$1,200,000,000,000 and counting

A report released at 1:30pm EST by Goldman Sachs is estimating that the global credit crisis is going to cost over a trillion dollars. Unfortunately, only a fraction of the amount has been written off so far. The analyst estimates that 40% of the amount will be seen in the brokerage sector and throughout Wall Street.

Just as many were thinking that the other shoe was not going to drop anywhere near them, the entire closet of Imelda Marcos comes puring down. In response, the brokers (LEH), (GS), (JPM)  etc, fell, well off their highs for the day. It is now clear that the problem is MUCH bigger than anyone has even imagined.

Let’s all agree to the fact that this is not the end…This is still an estimate and unless we get a good amount of full disclosure and coorperation from the brokers and Wall Street, the pain (torture) will continue. No one like surprises and if anything is for sure, investors are scared of what lives in the dark. I know I do.

GUYS: Get your stories straight already!!!!!!