[PEN-L:376] Re: A trillion dollars in bad debts

[Doug Henwood <dhenwood@xxxxxxxxx>]

My first thought on seeing the NYT headline with the $1 trillion estimate
was of a similar cost estimate for the U.S. S&L bailout, which turned out
to be five or six times too high. It marked the peak of the crisis - kind
of like those estimates of $100/barrel oil prices that were fashionable in
1980. Maybe the $1t estimates are right, and maybe the precedent isn't
valid, but...

Doug