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General Discussion >> General Board >> Rubbish banks won't support small business
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Message started by Sir lastnail on Jul 15th, 2014 at 11:36am

Title: Rubbish banks won't support small business
Post by Sir lastnail on Jul 15th, 2014 at 11:36am
We gave them a government guarantee of depositors money and what did they do in return ? They snubbed small business and then hatched up a plan to blow up the housing bubble which is what caused the GFC in the first place. Go figure !!


Quote:
SARAH FERGUSON, PRESENTER: Tomorrow is supposed to be judgment day on the future of Australia's banks, with the financial system Inquiry due to deliver its interim report to the Federal Government. There are great hopes among smaller financial institutions the inquiry will recommend action to end what they see as the unfair advantages the big four banks enjoy over their rivals. Greg Hoy reports.

GREG HOY, REPORTER: CommBank, NAB, ANZ and Westpac - the big four banks had combined record profits of $27 billion last year, dominating the home loan market with 84 per cent of mortgages and 81 per cent of household deposits.


http://www.abc.net.au/7.30/content/2014/s4045852.htm

The four pillars of trash banking !!

Title: Re: Rubbish banks won't support small business
Post by Swagman on Jul 16th, 2014 at 4:07pm

Quote:
GREG HOY: Dennis Bennell's family has manufactured pool liners in Sydney for 35 years. Despite turning over a million dollars a year, he simply can't get bank finance to upgrade his machinery.

DENNIS BENNELL: We had no banks that really wanted to support us. We tried three main banks and each one of them sort of rejected us.


Turnover means naught if the business isn't making profits.

Title: Re: Rubbish banks won't support small business
Post by Sir lastnail on Jul 16th, 2014 at 8:27pm

Swagman wrote on Jul 16th, 2014 at 4:07pm:

Quote:
GREG HOY: Dennis Bennell's family has manufactured pool liners in Sydney for 35 years. Despite turning over a million dollars a year, he simply can't get bank finance to upgrade his machinery.

DENNIS BENNELL: We had no banks that really wanted to support us. We tried three main banks and each one of them sort of rejected us.


Turnover means naught if the business isn't making profits.


You assume this but it may or may not be the case. In any event the other example cited didn't seem to have a problem making a profit. Lets face it, these four pillars of trash banking are more interested in borer infested old weatherboards that can always be sold too cashed up chinese if the aussies owners can't make the payments. They are not interested in a business which is not underwritten by property assets.

And to think we gave these schmucks a government guarantee on depositors money just so they could source more overseas funds to fuel a property bubble :(

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