One quietly wonders how many of our banks are technically insolvent.
As one of the earlier poster noted, the sub prime fiasco is only the tip of the iceberg. As more of these toxic debts become due, are our banks heading to insolvency, or are they being kept afloat only by creative accounting?
US and Europe are heading towards nationalization and I am sure our banks are no better.
I have been reading the Banking Act and it seems to me APRA should be very very busy right now.
Not a time to be buying banks. BUT a great time IMHO to start a bank.
