Remember when everyone gasped in astonishment when Fed Chairman Ben Bernanke said that total losses from the credit crisis could eventually sum to a whopping $100 billion? Sadly, those were the good old days.
According to Bianco Research, the total aggregate loss suffered by lenders as a result of the credit crunch has now reached $500 billion. (Bob Eisenbeis at Cumberland Advisors details the Bianco report). If Nouriel Roubini's right, that means we're one-quarter to one-half of the way there: