Thursday, 23 April 2009

Give Wayne his due

Wayne Swan has been as wrong as the rest of them when it comes to issuing an optimistic forecast or two but at least he was twigged to the extent of this banking liquidity problem. While his political opponents have hopped into the bank bashing with alacrity, Australia's Treasurer has grasped the seriousness of the bank funding problem and has curbed the language of his criticism of bankers for not passing on all of the cuts in official interest rates. Every dollar they can squirrel away now reduces the size of the problem to come when the competition to raise that $25.6 trillion short fall gets under way.

Post a Comment