Friend of the missus over today, her husband works for ING,...

Friend of the missus over today, her husband works for ING, whole section is being made redundant where he works. If you're not writing as many loans and the margins are about to get the life squeezed out of them, then there is no choice.

The way I see it, this is the gfc deferred. Our government props up the economy and property market in 2008 09. We borrow too much money. Banks have to go offshore to get it. Can only sell short term maturity bonds to raise the hundreds of billions. 2012 2013 they have to refinance this. It costs more than the interest rate borrowers pay. Avocado dip hits the fan. People lose jobs, gfc hits us anyway, property market not saved and we have all blown a lot of tax on cretin grants to buy non productive existing homes, that will now evaporate and just leave us with greater govt debt.

K Rudd the savior? Wayne treasurer of the year? That award may look like a joke in 12 months.