The report says 40%, or $460bn, of those losses will hit US banks, brokerages and other institutions.Recapping some numbers - The article is saying that US financial firms have reported $120billion in losses, presumably as a result of the sub prime mortgage fiasco. But there is still another $340billion that is yet to be reported!!
Goldman estimates that US financial firms have already reported losses of $120bn since the credit crunch began.
The suggestion here is that we are only 1/4 of the way into this recession/economic crumple! Anyone who is watching stocks, the value of the dollar and how this affects worldwide inflation on things like the price of oil, unemployment, financial investment banks like Bear Sterns, and such, would literally do a flip over Jupiter if all of that only amounted to 1/4 of the problem. Is this for real? That is a scary thought.
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