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Anonymous
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aplusmnt said:Just depends on rather you look at glass half full or half empty. You can always find hard luck people that fall on hard times, but with hundreds of millions of people you have to look at the averages, and the average leans towards most people paying and affording their mortgages.
Yep- just peanuts- $1 Trillion.... I forget that you elitists consider the investors of the world losing $1 Trillion into thin air is just chicken feed- and think nothing of your chosen Champions policy directions setting new negative records not before seen in modern history :roll: ....Hell- GW can run that much debt up for our grandkids in just one oil war against a 3rd world two bit country that didn't even have modern weapons :roll:
Financial luminaries, including Goldman Sachs CEO Lloyd Blankfein and fund gurus Mark Mobius and Bill Miller, say the worst of the financial market woes are behind us.
Former World Bank President James Wolfensohn disagrees.
Wolfensohn, now an advisor to Citigroup, told Bloomberg he’s pessimistic on the outlook for financial markets.
He believes that global bank losses from the credit market crisis could reach $1 trillion.
"I’m more pessimistic than optimistic,” Wolfensohn says. "That doesn’t necessarily mean a crash, but it means we’re not through the woods yet. There are continued dangers.”
So far, financial institutions have reported $310 billion in losses resulting from the credit market crisis that began with subprime mortgages in the U.S.
"It does seem to be a major adjustment on any level,” Wolfensohn says. "There may be $1 trillion worth of losses in it somewhere…. I can’t recall anything similar, certainly in the last 30 to 40 years that I’ve worked.”
Wolfensohn’s loss estimate is close to the International Monetary Fund forecast of $945 billion. Wolfensohn notes that $1 trillion now represents a "consensus estimate” for the losses.