An attack on prosperity...

I find it incredible that treasurer Wayne Swan has said that Joe Hockey's (Shadow Treasurer) proposal that legislation be introduced preventing the banks from increasing interest rates beyond those increases announced by the Reserve Bank of Australia is an attack on the prosperity of the pillars of our economy and as such an attack on prosperity itself...or something to that effect (I was driving at the time I heard the quote so I couldn't write it down).


Excuse me Wayne, but it is the RBA that is supposed to set monetary policy in this country, not the big 4.  It is the RBA that is supposed to control the economy, not the big 4. 


Why should the banks be allowed to increase rates "out of cycle", to use the banks' words?  Their cost of funding has now all but returned to normal. 


Afterall, they have $22BILLION in profit between the big 4 this year to prove that they're not being squeezed like the poor average joe!


Here we have the big 4, who were guaranteed by us, THE TAXPAYERS, during the GFC, crying because their margins are sitting at around 1.5% instead of around 2.5 to 3%. 


BIG FREAKING DEAL!


$22billion is alot of coin...certainly nothing to sneeze about.


We were propping them up during the GFC and they still want to screw us over?  We're continuing to prop them up until October 2011 on deposits up to $1m and they still want to screw us over?


And why?


Bloody shareholders!


They have to get value for their precious shareholders.  They need to retain profits so they can pay their measly little dividends.


Well, I have to say....I don't give a damn about the shareholders; I do give a damn about small business people who still can't get overdrafts for their business, or if they can it's only if residential security is offered and the poor business owner pays close to 11% for the privilege.  I do give a damn about the poor home owners, which make up approximately only 30% of the economy, who are the ones being stung each time some stupid bureaucrat in the Government decides that more stimulis is needed, which naturally creates inflation, which in turn pushes up his interest rates.


I give a damn about the state of our economy, and whilst I can't stand Glenn Stevens (Govenor of the Reserve Bank of Australia), they're the ones charged with the responsibility of guiding our ship, not the money-hungry, greedy, so-and-so's that are the banks.


Wayne, pull your bloody head in and do something good for a change.  Stop the banks from doing whatever the hell they want and look after the average joe.