Archive for the ‘Banking’ Category

Tattersalls and Tabcorp are playing a dangerous game – they could be up against retrospective legislation.
April 11, 2008

IF Tattersalls and Tabcorp think they’re going to win against the Brumby government so they can continue their greedy snuffling in the trough they’ll have to lobby very keenly.

THE ONE HUNDRED AND FIFTY FARMERS THAT SUED THE KIRNER GOVERNMENT OVER THE EVAPORATIVE BASINS IN THE MALLEE, IN AUSTRALIA’S FIRST CLASS ACTION, WERE WINNING THEIR CASE HANDS DOWN WHEN THE KIRNER GOVERNMENT REALISED THEY WERE ABOUT TO LOSE. AND ON THE DAY BEFORE THE COURT WAS TO BRING DOWN ITS JUDGEMENT THE STATE GOVERNMENT PASSED RETROSPECTIVE LEGISLATION THAT THREW THE FARMERS CASE OUT OF COURT

THEY LEGISLATED THAT THE GOVERNMENT COULDN’T BE SUED OVER THE MATTER. OF COURSE TATTERSALLS AND TABCORP HAVE A GREAT DEAL OF MONEY FOR “LOBBYING” SO THEY JUST MIGHT MAKE IT. OF COURSE BRUMBY MAY BE PLAYING AN EDGY GAME AND HOPING FOR OFFERS. NOTHING IS AS IT SEEMS.

This week’s evidence of why we shouldn’t trust governments and business
March 30, 2008

Apart from the stockbrokering firm who who went bust for a billion and who sold their clients’ holdings (not illegal just irregular), there are the various spins from federal and state government.

The new billion dollars that was for the Victoria’s Murray-Darling cocooning was actually not new money but for the food bowl programme under John Howard. The Australian allowed us to see that in the columns of Glen Milne’s excellent investigative piece. He didn’t castigate Minister Wong for being part of the misleading spin but maybe he should have. She will be the preventer of all good things to help climate change and the effects of same.

Yes, and the third example is again to do with water. Here’s a quote from political reporter, Rick Wallace, “The First Mildura Irrigation Trust is under investigation by Finance Minister Tim Holding for investing $4.5 million it borrowed from the state treasury in funds affected by the crisis. The trust which is facing the sack, is thought to have lost $750,000. Can we really trust anyone to do anything about climate change?” And it’s only Monday.

Our international, deregulated banking magic may just lead to a banking collapse
March 9, 2008

Our international, deregulated banking system has a magic move to benefit their shareholders. They create money.

Here’s how it works for them: If an individual wants a great deal of money to purchase a house the banks “lend” it to them. Let’s say you go in and ask for $300 thousand and, deciding you can pay that amount off, they lend it to you. At that very moment they create your account they create the $300 thousand. It hasn’t been there before. They haven’t had to have that amount in their vaults but as soon as they have someone to pay that amount off it appears as a $300 thousand plus interest repayments, asset. If they do want to make some money they then sell your debt on for more money, usually to another bank.

And how does it work against them? Well, if there’s a major fall in house prices and/or the interest rates rise and the original purchaser can’t pay off the debt, or only a portion of it, then there’s the beginning of a banking collapse.