The AFR operates in a permanent state of cognitive dissonance. On the one hand it is supposed be all for “markets”. On the other it is the number defender of private vested interests in the country. This is no more clear than in its panicked propaganda campaign in recent weeks supporting Australian bank exceptionalism during the GFC. The latest from James Eyres offering the four reasons why the banks prospered post 2008 is a ripper:
One is the constant, open discussion with regulators and the government.
A second is the strong natural stabiliser built into the Australian economy in the form of the Australian dollar.
