I don’t know where to begin, but today’s news are grimmer than a daily LA morning commute. Here are some news snippets:
1) Bloomberg: Insurer Losses From Subprime Approach Katrina Claims
“March 14 (Bloomberg) — The collapse of the subprime mortgage market will lead to record losses for insurance companies, overtaking Hurricane Katrina, the worst natural disaster in U.S. history.”
2) Bloomberg: Rubin Says Financial Markets Have Entered `Uncharted Waters’
“March 14 (Bloomberg) — Former U.S. Treasury Secretary Robert Rubin said financial markets are in “uncharted waters” and the government may need to take “substantial additional action” to help homeowners.”
3) Bloomberg: Bernanke, Read This Book on Greenspan’s Bubbles: James Pressley
“Greenspan bailed out the world’s largest equity bubble with the world’s largest real-estate bubble,” he writes. “That combination easily equates to the biggest orgy of speculation and debt creation the United States (and the world) has ever seen.”
4) Yahoo: Bear Stearns Bailed Out by Fed, JPMorgan
“The Federal Reserve responded swiftly to pleas from Bear Stearns that its coffers had “significantly deteriorated” within a 24-hour period. Central bankers backed an arrangement to bolster the company, and stood ready to provide extra resources to combat a credit crisis that now threatens one of America’s biggest financial institutions”
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