xjo weekend zoomba lounge, page-124

An interesting perspective on the importance of banks by an economist. CNBC interview

http://video.cnbc.com/gallery/?video=3000095057&play=1

In a subsequent CNBC interview another analyst suggested that bank debt should now be viewed as subordinated government debt. That is a long way from the idea of letting the market sort things out and not bailing out failures. And to think that our governments (both Liberal and Labor) have let our banks borrow huge sums from overseas to fund a ponzi housing finance game at the ultimate expense of the Australian taxpayer.

loki