THE MAJOR BANKS’ POWERS WERE THANKS TO THE LIBERAL-NATIONAL COALITION AND THE

AUSTRALIAN LABOR PARTY (ALP)

Brendon Nelson the Federal Coalition leader gave a message to families being evicted from their homes and having them being repossessed:  Spare a thought for the people who are evicting you.

While many Australians are in shock about the prospect of rising interest rates costing them their homes, the Liberal leader stated it was just as hard for the banks.  Addressing a corporate luncheon of bankers in Sydney on Wednesday April 2, 2008, Dr. Nelson said people should criticising banks, which should be encouraged to make profits.  He added that while it was tough for families to lose their homes it was also hard on the people evicting them.

“Anyone who doesn’t think it’s equally a significant experience to those who are the lenders, misunderstands the nature of what you do and how you do it,” he told the Financial Services Institute of Australasia.  He proceeded to attack those who were guilty of criticising the banks:

“It’s easy for some people in public life to engage in cheap populism and criticise lenders.”  The opposition Leader even appeared to defend banks that raised their interest rates higher than the official rate, as the Commonwealth Bank has been condemned for implementing.  “The strength of the financial services sector and our banking sector in particular is absolutely essential to our stability, not withstanding the argy-bargy over what individual banks may do from time to time,” he said.  In another strange statement, he also paid tribute to the Aboriginal tribes that once inhibited the Sydney CBD appearing to explain they sacrificed themselves for Australia’s prosperity.

Editor’s note”  Labor’s Paul Keating was guilty of selling-off the “Peoples’ Bank” the Commonwealth Bank.  By selling this utility it allowed the banks to self regulate.  To make matters worse the Howard Coalition failed to address the concerns of bank customers.  And after reading the speech by Dr. Nelson who was a senior Minister in the Howard Government, we know the reason why.  It appears the major political parties simply support the “big end of town,” such as the banking industry.  It appears the Rudd Labor Government is going to allow the banks to run their own race at the expense of the Australian bank customers.

SHAME! SHAME! SHAME!