THE DISTILLERY: Freewheeling financials

Jotters are nervous about Australia's surging bank stocks, with one likening their position to miners at the peak of the boom.

After a week in which two of Australia's big four financials delivered bumper profits, and soaring stock prices got analysts talking about a bubble in the sector, our commentariat still has banking on the brain. Some scribes spent the weekend worrying financial stocks could come tumbling down, while others think the institutions' big profits may become a political problem. Elsewhere, there are concerns about a potential Asian economic crash, and worries Sam Walsh won't have an easy time turning around Rio Tinto.

First up, at Fairfax, Malcolm Maiden says the question is not so much whether banking stocks are wildly overvalued, but whether they can continue to rise aggressively. He thinks the government might get in the way.

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