Bill GreenHOW THE BANKS HAVE ROBBED US AGAIN
July 15th 2008 02:21
I like the pure effrontery of our major banks. This time they have taken around $30 billion dollars from the government's Future Fund to keep themselves looking good to investors/ shareholders. That $30 billion is our money (come in handy for climate change action) but because the banks made poor investments in the subprime mortgage market they cried and pleaded with the government, without our knowledge.
What happens when we plead with the bank to take it easy on our interest rates? They put them up. Given that behaviour why are they helped? It's very simple. The influential shareholders in bank stock would lose dividends and so therefore wouldn't be so rich. They would be upset with the government and that would hurt our generous prime minister and opposition leader (not a peep out of the latter).
Of course America helped their banks so why shouldn't we follow suit? It seems unfair that's why. They could have split the $30 billion between the poorest in our society and the effect would have been the same. The economy would have kept bubbling away as the poor spent their money. It would have helped small business and the cash economy. The $30 billion is not being used to educate us or keep us healthy. It's keeping the wealthy in an easy manner.
Hey, they're going to pay the money back. Only if they have it of course, and the news on our economy is only going to get worse. Gee they may need another large gift very soon. Of course it'll be a non-interest loan, even a gift.
And the banks are so confident. They take the $30 billion and instantly raise interest rates. How do they get away with ?
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