• Canadian Capital One credit cards

    Catastrophic
    - $175 Billion in credit write downs!!

    This headline makes me ill!
    $175 Billion in write downs means a bunch of losses for the creditors and almost certain credit tightening.

    Understanding that the credit industry is pretty large, this is still a significant amount of write downs.

    How many industries could withstand $175 Billion in write downs and still stay liquid?

    Credit writedowns may total $175B - analyst
    NEW YORK (CNNMoney.com) -- Financial firms in the S&P 500 index ultimately will suffer $125 billion to $175 billion in mortgage and credit-related writedowns, a Bear Stearns analyst said Monday.

    Thus far, these firms have recognized about $115 billion in writedowns. Merrill Lynch & Co. (MER, Fortune 500) and Citigroup Inc. (C, Fortune 500) have taken the brunt of the hits, with $22.5 billion and $21.6 billion in writedowns, respectively, over the past two quarters, wrote analyst Jonathan Golub.

    express-leads.com

    Since the end of the third quarter, S&P financial companies have lost $593 billion in market value and had to lower earnings estimates by $138 billion. Analysts expected earnings in the sector to be down 105% year over year in the fourth quarter, according to Golub.


 
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