US subprime crisis costs global 7.7 trillion dollars: bank
NEW YORK (AFP) —
The meltdown in the US subprime real-estate market has led to a global
loss of 7.7 trillion dollars in stock-market value since October, a
report by Bank of America showed Thursday.
The crisis, which has spread beyond US shores to banks and other
sectors worldwide, is "one of the most vicious in financial history,"
according to Bank of America chief market strategist Joseph Quinlan.
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"That, of course, is the devil's bargain of addiction: a short-term
good feeling in exchange for the steady meltdown of one's life."
Daniel Goldman
Harry
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