The author has been described by News Ltd as an "iconoclast", "Svengali", a pollie's "economist muse", and "pungently accurate". Fairfax says he is a "Renaissance man" and "one of Australia’s most respected analysts." Stephen Koukoulas concludes that he is "85% right", and "would make a great Opposition leader." Terry McCrann claims the author thinks "‘nuance’ is a trendy village in the south of France", but can be "scintillating" when he thinks "clearly". The ACTU reckons he’s "an enigma wrapped in a Bloomberg terminal, wrapped in some apparently well-honed abs."

Friday, July 23, 2010

CBA's Ralph Norris on NAB: "Now they're blaming everyone but themselves."

Big bank war breaks out. According to The Australian today:

"In a rare example of the big-bank oligopoly turning on one of its own, Mr Norris said it was "rubbish" for NAB to argue that CBA was hurting the economy by neglecting the business sector in its preference for less-risky home lending.

"I think the real issue is that we have a bank (NAB) that has performed poorly for many years and missed out on an opportunity when the mortgage market opened up," Mr Norris said in an exclusive interview with The Australian. "Now they're blaming everyone but themselves."