How can we beat the banks and their greedy interest rate hikes?

Banks make massive profits and dream up justification for more and more interest rate rises to make their greedy shareholders and CEO's happy.


Everyone says there is nothing we can do about it.





Why don't we all black one bank say the cba and withdraw our money and switch our mortgages to another bank. If we could organise ourselves we could bring the greedy buggers down unless they offered fair interest rates. The shareholders (probably you lot) would have to take a hit for the good of first time home buyers.





How do we get organised?|||Because people are self-interested. Assume you get 3 million people to join up and start pulling their assets out of a bank. As this starts happening, the bank isn't going to just sit there idly. Instead they're going to start offering short-term incentives to get people to move assets to their bank like new account signing bonuses or 1 year low rates, etc. and either some of your 3 million or some of the other members of the population are going to take them up on it.



Once they're back to target numbers, its business as usual.



Money speaks louder than principles for most people.|||It isn't just the banks that cause this problem, it's also the gov't and their endless amount of bureaucracy.


For example, in theory a person living on an acreage property could accommodate a number of people living in a tent, caravan or simple shack.


If these people have an average income, combined they could save up enough money to buy another property/house, probably in a year or so, completely bypassing the need for banks.


Then start saving for the next one, and so on, until each one of them has their own home.


Gov't bureaucracy, red tape, the gazillion rules and regulations hinders that.


Gov't protect the rich. They make the rich richer and consequently, the poor poorer, because that money has to come from somewhere.