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Specter: The public’s not being told just how bad the economy is
Hot Air » Top Picks —
... the country to change to a depression footing? I think we’d need an event rather than the death by inches we see on the market every day to really drive it home. If Citi failed or GM went into bankruptcy and the Dow suddenly dropped 1,000 points, that might do it. Or, I guess, if the Dow went low enough — approaching 5,000, maybe? — then real panic would set in. Short of that, I think people (at least here in NYC) are going to keep treating it like Y2K and hope for the best. Update: Repent. America’s five largest banks, which already have received $145 billion in taxpayer ...
I guess Barack Obama also crucified Jesus and kidnapped the Lindbergh baby too
Brilliant at Breakfast —
Yup, the economic free-fall we're in is all about Barack Obama. The colossal mismanagement of the nation's financial behemoths had nothing to do with it: ...
The WonkLine: March 10, 2009
Wonk Room —
... In their latest financial reports, Citibank, Bank of America, HSBC, Wells Fargo, and J.P. Morgan Chase said that their net loss risks from derivatives “surged to $587 billion,” a jump of 49 percent in just 90 days. ...
90 Days Later
The Daily Dish | By Andrew Sullivan —
The zombie banks get zombier.
Regulatory reports show 5 biggest banks face huge losses
Democratic Underground Latest Breaking News —
... has reviewed, the figures reflect a jump of 49 percent in just 90 days. The disclosures underscore the challenges that the banks face as they struggle to navigate through a deepening recession in which all types of loan defaults are soaring. The banks' potentially huge losses, which could be contained if the economy quickly recovers, also shed new light on the hurdles that President Barack Obama's economic team must overcome to save institutions it deems too big to fail... Read more: http://www.mcclatchydc.com/227/story/63606.html
587
The Reaction —
... That's the dollar amount in billions that our major banks have reported as their "current net loss" from derivates tied to such vehicles like mortgages and other loan instruments. It's a number that "reflect[s] a jump of 49 percent in just 90 days." It's a number far worse than expected. As McClatchy reports, if the economy recovers, the banks could easily cover that gap. However, if the economy continues to tank, it's not just Citi and BoA that will fall. Hold on to your hats and your wallets.
