Brace for $1 Trillion Writedown of `Yertle the Turtle' Debt - Bloomberg.com

Brace for $1 Trillion Writedown of `Yertle the Turtle' Debt, Review by James Pressley - Book Review 'March 31 (Bloomberg) -- Be it ever so devalued, $1 trillion is a lot of dough. That's roughly on a par with the Russian economy. More than double the market value of Exxon... more

Reviewed by aliasinkhorn Mar 31 2008, 01:00pm ( 4 reviews ) • bloomberg.com

1,333 views

Join StumbleUpon or login to add a review!
Rated by aliasinkhorn on Mar 31 2008, 1:00pm

Brace for $1 Trillion Writedown of `Yertle the Turtle' Debt, Review by James Pressley - Book Review 'March 31 (Bloomberg) -- Be it ever so devalued, $1 trillion is a lot of dough. That's roughly on a par with the Russian economy. More than double the market value of Exxon Mobil Corp. About nine times the combined wealth of Warren Buffett and Bill Gates. Yet $1 trillion is the amount of defaults and writedowns Americans will likely witness before they emerge at the far side of the bursting credit bubble, estimates Charles R. Morris in his shrewd primer, ``The Trillion Dollar Meltdown.'' That calculation assumes an orderly unwinding, which he doesn't expect. ``The sad truth,'' he writes, ``is that subprime is just the first big boulder in an avalanche of asset writedowns that will rattle on through much of 2008.'' ' A handout photo, provided to the media on Friday, March 28, 2008, of the book jacket for Charles R. Morris's book ''The Trillion Dollar Meltdown''. Source: PublicAffairs via Bloomberg News

Installing is Easy!