What we’ve learned recently is that, yes, it might be wise to have a few sandbags at the ready, Michael Knox, Chief Economist and Director of Strategy at ABN AMRO Morgans, told Crikey:
Subprime loans
Bank America and ETrade join the subprime hit list
Bank America has warned that third quarter earnings will take a hit from the impact of the subprime mess and online trading company, ETrade, says earnings would slump 25% in the current quarter due to the costs of exiting the wholesale mortgage lending business.
