Down the rabbit hole she goes, page-12

Fair comment. Actually own quite a lot of these and unwilling to take a very big loss, so am psyching myself up for further large losses. I have grossly under estimated the difficulties the banks from the economy and politicians. This is the worst bank outlook I have seen in 30 years, and that includes the bad debt cycles. The reason? This time the bad times look to be very extended and political interference is likely to cripple bank returns. For example, the head of The Productivity Commission was quoted last week as saying bank margins are high enough to indicate that there is not genuine competition. This statement is wrong I believe (look at how far margins have declined over the past 20 years), but it reflects the one way negative barrage currently directed at the banking industry.