Jasper found this item from the McClatchy News Service for us: Regulatory reports show 5 biggest banks face huge losses. Here is a key quote: Citibank, Bank of America, HSBC Bank USA, Wells Fargo Bank and J.P. Morgan Chase reported that their “current” net loss risks from derivatives — insurance-like bets tied to a loan or other underlying asset — surged to $587 billion as of Dec. 31. Buried in end-of-the-year regulatory reports that McClatchy has reviewed, the figures reflect a jump of 49 percent in just 90 days. Hmmmm… “Derivatives.” Where have I heard that word before?
Susan Z. forwarded this: Michael Kosares: Gold coin shortage likely to become chronic
Items from The Economatrix:
Arlen Specter: Nation on Brink of Depression “[He] said the nation’s economic situation is more dire than the public has been told, but did not elaborate.”
Roubini: Recession Will Probably Last 36 Months JWR’s Comment: I’ll go out on a limb here, and characterize Roubini’s prediction as wildly optimistic