Peter RogersANZ Cash Grab And Recession
January 8th 2008 11:03
Janurary 8, 2008.
The ANZ has defended its decision to lift home loan rates after criticism from Federal Treasurer Wayne Swan. Swan urged those ANZ customers who are not happy with it's banks' obvious "grab-and-run" tactics, then they should have a good look around.
"I would be reminding all ANZ customers that there's a competitive market out there and if they're unhappy they ought to vote with their feet" Swan said.
In an unsurprising move, the Federal Opposition Leader Brendan Nelson has called on the Government to put more pressure on banks to keep home loan interest rates low. Hmmm, as if Howard and Costello ever put pressure on the bank's. In fact, they had free reign over us all.
Meanwhile, on the topic of banks, the Macquarie Bank's ever-growing investment arm has brought a proposal to build Australia's biggest wind farm, agreeing to finance and help develop the $2 billion project.
If its not infrastructure, its wind farming. What else will this company invest in? They are untouchable at the moment and signify everything that's right and oh so wrong with the system of capitalism.
And, as we all expected, but perhaps not so soon, a report from Merrill Lynch, one of the world's leading financial management companies, has said that the US is in the first month of a recession, following an employment report last week. Not good news, at all.
P.S. It's looking more and more likely that Barack Obama will become America's first African-American President - and rightly so too.
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