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John Passant

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Keep socialist blog En Passant going - donate now
If you want to keep a blog that makes the arguments every day against the ravages of capitalism going and keeps alive the flame of democracy and community, make a donation to help cover my costs. And of course keep reading the blog. To donate click here. Keep socialist blog En Passant going. More... (4)

Sprouting sh*t for almost nothing
You can prove my 2 ex-comrades wrong by donating to my blog En Passant at BSB: 062914 Account: 1067 5257, the Commonwealth Bank in Tuggeranong, ACT. More... (12)

My interview Razor Sharp 18 February
Me interviewed by Sharon Firebrace on Razor Sharp on Tuesday 18 February. http://sharonfirebrace.files.wordpress.com/2014/02/18-2-14-john-passant-aust-national-university-g20-meeting-age-of-enttilement-engineers-attack-of-austerity-hardship-on-civilians.mp3 (0)

My interview Razor Sharp 11 February 2014
Me interviewed by Sharon Firebrace on Razor Sharp this morning. The Royal Commission, car industry and age of entitlement get a lot of the coverage. http://sharonfirebrace.com/2014/02/11/john-passant-aust-national-university-canberra-2/ (0)

Razor Sharp 4 February 2014
Me on 4 February 2014 on Razor Sharp with Sharon Firebrace. http://sharonfirebrace.files.wordpress.com/2014/02/4-2-14-john-passant-aust-national-university-canberra-end-of-the-age-of-entitlement-for-the-needy-but-pandering-to-the-lusts-of-the-greedy.mp3 (0)

Time for a House Un-Australian Activities Committee?
Tony Abbott thinks the Australian Broadcasting Corporation is Un-Australian. I am looking forward to his government setting up the House Un-Australian Activities Committee. (1)

Make Gina Rinehart work for her dole
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Sick kids and paying upfront

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Save Medicare

Demonstrate in defence of Medicare at Sydney Town Hall 1 pm Saturday 4 January (0)

Me on Razor Sharp this morning
Me interviewed by Sharon Firebrace this morning for Razor Sharp. It happens every Tuesday. http://sharonfirebrace.com/2013/12/03/john-passant-australian-national-university-8/ (0)

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Archive for 'Banks'

My heart bleeds for the poor banks

Public anger builds and banking oligopoly and corruption are set to continue as Turnbull announces banking tribunal instead of a royal commission.

To read my full report in Independent Australia click through here to get to the article. The big 4 Australian banks said ‘sorry’ so Turnbull announces tribunal instead of Royal Commission

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The Big Four Australian banks, super profits and a Royal Commission

My latest in Independent Australia. The super profits of the Big Four banks continue to impact on the rest of the economy and Malcolm Turnbull’s solution of ordering them to appear before the Economics Committee is not likely to make them give up those profits.

Maybe Joe Hockey could tax the super profits of the banks instead of our bank accounts

Instead of a tax on bank accounts, how about a super profits tax on the most profitable banks in the world. Price control their offerings too.

Bank scandals won’t be solved by regulation

Of course, any controls we can put on the rich and powerful—to curtail their ability to soar ever higher into the stratosphere of wealth—are a good thing. These are the same people who tell us that we have to swallow austerity in order to pay their bills.

But bank scandals, corruption and crisis will not be stopped by regulation. They are built in to the system, a system rooted in the drive for ever greater profits. This is how capitalism works.

Australia’s big 4 banks are the biggest bastards in the world

The Labor Government beat the banks with a wet lettuce for failing to pass on the full RBA rates cuts.

Instead why not tax their super profits and redistribute some their profit to the working class in the form of better social services like health and education, increases in Newstart and tax cuts for workers?

And, given you can’t trust the banks, something their actions have shown, how about regulating their interest rates and other offerings? Price controls over interest rates looks like a good start.

Let’s get serious about bashing the banks

Get some perspective, people! Don’t you know the banks are in a parlous state and they need our sympathy and support in their hour of need? After-all, the big-four only made $24.3 billion in profit last year – which would leave barely $14 billion remaining after, say, funding the total investment in new public transport infrastructure in Australia and New Zealand made in the first decade of this century.

How about a super profits tax on the banks then?

So here we have the most profitable banks in the world, the big 4 Australian banks with $31 billion in profits, not prepared to pass on a 0.25% overnight cash rate reduction to their customers on their home and business loans.

Soak the bastards, Treasurer. Hit them with a super profits tax, or threaten to do that.

And when they claim that that would impact on their costs of lending and would need to be recouped, threaten them with interest rate controls and mention you might set up a people’s bank. Oh, I forgot, we used to have one of them until the previous Labor Government flogged it off.

Maybe we should nationalise the banks under workers’ control instead.

The banks are telling porkies

Only we rank and file unionists can address the erosion of our living standards that mortgage rate rises produce. Strike for real pay increases.

Don’t bash the banks – take them over!

So while borrowing costs did rise the Commonwealth and other Australian banks have increased their lending rates to us by more than their increased borrowing costs. They gouged us, and continue to gouge us.

Commonwealth Bank profit makes the case for nationalisation

$5.66 billion. That’s the obscene profit the Commonwealth Bank made last financial year. Remember back to December 2009?  The Reserve Bank of Australia raised interest rates 0.25 percent. The Commonwealth Bank raised its rates 0.37 percent. Remember back to the start of the global financial crisis?  In October 2008 the Rudd Labor Government guaranteed bank […]