Lost All Our Ground?

[Alison Swain]

Got this flash this morning in an email from Mortgage Daily News:

Subprime Debacle to Shrink US. Credit by $2 Trillion
[FONT=Times New Roman,Georgia,Times]Outstanding credit in the United States will contract by around $2 trillion as a result of the subprime mortgage market meltdown, a new study estimates.[/FONT]



Isn't $2 Trillion the full amount of what was (in 2004) projected to be written in all of 2005? :Eyecrazy:

 

[Randolph Kinney]

A few trillion here, a few trillon there, - now we are talking serious sums of dollars. Maybe it will be spread over a wide enough base so that it does not sink the US.