmm. You don't seem to comprehend the difference between the legitimate pursuit of good profit, and the striving to make gargantuan profits and overinflated executive pays off the back of struggling natural disaster victims, systematic deliberate dishonesty, flouting of every law under the sun, and outright theft.

 

[Nuggs Bunny]

Hmm. You don't seem to comprehend the difference between the legitimate pursuit of good profit, and the striving to make gargantuan profits and overinflated executive pays off the back of struggling natural disaster victims, systematic deliberate dishonesty, flouting of every law under the sun, and outright theft.

Lmao because there is no difference. People go into business to make money, otherwise they'd be running a charity. I don't for a second believe that the banks are the only corporations in Australia who strive to maximise their profits in anyway possible. The list of businesses who choose to act unscrupulously and/or illegally in the pursuit of a few extra dollars when they have good reason to believe that they will never be caught is both long and non-exhaustive, covering businesses of all sizes, in all industries and of all backgrounds. You cannot have private enterprise exist and not expect this to happen because when regulation and oversight is completely absent from the equation, people see an opportunity and somebody with nobody to stand up for them ends up getting screwed.

 

[Procrastinator35]

Who watches the Watchmen?
A Royal Commision into the Watchmen?
An anti corruption watchdog for the anti corruption watchdog...

Gets Ren and Stimpy silly but true of Australia,

As Plato noted.....That's why you need Philosopher kings running the show, unattached to any form of monetary reward....As the moral check & compass on a society & it's practises & behaviours.....The roots of wisdom attached to our traditional spiritual foundations.

Instead of Christ casting out the money-lenders from the sacred temple, it is he who has been cast asunder.....That's the logical consequence of economic rationalism prefaced over & above humanity, that's now running amok.

The West has lost all it's moorings to a moral centre & the banking Commission has exposed that for all to see.....These guys are supposed to be the bulwark of our adult society & it's conscious moral under-writers. Instead, they have become corrupted white collar criminals with their noses in an unsupervised trough.

The centre cannot hold where a clear conscience has been corrupted.

 

[Admiral Byng]

As Plato noted.....That's why you need Philosopher kings running the show, unattached to any form of monetary reward....As the moral check & compass on a society & it's practises & behaviours.....The roots of wisdom attached to our traditional spiritual foundations.

Instead of Christ casting out the money-lenders from the sacred temple, it is he who has been cast asunder.....That's the logical consequence of economic rationalism prefaced over & above humanity, that's now running amok.

The West has lost all it's moorings to a moral centre & the banking Commission has exposed that for all to see.....These guys are supposed to be the bulwark of our adult society & it's conscious moral under-writers. Instead, they have become corrupted white collar criminals with their noses in an unsupervised trough.

The centre cannot hold where a clear conscience has been corrupted.

This is where Christianity has failed the West. They are more concerned with repressing people's private sex lives than doing good deeds towards the poor and the sick.

 

[RupieDupie]

As Plato noted.....That's why you need Philosopher kings running the show, unattached to any form of monetary reward....As the moral check & compass on a society & it's practises & behaviours.....The roots of wisdom attached to our traditional spiritual foundations.

Instead of Christ casting out the money-lenders from the sacred temple, it is he who has been cast asunder.....That's the logical consequence of economic rationalism prefaced over & above humanity, that's now running amok.

The West has lost all it's moorings to a moral centre & the banking Commission has exposed that for all to see.....These guys are supposed to be the bulwark of our adult society & it's conscious moral under-writers. Instead, they have become corrupted white collar criminals with their noses in an unsupervised trough.

The centre cannot hold where a clear conscience has been corrupted.

The problem is the actual problem will not be addressed, as the problem has to be solved by the people who are invariably the problem. Between us we could come up with various ways and systems to beat the problem, but the problem is inherit within the structure.

For example, one structural problem (other than hierarchy) is reality, apparently people feel it is realistic for one person to even want or need, let alone have $1B. Society has failed when it has even one person like this existing within it. It is purely masturbation.

 

[RupieDupie]

This is where Christianity has failed the West. They are more concerned with repressing people's private sex lives than doing good deeds towards the poor and the sick.

