Roubini Predicts U.S. Losses May Reach $3.6 Trillion
Bloomberg has a shocking story on Roubini’s prediction for US losses: Roubini Predicts U.S. Losses May Reach $3.6 Trillion 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. …… “If that’s true, it [...]
Financial News Over This Week
Aggregator Bank ??The heads of the U.S. Treasury Paulson and Federal Deposit Insurance Corp Sheila Bair gave momentum to the idea of a new government-backed bank to remove toxic assets from lenders’ balance sheets. A lot of work has been done on an aggregator bank and other ways of using the $700 billion financial-rescue fund [...]
Job Losses Keep Piling – Will Prolong Recession
Jobs announcements from the past two days : Privately held Chrysler said on Thursday it is slashing 1,825 jobs after losing $1 billion in the first half of the year. Goldman Sachs [GS] plans to cut 10 percent of its staff, or almost 3,300 jobs after laying off hundreds of support staff and junior bankers [...]