We need to reform our financial system - Senate 14.08.24

We need to reform our financial system if we want to make houses affordable again.
How our financial sector is regulated is a very important but poorly understood topic.
Changes to the way our financial sector was regulated had very serious and detrimental impacts to our country, albeit it has taken a number of decades for these impacts to be felt.
Clearly this topic is a question of degree. You don’t too much regulation but at the same time you don’t want reckless behaviour that ends up in markets crashing or an uneven playing field.
Three areas where financial deregulation failed in the 1980’s are:
1) The complete lifting of capital controls. In 1985, the major banks had $8 billion in foreign debt. By 2008 the major banks had $800 billion in foreign debt. Most of this money was lent against housing causing house prices to rise to 12/13 times average earnings up from 4/5 times earnings. This meant two parents had to go back to work which created the institutionalised child care sector. This is turn lead to a decline in education levels.
2) Derivatives no longer had to be hedged. This meant that financial speculators (using your superannuation) sitting in their inner city ivory palaces could control the price of commodities and metals rather than producers and consumers. This caused greater volatility in the markets and drove smaller players out of the market allowing big players to get a larger share of the market and ultimately profits. Many of these players were foreigners who displaced Australian producers.
3) State banks were allowed to engage in merchant banking. This was reckless to say the least. As a result, both the State Bank of Victoria and SA collapsed because they were allowed to engage in high risk lending that a decade before was not allowed.
In summary, we need to restrict how much foreign capital banks can borrow and stop speculative derivative trading.
If a public bank is created it should never be allowed to engage in high risk lending.

[@66pheonixpatrick76]

Senator you are right on the money - good on you👍. I cannot wait till your party is on the ticket.

[@colincrisp1592]

Thank you Senator

[@Erney76]

My rent is more than half my wage, I’ve been a single working mother for 14 years, never had to work 60 hours a week to feed my family in the past…

[@patriciadunmore9767]

Gerard Rennick you are a national treasure and those that resort to calling you names are not fit to sit in the parliament.

[@ianbell4527]

U will be remembered well in the immediate future by us few that knows what is coming very soon.thankyou senator

[@cpatel5397]

What’s coming ?

[@ianbell4527]

@@cpatel5397 the world is experiencing the death of a currency.a paper backed Fiat ponsy scheme.get gold silver XLR xlm and ripple

[@memycellsandi]

I don't need houses. I only need one, and even if I can have multiple, I would rather my neighbours and everyone else have one as well. I can only drive one car at a time, I would would rather everyone else also can those things too.

[@stevebrown4475]

We need to have an independent anti corruption board who's chosen by the public look into state and federal government corruption.

[@alwaysright3718]

There is not one ALP member that is within 25 IQ points of Rennick...

[@Thisisnolongerajoke]

Albanese is a cooker

[@silverslave333]

We need to be on a Gold and silver standard to control government spending

[@HalKW]

Thank you Senator for speaking on our behalf and representing our interests

[@leannevitale3228]

I imagine the house is empty Senator. Do they actually do anything down there or just drink their red and white. Never mind their time is coming. You are a good Senator. At least you have integrity. I wonder if they know what that word means.

[@suemcc36]

It angers me to see the lack of heads when anyone not on the left is speaking.

[@karlcooke7178]

Im voting for this guys new political party and donations will be big!

[@privateAcc0unt]

Senator Rennick would make a brilliant treasurer.

[@wallace09ish]

Mr Rennick, I'm a retired cop in SE QLd .. I can assure you, when I go to the gym or a social occasion, people are complaining of exactly this. Thank you for having the intestinal fortitude to continue to bring these things up. Everywhere I go, the same convo, there are good people in politics and corrupt people in politics. Please keep harping on about this, I can feel the waves of social change occurring.!

[@TavistockLiesBrainwashing]

"A central bank is 90% of Communising a country" Lenin, funded by Jacob Schiff of Wall Street

[@geoffreyfield6686]

For me, this hit the nail on the head, too many times to count. With you sir.

[@MonAmour48]

The Senator never fails to speak for the PEOPLE! An absolute treasure ! 😊

[@marycrowe5302]

Excellent again!

[@KerriEverlasting]

Great job Senator Rennick ❤

[@KaiserMoC]

Well done Gerard... Would you please address the future implementation of UNREALISED CAPITAL GAINS TAX!. This is also criminal.

[@chrissea77]

Australia doesn't have a government . Think about that.....

