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Well we couldn’t find any Westpac bankers to high-five yesterday. It seems they were keeping their head down to avoid the flak.

Which is a shame because they should be holding their heads high for an ingenious move.

Sure, it may not pay off quite as they planned due to the ’scabs’ at National Australia Bank flinching and only raising interest rates by 0.25%.

But it’s the NAB bankers that will find themselves outcasts at the next Banking soiree. While the Westpac bankers will be welcomed to a rapturous and sympathetic ovation: “You tried your best boys and girls.”

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Well the market is taking another pounding this morning.

Before we know it we’ll be down 10% from the recent peak.

Of course it’s not the first time the market has fallen by 10% in recent months. You only have to go back to June/July this year for the last time.

The ‘buy and holders’ will tell you this is just a shake-out the market had to have. Just like the shake-out this time last year that resulted in a 50% drop.

The fact that these so-called financial professionals keep getting away with the buy and hold brainwashing is amazing. As I’ve written this year, even when the market has been rising, this is a super high risk market.

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This morning we did our usual scan around the interweb looking for things to write about in today’s Money Morning.

We usually look all over the place for inspiration. Local websites, overseas websites, blogs, mainstream stuff, non mainstream stuff – you name it, we’re not fussy where we look.

But today we needn’t have looked any further than the News Ltd website.

It was there that we found the ’smoking gun’ behind the property bubble. It is perhaps the biggest expose of the year from the mainstream press.

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If you’ve got kids readers, you’ll know what the little… angels are like.

They ask for a donut – you say, “No.”

So they ask again. This time you say, “Only if you behave then.”

Of course, they agree, and you buy them a donut. Shortly after they’re as naughty as they were before.

So, what do you do? You can’t take the donut back because they’ve eaten it. So you tell them you’re not going to buy them one the next time they ask. But of course you crumble under the pressure. Anything to stop the shouting and screaming in the middle of the shopping mall.

Kids 2, Parents 0.

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