Those Banking Bastards

PhilipD's picture
Submitted by PhilipD on Wed, 2009-11-11 12:35

Shock! Horror! Labour’s Finance spokesman David Cunliffe has revealed today that the banks haven't been passing on all of the extra margin that has resulted from the reductions in the official cash rate. This less than incredible finding follows from the pointless, incredibly stupid, taxpayer-funded parliamentary banking inquiry undertaken by Labour, the Progressives and the Greens.

So what have they been doing with this cash? Well, it seems that they have taken it as –gasp- profit. Those dirty, capitalist bastards!

Jim Anderton,of the preposterous Progressive party, predictably claims the need for more banking regulation to rein in this naked pursuit of profits. Such actions are costing New Zealanders millions, he wailed upon releasing the report. Meanwhile Cretin Cunliffe tells us that the government has a “… real and moral obligation, on behalf of homeowners and taxpayers, to insist that the major banks act as good corporate citizens."

So for Comrades Anderton and Cunliffe and the goofballs of the Green Party, the recipe to solve our economic woes is one of more regulation and less profits. But that’s not a formula for ensuring ‘good corporate citizens,’ it’s a formula for making certain that there aren’t any Corporate Citizens at all. Now I think about it perhaps that has lip-smacking appeal to them all.

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They haven't learned a thing

Ross Elliot's picture

The banks are acting as the safety valve, or governor, for the folly of the central bankers.

But, no, keep priming that pump. Shovel in the money.

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