— Jeremy Grantham in the GMO Quarterly Newsletter May 2009
Sunday, May 10, 2009
Quote of the Week
In the U.S., the total market value of housing, commercial real estate, and stocks was about $50 trillion at the peak and fell below $30 trillion at the low. The original $50 trillion of perceived wealth supported $25 trillion of debt. This loss of $20-$23 trillion of perceived wealth in the U.S. alone is still enough to deliver a life-changing shock for hundreds of millions of people.”
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment