Is this the point of entry for the banks? Are NAB, CBA and AMP...

Is this the point of entry for the banks? Are NAB, CBA and AMP beaten up enough? Has the housing market fallen enough? Has the economy suffered enough?

If you ask me the royal commission has done more harm than good. Look at the housing market crash, the banks have already put in place "responsible lending limits" and it has stopped investors from investing and first home buyers from getting a foot in the door. The only people that have won out of all this were the lawyers that got to pontificate over something they know nothing about.

Do you think Jack and Sally that have scrimped their savings for five years to get into their own home give a rats about responsible lending? They want a home-loan and they know that if they don't pay the mortgage they will lose the house. The only people now buying and selling are those comfortably sitting on high loan-to-value ratios, so in effect what the royal commission has done is slam the door in the face of those looking to buy their first home. Lawyers and both sides of politics have no idea what they have done by throwing this spanner in the works of our system of financial intermediary, this reversal of money supply has reverberated through the entire economy leading to falling wealth, lower employment and lower growth. This was an epic own goal by a country that increasingly seems to enjoy banging its head against walls.

Thankfully I already have two houses because if I didn't life would have gotten much more difficult for me.