Monday, November 10, 2008

Chronicles Of Depression 2.0: #380: $1.4T So Far

Global losses from crisis to reach $1.4 trillion: Goldman
NEW YORK (Reuters) - Worldwide losses from the credit crisis will total $1.4 trillion, of which only $800 billion have been realized so far, Goldman Sachs U.S. chief economist Jan Hatzis said on Monday.

This means further pain ahead for both the banking sector and the economy as a whole, Hatzius said, adding that further fiscal stimulus will be needed to prevent an even deeper downturn.

"This calls for a large amount of economic stimulus," Hatzius told a financial industry conference.

Emphasis added by me.

If you have Goldman stock, dump it. It's obviously staffed by fucking idiots.

We are well past $1.4T of losses. Do they really think we'll recover the trillions poured into propping up should-be-dead companies and banks around the world? If they do really think that, they're not just eejits, they're outright retards!

And Goldman, why not read around on the Internet? Find out the true figure of a quadrillion.

Remember: Warren Buffett sunk $5B into this place. Wasted!

No comments: