(The Big Picture-Barry Ritholtz) Remember the good old days? Ahhh, a simpler time, when we were repeatedly told that sub-prime didn't matter, that it was contained, that it would never tick above $60 billion dollars at most, and have zero impact on the broader economy?
Only not so much. We learn via the number crunchers at Bloomberg that :
"Banks' losses from the U.S. subprime crisis and the ensuing credit crunch crossed the $500 billion mark as writedowns spread to more asset types. The writedowns and credit losses at more than 100 of the world's biggest banks and securities firms rose after UBS AG reported second-quarter earnings today, which included $6 billion of charges on subprime-related assets.
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