Look at the "Sub-Prime Losses" SO FAR! And this is ONLY What WE KNOW...not WHAT's to COME!

[KoKo]

if things get dire in the Housing/Hedge/SubPrime/Banking Fiasco! I can't even wrap my head around BILLIONS OF LOSSES! From the BBC:

-----SUB-PRIME LOSSES SO FAR

UBS: $13.5bn
Citigroup: $11bn
Merrill Lynch: $8bn
Morgan Stanley $3.7bn
HSBC: $3.4bn
Bear Stearns: $3.2bn
Deutsche Bank: $3.2bn
Bank of America: $3bn
Barclays: $2.6bn
Royal Bank of Scotland: $2.6bn
Freddie Mac: $2bn
Credit Suisse: $1bn
Wachovia: $1.1bn
IKB: $1bn

Source: Company reports
Story from BBC NEWS:
http://news.bbc.co.uk/go/pr/fr/-/2/hi/business/7135872....

Published: 2007/12/10 16:28:09 GMT

[SpiralHawk]

1. It is "republicon values" and "republicon thinking" that have brought this about

Of that I am certain. The republicons have killed the golden goose.

"Conservative republicons?" Yeah, right, when monkeys fly out of my butt.

Republicon thinking is radically stinking.

[truedelphi]

2. And how much in assets is presently held by the wonderful and miraculous entity

The FDIC??

Anybody know??

[TomInTib]

3. And to think that they initially wanted to hand it off to FannieMae and FreddieMac.

So that the American taxpayer could pick up the tab.

But, alas, both agencies were already up to their collective eyeballs in mis-management and fraud (surprise, surprise).

[Turbineguy]

4. 59.3 Billion

Holy cow! We could run the war in Iraq for 6 months on that!

[Hippo_Tron]

13. Now you're thinking in Republican terms

[Turbineguy]

17. Darn

shoulda included :sarcasm:

[Hippo_Tron]

18. I should've done the same

The problem with online communication is that you can't detect tones of voice. It was a meant to be a sarcastic "Good Job, now you're thinking like a real American should!"

[AlCzervik]

5. UBS sold off 10% of itself yesterday to asian and middle eastern investors.

[Jackpine Radical]

6. This is mostly home mortgage stuff.

There have to be more waves of trouble coming behind this.

Think of all those big-assed SUVs people owe on and can no longer afford to drive. Not only are the lenders gonna get a lot of them back, but their only worth will be as scrap metal--who's gonna buy them after repossession?

And credit card debt when people start losing their jobs in the coming recession.

Etc.

[AlCzervik]

8. there was some threads posted about sub prime auto loans and regular auto loans

going into default, sub prime car loans---who knew?

[Warpy]

9. You're right about that. This is a big credit bubble that's popping

Subprime mortgage defaults are only starting the slide. The masses of unsecured debt in other areas, from plastic to upsidedown car loans are what will trigger the avalanche.

Years of depressing wages while encouraging people to supplement them with easy credit have made this mess. Likely it will take years and years to get out of it.

No one will get out unhurt. Debt has been sold as assets throughout the market, laundered by hedge funds and sold off to banks, brokerages, insurance groups, pensions, and mutual funds. We're all going to get hammered.

Good luck to us all. May we all be able to help each other through this. May we also get the kind of reform that won't be easily overturned when the next gang who thinks business would be more efficient if there were no regulations upon it start selling their snake oil to people who don't know any better.

[dysfunctional press]

7. how come nobody ever brings up the idea of re-regulation...?

apparently it's not something that the corporate-owned media or the corporate-owned congress want us to think about...:shrug:

[Jackpine Radical]

10. No shit.

Aaaaaargh, Regulation!!1!!1 Death!!1!!

[OneBlueSky]

11. a billion here, a billion there . . . pretty soon you're talkin' real money . . . n/t

.

[Blackhatjack]

12. Here is the sign that the bottom has been reached....

When Citigroup breaks up --yes breaks into smaller pieces --and its biggest shareholder, Saudi Arabia, takes over the largest piece.

And when the other top wall street firms begin leaking the actual amount of losses they are currently carrying off the books, and their hedge funds crash and their stock tanks....

And when the largest mortgage lenders like Countrywide close their doors and lay of tens of thousands of employees

And people begin withdrawing their retirement funds and bank accounts, ....

.....Then you will know we are close to the bottom.

Keep in mind that the wars in Iraq and Afghanistan have been paid for with supplemental funding (which is like using a giant credit card) --this is going to be some rough economic ride.

[Quantess]

14. Dave Ramsey (total money makeover)

says this whole sub-prime mortgage crisis is vastly overblown.

I saw him speaking on FAUX Sunday night. He seems smart, and I do like Total Money Makeover, so I paid attention. He lost me when he said something to the effect that he likes Bush. That was surprising and weird. The man is smart at personal finance, but, unwilling to admit he voted for an idiot with destructive policies.

[alstephenson]

15. Only PAPER losses.

[LSK]

16. the results of the "ownership society"