It is amazing how what started out as a [tag]subprime mortgage crisis[/tag] has morphed into such an enormous [tag]economic mess[/tag] around the world.
On Tuesday alone, the three major U.S. stock indexes went south by more than 2 percent.[tag]Citicorp[/tag], the nation’s largest bank, had to write down $18.1 Billion for loses—loses stemming from the [tag]subprime[/tag] crisis.
Tighter credit, also a byproduct of the [tag]mortgage mess[/tag], is apparently responsible for retailers now reporting their worst showing in five years.
Fears of an impending [tag]recession[/tag] mount; some experts say it is already here.
On CBS radio before, I heard a really scary fact–that the total Citicorp loss is larger than anything any bank in the U.S. has experienced since the Great [tag]Depression[/tag]!.
Wow. That is truly something.[tag]Banks[/tag] and brokerage houses here are increasingly looking for foreign investments to bail them out. They seem to be getting that help. For now. And, at what political as well as economic cost?