This is light years away whats happening in other banking systems around the world. It is night and day.
This is the RBA of Australia discussing our current financial plight.
Lets accept that the banks are better safeguarded than the USA (although they may be hit very hard if housing also starts to topple).
By why wont the RBA discuss what is happening to the ever-increasing array of non-bank institutions (the so-called non-banks like Macquarie and Babcock and Brown)? They are now heavily exposed to very high funding costs, the failing value of asset-backed securities held by them, rising bad debts and slower credit growth (as are many of the banks). I know it is APRAs role to say something on that front but, either way, I would love to hear more. After all, the non-banks are also heavily indebted to the banks.