BigOl64 wrote on Sep 14
th, 2014 at 9:48am:
Bobby. wrote on Sep 14
th, 2014 at 9:42am:
BigOl64 wrote on Sep 14
th, 2014 at 9:33am:
Bobby. wrote on Sep 14
th, 2014 at 9:11am:
Sir Bobby,
Quote:Banks rip off customers with high interest rates & fees -
& pay themselves high salaries at our expense.
Mining companies rape the land & the profits mostly go overseas.
The Chinese pay 0.25% interest on a mortgage - we pay 6.5%.
Most mining shares are held by overseas investors.
These are just facts.
Longweekend is in a state of denial.
And you would be more than happy to provide the evidence to validate these 'facts'?
Remember your biased opinion is not a 'fact'.
Ohterwise you may leave yourself open to a highly warranted b1tch slapping
BigOl is another denier of reality.
forgiven
namaste
Post the supporting evidence and Ill be more than happy to become a non-denier.
It can't be too hard to show where these chinese investors are getting 2.5% loans from aussie banks or where most of the major share holders of aour mining companies are foreigners and not Australian super funds.
I want to beleive you, but until you provide the evidence it is impossible to do so.
I can provide you with the following regarding Bobby's claims about the banks. No doubt you will find some excuse for why its all BS too;
THE SHAREHOLDER STEPHEN MAYNE (who I think you will know of)
Ever since federal and state governments privatised various public sector banks in the 1990s, Australians have increasingly suffered the world's most expensive banking system.Skyrocketing transaction fees, the compulsory superannuation gravy train and a near quadrupling of residential mortgages to almost $1 trillion have helped create a profit bonanza for Australian banks like nowhere else in the world.
The big four have gone from a combined market capitalisation of below $30 billion in 1992 to almost $300 billion today, even after the global financial crisis.
Anyone running a government-licensed business can clearly afford to pay a bit more tax when you consider these latest annual pre-tax profits: Commonwealth Bank: $8.94 billion; Westpac: $8 billion; ANZ: $6.6 billion; NAB: $6.5 billion.With combined pre-tax earnings of $30.1 billion, it is no surprise that our big four banks are so highly valued by the sharemarket.
Most modern economies have a couple of banks in their top 10 companies, although the US has none in its top five.
In Australia, banks represent four of the top five behind BHP Billiton, which is now the world's third most valuable company.
But BHP is making profits from genuinely global operations driven by exports. The bigfour banks just gouge long-suffering Australian consumers and businesses. They might dominate the New Zealand banking market but that is the extent of their global success.
Banking is a highly regulated utility business. If the water, gas, electricity or telco industries were pocketing $30 billion annually, consumers would be up in arms.
There are two obvious solutions to this situation. First, competition and regulatory intervention could drive down prices and profit margins for bank consumers. That hasn't worked too well in the past, so why not embrace the second option: a banking super profits tax?
If a Conservative British prime minister can happily embrace a bank tax to help fix his budget deficit, then why not the same in Australia?
Who would need a flood levy if bank shareholders were asked to pay another $2 billion to $3 billion a year through a super profits tax?
The British government is expecting to raise an extra £2.6 billion a year from a
permanent levy on bank assets that was confirmed only last month.
Big bank bosses would no doubt complain, but when you are earning $8 million a year, you can afford to give a bit back.
Read more: http://www.smh.com.au/federal-politics/political-opinion/should-banks-pay-a-super-profits-tax-20110305-1bih1.html#ixzz3DF772500
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