>
>Indeed, losses of the order of $500 billion are actually quite
>reasonable and likely once you account for all the losses from subprime,
>near-prime, prime mortgages, CDOs, CLOs, failed LBOs, auto loans, credit
>cards and other consumer credit, commercial real estate loans, a variety
>of asset backed securities, level 3 asset value recognition at market
>values, and other financial market losses. Subprime alone is now
>estimated to lead to losses as high as $238 billion
><http://www.ft.com/cms/s/1/16e6c4e8-8c4a-11dc-b887-0000779fd2ac.html>
>based on a mark to market analysis.
>
Yeah, quite a neo-liberal legacy.
Joanna