Social Commentator

Shorten wants to control the banks again, a return to the bad old days.

Socialism is said to free the worker from capitalist slavery but I’ve never met a Laborite yet, who hasn’t been an authoritarian, control freak. Shorten wants to regulate the banks again. He has lost his memory. If the modern day home owner was subject to the rules and restrictions on lending for domestic home ownership that existed in the bad old days, then he would either be renting or boarding; October, 1989, the variable home loan rate was 17%. The world’s greatest treasurer did one or two things right namely, deregulating the banks and the currency. Moreover, he offered every Australian the opportunity to buy a share of the Commonwealth Bank. No shareholder could agree with Shorten. Keating’s greatest failure was in not deregulating the labour market and abolishing unions. How the country would now hum like a bee and smell like a rose, if he had.  Sack the Reserve Bank.