Wednesday, November 07, 2007
Cleveland, once a giant now has the dubious distinction of being the US leader in home foreclosures. The storm was thought to be over when a couple weeks ago a number of banks came "clean" on the staggering nature of the liabilities but it seems they are not out of the woods yet in the strange world of derivatives and such. 1 trillion alone in the Duetche Bank mess! This is real money.
And even the Supermodels don't want the greenback any more.