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.
“I’ve found that credit losses could peak at a level of $3.6 trillion for U.S. institutions, half of them by banks and broker dealers,” Roubini said at a conference in Dubai today. “If that’s true, it means the U.S. banking system is effectively insolvent because it starts with a capital of $1.4 trillion. This is a systemic banking crisis.”
Losses and writedowns at financial companies worldwide have risen to more than $1 trillion since the U.S. subprime mortgage market collapsed in 2007, according to data compiled by Bloomberg.
http://www.bloomberg.com/apps/news?pid=20601087&sid=aS0yBnMR3USk&refer=home
Pt2 – Rethinking the future beyond Left and Right: #Socialism, the Actual
Road to Freedom.. and survival
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https://globalpoliticalanalysis.wordpress.com/2016/02/07/pt2-rethinking-the-future-beyond-left-and-right-socialism-the-actual-road-to-freedom/
8 years ago
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