[@danc.5509]

With so many empty seats, seems so

[@silverslave333]

Get rid of the privately owned Central bank

[@victorgrech1136]

why just because they're trying to slow government spending on renewables by lifting rates

[@vladthe3rd414]

@@victorgrech1136I get it but its mostly because the RBA is not accountable and hide behind a veil of being ‘independent’… most economist say that the RBA should have never have kept rates so low for so long, especially when the property market was really heating up, but they went too far and now they have gone ham on increasing the rate … who paid for their mistakes? Mortgage holders and business and you seeing it now … but those at the RBA kept their massive taxpayer funded salaries and no one got the boot … on top of that there is actually a lot of secrecy at the RBA, especially with their dealing with out central banks around the world

[@Wefpedophiles]

What about get rid of renewables sorry I mean unreliables

[@privateAcc0unt]

@@victorgrech1136 Two people working to pay mortgage 60%- 70% of sweat equity goes to the banks 15% into supermarket duopoly same foreign major shareholders have controlling stakeholder and board positions of both of banks and food market and political manipulation sucking the prosperity out of Australia.

[@ajvideo2712]

Private bank shouldn't be making profit of the nation​@@victorgrech1136

[@tonidantonio9877]

100% we do. Young people should either be studying or working unless otherwise proven. Centrelink should be only for people who need it and this needs to be reviewed as well. Too many departments and not enough productivity and public servants need to be back in the office. The public servants should not and cannot have our private information in their own homes. This opens up a can of worms. Since working from home there has been an escalation of hacks and scams….this is where the reforms need to be as well. Thank you.

[@vhalborg1]

Thank you, Senator.

[@silversurfer5707]

Thank you Senator Rennick for this simplified analytical view of reality in Australia and the request for the much needed investigation into Australian political bribery and corruption and the unfair system and dramatic life style changes for Ozy's since the 1980tys. Which is when Bob Hawk and Whitlam illegally changed Australian Law, with out a REFERENDUM of the Australian inhabitants or people of Oz. Which saw Australia privatised and now owned legally in Washington DC. Technically this is High Treason and Conspiracy which also comes with a hefty criminal sentence according to Australia's original Constitution which has purposely not been taught in Australian schools.

[@thebigcheese3489]

Low productivity will destroy our nation, Soviet Russia didn’t run out of money. When production is stifled so is quality of life

[@d-munn]

AU needs a PM who understands market realities. This new multi-nodal world needs 'professional' realists & pragmatists to navigate it. Not failing globalist idiologs. Rennick 4 AU PM.

[@topoint]

Again the huge Aboriginal flag front and centre and the National flag looking flaccid to the side. It seems whoever is arranging these flags is doing this on purpose. Our National flag is the most important to people of this country it should stand proud and prominent in the centre not always second fiddle to a recently made up flag ( like welcome to country 1970's) of the Aborigines.

[@ionechisholme7552]

I appreciate your social and financial sacrifice to stand up for the Vx injured

[@user-jh6vl4kx7c]

Best part about banks is you have to ask their permission to get your hard earned money out and buy something

[@BorisLudwig]

Your 'hard earned' in a bank isn't your property anymore, you're now an 'unsecured creditor' to the bank not a depositor. The distinction is more important than most realise.

[@kathysmith1843]

Wow just wow u make RFK Junior sound like a preschooler. Awesome stuff

[@AI_Karen]

Thankyou Mr Rennick

[@stephaniezickgraf9672]

When you hear Rennick tell it, you realise how drastic things really are.

[@SteffanieOfOz]

Bring back the government bank and the government insurance office. Start cancelling the permits for the private banks that are shutting down branches and stopping cash. Australia was better when we had control of our own money and insurances.

[@halitosis75]

Senator rennick, I can never understand why politicians like yourself with morality and ethical qualities never becomes PM unlike the garbage we have had over the years.

[@dave9547]

People the people who actually control things(hint:its not our puppet prime ministers or their mouthpiece parties) don't want people with integrity, like Mr Rennick, in those positions.

[@silversurfer5707]

Its rigged obviously, and has been proven, many times.

[@talbotdentureclinic9123]

Facts

[@captainsensible298]

The wide camera angle showed how many senators were listening, 2. Absolutely disgusting. That was an important speech which raised a number of very good points. A shame no senators were listening. Makes me wonder what we actually pay them for.

[@deejay8ch]

Well said. Thanks Gerard.

[@stevea2204]

Pom here, support to you all from England.

[@mequamcneill191]

Rennick always with the most common sense! I'd love to see more Politicians like him

[@kimdean2593]

Thank you

[@geefor1942]

Do the politicians who don’t attend any particular presentation forfeit their salaries for that time while they don’t represent the people who elected them?

[@vincentcacciola7161]

Nobody in the house where are the green slugs one would have thought theywould atleast be interested in this

[@shaneobrien148]

Smart and correct senator.

[@Peak_Aussieman]

It's been socialised losses and privatised gains since MacArthur landed in Melbourne in 1942 to set up the Reserve. Really since we went off the gold standardd in the 30's.

