Discusting the Banks are laying off

[Strika]

Yes the banks make "huge" profits but on what turnover at what margin? You might be surprised at the margins and the amount of coin they turnover. You have to balance it up with how much money they actually have out their at risk.
Now to all you shareholders yes you and me and just about anyone who has a superannuation account, these bank profits are keeping your losses below double digits.

If you want to screw the banks move your accounts to the independents, sure the rates are not as good, the access to your money is not as good and the facilities they offer are less, the security they offer is less but you pay for what you get.
These banks are their to make money with your money, simple as that. You would do the same, if you don't like it move your money elsewhere. The security we have in our banking system means that unlike in Europe, America you can actually go to the bank in the middle of a GFC and get your coin out. Some smaller independents froze accounts.

Be careful about what you wish for

People see huge dollar figures and forget what huge dollar figures both were used to get it and how much risk is associated with it. I bet if it was their cash hanging out in the breeze they'd want more than a 5% return on it.

[seiko1]

if you dont like the banks, dont use them, simple

Is that a joke or what? Just how do I avoid them? Whats the point of this bloody thread?
(biting my tongue russ....fucken hard!!! )

but it becomes hard to ebay, eftpos, and invest (like your superannuation) without banks

and paying for fuel in cash means sooner or later you'll need a wheelbarrow to carry the required cash

or do we go further back to a barter economy?

so paying for items relies on an agreement of the seller and the buyer; and if they cant agree? are you sure?

if thats the new paradigm, i do not accept your alarmist bleatings and chest beating populism in exchange for the time for me to read this over polished tripe.

if you think you can do better in the circle of international finance, go ahead. i'm looking forward to your attempt.

Narrow minded much???
I would still pay all my bills by eftpos and DD....but in order to do that.....I would have to make a trip to a BANK if I CHOSE TO in order to deposit money....in order to make these electronic
transactions.....or I may CHOOSE to go and pay the bill in question with cash.
We have a mixture of cash and electronic at the moment, NOTHING would change exept for the fact that the banks would LOSE control over our EVERY cent because all of our pay goes to them.
Jobs would definately be created!

I'm not going to look back at this thread because I know what I'll end up posting because......

http://www.youtube.com/watch?v=sZ4sR4S74xQ

[dickfaber]

Whats the point of this bloody thread?

dunno, you started the thread, if you dont know that says heaps.

Narrow minded much???
I would still pay all my bills by eftpos and DD....but in order to do that.....I would have to make a trip to a BANK if I CHOSE TO in order to deposit money....in order to make these electronic
transactions.....or I may CHOOSE to go and pay the bill in question with cash.

you do realise there is a limit to the amount of cash that is legal tender in one transaction?

We have a mixture of cash and electronic at the moment, NOTHING would change exept for the fact that the banks would LOSE control over our EVERY cent because all of our pay goes to them.
Jobs would definately be created!

who do you think owns and controls the electronic banking system (heres a hint, its not the fairies at the botom of the garden, try looking at the title)?

and exactly what jobs would be created? people counting coins? and how are they going to be paid? and how much? you do realise the impact that will have on the cost of banking don't you? the super profits will continue to be made regardless of the service, so expect a massive cost increase with this hair-brained idea.

... and your superannuation? are you going to photosynthesise in your retirement years?

so you're going to hide cash in your mattress for your declining years? and you think banks are unreliable?









NOW, lets look at the spelling nazi's effort so far shall we?

We have a mixture of cash and electronic at the moment, NOTHING would change exept for the fact that the banks would LOSE control over our EVERY cent because all of our pay goes to them.
Jobs would definately be created!

and this is one sentence! maybe he hasn't heard of spell check?


remember, those who live in glass houses really shouldn't throw rocks, and that is why you fail

[seiko1]

You really are retarded aren't you
People who live in glass stones, shouldn't throw grass moss at early birds houses

"I am a bilingual illiterate; i can't read or write in two different languages" correct, but you missed "comprehend"
com·pre·hend/ˌkämpriˈhend/
Verb:
1.Grasp mentally; understand.
2.Include, comprise, or encompass

[Naked Twin]

Yes the banks make "huge" profits but on what turnover at what margin? You might be surprised at the margins and the amount of coin they turnover. You have to balance it up with how much money they actually have out their at risk.
Now to all you shareholders yes you and me and just about anyone who has a superannuation account, these bank profits are keeping your losses below double digits.

If you want to screw the banks move your accounts to the independents, sure the rates are not as good, the access to your money is not as good and the facilities they offer are less, the security they offer is less but you pay for what you get.
These banks are their to make money with your money, simple as that. You would do the same, if you don't like it move your money elsewhere. The security we have in our banking system means that unlike in Europe, America you can actually go to the bank in the middle of a GFC and get your coin out. Some smaller independents froze accounts.

Be careful about what you wish for

People see huge dollar figures and forget what huge dollar figures both were used to get it and how much risk is associated with it. I bet if it was their cash hanging out in the breeze they'd want more than a 5% return on it.

Strika, people like you won't be invited to participate in such discussions if you intend on bringing logic to the discussion.

Fact - to go back to cash will cost business and put workers at risk. Imagine having a staff of 300 paying them in cash each week when their take home pay is more than $1500.

Fact - the smaller banks and money lenders nearly went to the wall and got swallowed up by the big banks. Rams, Aussie, and others couldn't get funds on the international market, thus why the banks have a greater control/ influence.

We need more competition yes, but we also need a profitable, competitive (internationally) and viable banking sector as that it is critical to the Australian economy.

