US sub-prime debt has topped $100bn
I know Polly doesn\’t do finance but really….here it is in full context:
The UK is still at the top of the G7 developed countries for growth, and employment is still rising, with interest rates low and falling. Meanwhile world oil prices have tripled, US sub-prime debt has topped $100bn, and in Germany not one bank but three have had to be taken over by state banks after hitting the rocks.
Wht she means is that the acknowledged losses, the ones that banks have owned up to, are $100 billion. And even that figure is wrong (too low). Sub-Prime is well over a $ trillion. Sigh.
So Labour needs to attract deeper loyalty, better reasons why people should support it –
Anyone got any good ideas? I\’m completely out I\’m afraid.