MUA helping Howard
The more the radical unions are shown on TV, the more the voting public can see what a vote for Latham means.
Maritime workers giving away $10,000 notes handed out in Martin Place as union launches ?funny money? The MUA will launch its own election campaign in Martin Place, Sydney midday tomorrow by giving away money. Branch Secretary Robert Coombs said he’d watched the Howard Govt buying votes with tax cuts and pork barreling, so the union thought they would hand out money too.And the ALP isn’t buying votes with tax cuts? Meanwhile; Watching the ABC show Seven Wonders of the Highways on ‘Big’ tourist attractions like the Big Pineapple and the Big Guitar. A guy is talking about a big Oyster that never actually got off the ground. Why not?
Well I went to the Bank Manager and we were talking about how hard business was with the ‘Recession we had to have’ and the bank manager told me I was paying 25% interest on my loanYep. 25%. I’m surprised it got past the ABC ‘Must Make Howard look Bad’ censorship rules. Fancy letting any mention of Labour interest rates get through to broadcast. That’s actual Labour interest rates – not Latham’s promised ‘we will keep ’em low if we ever work it out’ type rates. It is the rates that happen after the left wing Politicians and Union Reps front up and call in their markers from Caucus.
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No Bank…..and I repeat, No Bank, charged 25% as a result of the ‘recession we had to have’ for any form of mortgage insured business loan, which is the type of lending you’re writing about. Retail rates went as high as 18%, with commercial rates slightly lower. Bank Bills went to 19% for short term risk. The AVCO’s & AGC’s may have charged 25% plus, but they aren’t Banks and they still charge 21% – 25% today. Get your facts straight, Kevin
I was quoting a guy from an ABC show so tell him to get his facts straight although I think he has. Banks have ways of charging more than the official rate.
I was a long time Banker with the CBA and in my learning years as a lender home loans were approx 17% at the time. I did see “90 day Bills” at 22 – 24%. Businesses going out backwards may have faced penalty rates up to 25%, however not all of these were caused by the I/rate spiral.
What we forget about though, was that there were also a great many people receiving very good rates of return on their cash investments (Commercial Bills, Term Deposits etc). These people were cashed up as their means of retirement. This was prior to the explosion of “managed funds” and other forms of investmenst allowed/developed with the further de-regulation of the finance industry.
Thanks Dave,
I had 18% in my head for housing and in business I seem to remember 23%. I was in trouble – I couldn’t afford the interest rates and eventually went down. I did recover but wasn’t happy for a year or two.
Unfortunately my timing for getting good returns for retirement was out of sync with the economy and politics. I started getting Comsuper under Keating and all was good for a time with CPI and funds but then Howard et al scuttled that with good management. Now I get notices of super rises that wouldn’t buy another meal.
But I’m not complaining – everything else is stable.