Ratings downgrade may push up funding costs a tad. Might get a other rate rise next month. Maybe that's why anz raised rates first, they had already been downgraded to AA- before the other three.
So they raise rates again, house prices keep sliding, they get downgraded again, the cycle continues. Doesn't look like banks rule the world, it looks like they are at the mercy of the evaporation of fake wealth which they helped to create. It turns out banks may be stupid and greedy, even the Aussie banks have borrowed beyond their means. Greed rules the world. A
