Hi Members.
George Bush and John Howard Love-In at Camp David caused GFC and Australian Housing Bubble
I wrote to Tony in 2013 on letterhead and he said NO to RC. Then he promised an Independent Fin Services Inquiry (FSI) and referred me to Joe Hockey. I have letters back to 2001 from Joe re Financial scams. He wrote good responses as Minister for Fin. Services and ASIC. The Tony response was pure farce and Abbott sent me off to Joe whilst in Opposition . Hockey wanted a plum NY Job. All Joe had to do to get that job was agree with Tony's dirty plan to sell the bank victims down the creek. When King Abbott was elected weeks later, Hockey faithfully announced the FSI and not an urgent RC!!!
Yet we were gobsmacked when Joe appointed mate DAVID MURRAY former Banking Cartel member running Ponzi Financing scams for Howard, and mortgage fraud and unaffordable interest only loans not mentioned. NOT EVEN A BLIP. None of us were called by Murray (now Chair of the FSI 2015) as witnesses. Wonder why? LF Economics submitted a substantial submission on the subject of mortgage fraud and ponzi financing. They were ignored. We increased our calls for a Royal Commission and all were denied by Abbott. Writing to Turnbull was a waste of time due to his background.
We wrote to Bill Shorten MP re an RC and he responded YES within five days of receipt of letter (April 2016). The following week Bill and his Team lined up for media conference with big announcement "we are running with guarantee of Royal Commission, too many scandals in Banking and Finance. Turnbull won the election by ONLY ONE SEAT. That was devastating for the bank victims (and me). ONE SEAT set us back another three years.
When Howard was in power 2002, Economist warned him - if you continue to allow these banks to lower lending standards with IO 30 year Low Docs, three things will happen: 1) Young people will be locked out of the market for life, next generation will be affected. 2) The equity loans will cause mass homelessness. 3) We will experience the largest Bubble in the property market. 4) The Crash will be worse than 1929.
Howard ignored the good advice from Australian experts and listened to George Bush at Camp David love-in. The two leaders were meeting to design ways to gain stronger political hold in bed with banks, not what was best for consumer protection or the nation in ten years time. Date of meeting was Nine / Eleven 2001.
George W wanted to be able to say "we have the greatest chance to say 75% of Americans own their own home! Do not refer to unemployment etc." George's bank Mates targeted NINJA's no income no job, no assets. We watched how the entire nation crashed by 2008!!! Howard was more astute than dumb George. Howard and bank Mates targeted ARIPS. Those with a their own home and NO DEBT or mortgage: Hey Presto no deposit interest only MORTGAGE LOANS, named Low Docs and make sure the Sellers are not told these are IO. "Make sure sellers do not realise the risks.....just tell 'em there is big money in making people happy with no deposit lending and you can do this on a pension and then become a self sufficient retiree!" All is Sweet. Trap is set via Howard and ASIC and by 2005 when a few legal nuisance things came up, ASIC gave an EXEMPTION of banks to break those laws relating to the sellers and calculators and fudging incomes. Howard gave his banker mates IMMUNITY from criminal charges???? The CARTEL ensured they took over the Politics and funding and all was hidden for another decade.
Howard was the Master Mind of the Bank Scandals. All will be revealed. Yes, indeed............there is no way LIBS will say YES to RC and the NATs have no idea of the treachery. Pauline only dreams of Putin. Greens do best worrying about the environment and Howard was never named as the architect and mastermind.
That's why ex PM Johnno continues to lurk in the background whilst we pay for his over-blown pension. Abbott is a Howard protege. Our BFCSA long term plan that started 15 years ago, for a Royal Commission into Banking and Finance is almost achieving its goal. Now we would like more people to jump on board and support us for $1 per week. That could be helpful for those who wish to be part of this BFCSA movement. Political power is temporary because we the people have that advantage and we are there fore the long haul.
TRUTH is POWER and always has a delicious way of bubbling to the surface.
All will be revealed sooner than you think.
Denise Brailey denise@bfcsa.com.au BFCSA Banking & Finance Consumers Support Association