What are you blathering about - "government control of the banking sector"? Banks are a private business and their affairs are private and not under the direct control of the government. Doing otherwise would be communist and we all knows where that will end up don't we.You are the one who wants to repeat the 1890's and the carnage it caused to the economy, your such a patriot!
You suffer from exactly the same delusion that modern supporters of the banks in Australia suffer from today - they don't understand the difference between socialist command-economies and a proper capitalist market economy. They think that the banks should operate with impunity and be allowed to make all the money that they can by any means possible while the sun is shining but then they insist that the government rides valiantly to their rescue when they get into trouble.
That's not capitalist and not the proper operation of a market economy - it's called corruption.
So not only do you want the government to rescue the banks that created the problem, you praise the fact that the government saved the greedy people who went balls deep into Sydney and Melbourne residential property at exactly the wrong time and should have suffered from their stupidity. But no - the government made sure that didn't happen - God forbid that those people should suffer from their own bad decisions!
Thank goodness Kevin Rudd proved himself to be a spineless piece of jelly and caved to the demands of the selfish and insolvent and come to their rescue valiantly with government money. Again, bald-faced corruption that punished hard-working people who saved all their lives and rewarded the reckless and irresponsible from the consequences of their own greed. Hurrah.
I know exactly where you're coming from, Shane - why should anyone ever have to lose money ever when those losses can be borne by everyone? Socialism is really good like that - everyone has to pay for the stupidity of the reckless and the greedy.
No Don, only you dream about socialism, I believe in independence within the boundaries set by the community. However some times the govt has to get involved to protect an industry or indeed the community at large. The only thing the Aust govt did for the banks was simply to sell for $5B a guarantee that was very unlikely to be called on and provided stability to the financial sector.
Rudd sold a guarantee to the banks that was never used and very unlikely to be used and if they had we would have much bigger issues to worry about in return for $5B from the banks for the taxpayer, I'm not a fan of Rudd, but if thats a spineless piece of jelly, I'd hate to see your definition of smart. You also call this open and transparent transaction of corruption? I thought you were a Victorian?
The bulk of the people balls deep in the residential market are "mum's and dad's" in their family home and you know if the market collapses, its not just them that are affected, 100'000's of jobs and others who bought at the shoulder, again you insult the average Australian, your such a patriot!
You clearly have no idea where anyone is coming from on this Don.