more pain to come, page-8

This:
http://www.hotcopper.com.au/post_single.asp?fid=1&tid=598058&msgno=2428543#2428543

and this

rad the last post, the other was just my view of where banks were heading at the time:
http://www.hotcopper.com.au/post_threadview.asp?fid=1&tid=598058#2428543

Discussion ensued from my comment of the US$600-$700b potential losses yet to be identified.
I responded:

Dhuy
Post #: 2516148
In Reply to msg: #2516115
IP: 220.235.xxx.xxx
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Disclosure: Stock Held
Views: 1383

Try an estimated $700b...Tsunami still to come.

and clarified with this....

Dhuy
Post #: 2516187
In Reply to msg: #2516164
IP: 220.235.xxx.xxx
Sentiment: None
Disclosure: Stock Held
Views: 1329


Not my figure..this was given to me by someone close to me who works in finance that I trust. This was relayed to me some 5 weeks ago and he told me to get out of the market or at least reduce exposure.

His words were the losses are completely unknown but could be as high as $700b. He also said it would all surface in the coming reporting season.

So far he has been smack on the money with his call to get out. I remain protected with very small exposure.

end.

I think the worst is yet to come and the writing is on the walls everywhere. The next turn down is buy time for me though.

I am not the only one thinking this, read Page 41 of the Financial Review yesterday regarding one of the worlds best Legg Mason's Bill Miller. Especially the last paragraph.