our wonderful wonderful banks

I am pinching myself to confirm that this is reality and not a dream. I can't believe it, our banks are not exposed to the US subprime debacle. Banks all over the globe have been BURNED. UBS is melting like Swiss cheese, Citigroup, is no big group anymore (with Citi employees desperate for jobs in our LUCKY COUNTRY). The Germans (who are usually financially conservative after the hyperinflation debacle in the 1920's) have also been burned - look at Deutsche and Dresdner.
Barclays has halved in price. Only the old patriachs of Wall Street - the reverend JP Morgan and that fox, Goldman, have exercised prudent financial acumen and are not exposed.
However, our banks (albeit making some provisions for minor bad debts) HAVE NO SUBPRIME EXPOSURE. I can't believe it.

Our economy is still booming thanks to Chindia and Russia/Brazil, and strong domestic demand. Our house prices are not coming off. It all looks good. I am very optimistic.

I have a soft spot for the banks. Which bank.... ofcouse, the Commonwealth bank.

Please do your own research, I have been wrong more times than right.