nab impact, page-6

I think it may have more of an effect than what people think....although I hope not.

What this does how is that there are significant writedowns to come and that many financial institutions are kidding themselves by only limiting the level of writedowns each period.

For a bank (even though it is in far away Australia), to bascially say "we think the US is in a heap and that we have no confidence in their AAA rated security and so we will write the whole lot off" will get people wondering just how diabolical is the US financial situation? Interesting to see what transpires tonight. More fear and panic? I hope not, but am not totally discounting it.