And touching little boys on their doodles

 

[Admiral Byng]

And touching little boys on their doodles

Well yeah, they're not even very good at repressing their urges. The rank hypocrisy undermines their authority even more.

 

[Procrastinator35]

This is where Christianity has failed the West. They are more concerned with repressing people's private sex lives than doing good deeds towards the poor and the sick.

I'm not quite sure how you got that from my post, but....Okay.

When I speak of a moral decay, I mean one of knowing & wilful conscious behaviour that hurts others....I'm not attempting a puritanical sexual purge here.....I'd of assumed that to be obvious.....This is after all, the banking royal commission thread & not the Catholic kiddie-fiddler one.

 

[Admiral Byng]

I'm not quite sure how you got that from my post, but....Okay.

When I speak of a moral decay, I mean one of knowing & wilful conscious behaviour that hurts others....I'm not attempting a puritanical sexual purge here.....I'd of assumed that to be obvious.....This is after all, the banking royal commission thread & not the Catholic kiddie-fiddler one.

I define morality as the code of conduct which regulates interpersonal interaction within a functioning society. The one that trumps greed and exercise of power by individuals at the expense of the wider society. It used to be the church that performed this function in the West. Indeed some of the great social reformers of the Victorian and Georgian age were men and women of the church, especially the non-conformist branches. Social reforms like the abolition of slavery and the exploitation of child labour were all driven by radical preachers. Now the churches are dominated by reactionary conservatives protecting the elites, there are very few "turbulent priests" agitating for change and social improvement.

 

[chargers 09]

Worth remembering this was all described as a populist whinge by our PM who tried to prevent it happening at all on over twenty separate occasions. Hardly seems to fit in with the governing for all Australians crap that he's been talking about all week.

Already seen some circumstances of regulation in the past few weeks in my particular area of finance make things WORSE for the average consumer.

Let’s not pretend regulators and the RC are the saviours the sector needed either.



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[chargers 09]

Layers and layers of filthy corruption just like an onion infected by Botrytis cinerea. I'm personally not even slightly surprised, I'm not even surprised by the pretend outrage at the findings by current and former watchdogs and political figures. The only thing that would surprise me would be if any of these organisations were made to take responsibility and be accountable for their heinous and criminal activity. By this I do not mean sacking CEOs to give them large pensions and superannuations, but removing financial organisation licenses and forcing them to sell off their assets to pay off their victims. That would constitute a modern miracle.

Removing large players from the market would only lead to making things worse for the consumer. We are seeing this as we speak in some areas at the moment.


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[Admiral Byng]

To expand further:

Capitalism is not endorsed by God - even a cursory reading of the gospels makes this clear.
Secondly, capitalism is not a moral code.

What has happened since the Cold War is that capitalism has triumphed over communism. Since communism was generally openly against religion, this has led to the great logical fallacy that therefore capitalism must have been endorsed by God. Hence giving up the core values of Christianity and embracing capitalism as an acceptable substitute moral code. The only value they've not let go of is the sexual repression stuff (what I define as repression anyway), and they push that barrow bloody hard to make up for the emptiness of other general values.

 

[Procrastinator35]

To expand further:

Capitalism is not endorsed by God - even a cursory reading of the gospels makes this clear.
Secondly, capitalism is not a moral code.

What has happened since the Cold War is that capitalism has triumphed over communism. Since communism was generally openly against religion, this has led to the great logical fallacy that therefore capitalism must have been endorsed by God. Hence giving up the core values of Christianity and embracing capitalism as an acceptable substitute moral code. The only value they've not let go of is the sexual repression stuff (what I define as repression anyway), and they push that barrow bloody hard to make up for the emptiness of other general values.

Capitalism is most certainly amoral.

At least with Communism there is a moral ideal & central tenet that informs it's core: That we are all existentially equal.....What's the moral ethos that drives Capitalism?....Dog-eat-Dog Social Darwinism, that's what.

You might have the remnants of the Protestant work ethic that drives it & it's underlying teleology....but the fact is, it has become empty of any spiritual or moral fibre whatsoever.

 

[RupieDupie]

Removing large players from the market would only lead to making things worse for the consumer. We are seeing this as we speak in some areas at the moment.


