Recessionberg, Scummo endorse criminal banking

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The lead into Hayne pain has begun in earnest with the corrupt Coalition preparing the ground to do nothing, via the AFR:

Mr Frydenberg said the principal focus of the government’s response would be to protect consumers and restore their faith in the sector but ensuring a free flow of credit to households and businesses would be a close second.

“If they become afraid to lend simply because the consequences of making a loan that goes bad, our economy will suffer,” he said.

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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.