opes legal action, page-52

Even under my worst case scenario ANZ is still well capitalized with plenty of alternate sources of capital so talk of ANZ going under is silly, none of the big 4 will go under in any of our lifetimes, although we may see losses and major dividend cuts I am expecting a 1990- 92 scenario although more severe. Note the following charts on this early 90s period and how the earns and the ANZ share price fell together, this time is more severe with a probably sub $10 price a possibility, credit to GDP needs to fall to sustainable limits this will probably occur mid 2010, we are all in a world of pain till then