Depressionberg fluffs for criminal mortgage debt

Eighteen months is a very short time in Australian politics. In February 2019 we were all agog at the criminal lending and behaviour unmasked by the Hayne Royal Commission. The Government was humiliated. Regulators humbled. Victims vindicated.

Yet, here we are today, at the AFR:

At a speech on Wednesday morning to a special, virtual edition of The Australian Financial Review Banking & Wealth Summit, Mr Frydenberg will reassert Treasury’s primary role in co-ordinating economic policy and highlight growing concerns about independent regulators interpreting laws in ways that are inconsistent with the government’s intentions to recharge economic growth.

“Regulators do not carry out their mandates in a vacuum,” the Treasurer will say.

“They must pursue their mandates in a manner that is consistent with the will of the Parliament. It is the Parliament who determines who and what should be regulated.

“It’s the role of regulators to deliver on that intent, not to supplement, circumvent or frustrate it.”

His comments come as the government faces some opposition in the Senate and from consumer groups over its plan to dump responsible lending laws for banks to encourage more lending and risk taking. Banks have said the changes will reduce red tape and speed up the process for getting a loan.

The first recommendation of the Hayne RC was:

Which is exactly what Josh Depressionberg is trying to do.

There’s little point in adding more. It’s a transparently stupid idea from a corrupt man in a broken system that should be killed without hesitation by the senate crossbench.

It’s no wonder Kenneth Hayne doesn’t like the bloke:

Neither should anybody else.

David Llewellyn-Smith
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Comments

  1. Totes BeWokeMEMBER

    I remember that picture. Didn’t he refuse to shake Fakeberg’s hand?

    Suggests a level of interference and corruption we’d expect in Mexico.

    Wipe the major parties out; especially in the senate.

    • RobotSenseiMEMBER

      Hayne made it abundantly clear he was not there to play happy-clappers or pose for a photo-op. Depressionberg sat there with some sh!t-eating grin on his face, the one you make when you’ve been dragged kicking and screaming towards a RC.

      • Totes BeWokeMEMBER

        You know what I reckon?

        The Labor front bench is so powerful within the party, and changing would jeopardise their seats, but help the party’s chance of government.

        Albanese, Plibersek etal are the key politicians who have wrecked this country.

        • You seem to be almost getting it totes, the people don’t choose who controls the government, the political parties do. Now who controls the political parties, and how?

          • Totes BeWokeMEMBER

            What I get, is people like you, still support a party that’s betrayed them.

            Without voters, they’re gone. Finished.

            I’ve blamed Plibersek etal plenty of times, and you know it.

          • When have I ever supported the labor party? The whole system is broken, removing the labor party will just result in another party taking it’s place while still continuing down the same path.

          • Totes BeWokeMEMBER

            “When have I ever supported the labor party?”

            You support the Labor party by attempting to undermine what others and I say. You support them by supporting woke policy that they need to match the Greens on in the cities (which the working demographic typically won’t vote for). You support them by not attacking them.

            “The whole system is broken, removing the labor party will just result in another party taking it’s place while still continuing down the same path”

            Your solution is to allow a party to destroy your country because the next one will be the same?

            Are you serious?

            In summary, I don’t believe a word you’ve said. You’re a big Labor fan.

          • Totes BeWokeMEMBER

            bjw678

            I have successfully prosecuted the case.

            You have NO argument.

            My problems? Mate, I’ll be in the ground when this all properly goes to sht.

            My motives are my love for my kids, my country and the environment. Labor are destroying the future for all 3.

            You need to think more IMO. Maybe use a whiteboard?

    • BackwardArseCountryMEMBER

      Frydendick is a numpty. Ladies and gents for those of you who voted for this, you are reaping your rewards.

      The only way to beat these idiots is to vote in independents, messy parliament but you have more people with voting power that can stand up to the left and the right or both major parties.

      I am not saying it is the best solution but the only one that I think may work.

      • Totes BeWokeMEMBER

        I 100% agree with you. It’d be great to have a coordinated way to direct votes in each electorate to chosen Independents, who will jam LNP and Labor on globalisation and immigration. That has been my view for many years.

        • Actually totes, I see your genius now.
          We should get a group of people together to promote some preferred candidate together at the next election.
          Not sure what we should call it? Maybe a political shindig? Sounds great, I wonder why no one has thought of it before.

