Financial bail-outs need to go from government thinking | Sky News Australia

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Sky News contributor Cory Bernardi says businesses and consumers need to take more responsibility for their spending and loaning.

Mr Benardi said the last time the “world was going to end” and governments scrambled to save Australians was the 2008 Global Financial Crisis. “The effective cause of the GFC was irresponsible home loans by US banks to the unemployed and the unemployable under the guise of 'fairness and equity'.," Mr Bernardi said. “These sub-prime mortgages were packaged up and on sold to investors.

” Mr Bernardi said then Prime Minister Kevid Rudd introduced responsible lending laws to respond to the failures of the credit system. These laws, however, gave banks the responsibility of ensuring their clients repay their borrowings, at risk of being held liable for the borrowers default. “The government has now abandoned the Rudd era responsible lending laws in a bid to inject a shot of credit adrenaline into our economy,” he said.

 

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So should the Canberra politicians, interesting that they seem to be avoiding the idea of a federal ICAC as much as possible.

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Cory Bernardi? You’re quoting that clown on anything? 🤪🤣🤪🤣🤪🤣🤪🤣🤪🤣🤪🤣

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Source: SkyNewsAust - 🏆 7. / 78 Read more »

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Source: SkyNewsAust - 🏆 7. / 78 Read more »

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