Thursday, June 19, 2008

Getting Closer

A year or so ago, Brick Oven estimated that the overall real estate loss would be around $6 trillion (30% of $20 trillion) and that the bank’s share would be half, or $3 trillion.

At the time, Goldman Sachs estimated losses to be $300 billion. Then there were rumors of $1 trillion. Here, Paulson and Company are estimating $1.3 trillion.

The number is closer to $3 trillion.

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