          But the real question is how are you going to pick these preferred candidates? Who makes the decision, since this person now controls the future of the country, and how do you plan on stopping the elites from buying this person off to further their own agendas?

          • Totes BeWokeMEMBER

            “I wonder why no one has thought of it before”

            No one’s as patriotic as I am with the same credentials.

            “But the real question is how are you going to pick these preferred candidates? Who makes the decision”

            The criteria picks them of course.

            “ow do you plan on stopping the elites from buying this person off to further their own agendas?”

            Fear of being voted out by no longer meeting the criteria of course.

            Here’s the thing. I’m passionate because I love my country. You’re passionate because you love the Labor party.

            Two entirely different, and recently competing objectives.

          • Clearly shindig was a little subtle for you.

            shindig \SHIN-dig\ noun. 1 a : a social gathering with dancing. b : a usually large or lavish party. 2 : fracas, uproar.

            see 1 b

            a political PARTY. sound original? Oh great and wise patriotic one.

  2. This makes me sick. Until the Parliament actually changes the laws it is entirely up to the executive and the judicial arms to interpret them. Separation of powers.

    • Sure and the media is a foundation of a free and liberal democracy that represents the peoples views.

      There are stories that are told to keep the populace “fat, dumb and happy” and then there is the reality of how things actually work.

  3. Mr Frydenberg will reassert Treasury’s primary role in co-ordinating economic policy and highlight growing concerns about independent regulators interpreting laws in ways that are inconsistent with the government’s intentions to recharge economic growth.

    “Regulators do not carry out their mandates in a vacuum,” the Treasurer will say.

    “They must pursue their mandates in a manner that is consistent with the will of the Parliament. It is the Parliament who determines who and what should be regulated.

    “It’s the role of regulators to deliver on that intent, not to supplement, circumvent or frustrate it.”

    Parliament is not the government. Treasury is just as required to act in a way consistent with the will of Parliament as the regulators are.

    In any case, we might find more comfort in Joshy’s statement of the importance of Treasury is the LNP hadn’t completely politicised all aspects of the public service.

  4. ” In February 2019 we were all agog at the criminal lending and behaviour unmasked by the Hayne Royal Commission. The Government was humiliated. Regulators humbled. Victims vindicated.”

    Maybe I travel in different circles but the people I am surrounded by weren’t that bothered. Maybe I need to get new friends…

      • Well some of us were actually unsurprised and understood from history that virtually all RC recommendations are ignored, especially ones that are unpopular with the ruling party. Hell even the ones regarding child abuse mostly got ignored. What hope did the banking recommendations have.

  5. Goldstandard1MEMBER

    “It’s a transparently stupid idea from a corrupt man in a broken system that should be killed without hesitation by the senate crossbench”.

    Is there supposed to be a comma somewhere there is we suggesting full on grassy knoll strategy? 🙂 I could go either way.

  6. Considering they did not consult APRA on the changes and the 1st APRA heard of it was in the news then it should summarize perfectly what contempt the ruling parties have for the regulators.

    Last time I checked you could not write a donation check to APRA or ASIC, but you sure can write one to your local member or preferred political party. For a few hundred thousand dollars these donations have to be the highest performing investment return the banks have ever made. $300K in exchange for several billion dollars in loan margin, the banks are probably dumbfounded by how cheap legal bribery is in this country.

  7. happy valleyMEMBER

    “Which is exactly what Josh Depressionberg is trying to do.”

    Destroy the already limited safeguards for borrowers and any lingering comfort for depositors who have a worthless government deposit guarantee and the real prospect of depositor bail-in. And this guy is meant to be part of the guardian regime for the financial system? FMD. He is a disgrace.

    • ‘Destroy the already limited safeguards for borrowers’

      Borrowers have a safeguard better than a regulator stopping them borrowing ….. TFF and banks that won’t foreclose!!!!

      What could be safer???

      • happy valleyMEMBER

        Yeah, stitch them up so that senior bank jockeys get get their bonuses and then I have Josh protecting my savings – that’s the protection when you’ve got none.

  8. Well I guess we have to accept that Australia has the worlds leading grifters and leaner property industry who have their hands firmly in governments pockets and are sucking welfare in record amounts to prop themselves and the markets up

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