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Loan losses at Depression level According to ratings agency Moody's US banks are writing off the same size loans (in proportion) as they did during the Great Depression. Another US$300 billion will be incurred by the end of next year. Bank regulators closed the 100 bank this year, as questions are asked about the health of the Bank of America. The bank which acquired Merrill Lynch has been forced to take a second government handout to stay alive. Capmark Financial Group has debts of US$21 billion it cannot repay. The Federal Reserve Bank of Chicago' national activity index declined to minus 0.81. | |||||||||
