Another reason why I detest politicians

[billy the kid]

Generally speaking, people think that their money is safe in the bank of their choice due to a government guarantee of depositors funds.........not so........
The illustrious Member for Parliament, the Right Honourable Joseph Benedict Hockey, (before he resigned from politics and
pissed off to the US with a cronies job as Australian Ambassador......perhaps Judas could be substituted for Benedict)
tabled back stabbing legislation which authorized the bail in by use of depositors money if a bank in Australia failed.

There is no government guarantee of depositors funds...I am still waiting for responses from two Banks regarding this issue...probably in the too hard tray.......

If a bank fails, APRA now has the power to activate either:
a) bail in provisions, using depositors funds, or
b) a guarantee of depositors funds....

A guarantee will not occur, as it is unfunded, and it is thought that the cost to the government of the day will be $40 billion.
In any case, the bank would collapse if a guarantee occurred, as the bank would be placed in liquidation, and we all know that
our government looks after their banking mates...

The only possible solution is Katters Glass Steagall legislation which seems to have stalled in parliament due to inactivity
and/or insufficient support by the other parasites....
Jim Rickards once stated that the repeal of the US Glass Steagall legislation in 1999 was the single most factor which created the GFC in 2008.
Briefly GS provides for the separation of banks into two branches, one being investment and the other being savings.
If the investment side of the bank collapses, the savings side is protected....in a nutshell...
People concerned with this problem should be writing to their local member in an attempt to convince the parasites
that GS legislation is badly, and urgently needed.

Links: https://bradjamesmatthews.com/australia ... l-in-laws/
https://en.wikipedia.org/wiki/Glass%E2% ... egislation

[Black Orchid]

It's a sad old world today. MOST of our politicians are just out to line their own pockets and set themselves up for life.

When Bill gets in we will be paying for it for the next dozen years. Then maybe another dozen years of suffering to get the budget back into a surplus.

At least banks now guarantee missing funds. They want us to do everything online so they really have to.

[Neferti]

Unfortunately, we have to have Politicians, Billy ... can you imagine the mayhem if we didn't have a Government?

Over my voting lifetime, I have always voted Liberal ... almost voted Keating instead of Howard but didn't.

My reasoning being that when the Liberals are in power, Australia zips along nicely, when Labor is in power everything goes scewiff ... interest rates rise, unemployment rises, immigration increases (as does boat loads of country selectors). Labor has a lot of fun spending "other people's MONEY".

I DEFINITELY will NOT and never, ever would vote for Bull Shitten.

I haven't decided about Morrison, I still think he is Turncoat-Lite .... and unless he address us CONSERVATIVES, he won't get my vote . He needs to up his game ... NOW!

Besides, to not even bother to vote or get your name marked off the Rolls is still only 20 bucks in a Federal Election. Worth it, I reckon.

[Valkie]

The Australian grubberment

The best grubberment money can BRIBE

[brian ross]

You know, what is really interesting is how the Tories overlook their own party's past history of abuse of the privileges granted to politicians. In this Government, under ScoMo and his predecessors, we have had Choppergate, we've had Section 44 recalcitrants and so on and so on.