[@interceptor7905]

Whole world since 1933.

[@catherinesarah5831]

Thank you Senator Rennick. This economic program needs to be taught in schools AND be on national tv. Deregulation of the broadcast industry was a giant mistake as well. 🙏

[@danc.5509]

Well said. As a recovering broke and brainwashed, I see the validity of his arguments. Also the cessation of manufacturing coinciding with the introduction of e-commerce and other online purchasing means the regulations of the past don't seem to work so favourably forty years later.

[@Glider324]

Thanks for advocating for a public bank. The loan industry is unethical. There is no ethical way to invest anymore and nowhere ethical to put your savings. I don't trust the paper trading of gold either.

[@glennschadow-gw7qc]

3 politicians in the house ,,, can I get a refund 😢 for my taxes plus the other million voters + gst

[@ripstickish]

Ever time I listen to you Senator Rennick I lean so much much about the mistakes and failures of government over the last 4 or 5 decades. You are a great man and a true champion of the people of Australia. Thank you for all the work you do Senator.

[@KoDeMondo]

Mistake? .. Failure?.. 😂😂 THAT IS MADE IN PURPOSE!! THERE IS FAILURE OR MISTAKE BUT ONLY A DELIBERATED AND PLANNED CHANGES OF THE ECONOMIC AND FINANCIAL SYSTEM...

[@finn5907]

thank you

[@deanovanhalen69]

Got my 5 family votes senator, what a truely good politician of tde people. Thank you sir. 👏🏼👏🏼

[@Zephyrleptic]

Rennick for PM I say

[@oznow-d4f]

I would really like to know how much dosh the unauditted private fed reserve in the US has printed to bùy up "stuff" since its beginnings in 1913..?

[@lorraine1959]

Senator Rennick has myfull support as he truly represents the people, unlike most politicians.

[@garthstride8210]

The best man in the room

[@michaelmorgan3421]

Keep up the b,,yards, we’re are they at the moment not at work (in parliament)

[@joeltowner953]

Abso-farkin-lutely my man!

[@MrMoto948]

Good luck with that. Your one of the few they don't own.

[@KoDeMondo]

HERE THE TRUTH THE ONLY TRUTH..

[@VirtualHorizonz]

here-here

[@74Spartan]

Ya think!!!!🤪

[@nickwhitestar7646]

👍😎

[@gxtoast2221]

Not with a Digital ID coupled to a Social Credit CBDC infrastructure like what China suffers under.

[@Beatriz-lj2td]

Thank you Senator🌺

[@KBHeal]

Exactly, thank you very much. If I could use my super to pay down my loan, I wouldn't own the Bank anything any more. Why we do have to have these stresses at the moment is simply because our moneys are being funnelled into super fund fees and interest rates 😢😢😢. We need a reform, another "I Have A Dream" moment 🙏🙏🙏

[@thehealthymindsethub]

You're a true asset to the people! Commercial secrets only exist because of this Labor Gov. We need change now.

[@philmcinerney6958]

After contemplating the BRICS , and the financial problems of the western world . Our long term success will need to be based on the gold standard again . Governments printing money with no commodity backing is wrong and this is what creates inflation. You don’t need to be an economist to see what needs to be done . If it is not fixed soon , we will become a third world country.

[@crabsta]

All I'm hearing here is "Don't Trust the Government"

[@boss290bafalcon]

I agree, there should be no commercial and confidence when talking about government money, amazing how criminal parties on both sides along with big business has sold us this lie..if our money is used then these contracts have full disclosure..everything is to be audited and open to us.. transparency

[@newto4361]

"Reform",yes,new public owned bank at the top of the list to look after the best interests of the Australian people into the future.

[@WilHagan]

Where are the rest? empty chamber, good thing we have you tube, no wonder it's empty, no one wants to hear the truth, cowards the lot...

[@rethinkscience8454]

You need three people to buy a house now. Public servants are starting to strike. Police in Victoria is just the first signs of this.

[@rethinkscience8454]

You need three people to buy a house now. Public servants are starting to strike. Police in Victoria is just the first signs of this.

[@kimh8745]

Of course the room is empty. When are these muppets going to be held accountable

[@geob8172]

We need to Reform Government.

[@marygreen1991]

Awesome man..

[@wmichaelshiberrassw8604]

Glass-steagal

[@Rtube-b1l]

No bullshit. You finally listened. Take a note from 12 year old Canadian girl Victoria Grant and her viral speech on banking and the cause of poverty. We also need to stop the genocide.

[@garthstride8210]

Bull!

[@anthonyvanderdrift809]

Qfs

[@avonrose2590]

💯

[@whitehorse1959]

❤❤❤❤

[@markw95]

Commercial in confidence is code for give me some graff out the back door & you got the contract