So today on the radio I heard the most bizarre fact about the extent of this financial crisis. This comes from Putin's speech at the World Economic Forum in Davos.
"I just want to remind you that, just a year ago, American delegates speaking from this rostrum emphasised the US economy's fundamental stability and its cloudless prospects. Today, investment banks, the pride of Wall Street, have virtually ceased to exist. In just 12 months, they have posted losses exceeding the profits they made in the last 25 years. This example alone reflects the real situation better than any criticism."
For his full speech see the link below.
http://online.wsj.com/article/SB12331706933212524…
I think that is about as spot on as you can get about the extent of the current crisis we are in. I am not sure where he got the information from nor if its valid or a bit of exaggeration but it is just incredible to think. Wanted to discuss this comment/fact with everyone out there.
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