US Economy: Central bankers past and present warn of more U.S. economic pain
JPMorgan thinks the financial services industry is sitting on $60 billion in undisclosed losses. Greenspan said about $900 billion of subprime mortgages had been securitized into fixed-income instruments, and the excess level of unsold homes was driving price declines that were eroding the value of the securities backed by those mortgages.The billionaire American investor George Soros said in a lecture at New York University that the U.S. economy was on the verge of a correction larger than that expected by Ben Bernanke, current chairman of the Federal Reserve. "I think we are definitely in for a slowdown," Soros said.
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