My last post, Are Australia’s banks about to collapse?, took Steve Keen to task for a presentation on the dire outlook for Australia’s property market and its banks. However, a commenter has pointed out that it was not Steve’s presentation! Moreover, the final slide of the presentation, which is in very poor taste, appears to have been added by Business Insider.
How did I get that wrong? By following one link too few. Here is a quote from the Business Insider article where I found the presentation:
Following the link to Mish’s Global Economic Analysis gets a bit closer to the truth (“on his blog” not “by him”):
Australian economist Steve Keen addresses that question and more in a presentation on his blog How to Profit From the Coming Aussie Property Crash (and Banking Crisis)
At that point I made the mistake of not following the final link to Steve’s blog and instead read the presentation. Slide 3 was a familiar one I had seen in various forms and by then the notion that Steve had written the presentation was firmly implanted. The style should have given me pause for thought as it is extraordinarily hyperbolic.
If I had followed the final link, as indeed I should have done, I would have found a post entitled “Excellent presentation on Scribd on Australian housing” the following on Steve’s blog:
This presentation was noted by a blog member today. Take particular note of slides 21-20 which compare the balance sheets of US and UK banks to that of one Australian bank, the Commonwealth.
In any event, while Steve may think it is an excellent presentation and I clearly do not, he did not write it and hence this a mea culpa. I apologise for following others in incorrectly attributing this presentation to Steve and I have edited the original post. I will also be endeavouring to click that last link in future!