Lindsay David may sound crazy comparing Australia’s banks to Lehman Brothers and Bernie Madoff.
But in his mind, it’s everyone else who is living in a “Disneyland” delusion by failing to spot a bank-led property bubble that shows no sign of deflating.
It’s “the sheer size of the loans relative to the incomes here” that troubles Mr David.
“No one in the Western world has ever done what we are doing.”
Mr David, who used the case studies and research projects from his time at the IMD business school in Switzerland to form the basis of a book, Australia: Boom to Bust
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