The ugly elephant in the room that the government and media ignore.

Discussion in 'Markets & Economies' started by Shaddam IV, Mar 31, 2020.

  1. Court Jester

    Court Jester Well-Known Member Silver Stacker

    Joined:
    Jul 30, 2012
    Messages:
    3,527
    Likes Received:
    271
    Trophy Points:
    83
    Location:
    Gold Coast QLD
    and how many AUSTRALIAN banks wen under in 07/08 exactly? please enlightin me
     
  2. reaver

    reaver Active Member

    Joined:
    Apr 25, 2016
    Messages:
    219
    Likes Received:
    102
    Trophy Points:
    43
    Location:
    Melbourne
    NAB and Westpac were essentially bailed out.
    https://www.moneymorning.com.au/20101203/nab-and-westpacs-secret-bailout-revealed.html
    "
    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'.
     
    kilo and Holdfast like this.
  3. Holdfast

    Holdfast Well-Known Member Silver Stacker

    Joined:
    Oct 15, 2009
    Messages:
    4,653
    Likes Received:
    1,092
    Trophy Points:
    113
    Location:
    Australia
  4. Court Jester

    Court Jester Well-Known Member Silver Stacker

    Joined:
    Jul 30, 2012
    Messages:
    3,527
    Likes Received:
    271
    Trophy Points:
    83
    Location:
    Gold Coast QLD
    so they didnt dgo under is what your saying -- ok got it
     
  5. bubblebobble2

    bubblebobble2 Well-Known Member Silver Stacker

    Joined:
    Feb 6, 2012
    Messages:
    4,100
    Likes Received:
    2,155
    Trophy Points:
    113
    Location:
    P!MP land-Seedeneey
  6. harry_mr

    harry_mr Active Member

    Joined:
    Oct 17, 2015
    Messages:
    128
    Likes Received:
    105
    Trophy Points:
    43
    Holdfast and Shaddam IV like this.
  7. Court Jester

    Court Jester Well-Known Member Silver Stacker

    Joined:
    Jul 30, 2012
    Messages:
    3,527
    Likes Received:
    271
    Trophy Points:
    83
    Location:
    Gold Coast QLD
  8. 66rounds

    66rounds Well-Known Member Silver Stacker

    Joined:
    Jun 22, 2019
    Messages:
    2,706
    Likes Received:
    2,947
    Trophy Points:
    113
    Location:
    Melbourne
    That explains alot.
     
  9. JohnnyBravo300

    JohnnyBravo300 Well-Known Member

    Joined:
    Mar 16, 2019
    Messages:
    2,609
    Likes Received:
    2,071
    Trophy Points:
    113


    Here's your covid19 reality. Have fun.
     
  10. Holdfast

    Holdfast Well-Known Member Silver Stacker

    Joined:
    Oct 15, 2009
    Messages:
    4,653
    Likes Received:
    1,092
    Trophy Points:
    113
    Location:
    Australia
    Before and after.
     
    XB likes this.
  11. TreasureHunter

    TreasureHunter Well-Known Member

    Joined:
    Oct 29, 2012
    Messages:
    3,818
    Likes Received:
    896
    Trophy Points:
    113
    Location:
    Treasure Island
    YES!!!

    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.
     
    Shaddam IV likes this.
  12. mmm....shiney!

    mmm....shiney! Administrator Staff Member Silver Stacker

    Joined:
    Nov 15, 2010
    Messages:
    22,192
    Likes Received:
    5,010
    Trophy Points:
    113
    Location:
    昆士蘭
    Why? Governments don't need taxes to pay for things.
     
  13. Jason1

    Jason1 Well-Known Member

    Joined:
    Aug 9, 2019
    Messages:
    1,248
    Likes Received:
    1,381
    Trophy Points:
    113
    Location:
    Qld

    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.
     
    Holdfast likes this.
  14. Holdfast

    Holdfast Well-Known Member Silver Stacker

    Joined:
    Oct 15, 2009
    Messages:
    4,653
    Likes Received:
    1,092
    Trophy Points:
    113
    Location:
    Australia
    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 o_O(Err sorry, a 99 year lease) :rolleyes:

    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.
    https://en.wikipedia.org/wiki/Port_Darwin

    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.
    https://www.abc.net.au/news/2019-08-05/push-to-nationalise-darwin-port/11382422
     
    Last edited: May 4, 2020
    yuripuka and JohnnyBravo300 like this.
  15. JohnnyBravo300

    JohnnyBravo300 Well-Known Member

    Joined:
    Mar 16, 2019
    Messages:
    2,609
    Likes Received:
    2,071
    Trophy Points:
    113
    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.
     
    Holdfast likes this.
  16. TreasureHunter

    TreasureHunter Well-Known Member

    Joined:
    Oct 29, 2012
    Messages:
    3,818
    Likes Received:
    896
    Trophy Points:
    113
    Location:
    Treasure Island
    You mean: they can do things for free? Coercion?
     
  17. TreasureHunter

    TreasureHunter Well-Known Member

    Joined:
    Oct 29, 2012
    Messages:
    3,818
    Likes Received:
    896
    Trophy Points:
    113
    Location:
    Treasure Island
    No, it's not socialist. Just a thought.

    And no-one should bail any bank out.
     
  18. mmm....shiney!

    mmm....shiney! Administrator Staff Member Silver Stacker

    Joined:
    Nov 15, 2010
    Messages:
    22,192
    Likes Received:
    5,010
    Trophy Points:
    113
    Location:
    昆士蘭
    Printer go brrr.....
     
  19. TreasureHunter

    TreasureHunter Well-Known Member

    Joined:
    Oct 29, 2012
    Messages:
    3,818
    Likes Received:
    896
    Trophy Points:
    113
    Location:
    Treasure Island
    ^
    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.
     
  20. mmm....shiney!

    mmm....shiney! Administrator Staff Member Silver Stacker

    Joined:
    Nov 15, 2010
    Messages:
    22,192
    Likes Received:
    5,010
    Trophy Points:
    113
    Location:
    昆士蘭
    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.
     

Share This Page