Comments by "John Woodrow" (@johnwoodrow8769) on "Economic impact of coronavirus to be ‘the worst since Second World War'" video.

I think the problem behind this behavior is permanent. Mass immigration has seen an end to the the concept of Australian's being 'easy going', looking after they mates etc, the qualities forged in the Great Depression and 2 world wars. Now we are just a representation of the 'global' population, and what you see is what should have been expected.
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On the part of the Chinese Government's management of the Wuhan Institute of Virology, absolutely. I'm not a great believer in conspiracy theories, but as I understand the facts, there is only one research center in China actively looking at corona viruses, and it is 10? kilometers away from the known initial source of the infection, the Wuhan wild meats market. China has a poor record on bio-security, and that extends to lab animals not being properly destroyed, but sold for money by corrupt employees. Is that less or more probable than of all the places in the world, this virus just happened to originate only a few kilometers away from a research facility into the virus, purely by chance. That probability is next to zero. And I'm not going to believe anything the corrupt WHO say.
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I went to Coles 'today' (which is now yesterday) and my local was stripped bare. Not even onions. Went around to the local suburban strip shops and there was no shortage of meat, fruit and vegetables, etc. Was talking to a staff member at Coles, the only reason for the shelves being bare is because they don't have enough staff to restock them fast enough. The 'shortages' in the major chains is TOTALLY created by the IDIOTS panic buying. I was pleased to see the Prime Minister this morning calling this behavior "un Australian". I would have liked to see him go even harder. I feel embarrassed to call myself an Australian at the moment.
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@time2kickarse Agreed. The hype of death and panic by the news reader on Channel 9 the other night, Peter Overtone (not something I knew, just looked his name up) was so bad I had to change the channel. I rarely watch free to air TV, used to regularly watch the ABC but no longer, its now just opinionated rubbish. Don't mind Sky. At lease they give a broad range of voices a decent go, even Pauline, and their main prime-time presenters are upfront and don't try to pretend they are 'balanced' like the ABC.
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As at least one idiot has stated in this thread that the banks are going to take away depositors money. The last thing we need is a stupid run on the banks similar to the stupid food run. So for this reason it is important the factual information is known. Any deposit in an Australian owned financial institution or registered overseas foreign subsidiary up to a value of $250,000 is full guaranteed by the Federal Government. There is ZERO risk if your money is in any of the institutions listed on this link https://www.apra.gov.au/financial-claims-scheme-0 If your money is deposited in a major credit union or one of the 4 major banks don't even waste your time looking.
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And just to highlight how stupid these people are, yes my major stores are stripped bare, but if you go round to the smaller stores and privately owned butchers, fruit shops etc, there is PLENTY of everything. I don't think they are capable of thinking of others, because they can't even think for themselves.
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What utter rubbish. Yes, the banks may end up holding a MASSIVE amount of dad debt as businesses fail, unemployed can't repay their massive credit card balances, and house prices crash due to unemployed people being forced to sell up for less than what they paid. But there is ZERO chance the government would allow any of the 4 major banks to fail. ZERO chance. Deposits are 100% safe. It's the shareholders (which includes anyone with a fund based superannuation) that will cop it in the neck. Irresponsible to spread crap and try to start a run on the banks, you think that's funny or something?
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@bretloyd8097 Besides a few interspersed insults, would you mind restating what you wrote so that someone else can actually understand it.
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Ronove Total nonsense. The law that was passed allows the GOVERNMENT to consolidate account balances that have been inactive for more than 3 years. Regardless, this money can be reclaimed from ASIC if the person who owns the account comes forward. You guys need to stop reading conspiracy forums. I'll say it again. Money in an active account in an Australian financial institution is 100% safe, and balances up to $250,000 are guaranteed by the Federal Government.
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Ronove My mistake, the time period before banks are required to pass inactive accounts to ASIC is SEVEN years. If the genuine owner of the account forward to reclaim the money from ASIC it will be refunded plus interest.
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Ronove The link you provided is typical of EVERY website I could Google up looking for "bail in Australia". All are what I would describe as fringe conspiracy websites. I could not find a single what I consider solid reputable financial website discussing this issue. I'm an accountant by profession. Find me just one recognized and reputable financial website outlining what you say. If what you say is correct, mainstream financial websites would be all over the issue. If I watch TV it's only business and political type shows, and I watch a fair amount. I've never even heard of what you claim.
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@bretloyd8097 Thanks for the name of the legislation. I would draw your attention to the following in the Bill that went before Parliament ......"Application to deposits : The current legal framework for conversion and write-off does NOT (my emphasis) apply to deposit accounts nor does the Bill allow APRA to write-off deposits or convert them to equity." https://www.aph.gov.au/Parliamentary_Business/Bills_Legislation/bd/bd1718a/18bd080#_Toc506385833 That clears that up, deposits are 100% safe, and reinforces the importance of taking zero notice of fringe conspiracy websites.
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Ronove An explanation of the legislation by a respectable media organisation ..... https://www.afr.com/companies/financial-services/regulators-reject-fringe-fears-on-apra-crisis-powers-20180210-h0vvye Anyone who has done the most basic unit of Law at a tertiary level will be aware what utter nonsense this concern is "The CEC had pointed to section 11CAA of the bill, which says conversion relates to "Additional Tier 1" and "Tier 2" capital, "or any other instrument". The CEC argued this reference to "any other instrument" could be read to include deposits." Whoever raised this concern has no basic understanding how to interpret legislation. The 'Class Rule' is taught to first year university business/law students, and dictates that "or any other instrument" be interpreted in the context of the specific statements preceding it. That is it means Tier 1 and Tier 2 capital, and 'other instruments' of the nature of Tier 1 or Tier 2 capital. If legislation says "dog, cats, budgerigars, and other animals" it doesn't mean cows and horses. The class rule dictates that 'other animals' be interpreted in the nature of domestic pets (because of the preceding specifics). I'm not going to give a company accounting/law lecture, but please trust me a customers deposit is most certainly NOT a banks 'capital' of any type. It's a 'liability' if you so happen to be fascinated by 101 level book keeping.
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Ronove Tusk, tusk...... your were completely wrong. The reason I'd never heard of what your were claiming, is because it never existed, you fool. Simple as that. I appreciate making a fool of yourself by being shown up spreading FAKE NEWS must be highly embarrassing, so hence your resort to insults. Honestly, being shown to be so wrong I was expecting you to at least have the common sense to crawl back in your hole and say no more. Seems I even overestimated you on that low level.
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Ronove I generally pride myself on not stooping to the crass level of discourse on social media upon which you seem to thrive. But in this case I'll make an exception, because the shit you posted up falsely claiming peoples money in banks wasn't safe needs to be 'called out' ...... People like you who take advantage of this real crisis, when calm and accurate information is required, to push their false wacko conspiracy theories are total lowlife. The Prime Minister yesterday described spreading fake news at this time as "Un Australian". I think he could have been much firmer. He should have said people like you, who use this difficult time to spread alarmist FAKE NEWS for some weird political agenda are total F'wits. Go for it you dead shit, give us another example of your lack of intelligence. I'll not give your next expected version of vile the courtesy of even reading it, let alone a further response.
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