Friday, February 29, 2008
More & more….
US stocks fall as credit 'cancer' fears grow
''Insurance giant AIG was among the hardest hit after revealing its biggest-ever quarterly loss as a public company after taking an $11.12bn (£5.63bn) write-down on investments linked to US sub-prime mortgages. Those fears were exacerbated after analysts at UBS estimated that losses in the credit markets may soar to $600bn from $160bn.''
Posted by hpwatcher @ 06:06 PM (3159 views)
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drewster says:
Credit “cancer”. Very apt metaphor – the way the credit crunch is worming its way slowly through the entire economy. Cancer can theoretically be stopped, if you zap the cancerous cells. The hard part is knowing which cells are cancerous. That’s the same problem we’re seeing in the economy: if we knew where the trouble lay then we could probably zap it. Unfortunately nobody knows where the bodies are buried.