IMF: Credit crunch costs '$1 trillion'

[malaise]

http://news.bbc.co.uk/2/hi/business/7336744.stm
<snip>
The International Monetary Fund (IMF) has warned that potential losses from the credit crunch will reach $945bn (£472bn) and could be even higher.

The IMF says that losses are spreading from sub-prime mortgage assets to other sectors, such as commercial property, consumer credit, and company debt.

It says that there was a "collective failure" to appreciate the risky borrowing by financial institutions.

And it warns that tough measures and government intervention may be needed.

The IMF wants government intervention now - for the fucking rich!! :puke:

[MannyGoldstein]

1. It Will Be Much, Much Higher

My understanding is that an astonishing $500 trillion is at risk in financial derivatives. No way that they'll only drop by 0.2%. No way.

[truedelphi]

2. Yeah between 513 and 517 TRILLION dollars in derivatives

Not that it matters, right?

[dysfunctional press]

3. $500 trillion...? that seems like A LOT of wealth...

how much total currency (in usd, but not just usd's) is there in the world?

[malaise]

4. WTF?

Are you serious? A massive global recession is here then.

[Double T]

5. This 'thing' is only in its infancy. Recession will regress into depression............

which will last for many years and potentiality decades. Unemployment will soar to nearly 30% as the corporate and congressional criminals outsource tens of millions more American jobs and continue to collude to destroy what remains of the middle class.

[whistle]

6. That's like pissing in the ocean, the capitalized debt from derivatives and SIVs

...and all the mortgage collateralized gambling debt paper out there is well beyond $750 trillion and could never be repaid or collected

[malaise]

8. kick

for the morning crowd

[Xenotime]

7. Just put it on our bill