If there is a universal truth - its the small guys who always lose out! Small guys as in retail shareholders, customers, employees, small business.
There are unintended consequences from the Hayne's commission outcomes. They were needed and it was good that the commission was undertaken, no doubt about that. But the outcomes didn't reach out far enough to help victims of the bank's outlandish acts. I would have thought it good for the establishment of a trust fund to be contributed as a form of % levy on the banks to cater for any future cases of victimisation , but that's another story.
Back to unintended consequences. What happened after the royal commission started? Banks cringed lending, affecting people seeking loan or those on the brink of mortgage payment defaults, interest rates gone up even though cash rates did not, housing prices started falling quite badly especially on the eastern seaboard, bank stock prices fell pulling down the ASX and now the banks (starting with CBA announcement today) are moving towards a more simpler business model, focussing on cost reduction - that means employee redundancies (in similar mold as Telstra's recent announcement). Mortgage brokers out of work , who really wants to pay Fee for Service to get a home loan? Home owners, mortgage owners, mortgage brokers, retail shareholders, customers, employees- these are everyday people like you and me. The small guys!
When I started this Its Over thread, I have the small guys in mind, because the small guys , sorry, are typically gullible, too trusting and taken advantage of in ways they never quite understood. Small guys need to do their homework more. Do more research, find out more information, and not take the easy path. And small guys typically get to know the information the big guys have gotten to know earlier.
