Ross Gittens: "They were doing fine - even before they put through their extra rate rises. They did it not to keep their profitability, but to fatten it."
Mark my words the share price for Westpac will go up!
Banks still could be part of the solution. However, I'm not holding my breath.
Now where am I going with this?
I've reached the point there is nothing more to gain by whinging about Westpac's pleonexia. In a few days, as they know, they will be off the front page. The public and media will tire of vitriolic condemnations and return to their well worn head-holes in the sand. See no evil, hear no evil, basic apathy one can wager on. I'm confident the revolution is not going to happen this year 09. Be assured that nothing will change soon, certainly not from the governments perspective, at any rate.
Now that I have gotten banks off my chest it is time to go where I should have gone to from the beginning. I firmly believe the most important challenge we will face in our lifetime concerns the environment and our duty to stop our wasteful consumption and save the earth from ruination. So from this point forward I will concentrate on the Copenhagen talks and the global discourse on environment.
P.S. Don't worry banks will still be on the radar screen.
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