Wednesday, 14 November 2007

Bank of America housing losses

Bank of America will probably write down $3 billion of debt in the fourth quarter. The US housing slump is to blame for this, but the bank's finance chief, Joe Price, says the losses are manageable.

The housing market in the UK also looks a bit shaky at the moment. I believe more people should live in caves. I'm serious. I lived in a cave for eight years and it didn't do me any harm. It is certainly a cheap way to live - no rent, no bills. What's the problem?