Bank bashing by the media is like shooting fish in a barrel, hey are an easy target and you don't need to worry about too many facts when hanging on them

[dickfaber]

I'm not going to look back at this thread because I know what I'll end up posting because......

Hmm, whats that?

[dickfaber]

You really are retarded aren't you
People who live in glass stones, shouldn't throw grass moss at early birds houses

"I am a bilingual illiterate; i can't read or write in two different languages" correct, but you missed "comprehend"
com·pre·hend/ˌkämpriˈhend/
Verb:
1.Grasp mentally; understand.
2.Include, comprise, or encompass

and this is why half a story, like half an idea or a half-wit, is a very dangerous thing


Definition of COMPREHEND

transitive verb
1 : to grasp the nature, significance, or meaning of <unable to comprehend what has happened, what is happening or what will happen.>

from http://www.merriam-webster.com/dictionary/comprehend

and it seems equally obvious that banking and finance is another concept that seems to be missing from you repertoire.




oh, and if the comprehension definition is a suggestion for my signature,

[JPaddo]

Banking isn't a traditional business though, it's a basic public service...

They need to be strong yes, but the fact is these jokers are announcing record profit after record profit, all the while outsourcing to India, paying their execs record bonuses, and in the case of CBA, they froze staff pay during the GFC and cancelled the xmas parties. They seem to care more about their shareholders than their customers, as evidenced by CBA's Melbourne cup rate gouge which sent Customer satisfaction plummeting. Never mind that all of their staff had bonuses tied to that and got raped, meanwhile the person responsible for the decision still got his bonus paid, and then he abandoned ship!

ANZ, westpac and others announce that they are slashing jobs and outsourcing, and others like CBA say they aren't. Well, they are... they're just relying on natural attrition of staff to hide it. You can't get anything done in IT in banking anymore without dealing with a half dozen outsourced vendors, most of which are in India on about 1/3rd the carded rate.

Make no mistake every rate rise and job cut is purely to keep the record profits rolling quarter after quarter, year after year. Going back to the fact that banking is a basic public service that virtually every citizen in this fine country will need for most of their life, it's just not right...

Bank bashing is here to stay, because they quite rightly deserve all the bashing they are getting, and more. Don't feel sorry for these vultures... just exercise your right as a consumer and shop around, as futile as it may seem.

[dickfaber]

banking stopped being a public sevice in the late 70's early 80's, when domestic retail banks started to chase the mighty dollar through aggressive share trading. then the problems started because the shareholder became increasingly more important than the depositer/customer
look at 1982 (government changes allow local banks to source funds oveseas for loans, internation exchange rates change, aussie banks left holding loans which are now too expensive to maintain or worthless; credit crunch)
then 1987 (recession caused by bank futures trading that was not regulated, goes awry and causes a meltdown of the credit markets. this is done to maximise profits to make loacl banks attractive to international investors)
then 1993 (credit squeeze caused by $a falling flat on international money markets, auusie banks now holding loans in $us which became very expensive overnight. up go fees and charges, down goes service. once the financial system goes back to normal, the fees and charges stay, inflating the profit bottom line)

then2008 onwards (an international version of the above. you reap what you sow)

[yzr750]

Yes the banks make "huge" profits but on what turnover at what margin? You might be surprised at the margins and the amount of coin they turnover. You have to balance it up with how much money they actually have out their at risk.
Now to all you shareholders yes you and me and just about anyone who has a superannuation account, these bank profits are keeping your losses below double digits.

If you want to screw the banks move your accounts to the independents, sure the rates are not as good, the access to your money is not as good and the facilities they offer are less, the security they offer is less but you pay for what you get.
These banks are their to make money with your money, simple as that. You would do the same, if you don't like it move your money elsewhere. The security we have in our banking system means that unlike in Europe, America you can actually go to the bank in the middle of a GFC and get your coin out. Some smaller independents froze accounts.

Be careful about what you wish for

People see huge dollar figures and forget what huge dollar figures both were used to get it and how much risk is associated with it. I bet if it was their cash hanging out in the breeze they'd want more than a 5% return on it.

You obviously do not understand fractional reserve banking. The vast majority of the money they lend to you and me does not exist, it is a ponzi scheme that would come tumbling down if we reverted to a proper cash economy.

[Glen]

So would you rather an irresponsible banking system that cut each others throats, lent money to everyone and then when a GFC hits, they go tit's up and totally screw the economy.....or would you prefer one that actually makes dough and can withstand a financial crisis.

Everyone bitches about how much banks make, but how about for a minute you go and actually do some educated research and find out exactly what they do to earn that kind of dough. I've never worked for one and I have no allegiances but I'd much prefer what we have to what most of Europe and the US has.

[seiko1]

And them going tits up doesn't affect the rest of the world at all does it, there are a lot of people "suffering"
because the AUD is so high
Wish I could suffer like that
Thanks to Globalisation...we have what they have....eventually!
Wake up Australia!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

[Jonno]

I hear the mines are employing anyone who can breath and for big bucks.

Get into it people while you can

Even ex Holden employees are getting jobs there

[timmyrocks]

How many years exp jonno??
Hot or cold air?

[StuMiller]

I bank with Westpac and they are talking about laying off staff and moving the call centre to India, I am NOT happy with this but who do I change to? ANZ are talking lay offs, is St George related to Westpac?
BOQ? Commonwealth? Where to go?

Local credit unions, local banks like Bendigo Bank....not sure what their structure and MO is.....