its hard to see the Aust market having any significantly rally until we accept that the banks are going to take some significant losses ( ie via bad debts ) and this is just part of the cycle and they will survive and move forward. the americans have accepted their lot that their financial system is hanging on by a thread and they believe it will survive.
i must admit i was a bit puzzled by BHP response re pulling out of RIO takeover yesterday. Three months ago BHP were saying the commodity boom was completely untouched and would go on for decades. One month ago they were saying its just a blimp and long term things still haven't changed. Now they are all but saying it could be over. Is it just bluff to get out of the takeover or have things changed that quick.
Its a bit like our government saying its economic responsible to have large surplus, then spend the surplus, now go into temporary deficit, what next ?
its hard to see the Aust market having any significantly rally...
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