Roubini: Credit losses from the crisis up to $1.6 Trillion

By Webmaster - Posted on July 10th, 2008

Cheaprealty presents:

A few months ago, estimates of losses in financial markets related to the subprime credit crunch were around a trillion dollars. And a few months before that, the estimates were around 400 billion.

Now Nouriel is talking about 1.6 trillion dollars of financial losses.

In case anyone thought a bunch of positive signals plucked from government and industry reports equals a shallow recession, Nouriel practically says, "Not so fast...." There are a lot of headwinds for the economy to struggle against.