Tuesday, November 23, 2010

RSPT anyone?

Via Peter Martin, here's an outline of Joe Hockey' terms of reference for a real Wallis Inquiry. They're a bit tilted towards how do we keep the 'whole ponzi going' and the greatest omission is any mention of mortgages but actually they are pretty good. And wide enough that anything missed will get in anyway.

The government is on a real loser here. The longer they delay, the stronger Joe gets. And he has the people on side.

The vested interests, however, are already well into their campaign against scrutiny and expect it to ramp up as the Wallis chant grows louder.

Just as they did in the case of the RSPT, Business Spectator and The Australian will lead it. Already both have done their level best to silence the debate, with Stutchbury, Hewitt, Albrechtsen, Stevens, Kohler, Bartholomeusz and Gottleibsen all arguing or fear-mongering against change. They really should get on with the mooted merger, those two. Today's strategy is clearly to ignore Hockey, presumably because he's making so much sense.

The Australian has begun trotting out quotes from fund managers threatening doom if we dare inspect our own financial services system.

Since when did transparency and disclosure harm markets?

In a bizarre parallel, however, the bank troglodytes have one advantage. It looks like we're about to run headlong into another global equities rout based around European contagion.

That is not going to support the political environment for change.


Anonymous said...

it would be good if www.getup.org.au could be encouraged to get behind demands for a wallis enquiry they can be extremely effective in making things happen

David Llewellyn-Smith said...

No shit. I've being trying...

The Lorax said...

No wonder you left Business Spectator. Gotti has been unreadable lately. Will Karen Maley jump ship as well?

Anonymous said...

the thing with get up is that the mainstream audiance they connect with need issues articulated in a way tehy can relate to see current bank campaign. http://www.getup.org.au/campaign/bankonit&id=1449

the need for a wallis enquiry would

need to be articulated in laymans terms that an 18 yearold woud be able to understand and see the personal relevance to them.

Bill ( have been following you for while and greatly appreciate the time and effort you and similar blogger take to keep folks informed)

Anonymous said...

Fantastic. Let's base financial sector oversight on the opinions of someone at Goldman Sachs!