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We need banks, but we also need proper government regulation to protect us from corporate greed. Unfortunately we have dumb politicians who don't realise that recessions are a healthy part of the business cycle and they have worked with the banks to blow asset bubbles, turning many Australians into debt slaves.
When the sh__ hits the fan (next financial crisis), the banks should be nationalised with shareholders and bondholders losing their money but depositors protected. Instead taxpayers money will be used to bail out the banks rewarding their bad behaviour.
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