Even though this is blatant satire, the 'banker' does have a valid point: they don't tell people to want things. The companies that sell said things, do. Bankers only facilitate, not cause. Plus, banks actually don't want you paying off your debt, they want you to keep it and pay interest. After x amount of years you will have paid your entire debt in interest alone. #thefrontfelloff
Rates are raised when there is a higher chance of non-payment by the borrower. You obviously would charge someone higher rates if you thought they might miss payments. This is perfectly normal and not controversial at all, especially in the current financial climate. This is actually a good thing, it encourages savings instead of borrowing and spending, something we don't need anymore of (spending and debt).
@0MoTheG any loan, personal or business have an option to only pay the interest and none of the principle. Doesn't matter if you die and have only been paying the interest, the bank just sells the asset you borrowed on/for to recoup any money owing to it.
@alfiehop But only if the asset hasn't lost value or the loss has been compensated by inflation. This might be the case for a house in a good neighborhood, with a timeless design, that has been renovated and build well. But is never the case for cars, machines or the common cheap, US, wood house.
There's fierce competition all right. It's a pity they never specify what type of competition. The competition they refer to is that of which banking corporation will make the most profit (irrespective of how it's made). Anyone naive enough to associate any mention of "competition" in these types of discussions as that of competing for customers and servicing customers, should wake up to themselves.
Hold on, I've just got a call from the other three. What? Yes, I'm explaining that now. Of course! I'll see you this evening. So where were we? Oh yes, of course these private banks are independent.
That might be true of public debt - even post the 2020-21 pandemic - but private debt funding house prices and excessive consumption is many, many times higher and that is what will, ultimately, cripple Australia.
if ur smart ud take ur money out of the bank. I bet u right as of right now the bank that ur with does NOT haveb ur cash in their vaults. u figure the rest....
These two were brilliant, comic Gold! So sad that John Clarke (always the Interviewee) died … these two had so much to say - and so well!
"Easing them in a non-downward direction over time"
"Do you understand how bankers and bonuses work?" "No." "Well then, we'll wait till you're old enough...."
And here we are in 2022 and this is as relevant today 11 yrs later....these guys were not only comic genius’s but set the tone of the future😎👍
God help us all...
I really, really wish this had shown up in America before TH-cam. These guys were phenomenal
I like these guys ... well done
i have lived outside oz fr almost fourty years , Clarke an Dawe r still totally up to date , awe an respect to their talent an work , nicholas hoffman
"AND THEY GET A BONUS?! AND THEY GET A BONUS?!!! - Bill Burr
Wow. I'm almost certain that this episode was rerun with joe hockey explaining the system, only a few weeks ago. Still bloody funny bastards
Even though this is blatant satire, the 'banker' does have a valid point: they don't tell people to want things. The companies that sell said things, do. Bankers only facilitate, not cause. Plus, banks actually don't want you paying off your debt, they want you to keep it and pay interest. After x amount of years you will have paid your entire debt in interest alone. #thefrontfelloff
Lol they just market and advertise everything down your throat. Lol
"But what does that produce?"
"Well, interest"
Absolutely brilliant 😂
I did not understand the end with the lights breaking. What was that about?
0MoTheG after 8 years I can finally tell you.... that I have No clue
It made me laugh
I think the idea is that someone was mad and was throwing bricks, but he pretends that someone accidentally turned the lights off.
Or that they couldn't afford the electricity
Well, if you get punched so hard that your lights go out....
2024 and still relevant
Rates are raised when there is a higher chance of non-payment by the borrower. You obviously would charge someone higher rates if you thought they might miss payments. This is perfectly normal and not controversial at all, especially in the current financial climate. This is actually a good thing, it encourages savings instead of borrowing and spending, something we don't need anymore of (spending and debt).
His ringtone is hilarious.
Ouch! An honest explanation of the current banking system! lol
*These dudes need a TV show
They have one. It's called clarke and dawe and you just watched an episode haha. airs on the ABC.
phone joke = price agreements between banks
@PositiveMoneyUK is the fractional reserve system used in the middle east too
Watching it in 2022. Debt? What debt?
brilliant
Even if it did, its only a paper IOU that can be exchanged for gold that isnt there...
And then Cypress happened.
1 year later.
This is funny but true.
@0MoTheG any loan, personal or business have an option to only pay the interest and none of the principle. Doesn't matter if you die and have only been paying the interest, the bank just sells the asset you borrowed on/for to recoup any money owing to it.
haha oliver gopoly
"People owe too mu-😂 people owe too much money, i've gotta write that down"
Fietce , !!!
It is true: governments and firms only have to service but not necessarily pay back. only private people have to pay back because they die.
@alfiehop But only if the asset hasn't lost value or the loss has been compensated by inflation. This might be the case for a house in a good neighborhood, with a timeless design, that has been renovated and build well. But is never the case for cars, machines or the common cheap, US, wood house.
More Govt funding needed!!! Poor Banks need help!!
There's fierce competition all right. It's a pity they never specify what type of competition. The competition they refer to is that of which banking corporation will make the most profit (irrespective of how it's made). Anyone naive enough to associate any mention of "competition" in these types of discussions as that of competing for customers and servicing customers, should wake up to themselves.
Hold on, I've just got a call from the other three. What? Yes, I'm explaining that now. Of course! I'll see you this evening.
So where were we? Oh yes, of course these private banks are independent.
how much money do you have again?
Lol.
Higher interest rates are good. Money in the bank used to grow.
We don't tell 'em what to want , we just lend em the money to do it
looool
@shindude5 I can't tell if you're joking or not lol
This is a documentary on westpac, surely...
Brian: 'Which bank are you with again'
John :'That's correct'
Commonwealth Bank
And Australia has the lowest debt of any industrialized countries in the world...
That might be true of public debt - even post the 2020-21 pandemic - but private debt funding house prices and excessive consumption is many, many times higher and that is what will, ultimately, cripple Australia.
derp
I can't tell if this is a joke or for realz....
@GalacticX
You need to Service the Debt , or you don't have a Loan at all ,, !!!
This dudes need a TV show
This comes straight from a TV show.
@0MoTheG Most likely a bunch of disgruntled assassins about to murder him.
if ur smart ud take ur money out of the bank.
I bet u right as of right now the bank that ur with does NOT haveb ur cash in their vaults.
u figure the rest....
😂.... hmmmm.. people owes too much and lost the means to live.. hmmmm..