If any of you read the latest Jim Willie offerings you'd find that $500 billion is only a fraction of the slime.
He reckons the USD mortgage bond market is worth $10 trillion at face value of which 70% or greater is prime. These prime bonds have lost 30% of their face value so we're looking at $2.1 trillion lost on prime plus another $1 trillion in sub-prime for a total estimated loss in mortgage bonds of $3.1 trillion. So, boyz and girlz, $500 billion is only 1/6 of the total if his assessment is correct.
Lots of bad news to come if he's even remotely accurate.
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