We have short memories, doesnt anyone remember the early...

We have short memories, doesnt anyone remember the early nineties when ANZ et al were circa $3. The Government will never allow the Australian banking systemt to fail and luckily they have the surplus to do back it up. I am sure that all the majors and a few of the minors have a sea of red ink over their vast debt portfolio, but just as happenned before, it is only a problem if they move to realise the underlying assets, something that they are too smart to do and will never have to given the support they will get from the fed. You can expect all of this to be behind closed doors as the last thing the banks or the govt want is to spook the people

That said, their profits will be badly hit so dont expect any good news soon re sp, but dont be manipulated by posts that only want the sp to go down so they can close out their shorts - the singlest biggest issue that has impacted global financial markets.