"The write-offs will be unprecedented in stock market history and will result in US businesses reporting losses of a magnitude never seen before."
And Daschle is out on the stump, trying to hang this on Bush. . . .
Mr Willens added that he expected most companies to get their write-offs out of the way in the first quarter. “Companies have until the end of the year to do it,” he said. “But most will do it in the first quarter because otherwise they will have to go back and restate their results.”Everyone will now strip their clothes off, and "Take a Bath!!"
Outfits like JDS Uniphase did that last year, and now look positively prescient...remember when they wrote off $58 BILLION in a Quarter, at that time the largest non bankruptcy loss ever??