In a somewhat rare event, two bankers -- one from the United States and one from Australia -- made an extraordinary amount of sense yesterday. This appears to be an isolated instance, unlikely to be repeated.

The Financial Review reported that NAB’s head of business banking, Joseph Healy, warned of excessive lending to the residential housing sector, at the expense of businesses. Healy stated that "a banking system which allocated capital away from the most productive areas of the economy -- business -- is ultimately bad for growth, bad for competition, bad for jobs, bad for business and in the end, bad for Australia."