$50+ billion in defaults coming:

C

capmac

09:15 Bank default swaps at highest on record amid writedown concern - Bloomberg

Bloomberg reports the risk of banks defaulting on their debt rose to the highest on record as losses by Freddie Mac fueled concern that lenders will add to more than $50 bln of writedowns worldwide. Credit-default swaps on the Markit iTraxx Financial Index, a benchmark for the cost of protecting the bonds of banks and insurers, rose 6 basis points to 63.5, the highest since its start in 2004. Contracts on Barclays rose 6 basis points to 70, and Swiss Reinsurance, the world's biggest reinsurer, climbed 10 to 61.
 
Didnt those talking heads say it was contained about 5 months ago. Its not contained, I remember when they said tech stocks were immune to these problems, I think thats funny because they are not immune, you have to be a fool to think this mess is contained, it will take many years to fix it.
 
did you here dumbshit kudlow blowing about the banks could take a 500 bil. $ hit and it would only be 1/4 of there profits for 1 quarter. did i here that right? i'm wondering if he is still snorting cocaine?

bgp
 
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