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.”

— Jeremy Grantham in the GMO Quarterly Newsletter May 2009