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Shahla
Money Managing Guru
Joined: 13 Nov 2004
Posts: 3324
Cash Points ££ 126163.28
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 Posted: Wed Dec 26, 2007 2:24 am Post subject: Real Estate Pro's Head for the Exit as Bush Asks Banks to &q |
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By: Anthony_Cherniawski
The U.S. housing recession has worsened since the credit collapse in August. Because of it, economic growth will slow to an approximate 1% annualized rate in the fourth quarter, according to estimates given by economists to Bloomberg News . President George W. Bush said he's concerned about the housing slump dragging on the economy and said financial institutions must be open about how much they may lose because of the collapse of the subprime mortgage market.
``Wall Street needs to put it all out there for everybody to see,'' he said during a news conference today at the White House. ``If there are some writedowns to be done, they need to do it now.'' The problem, Mr. President, is that if we saw the real magnitude of the problem, we would lose confidence in the banking system.
The Half-Trillion Dollar Problem in Europe.
http://www.marketoracle.co.uk/Article3173.html |
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