Housing Crisis evaporates $6 trillion in personal wealth

Los Angeles (LATIMES): A Washington think tank is warning that housing prices are falling at an accelerating level, destroying wealth at a pace that will cost the average homeowner $85,000 in lost wealth this year alone.
The projections by the Center for Economic and Policy Research are based on the numbers in Tuesday’s Case-Shiller home price [...]

World Bank in D.C. this weekend

WASHINGTON (AFP) — World economic leaders here this weekend took steps to alleviate the worst financial shock in decades and a food price crisis that is sparking deadly unrest in developing countries.
In three days of meetings that ended Sunday, finance ministers and central bankers grappled with the credit squeeze and inflation emergencies against the backdrop [...]

Waiting for the Other Shoe to Drop?

Eroding confidence stings bank shares
By Carter Dougherty

Monday, March 17, 2008
FRANKFURT:
Volatile markets and worried policy makers on Monday offered clear evidence that the months-long financial crisis linked to the U.S. mortgage market has turned into an acute crisis of confidence in the global banking system.
Stunned over the weekend by the emergency [...]