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Only if the courtesy of this law is extended to all people and organisations. Everyone should be allowed to commit crimes as long as they profit.

If this courtesy is only extended to the big four banks, they could murder babies in the streets claiming they’re too big and important to the Australian economy to get rid of. Ergo, would there be a law these organisations cannot break?

 

[MC Bad Genius]

Already seen some circumstances of regulation in the past few weeks in my particular area of finance make things WORSE for the average consumer.

Let’s not pretend regulators and the RC are the saviours the sector needed either.



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Can you expand on this at all? Am interested to gain at least a little nuance around this.

 

[RupieDupie]

Can you expand on this at all? Am interested to gain at least a little nuance around this.

One reason would be the big four banks have increased interest rates to maintain their ill-gotten wealth / pass on their penalties to their customers. The customers get penalised for the Big Four Banks committing the criminal activity.

 

[Papa G]

One reason would be the big four banks have increased interest rates to maintain their ill-gotten wealth / pass on their penalties to their customers. The customers get penalised for the Big Four Banks committing the criminal activity.

You do do realise access to credit is not a divine right don't you? Banks are a business that lend you their money, so you can buy stuff you wouldn't be able to buy otherwise. If you don't like what the Big 4 are offering, find somewhere else. There are literally 50 other options out there.

 

[Financialpanther]

You do do realise access to credit is not a divine right don't you? Banks are a business that lend you their money, so you can buy stuff you wouldn't be able to buy otherwise. If you don't like what the Big 4 are offering, find somewhere else. There are literally 50 other options out there.

Interestingly though - out of those 50 other options, around 30 are funded directly by the big 4 via warehouse securitisation. Ultimately, I find it perverse that the public get hung up on net interest from the major banks - the margins are amongst the lowest on history but the issue is pure volume of lending driven by a housing boom. The smaller banks don't have the access to capital or funding markets to take significant market share from the banks without blowing up - non-interest income from the banks is the biggest issue from this royal commission (and rightly so) as the banks tried to get cute by diversifying their revenue into areas they hadn't waded into before. Interest income is a result a massive housing binge by the public (they gleefully accepted it accordingly).

 

[RupieDupie]

You do do realise access to credit is not a divine right don't you? Banks are a business that lend you their money, so you can buy stuff you wouldn't be able to buy otherwise. If you don't like what the Big 4 are offering, find somewhere else. There are literally 50 other options out there.

I'm not after credit from The Big Four Banks? I am making the argument that they should lose their financial license for breaking the conditions of their financial license. I am also making the point that if ASIC continues / decides to fine the Big Four Banks for their henious activity, they are in effect further punishing the people who were / are their victims. The Big Four Banks have demonstrated no remorse by them increasing interest rates out of cycle to ensure they maintain their ill-gotten profits.

Secondly, credit is not a divine right, but housing is a necessity, and unfortunately, due to the big four banks (and others), and their despicable munny-grubbing behaviour, they have created an Australian society where people who work full time on a median income cannot afford a house; unless they emigrate to Menindee. The free market has failed to be an option for a person wanting, even when working full time, to buy housing (but somehow, quite magically, there are more than enough places to rent, ergo, pay off negatively geared investor properties).

 

[Papa G]

Interestingly though - out of those 50 other options, around 30 are funded directly by the big 4 via warehouse securitisation. Ultimately, I find it perverse that the public get hung up on net interest from the major banks - the margins are amongst the lowest on history but the issue is pure volume of lending driven by a housing boom. The smaller banks don't have the access to capital or funding markets to take significant market share from the banks without blowing up - non-interest income from the banks is the biggest issue from this royal commission (and rightly so) as the banks tried to get cute by diversifying their revenue into areas they hadn't waded into before. Interest income is a result a massive housing binge by the public (they gleefully accepted it accordingly).

I get all that but the Outrage mob don't seem to understand or want to understand that.

Sure, some of the predatory practices and dodgy stuff needs to be curbed, but really, credit has never been easier or cheaper to get. Overwhelmingly this access fuels properity. Sometimes s**t goes wrong. Sometimes its economics, sometimes its dodgy practices, sometimes it's the customers fault. A recalibration is needed from time to time.