Thread: help needed to save our manufacturing.

Originally Posted by Tombie

Banks are only 1 rung higher than politicians.

You flatterer, Tom.

Originally Posted by cuppabillytea

this spoor stupid uneducated bloke

Is that the ultimate personal attack?

Banks have as many ethics as drug dealers, the only thing important is money.

Originally Posted by Pickles2

Mate, that is the most stupid, uneducated thread I've ever seen, You obviously don't know what you're talking about.
I've just tried to explain something,that I didn't have to, and you go on about "chucking people out"...what a joke.
Like I said, I worked for a bank for 40 years, admittedly not in the housing sector, but the scenarios are the same,....I can tell you mate, we gave EVERYONE a fair go, and if someone came to us, we ALWAYS tried to help 'em....but sometimes, whether you want to believe or not, with your obvious better knowledge than mine, it is simply not possible.
Pickles.

I do not think that you can generalise the behaviour of banks - I suspect that assessing the banking system as a whole, both sides can be correct. For example, there is at least one well documented case of financial installation selling their rural loans portfolio to one of our big four banks, who then changed the terms and conditions to bring forward the repayment requirements, and as a result took possession of several properties in Qld. This is, I believe currently under legal action, but clearly the bank did not try to help the unfortunate farmers.

In a similar vein, the actions of the CBA in their financial advice area have been shown to be clearly unprincipled and almost certainly illegal, and they have other skeletons coming out to reinforce the image of greedy, unprincipled (but possibly not illegal) behaviour.

In my own case, while nothing as dramatic as this, after a run-in with my bank over their shutting down my credit card with $33 owing, they were completely unable to give any reason why I should continue to bank with them, despite my having some pretty substantial term deposits.

So to repeat, I do not think that you can say the banks are either all rosy or all evil. Certainly there are sufficient problems for the head of CBA to admit they need a culture change. (But I see no evidence that any one of them is better or worse overall than the rest!)

John

Massive Portland smelter risks closure as losses and costs surge


Alcoa Portland smelter under threat of closure as power subsidy axed by Victorian Government - ABC News (Australian Broadcasting Corporation)


Hmm nothing in here about wages killing it, more about power and the discounts it gets here that are going to be cut.
I'd say they compared our power prices to its parent company in china and found its cheaper to use our gas in china to make power than our gas here!
The comment was the power price change drops them from the cheapest 25% globally to the most expensive 25% group!


And again the workers try and help.
http://www.weeklytimesnow.com.au/new...bf89c72842686c

Originally Posted by cuppabillytea

Pickles perhaps you could explain to this spoor stupid uneducated bloke where lies the logic in flooding the market with assets, such as happened in the U.S., whipping billions off their value? What would happen if the Mortgagers were left in their properties, paying what they could until their situation improved? Surly that would keep the market more buoyant and although their assets would lose some value they wouldn't be made worthless and put to waste.

Billy, mate, we are not "in the U.S.",...our banking system is totally different.
There very well could be some sort of "reckoning" as you describe. AFAIAC interest rates are far too low at the moment, but yeah right, some wouldn't agree with that either,....but we've gotta have low rates, and lower,....and lower,....to stimulate the economy,....Yeah right. It ain't the Banks that set those rates.
So, the banks lend to customers at todays rates?....well what happens when interest rates go up, by 3,4, or 5% as they definitely will at some stage,.....imagine trying to pay off your mortgage at twice your current interest rate on a $500K loan?.....A frightening though,....but it won't be the Bank's fault,.....they just have to live with it. And imagine this Country paying off an increased deficit at those rates,...a frightening thought, which will impact all of us.
Banks will assist defaulting borrowers as long as they can,...but sometimes the end has to come. It's what I did for much of my career, I've a mate that worked for the CBA, same thing, special dept to try to guide people/customers to "good health" again,..we all try very hard, but no, ya don't read about that, do you?
One thing I DON'T agree with, & neither would any other Bank "Worker", would be the obscene "Salaries" paid to Bank CEOs,......Can't see how ANYONE is worth $10-12M pa,..absolutely ridiculous.
Pickles.

Originally Posted by frantic

Massive Portland smelter risks closure as losses and costs surge


Alcoa Portland smelter under threat of closure as power subsidy axed by Victorian Government - ABC News (Australian Broadcasting Corporation)


Hmm nothing in here about wages killing it, more about power and the discounts it gets here that are going to be cut.
I'd say they compared our power prices to its parent company in china and found its cheaper to use our gas in china to make power than our gas here!
The comment was the power price change drops them from the cheapest 25% globally to the most expensive 25% group!


And again the workers try and help.
http://www.weeklytimesnow.com.au/new...bf89c72842686c

Who said there was?

I thought this thread was abou the demise of our manufacturing and the need to save it.

Originally Posted by Mick_Marsh

Who said there was?

I thought this thread was abou the demise of our manufacturing and the need to save it.

One person, about 99 times

Originally Posted by V8Ian

You flatterer, Tom.



Is that the ultimate personal attack?

Banks have as many ethics as drug dealers, the only thing important is money.

Oh I don't know. I did make a typo.

I recently read a claim that Australia now has the smallest pro rata manufacturing industry in the OECD. No figures were presented to support the claim, but it sounds right when you think about the strategies being followed by the other countries in the OECD versus what has been happening here.
I also read we now have a highly excessive dependence on selling raw materials to China, so we are vulnerable to a Chinese downturn.
So, we are not in a good place and our national independence is under threat.
Maybe it's time to become more sceptical about free market economic theories and put more emphasis on national development.
We've left ourselves hopelessly exposed to China - The Drum (Australian Broadcasting Corporation)