A Hop Through Australia's History |
|
|
|
|
1893 - The Crash Of The 1890's
Keen to keep on sitting pretty
Banks lend without security,
But while in London, Westgarth fails,
Aussie stocks take a dive in sales.
When Argentinian banks go bust,
All think Australia also must.
Wool falls, wheat falls, metals plunge,
Aussie banks can no more scunge.
A quarter billion pounds in red,
The Government tries raising bread.
The more it borrows, the more it owes,
So public projects have to close.
Unemployment becomes normal,
Housing mortgages informal,
Bank investors all turn vile,
First bank to flop is Mercantile.
Twelve more banks in ninety-three
Slam their doors in Melbourne's spree.
Having loaned out their funds slapdash
Some forty Credit Unions crash.
With bids to stem the panic hexed,
Eleven more banks plummet next.
With stocks and shares turned into pulp
All Australia can do is gulp.
The moral? If it's familiar cast
It's 'cause banks don't learn from the past,
And though some still play the great temptress,
You're better off with a good mattress.
|
![[RT pic]](/robert.jpg)