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U.S. financial losses from the credit crisis may reach $3.6 trillion, suggesting the banking system is “effectively insolvent,” said New York University Professor Nouriel Roubini, who predicted last year’s economic crisis.
“I’ve found that credit losses could peak at a level of $3.6 trillion for U.S. institutions, half of them by banks and broker dealers,” Roubini said at a conference in Dubai today. “If that’s true, it means the U.S. banking system is effectively insolvent because it starts with a capital of $1.4 trillion. This is a systemic banking crisis.”
Losses and writedowns at financial companies worldwide have risen to more than $1 trillion since the U.S. subprime mortgage market collapsed in 2007, according to data compiled by Bloomberg.
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Last edited by ParkTwain; 01-20-2009 at 06:22 PM..
Watch out, though. He gets one "big" prediction correct, and he's automatically a guru to some. (Plenty of so-called 'contrarians' on Wall Street, some of them so-called 'permabears', predicted the same outcome.) Let's see whether he's got a solution to the problems.
Thing is, at this point any solution is going to be a painful one and because of that, I doubt we will see the term guru applied very much for the foreseeable future.
Yes, at this point looking for solutions would be more of a plus than working at polishing one's windfall reputation as a prognosticator. We have astrologers we can turn to if we want to go all mystical over things...
Thing is, at this point any solution is going to be a painful one and because of that, I doubt we will see the term guru applied very much for the foreseeable future.
Standard trauma care...the first step is to stabilize the situation. You can't start getting better until you've stopped getting worse.
Standard trauma care...the first step is to stabilize the situation. You can't start getting better until you've stopped getting worse.
Well I wouldn't know a solution if it landed on my nose but I do know that tomorrow we stand a much better chance at stabilization than we did yesterday, and while it might not be much, its a start.
Sounds like the basic consensus I'm hearing now is to inject more money, but what happens when we run out of injections because despite efforts so far, things are still heading south.
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