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The financial crisis is far worse than anyone predicted even a few weeks ago. Initial estimates put the likely losses of financial institutions globally at around $1.5 trillion, with a resulting decline in credit capacity of $19 trillion. But the International Monetary Fund recently estimated crisis-related losses of nearly $1.5 trillion on the worldwide holdings of U.S. assets alone. It is no longer a question of f there will be a recession; the question now is how bad it will get and how long it will last. The current expectation is that the United States and Europe will suffer a deep and prolonged recession.
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