goodbye young aussie home ownership, page-252

"Unlike the US our banking system was not on the verge of collapse and all mortgagee sales were managed by the banks"

ROFL

The GFC was the first time in my life I have ever seen bank deposits being guaranteed by the govt. in Australia.

You know when the govt. has to come in and reassure depositors that their money is safe, you know its not safe and they are trying to stop a run on banks.

The main difference between our banking system and the US is a structural one.
We have the equivalent to a banking mafia here, couple that with people that love to hold onto property and put money into it, and the end result is GFC survival.

The US has thousands of banks, and many of them are still failing, but at least they have competitive interest rate pricing.


http://www.fdic.gov/bank/individual/failed/banklist.html

http://en.wikipedia.org/wiki/List_of_bank_failures_in_the_United_States_(2008%E2%80%93present)