Sub-Prime Writedowns
It's amazing the little things that can pop up in your RSS reader if you've loaded the correct blogs into it. For example, this morning I spotted a post over at Mahanalobis which gives a list of all of the write downs by US banks (there's a couple of foreign ones there, but certainly not all of them that have made such write downs).
The total comes to a most impressive $50 billion or so.
The big question though is, is this enough? For to get the creit markets functioning again we want to find all of such sub-prime (and other) losses, identify where they are and make sure that the loss is crystallised. Only then will confidence to lend return....if anyone has any capital left after the necessary writedowns, of course.
Anyone got any idea what the total losses are? No, nor does anyone else, which is of course the other part of the problem.
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