disgusting double standard for banks, page-6

Statements from the governor of the Reserve Bank, as reported by the Australian, April 15, 2008.

'In his speech, Mr Stevens warned banks not to take on too much risk on the basis that the central bank would bail them out if trouble were to strike.

'He said that central banks had always been regarded as the “lender of last resort” for the commercial banking system.'

Seems like Mr Steven's mob has become a lender of first resort.

A bail-out before being needed. What's going on here?

On another tangent, why do I get this recurring feeling that Glenn Stevens would rather be a celebrity banker than a celebrated one?

Larry