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Scary figure of the week

Posted by Chris Farrell on Tuesday, December 23, 2008

Here are some scary numbers, courtesy of David Rosenberg, economist at Merrill Lynch:

Households have lost over $7 trillion in terms of net worth in the year ending 3Q, and it looks like this wealth destruction will top $10 trillion when the 4Q Fed flowof-funds data come out (that already exceeds the entire $4 trillion loss during the tech wreck).

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