Tuesday, April 7, 2009

Interest rates show up the Government's lack of bite

It was nice to hear both the Prime Minister of Australia and his treasurer talk tough on interest rate cuts and the banks not passing them, but what about some action? When interest rates were going up, and even I could tell they should not have been toward the end, the banks were adding their own rises in between. Now they are dropping and the banks are refusing to follow. Time the Rudd and Swan grew a pair and stopped being pushed around. The financial sector got us in to a huge mess and its time Rudd stopped jetting around the world and big noting himself and got on with taking action. So far it seems the Labour Government is not sure how to spell action, preferring rhetporic and fancy speeches but time is running out.

GE money and other similar companies charge as much as 34.49% interest and one has to ask why? Surely we can legislate to cap the rate at no higher than 19.99%. If they cannot operate ata profit within that then they are either in the wrong business or (as is what is happening) they are lending to the higher risk people they should not be financing in the first place.

While we are on lack of action did anyone notice the price at the bowser rising every time the price of a barrel of crude went up? Have you asked the question now how the price of a barrel has dropped to one third what is was yet what we are paying at the barrel has only dropped by a far smaller percentatge. Yes, there are other factors but nowhere near enough to make up the difference. This government was voted in on many promises, one of which was doing something about the price of petrol. Well they have talked a good game, as they always do, but where is the action.

The financial crisis hit and they think we have forgotten, but we have not! If you can't think of two things at once Mr Rudd then move over and let someone who can take the reins. The Howard Governement's C game was better than your A game, so why not put your hand up and admit you are not up to this and call an early election so we can get on with returning this great country to the strong position it deserves to be in.

We wont think any owrse of you for being honest (how could we?). If you continue to refer back to previous governemnts when you get a curly problem you can never move forward. Try honesty, try action, try thinking, and try taking the banks on with a backbone instead of slapping their non existent wrist.

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