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this guy can't even do basic math.
Aug 15 11:41 am
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All Comments by johnhhaskell »Where is All the Money Going? [View article]
First, the amount of subprime mtgs which are actually in default may be only $7 billion, but the likely ultimate amount is something like 10% of the $1.5 trillion in subprime mortgages outstanding.
Second, there is no "$50 trillion bond portfolio" anywhere in the world; this is greater than the debt stock of all nations in the world (US Fed Gov't= approx $8 trillion)
Third, if this phantasmagorical $50 trillion portfolio were to increase in value by 15%, that would be a $7.5 trillon delta, not $2.5 trillon as he claims. Buy a calculator.