Mr Howard said the proportion of risky loans which have preceded...

Mr Howard said the proportion of risky loans which have preceded the financial meltdown in the US was much smaller in Australia than America.
"Clearly a correction is taking place in world financial markets and that has been inspired by developments in the sub-prime market," he said.
"If you compare like with like, the number of loans in Australia which are the equivalent of the sub-prime market is about one per cent against some 15 per cent in the United States.
"Some of the commentary mistakenly likens the low-document loans of some of the financial intermediaries to the sub-prime loans of the United States (but) the sub-prime loans in the United States are far more risky and adventurous and they have caused very considerable difficulties."

Trader dream, wait for the rebounce. Let's hope the dow increases tonight, or at least holds. That's one way to stop the panic. The AUD gvt have spelled out that we are not impacted by the sub prime mortgages, yet we have to follow suit to the US. When will we learn.