Losses from America’s sub-prime mortgage crisis could hit $100 billion (£49 billion), according to figures given in evidence to Congress today by Ben Bernanke, the Federal Reserve Chairman.
Wow. Bernanke only underestimated the real cost by $900 billion just 2 months ago!
So .... how are they so certain they have the correct cost now?
Or will we find out two months form today (after the elections have come and gone) that the real cost to the US taxpayer is ten trillion dollars?