Tuesday, March 4, 2008

HSBD hit with a $17 billion loss

The U.S subprime housing is still hurting financial markets throughout the world. Banking giant HSBC took a $17 billion hit on its exposure to the collapsed US subprime housing market.

This makes HSBC the latest bank to suffer from the housing market crisis. What's worse is that it said that it expect market conditions to get worse before it gets better. Which bring to mind what the hell the U.S are doing to rid the world of this crisis. The subprime crisis has been brewing for about a year already, yet we are still no closer to solving the problem. Amid global slowing economic growth and squeeze on credit, must they truly wait till after the U.S elections in Nov before they take action? How knows where the market will be then?

Since Singapore is a "staunch U.S ally", how about we make some noise and try to make the U.S take some action on the crisis before it drag the whole world into a recession...if we are not in one already.

2 comments:

Anonymous said...

Too late. Billionaire investor Warren Buffett said that US already in recession:

http://www.telegraph.co.uk/money/main.jhtml?view=DETAILS&grid=&xml=/money/2008/03/04/cnbuffett104.xml

Singapore to convince the US to do something about it? I can bet you it's not going to make any ripple in the White House or Congress. Unless the interest of these upper echelon are affected, they'll be in no hurry to solve this global teething problem any sooner, for all you can care about. Period.

Ghost said...

Chances are they are in recession; I just hope they don't drag us down with them.