MALCOLM TURNBULL is a dangerous man and worse than HERBERT HOOVER.
The aftermath of the Wall Street largesse in Ponzi Financing in the 1920's is identical today in Australia. The easy credit, dud mortgages for people to invest in the stock exchange, the housing market and buying motor cars with unaffordable loans: All these things led to the 1929 crash. PONZI FINANCING became the norm. Banksters pumped up the Property Market to a level which was unsustainable and beyond belief. The Elites became MEGA RICH, the poor were used to poverty. The bank victims thrown into poverty were the MIDDLE CLASS Mums and Dads, tricked by bankers and extreme right wing dishonest politicians.
Bankers were already in bed with the President HOOVER, convincing ordinary hard working citizens that if they borrowed money they could make themselves better off financially in short space of time. The entire bank driven sales spiel was similar to that experienced TODAY.
President Hoover's idiotic 1920's free market POLICIES crippled America as the crash happened over 3 weeks in October 24th, 1929.
The effect took one year to be felt, causing massive shanty towns to be built out of tin and cardboard (in central parks) as the pile of homeless grew like topsy, soup kitchens saw long queues and abject hunger, an entire generation of children were thrown into POVERTY. Charities were overwhelmed. Unemployment became the Norm. One in five Americans owned a car they could not afford, homes they could not afford. Henry Ford made a killing. The first real effects of furniture being thrown into the streets did not occur until October 1930. Government POLICY of "creating wealth" and "free markets" and rampant bank "lending" showed up America as being utterly corrupted by Bankers crowded into WALL STREET. And the winners were the ELITES.
American Bankers also managed to sink Germany into hideous poverty causing the rise of Hitler. Why? America was lending money to Germany after WWI. The Wall Street crash led to the USA stop supplying money to Germany still recovering from the Great War. Sometimes we really need to step back and see what damage FREE MARKET POLICY does to our own economy. The FM Policy is designed to make participant Politicians and their Banker Mates richer beyond their own greedy idea of "society." Riches at the expense of others.
By 1932-1933 Senator Glass and Senator Steagall presented a private members bill to Parliament to have the Bankers brought under control, to ensure regulation of banks was crucial to a safe economy. The ripple effect, affected not only Germany, but other European countries, rebuilding after the Great War. Anyone who believes Free Markets for Bankers is good for the rest of us, please learn from the pages of history, or we are doomed to repeat the entire chapter and verse from 100 years ago when the first activities started with a massive BOOM TIME and by necessity, led a decade later to the 1929 WALL STREET Bank driven CRASH. Thatcherism and Reaganism springs to mind.
Lest we forget those idiotic elitist policies.
Denise BraileyBFCSA Banking & Finance Consumers Support Association#bankRC denise@bfcsa.com.au Mob: 0401 642 344