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To: RMF who wrote (37271)	9/21/2009 6:10:34 PM
From: TimF	Read Replies (1) \| Respond to of 71588

We have NEVER had a downturn as severe as this one. Nonsense, depending on how you measure it this is the worst since the eighties, or the seventies, or even earlier including all the way to "the worst since the 30s", but it definitely not the worst ever. Even worst since the 30s gives and impression of it being much worse than it is, since by some measures it isn't the worst since the 30s, and also the 30s where considerably worse. THIS time they were in HOCK for TRILLIONS in derivatives. Many banks are don't face very severe complex derivative liability. And for those that do, the nominal value of the derivatives overstates the actual net debt (which doesn't mean its not a severe problem for those banks, or even a major problem in a broader sense, but its not close to being a problem as large as the headline total derivative figure would make it seem).