Goldman: $2 trillion lending fall could cause shockwave

11/16/2007 | Bloomberg

Mortgage lending losses as high as $400 billion for banks, brokerages and hedge funds could exacerbate economic turmoil into a "substantial recession," says Goldman Sachs chief New York economist Jan Hatzius. Lending probably will be chopped by $2 trillion, posing a "significantly bigger macroeconomic risk than generally recognized," he said in a forecast Thursday.

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