But an apology also needs to come from the banks who themselves claimed things were different here. And that Australia’s banks didn’t have the same solvency problems as US and European banks.
Politicians said they were happy with their Australian big four banks -
BUT two years after the global financial markets collapsed, a secret bailout of two of Australia’s biggest banks has been revealed."
WHY WERENT YOU TOLD _ This is pretty big news. Or rather, you’d think it would be pretty big news. But as you can imagine there’s almost uniform silence from the banks and the mainstream press.
Shortly after we sent you yesterday’s Money Morning we decided to do a bit of fishing around on the US Federal Reserve website. You see, earlier that morning the Fed had released some pretty hot material, and we wanted to see what it contained.
What we found shocked us. Although it really shouldn’t have, because we knew the claims about the Australian banking system being strong and robust were complete lies anyway.
In fact, so shocking is this revelation that we considered sending you a Money Morning special edition yesterday afternoon. But we didn’t. We’re fed up of giving the mainstream scoops which they then claim as their own.
Instead we thought we’d wait to see if the Australian mainstream press picked up the story first."
This is the Secret Bailout of the National Australia Bank (NAB) and WESTPAC by the Federal Reserve Bank of the United States of America:
You will realise that during the reassessing we didn't have, RUDD and Gillard told us we had pulled out of the recession -
Westpac and NAB applied to the Federal Reserve Bank of the United States of America for billions of dollars of bailout funds at 0.6% interest and all while they were telling the Australian people that the Australian Financial Market's were stable.