Cost-cutting, reductions in bad debt, and expanding mortgage lending have swelled banks’ profits.
Banks’ after-tax profits for the last three months of 2021 jumped by 6.7 per cent to $1.61 billion from $1.51b in the previous three months, analysis by KPMG shows.
But the upward rise in profits could be challenged this year by inflation, rising interest rates and falling house prices, said John Kensington, KPMG’s head of banking and finance.
Once upon a time when the Left were more focused on class and economics, we would have had a plethora of responses to this madness.
The economic stress TDB has been pointing out for sometime will hurt everyone except the very rich…
A leading economist has a grim outlook for inflation over the rest of the year saying “it’s not going away soon” and could result in Kiwis paying more for their mortgages.
…sadly the entire movement is infected by woke identity politics with no intellectual muscle beyond micro aggression policing and cancelling people on Twitter.
The Right look for recruits, the Left look for traitors and right now, the dangerous far right are winning. The Dumb Lives Matter violence on Parliament’s Lawns proved that.
Thanks to Middle Class Marxists, the Left have spent more energy on virtue signals than hegemonic economic reform.
Look at this…
…In 2010, the 388 richest individuals owned more wealth than half of the entire human population on Earth
By 2015, this number was reduced to only 62 individuals
In 2018, it was 42
In 2019, it was down to only 26 individuals who own more wealth than 3.8 billion people.
And in 2021, 20 people own more than 50% of the entire planet.
This isn’t democracy, this is a feudal plutocracy on a burning Earth!
Labour have failed us over 5 years because they had no plan to scare the public service into serving the public. They see the lumpenproletariat on Parliament’s lawns as an embarrassing reminder that they haven’t been transformational and so label all protestors as Nazis.
Because all the Left are intellectually capable of is deplatforming opinions they don’t like and calling that progress, the powers that be continue to milk billions in profits to the detriment of the very people the Left claims to care about!
We need to tax the banks!
Financial Transaction Tax – TAX BANKS!
Society needs money for social infrastructure and to rapidly adapt to the climate crisis. It is unacceptable that citizens pay more tax. A Financial Transaction Tax set at .001 cent would capture all those speculators who trade and the banks that enable their gambling. Hit the corporates with this tax and the beauty is that it’s unavoidable because every electronic financial transaction is recorded. This would see billions available each year and start to push back on corporate power.
Keeping Covid out isn’t enough. Those 200 000 kids in poverty, those 25 000 on emergency housing wait lists, the 50 000 households living in poverty and the generations locked out of home ownership deserve better.
We need to be kinder to individuals and crueller to corporations.
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Original Source: https://thedailyblog.co.nz/2022/04/13/greedy-nz-banks-make-more-while-you-suffer-tax-them-tax-them-now/