US mortgage crisis unlikely to do damage here:
AS AUSTRALIA'S sharemarket plunged for a record 10th consecutive day, writing billions of dollars off share values, Reserve Bank governor Glenn Stevens told Australians the US mortgage crisis was unlikely to do significant economic damage here.
The next shoe to drop for the financials, and the larger credit crisis, will be the market's acceptance that mortgage related write-downs are nowhere near complete or close to where they are going, where presently in extreme bubble locales like California, much of the market has been halved, at a minimum.