Bill GreenOUR BANKS MUST BE UNSTABLE
October 6th 2008 02:12
Why can't our banks help kick start the economy by passing on the Reserve Banks cut in interest rates tomorrow?
The first reason may be that the private banking system is so unstable that they need the money coming in. This is the Kevin Rudd/Wayne Swann line, and it makes me feel very uncomfortable, for the Reserve Bank is cutting the interest rate to keep money flowing. However the banks appear to be closing down business in a big way which is not exactly the spirit being foisted on us by the Reserve.
The second reason is that they're slow on the uptake and are still looking after their investors money, not heeding the needs of the nation's economy.
Meanwhile Rudd is telling us to heed the regulators advice, as his government is doing, not understanding that they are the men who have us attached to the US economy and its antics.
The first reason may be that the private banking system is so unstable that they need the money coming in. This is the Kevin Rudd/Wayne Swann line, and it makes me feel very uncomfortable, for the Reserve Bank is cutting the interest rate to keep money flowing. However the banks appear to be closing down business in a big way which is not exactly the spirit being foisted on us by the Reserve.
The second reason is that they're slow on the uptake and are still looking after their investors money, not heeding the needs of the nation's economy.
Meanwhile Rudd is telling us to heed the regulators advice, as his government is doing, not understanding that they are the men who have us attached to the US economy and its antics.
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