First bank moves!

They see higher mortgage defaults on the way when the RBA decides to lift 25bps whenever that will be, so get in now and grab some more $ to soften the loses when they come.

Still leaves WBC mortgage rates sub 6% and I was paying 9.5% late 90's, granted housing prices weren't as hot then as recent years.
 
systematic said:
The interest rate should reflect what their money is worth ... zero ...
Click to expand...

Yes, but in FIAT currency land, we don't discuss such matters...some may wake up and want a return to the gold standard......... perish the thought
 
I think we should discuss such matters ... because if we don't it may give them the idea we believe in their system ... i say call them out at every opportunity ... maybe then others will wake up to the fraud that is the financial system ...
 
Ditch Westpac if you don't like rates: PM

"Prime Minister Scott Morrison has told Westpac customers unhappy with the its decision to hike interest rates to got to another bank."

"Shadow treasurer Chris Bowen has also called on Westpac to justify the decision to its customers."


https://www.news.com.au/national/br...m/news-story/5526db890e62bc6649de61bc48a94241

We have an ex Treasurer that is now the PM and it seems he doesn't know they are all the same... and it is clear the PM has no say on the bank ...

And Shadow (shadow ... what a choice of a word ...) Treasurer Chris Bowen has no clout because no one in this "government" has a real say over the banks ... the RBA is an outpost of the Fed ... and about as much of a "government" entity as the Fed is ... wake up Australia you are getting screwed in your sleep ...
 
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"Westpac ups their rates citing funding costs!"

Way to go Westpac.
Increase interest rates in a Recession/Depression = a collapse for sure.
Just like the FED did in 1929 when they caused the Great Depression by tightening money supply in a recession.
 
We are under state capture ...

"The classical definition of state capture refers to the way formal procedures (such as laws and social norms) and government bureaucracy are manipulated by private individuals and firms so as to influence state policies and laws in their favour. State capture seeks to influence the formation of laws to protect and promote influential private interests. In this way it differs from most other forms of corruption which instead seek selective enforcement of already existing laws"

https://en.wikipedia.org/wiki/State_capture
 
JOHNLGALT said:
"Westpac ups their rates citing funding costs!"
Way to go Westpac.
Increase interest rates in a Recession/Depression = a collapse for sure.
Just like the FED did in 1929 when they caused the Great Depression by tightening money supply in a recession.
Click to expand...
Aussie isn't in depression.. we're on housing and mining boom!
 
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