Quote:
Originally Posted by cventer
Our strong financial institutions are a big reason our country avoided the GFC and financial melt downs occurring all over the world.
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More to do with good luck than good management; our banks would have behaved just as badly as the rest had they not been constrained by different regulations. They may yet fall in a heap via heavy exposure to several years of falling real estate prices combined with rising unemployment.
While people are distracted by interest rate movements, the great crime committed by banks (in cahoots with politicians) was the propagation of the housing bubble fooling Australians into taking on far greater levels of debt than they should have.