mlimberg

Will the Next Banking Crisis Originate in Europe?

And now, something real important....

NEW YORK (CNNMoney.com) -- Among the nightmares lurking around the corner for the already battered housing and credit markets would be a meltdown at mortgage financing giants Fannie Mae and Freddie Mac.
Although few are predicting an imminent need for a bailout just yet, credit rating agency Standard & Poor's recently placed an estimated price tag on this worst case scenario -- $420 billion to $1.1 trillion of taxpayer's money.
This dwarfs how much it cost to help banks during the savings and loan crisis of the late 1980's and early 1990's. That cost taxpayers about $250 billion in today's dollars.

Has anyone added all the lost money and compaired that to the perceived worth of the world? What % of the beleive wealth of the world is the loss we have seen and the loss not yet reported? At some point we may have spent all our wealth?

Time to go back to the gold standard....