Thursday, October 09, 2008
What Are the Odds of This Actually Happening?
Think the bailout has been expensive so far?
What would you say if you learned that the real losses are MUCH higher?
The REAL number? Wall Street is actually $60 TRILLION Dollars in debt over past and FUTURE obligations on unregulated/uninsured tradeables. That amounts to $200,000 for every man, woman and child in the U.S.
And it may be even worse than you or I can imagine: the total value of the debt derivatives out there is - are you ready for this? - $500 TRILLION DOLLARS.
$500 trillion. That's not a recession. That's not even a Great Depression. That is what you call a collapse of civilization, with Mel Gibson, Tina Turner and midgets running around.
And how about this little gem; the unthinkable spoken aloud on the national media this week:
"The United States has to adopt the Swedish model and nationalize the entire financial services industry." - Kerry Lahey, Decision Economics.
Did you ever think you'd hear someone say something like that in public?
What would you say if you learned that the real losses are MUCH higher?
The REAL number? Wall Street is actually $60 TRILLION Dollars in debt over past and FUTURE obligations on unregulated/uninsured tradeables. That amounts to $200,000 for every man, woman and child in the U.S.
And it may be even worse than you or I can imagine: the total value of the debt derivatives out there is - are you ready for this? - $500 TRILLION DOLLARS.
$500 trillion. That's not a recession. That's not even a Great Depression. That is what you call a collapse of civilization, with Mel Gibson, Tina Turner and midgets running around.
And how about this little gem; the unthinkable spoken aloud on the national media this week:
"The United States has to adopt the Swedish model and nationalize the entire financial services industry." - Kerry Lahey, Decision Economics.
Did you ever think you'd hear someone say something like that in public?
# posted by Jim O'C @ 8:37 AM 
