Yes - very good, saw something recently that 90% of all lending...

Yes - very good, saw something recently that 90% of all lending since 2008 was for property.

Also the risk weighting on a home loans has now fallen to just 15%. In other words the banks now assume and regulation allow for only a 15% loss on home loans is all that is expected in a downturn.

In 2008 it was 50% so whilst the tier one capital rating of our major banks appears to be rising in fact they are only counting 15% of homeloan balance in that calculation in stead of 50% in 2008.

So all in all whilst the majors look like their leveraging capital by about 10 times they are in fact leveraged those deposits over 20 times.

Guess where I think the next debt disaster is likelyt to occur?