Saturday, 14 August 2010

Curbing bank excesses !

A week from today we will go to the polls and elect a government to run this country. What will not be amongst the promises of those running for office is a plan to curb the excesses - and plain banditry - practised by the big four banks.

The big mistake was selling off the Commonwealth bank. While this was government owned it maintained an ethical policy on lending and fees - and this set the standard for the private banks. When it was sold it joined " the gang of four " - and it's principles were tossed out the window.

What Australia needs now is the reintroduction of a government owned bank to restore ethical balance - and the opportunity is staring us in the face.

The post office is staring at redundancy as the electronic world passes a death sentence on " snail mail ". Every city suburb, town and village has it's post office - and so we already have in place the distribution for a new government bank.

Unfortunately the whole spectrum of politics offering at this election have no policy of fixing our banking system by re-energising the ethics of banking by creating a new government owned bank.

Who said that government has no place in banking ? Certainly not the mums and dads who are being hard hit by exorbitant fees and unfair fiscal policy.

Using the existing post office network could see a new bank emerge to quickly challenge the excesses of the " gang of four " - and restore stability - at a very reasonable base cost.

Unfortunately it is not on any immediate political horizon !

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