ANCYL slates SA's banks

blunomore

blunomore

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http://www.fin24.com/Business/ANCYL-slates-SAs-banks-20101118

Johannesburg - The financial sector was not helping the country's black majority, ANC Youth League (ANCYL) spokesperson Floyd Shivambu said on Thursday.

He was addressing a conference of the Association for Black Securities and Investment Professionals (ABSIP) in Sandton.

"Banks are creating an indebted middle class," Shivambu said, adding that while members of this group were driving luxury vehicles, they owed a lot of money to the banks.

"They own nothing but they owe."

Shivambu criticised SA's banks for not funding developmental research or industrial development.

He said that the Industrial Development Corporation (IDC), Land Bank and Development Bank of SA were "useless".

However, this uselessness must not necessarily be blamed on the state.

"Lazy thinkers always attribute inefficiency to state ownership," Shivambu said.

Shivambu said the ANCYL advocated the creation of a state bank.

"All public accounts would be shifted to the state bank and the IDC would be linked to it as well."

Shivambu said the state bank would then invest heavily in new incentives that would beneficiate and industrialise SA's resources.

"The bank must also finance import substitution - our cellphones, fridges, TVs - how many of them are manufactured here? We need to look into this."
 
blunomore said:
"Banks are creating an indebted middle class," Shivambu said, adding that while members of this group were driving luxury vehicles, they owed a lot of money to the banks."
Click to expand...

I see ...

I wonder how this is the fault of the banks ? Poor guys driving luxury vehicles ...
 
blunomore said:
http://www.fin24.com/Business/ANCYL-slates-SAs-banks-20101118

Johannesburg - The financial sector was not helping the country's black majority, ANC Youth League (ANCYL) spokesperson Floyd Shivambu said on Thursday.

He was addressing a conference of the Association for Black Securities and Investment Professionals (ABSIP) in Sandton.

"Banks are creating an indebted middle class," Shivambu said, adding that while members of this group were driving luxury vehicles, they owed a lot of money to the banks.

"They own nothing but they owe."

Shivambu criticised SA's banks for not funding developmental research or industrial development.

He said that the Industrial Development Corporation (IDC), Land Bank and Development Bank of SA were "useless".

However, this uselessness must not necessarily be blamed on the state.

"Lazy thinkers always attribute inefficiency to state ownership," Shivambu said.

Shivambu said the ANCYL advocated the creation of a state bank.

"All public accounts would be shifted to the state bank and the IDC would be linked to it as well."

Shivambu said the state bank would then invest heavily in new incentives that would beneficiate and industrialise SA's resources.

"The bank must also finance import substitution - our cellphones, fridges, TVs - how many of them are manufactured here? We need to look into this."
Click to expand...

why didn't they save the money in the first place and then buy? banks don't force to take credit from them.
 
Jola said:
I see ...

I wonder how this is the fault of the banks ? Poor guys driving luxury vehicles ...
Click to expand...

The all-consuming materialism of the shallow bunch.

In his book, Moeletsi Mbeki mentions this as a kind of ironic burden - that the new political elite end up imitating the lifestyle of the "colonisers/former enemies" they so despised.
 
Wait.. a state bank?

Lets see how many of the departments would happily transfer their millions into a bank that they KNOW will fail through total mismanagement.
 
Blame it on the banks... it's like blaming the sweets shop for my cavities.

RBD

*Sent from my HTC Dream using MyBroadband Android App
 
Guys driving luxury vehicles and owing the bank a lot of money only have themselves to blame :rolleyes:

Get a cheaper car, cut out debt and live better.
 
"The bank must also finance import substitution - our cellphones, fridges, TVs - how many of them are manufactured here? We need to look into this."
Click to expand...
Idiot! With our unproductive expensive always on strike work force those electronics would cost an arm & a leg... and the workers would strike they can't afford and the cycle would continue.
 
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Whahahahahaha...retards. Another priceless gem, they probably know as much about banking as they do about the Duzi.
 
These days it's extra hard to get indebted...the banks are very strict with lending. I stopped depositing my salary with ABSA for one month and they reduced my credit card limit to a third of what it was without even telling me.
 
All public accounts would be shifted to the state bank and the IDC would be linked to it as well.
Click to expand...

Ahahahaha. Very funny ANCYL, very funny indeed. Had me going there for a moment. Might as well douse my savings with petrol and set it alight. Same end result either way.

The bank must also finance import substitution - our cellphones, fridges, TVs - how many of them are manufactured here? We need to look into this.
Click to expand...

Uh huh. One little problem with that. There is no way in hell we could ever compete with China. COSATU saw to that pretty effectively. Have a word with them if you want SA to be more competitive on the global market.
 
With such tripe its no wonder Africa is in the state it's in ..
 
Jola said:
I see ...

I wonder how this is the fault of the banks ? Poor guys driving luxury vehicles ...
Click to expand...

They make it available in the first place. Make credit easily available and people will go bonkers.

blunomore said:
The all-consuming materialism of the shallow bunch.

In his book, Moeletsi Mbeki mentions this as a kind of ironic burden - that the new political elite end up imitating the lifestyle of the "colonisers/former enemies" they so despised.
Click to expand...

lol @ "imitate". Talk of doublespeak .

They're exactly the same. .
 
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Maybe the ANCYL must set up their own bank, and see if any person will be willing to invest with them. They may just be surprised. Why are they always so clever ? What have they done to uplift the living standard of poor people over the last 16 years ? It is not strange that most people treat the ANCYL with no seriousness. Get some financial management and economic insight, and then make some real progressive statements. LOL for the time it will take to achieve this .
 
Lol, I can see it now. ANCYL Bank and the only people who will deposit money are those that support ANCYL in the first place, generally because they are uneducated and therefore poor. Then the bank goes the same way everything else state run goes and those guys lose out...
(as opposed to losing out on massive banking charges at the big 4)
 
a state bank makes much more sense.
it provides employment for all the cronies, a direct stream of cash, obviously is exempt from AG reports and is accountable to itself.
hang, while you're about it, may as well move the state mint in there as well.
 
Alan said:
They make it available in the first place. Make credit easily available and people will go bonkers.
Click to expand...

And that's the fault of the banks ? Sounds more like a lack of education ! Mainly by the parents, and the schools - I thought that LO was compulsory !

Must be Apartheid's fault !
 
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