GOLDMAN SACHS REPORT: GLOBAL CREDIT COLLAPSE LOSSES $1.2 TRILLION

March 26th, 2008

WARNING: This is not a recommendation to buy, sell or hold any financial instrument.

It’s like I’ve been saying, along with thousands of other analysts: We haven’t seen anything yet.

Now, daddy needs XLF to lean over and die so his Hail Mary April puts on that pig increase in value..

Via: BBC:

The credit crunch will globally cost $1.2 trillion (£600bn) according to a report from the bank Goldman Sachs.

The report says 40%, or $460bn, of those losses will hit US banks, brokerages and other institutions.

Goldman estimates that US financial firms have already reported losses of $120bn since the credit crunch began.

Banks made huge losses on investments backed by US mortgages. That is now hampering their ability to loan money, which threatens US economic growth.

“US leveraged institutions have written off less than half of the losses associated with the bursting of the credit bubble,” the report said.

Posted in Economy | Top Of Page

One Response to “GOLDMAN SACHS REPORT: GLOBAL CREDIT COLLAPSE LOSSES $1.2 TRILLION”

  1. Eileen says:
    March 27, 2008 at 4:10 am

    I am for one, not shocked.
    The history of financial crimes repeats itself. Hmph.
    Just search on repeal of Glass- Steagull.
    Here’s a link that isn’t too over the top (everyone has something to say: trust me):

    http://www.progressivehistorians.com/2007/11/bill-clintons-role-in-mortgage-crisis.html

    Heh,heh.
    If you think that is outrageous on Bill C’s part, well there is the repeal of electric and gas prices that will hit everyone: not just investors

    http://uaelp.pennnet.com/display_article/242459/34/ARTCL/none/none/1/private-equity-and-the-repeal-of-PUHCA/

    Citizens of the U.S. have been fucked royally by the repeal of laws that were enacted by our elders to protect its citizens from the rapacious tendencies of those who want money as an end in itself.

    You can’t eat money when you are hungry. I guess you could try. So very dry.

    We may not be able to stop the politicians, but we sure as hell have to help ourselves and our fellow citizens.

    I’m like the John Lennon song: I don’t believe in..well you name it.

    Do what one can to get off the grid and out of the financial system which is rigged against any and all honest folk.

    Since our votes don’t really count in federal elections, maybe they will in local. I will participate in the US “elections” this year. If only to knock the Clinton-Bush dynasty out of existence!

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