Brace for $1 Trillion Writedown

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Yet $1 trillion is the amount of defaults and writedowns Americans will likely witness before they emerge at the far side of the bursting credit bubble, estimates Charles R. Morris (http://search.bloomberg.com/search?q=Charles+R.+Morris&site=wnews&client=wnews&proxystylesheet=wnews&output=xml_no_dtd&ie=UTF-8&oe=UTF-8&filter=p&getfields=wnnis&sort=date:D:S:d1) in his shrewd primer, ``The Trillion Dollar Meltdown.'' That calculation assumes an orderly unwinding, which he doesn't expect.

http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aHCnscodO1s0

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