[nicmarlo]

Investors also reacted to dismal US economic data, continuing worries about credit insurers, a UBS report predicting that losses from the credit squeeze could reach $600bn and $15bn in writedowns from insurer AIG after the close of trading on Thursday. “We are in the middle of a financial crisis...

"There's nothing to worry about....there is no crisis....it's only a flesh wound."

[nicmarlo]

Revised numbers................what have been the previous estimates for losses???? We're up to $600 BILLION now.

UBS analysts estimate $600 billion of credit crunch losses
By Steve Goldstein | Feb. 29, 2008

LONDON (MarketWatch) -- Total industry losses from the financial crisis should reach $600 billion, with $350 billion coming from listed banks and brokers, UBS strategist Geraud Charpin said in a note to clients, pointing to American International Group as an example of a non-bank and broker that is suffering. The banks and brokers have only written down roughly $160 billion so far....

[Travis McGee]

Gold is now at $975/oz and the dollar is under 74.