A research paper from Bank of America says the related fall-out from the crisis has caused $8.6 trillion in stock market losses worldwide, trimming a full 14.6% from the total world market capitalisation. “It could take months or even years before Wall Street and others get a handle on the true cost of the US subprime meltdown and the attendant global credit crunch,” Bank of America chief market strategist Joseph Quinlan added.
February 15th, 2008 | Dan Denning | 2 comments | ContinuedAll Posts Tagged With: "subprime"
G7 Reveals Subprime Losses Could Reach $400 Billion
Speculators are encouraged to borrow – especially now that they can get money at rates scarcely above the rate of consumer price inflation. After the Fed’s latest rate cuts, its key-lending rate is below the inflation level.
February 13th, 2008 | Bill Bonner | 0 comments | Continued