When you're told by the pundits the worst is over in the subprime meltdown, it comes back to bite Wall Street in the arse

Well, the financial pundits' weather vane is spinning wildly and out of control. UBS is going to write down more billions whilst lopping off 5500 heads in its staff count, and this mostly in the US. Legg Mason, a small house which safely thus far, has been out of harm's way, reports a loss for the first time in years, and thus is obliged to go out with a beggar's cup to raise equity for a billion dollar writedown. Citibank is at the top of the list of writedowns. As of two weeks ago, the New York Times puts its loss owing to subprime write offs at 40 odd billions, with UBS a close second. And so it goes, the ancients bequeathed us the word 'abyss', and the subprime meltdown aka as a supreme ponzi scene is a bottomless pit. By the time things get straightened out, if they ever will, more than a trillion Yankee dollars will have be stricken from the books, resulting in poor quarterly returns, and legions on the breadline. And still the US' GDP is consumed by almost 34 per cent by finance capitalism, and as long as that brahma bull is not roped, hogtied, branded, and tame, the agony will go on and on and on and on...