TWIN PEAKS DISASTER FOR CONSUMERS CAUSED MASS CONTROL FRAUDS IN BANKING
Which DUO are responsible for lowering lending standards?
John Howard and Peter Costello created the Twin Peaks Model of Regulation that has seen the Major Banks become a law unto themselves. They created mayhem in the banking sector by separating the regulators and leaving consumers totally unprotected from predatory Bankers. Back in 1997 Costello boasted the "greatest consumer protection system in the world."
Howard rid himself of Allan Fels at the ACCC and effectively rendered the competition regulator as being impotent by taking away consumers. The ambiguity of the word "credit" benefited banks not consumers. With Howard policies denying the enforcement of law and leading with only FREE MARKET policies, ACCC became powerless to protect the public as the regulator no longer had access to complaint details.
Australians had no way of realising how they were being screwed by the 1998 Howard Twin Peaks Model of Regulatory "Control." This manipulative engineering of policy effectively meant the Bankers were now in control of policy decisions making way for future mass Control Frauds. Howard then created TWIN REGULATORS designed to do nothing but "monitoring." Enforcement of law was abolished by this method of governance. The newly created Twin Peak APRA would 'monitor' and report to Treasurer Costello all things relating to Banking. Twin Peak Sister ASIC was created to 'monitor' corporations and do little else.
Consumers were left as unprotected orphans.
Costello decided: "I know what to do with pesky consumers.... we can throw their miserable complaints over to ASIC. Hanratty will complain that consumers are at grave risk of being poorly treated due to the inherent ASIC CONFLICT OF INTEREST between the interests of consumers vs interests of banks and corporations.
ASIC will be left to create an EDR system which the Banks will then pay for and control." Brilliant!!!!
CONSUMERS left totally up a creek without a paddle and in danger of losing their homes. ScoMo better start doing some history lessons and asking Johnny how we really became unwitting cannon fodder for the banking and finance industry.
Denise L Brailey #bankRC #BFCSA #ElectionNow
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