What? Then how come there was a resistance by major banks to lend in late 2008 even though a massive releveraging of banks and fall in the cost of capital of their main funding source (RBA money creation)?

“Credit Crunch Forrest find out what a credit crunch is before betraying your idiocy yet again.”

You even fuck up these smart alecky insults.

Northern rock is a good example. They thought they would always get funding from the wholesale markets.

They found out in THE credit crunch they couldn’t get any funding.

We hard-hearted small-government guys are often damned as selfish types who care nothing for the general welfare. But, as the Greek protests make plain, nothing makes an individual more selfish than the socially equitable communitarianism of big government: Once a chap’s enjoying the fruits of government health care, government-paid vacation, government-funded early retirement, and all the rest, he couldn’t give a hoot about the general societal interest; he’s got his, and to hell with everyone else. People’s sense of entitlement endures long after the entitlement has ceased to make sense.

Tony Abbott should come out for a minimum 10% cut in all public sector salaries. It’s the just and Christian thing to do.

It confirms a credit crunch you dope.

You really are too freaking dense to be on this site.

Go away.

Umm okay Homes, you may be right with this one. I’d like to see how confident you are and suggest you propose a bet that Wetptach and ANZ weren’t recapped in the early 90′s.

The RBA never lent support to any major Bank.
no bank ever found it hard to get capital from the markets either.

find out what a credit crunch was.Do not invent things that never happened.

You are such a moron. The banking system here was on its knees with two of the major banks on RBA support and the entire state banking system having gone bust.

But no, there was no credit crunch. You have no freaking right to ever call yourself an economist, you imposter.

You went to the same economics school and Jacques Clouseau. Go away.

It is quite obvious I am talking about SupermAc’s 1994 speech where I am perfectly correct the major reason why we had a very high income per capita was a low population hence the Kuwait of the 1890s quip.

Err the early 1950 and 1960s isn’t the 1890s.Cl caught out AGAIN not even understanding the topic.
you are hereby awarded a honorary Credit Crunch Forrest award

Another 5 years of Labor ought to see the UK go door knocking at the IMF, getting in line with all the other 3rd world countries and labor ends up holding 5 seats in the election after.