Discussion in 'Markets & Economies' started by Shaddam IV, Mar 31, 2020.
and how many AUSTRALIAN banks wen under in 07/08 exactly? please enlightin me
NAB and Westpac were essentially bailed out.
two Australian banks collapsing in 2008 if they hadn’t secured a secret loan from the US Federal Reserve.
The fact that National Australia Bank [ASX: NAB] had to borrow USD$4.5 billion from the US Federal Reserve during 2008 and 2009.
And Westpac Banking Corp [ASX: WBC] needed USD$1.09 billion in January of 2008 and 2009.
While they didn't exactly "wen under", you may feel a little more 'enlightened'.
This tidbit might be of use.
More reading here
so they didnt dgo under is what your saying -- ok got it
ScoMo has done it AGAIN!
St George is covered under Westpac.
being a public servant myself I am 100% against that thought bubble
That explains alot.
Here's your covid19 reality. Have fun.
Before and after.
The governments could take action: to impose lower interest rates on certain types of credits (personal need-related ones) for a limited period of time.
Plus, they could also tax the banks a bit more.
Call it a "social tax" and use it to feed the poor, old, sick and other needy categories during times of crisis (coming pretty soon).
If any government would do this, they'd end up like Hungary's Orbán government: defamed, slandered, falsely accused, harassed, character-assassinated, falsely-labeled, blackmailed, ridiculed, threatened, blamed, constrained, ostracized, smeared, libeled, aspersed, vilified...
Most governments in the "civilized" world don't serve their country/people, but the "white collar criminals": the corporatist-globalists.
Why? Governments don't need taxes to pay for things.
thats some socialist shit If I ever did hear.
Likely not the best idea tobe taxing banks harder during a financial crisis, thats like kicking a half dead horse which you would then create a higher chance of the gov then having to bail them out.
It doesn't make much sense Collecting more money from a bank helping putting them in a position where you need to give them tax payers money to stay afloat.
If your going tobe taxing any one harder its those multinational pricks who trade here, make billions, dont employ a single person in this country and dont pay a cent tax,
and that isnt for any other reason than to level the play-field a little for Local businesses who do employ and pay these high taxes while multinationals dont.
The government Should be staying as far away from adding additional taxes to onshore businesses as possible in these times.
How about we increase the price of exports.
Some of those foreigners, who love to buy our Iron, Gold, Coal, Rare-Earths, Gas should be paying a lot more. They can sprook all the BS they want about "we" will go where else-where but they can't and won't.
Hit them for a 6.
If the buyer wants, the buyer pays.
They can also pay more for our rice, fish, Beef, every dang thing.
The problem we have is a government and opposition that is so corrupt that it's mind blowing!
Crikey, they even sold Darwin Port to the Chinese (Err sorry, a 99 year lease)
In October 2015, The Northern Territory Government granted the company a 99-year lease; Ye Cheng, a billionaire has close ties to the Chinese government and the Communist Party of China.
Update: Push for Darwin Port to be nationalised to end Chinese ownership of strategic northern asset
A Labor MP has become the first federal politician to call for the controversial Chinese lease on Darwin Port to be scrapped, so it can be placed back into Australian control.
Increasing the price of exports is fair in every way. True price discovery would be found in no time and maybe the price is too low now.
Unfortunately we dont live in a very free market world and we dont get to make these choices at all. Government sucks at everything.
You mean: they can do things for free? Coercion?
No, it's not socialist. Just a thought.
And no-one should bail any bank out.
Printer go brrr.....
Banks do that probably even more often: creation of credit without backing (fractional reserve...).
It's sad that during crises, the people suffer a lot, while the banks keep getting saved. This leads to social unrest, riots.
Taxing the banks would not lead to social unrest. But it would upset the EU and the IMF.
Taxing banks would not lead to social unrest. But I’ve got no idea what the EU has to do with it and it’s got nothing to do with the IMF.
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