Relevant:
- IMF: "In The Absence Of A Credible Plan We Will Have A Global Financial Meltdown In Two To Three Weeks"
- Ten years since the global financial crisis, world still suffers 'debt overhang'
- Global finance faces $9 trillion stress test as dollar soars
- UK Eyes Financial Reform on Global Crisis
- Central bank impotence and market liquidity
2008-02-15 — breitbart.com
The meltdown in the US subprime real-estate market has led to a global loss of 7.7 trillion dollars in stock-market value since October, a report by Bank of America showed Thursday.
The crisis, which has spread beyond US shores to banks and other sectors worldwide, is "one of the most vicious in financial history," according to Bank of America chief market strategist Joseph Quinlan.
...
The losses were also greater than those suffered after the September 11, 2001, terro attacks, the Asian financial crisis starting in 1997, Argentina's default on its debt in 2001 and the 1994 Mexican peso crisis.
"It could take months or even years before Wall Street and others get a handle on the true cost of the US subprime meltdown and the attendant global credit crunch," Quinlan said.
It boggles the mind that at this stage anyone could think this will all take only "months" to blow over. Japan arguably never got over their last banking system catastrophe. Hopefully we won't gear our entire monetary policy towards propping up our banks for the next couple decades.
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