DAMAGE TO THE ECONOMY. Caused by the LNP in 1996
I raised the issue of White Collar Crime burden on the Nation with PM John Howard via letters in 1999 re Managed Investment Scams whereby RETIREES were offered Ponzi Financing MIS and Agricultural investment that proved to be pure scamming activities. I asked that same question: How do we justify turning Retirees into Pensioners by permitting criminals to steal their nest eggs and profit from those frauds? Retirees were pouring into Centrelink after being told they have lost 100% of their life savings. How does the additional dependence on welfare assist the economy? Centrelink were telling older people they could NOT get the pension as they were still "deemed" as having the funds, which may return at some date in the next few years of dubious creditors meetings.
I lobbied the Minister Vanstone re the Centrellnk issue. The following day Centrelink and Minister announced to the Nation they would change the policy and pay welfare to all retirees affected. Cntrelink staffhad complained their distress to me re seeing high levels of elderly citizens crying at the stress and embarrassment of losing an average $300,000 per person. ASIC was very happy to blame the victims.
The LNP and PM Howard's free market policies encouraged PONZI scams in the mid 1990's causing more and more retiree's to seek pensions for life when they had never been a burden on the public purse and had adequate retirement funds. None of the crooks were jailed!!! Now the current PM MT bleats the Centrelink Burden is too great due to baby boomer crap. The burden increased due to to the PONZIITES and FREE MARKET POLICY permitting wholesale stealing from retirees. Over $100 million went down the gurgler. Yet the cost of white collar crime on the public purse for the following 20 years of paying pensions to people who were pension free must be massive and into the Billions. Extreme Right views and zero regulatory activity archives poverty for the Nation State!!!
White Collar Crime had became the norm in Australia in the 90's and now out of control. Bankers started their Ponzi Scams in 1996 and thought: "here is our chance" in this land of sweeping plains. Australia has become a free lunch for any budding white collar criminal and the scammers say WCC does not actually hurt anyone. It causes the rich who are i control to get richer and the rest of us remain in poverty. This mentality has to stop. We say we are a free country, but not if we are enslaved by the Elites.
After 30 meetings with ASIC and many letters and response letters to Hockey. Costello and Howard, in 2002, the then PM ignored his own economic advisers and one particular Report warning of the dangers of Bubbles etc and grave housing issues as a critique against free market neo-liberal thinking and the ultimate damage to the Economy and here we all are!!
That story is for another day.
We used to have a wonderful chance at owning our own home and we all aspired to doing so. That has now become a nightmare!!! FREE MARKET THINKERS are a nightmare for the rest of us. No wonder Political Science and Monetary Policy is not taught in High School. The lack of knowledge of these two sciences keeps us all in poverty as we blindly trust these Elites.
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Denise L Brailey
denise@bfcsa.com.au
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