Merrill Lynch investment bank announces a 5,500,000,000 “dollars” loss stemming from speculation in the subprime (junk) mortgage market.
Postscript: Three weeks later ML revised that estimate sward to 8,400,000,000 “dollars.”
[restored 5/19/2024]
Subsequent Events:
References:
Timeline of the United States housing bubble – Wikipedia, the free encyclopedia
en.wikipedia.org/wiki/Timeline_of_the_United_States_housing_bubble
Subprime crisis impact timeline – Wikipedia, the free encyclopedia
en.wikipedia.org/wiki/Subprime_crisis_impact_timeline
Current U.s. National Debt:
