There's a perception that a generation of New Zealand homebuyers are greedy, acquisitive and are locking young Kiwis out of the property market. Why buy another house when you already have one?

Some economists have urged New Zealanders to put any savings into the share market so that local businesses can grow, but if you look back at this country's economic history; you can perhaps understand why older New Zealanders want their money to be as safe as houses.

We've had the Bank of New Zealand teeter on the precipice twice.

The first episode occurred in the late 80s and early 90s, after a rural land boom based on credit in the 1870s. The second time the Bank of New Zealand needed bailing out occurred in the late 1980s as a result of another credit driven asset price boom and bust cycle, following financial deregulation.

That was when the real damage was done in the 80s. Specifically, the ‘87 stock market crash that affected all share markets around the world, but none more so than New Zealand's.

Most of the share markets around the world recovered quite quickly, but by the end of February ‘88, New Zealand's market had fallen almost 60 percent from its peak. And on a capital index basis, without factoring in dividends, the local Stock Exchange has never ever gone past the ‘87 peak.

The economy went into recession in 1988 and a generation of investors, the baby boomers, turned away from capital markets and put their savings into property and property focused finance companies.

Then the finance companies went belly up. And in recent years, interest rates have been minimal. Great news for mortgage holders, not so good for people with money on term deposit.

So little wonder so many Kiwis put any spare cash they had into houses and perhaps a reason - this is a long way of getting to the point of the Commerce Commission’s investigation - perhaps a reason not to beat up on our banks.

Yes, they make huge profits. No, we don't like our mortgages doubling and swallowing a good proportion of our income. But as New Zealand Banking Association CEO Roger Beaumont says, it's in everyone's best interests for banks to be successful.

The Government announced a Commerce Commission market study into the banks yesterday and there's been no real reason why, other than we don't like high mortgage rates.

And really, historically, they're not that high. It's just that they have been historically low in recent years and now they're not. Both Labour and National and the Greens, of course see some political capital in lining up to bash the banks, pointing to the profits, pointing to the high cost of living and saying it's not fair that so many New Zealanders are doing it tough.

Seeing their mortgages double while the banks are making huge profits. So, no real reason given.

There are 16 retail banks, there is competition. You can swap between them. We're in recession and the price of money is more expensive than it used to be, so you can see how it happens.

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