No, I bet John Key did not want the high interest rates charged by the banks investigated. He is a banker after all. With his former friends from Wall street robbing the Americans blind he’ll help them do the same here, robbing is in his blood. He was after all one of the “advisors” (choosen ones) of the same Federal Reserve now plundering what’s left of the US economy.
For him to say that the reserve bank has to come with solutions is like one gangster saying to another, “He stop murdering”.
The Government has asked the Reserve Bank to come up with ways to pressure banks into cutting floating mortgage rates.
Prime Minister John Key said yesterday that he was “trapped in an arm wrestle” between the trading banks, which denied they were padding their margins, and the Reserve Bank, which believed floating mortgage rates should be lower.
The Reserve Bank’s latest cut in the official cash rate (OCR) did not result in any change to floating mortgage rates among the major banks.
In a report out yesterday, the Reserve Bank said the margin between what banks were paying for their money and their lending rate for floating mortgages had reached “historic highs”.