Pedro Nicolaci da Costa
Reuters
July 20, 2008

The nightmare scenario for U.S. economic authorities is here: confidence in their ability to rescue the country from a housing-led financial panic is now at its lowest level since the crisis began.

This means losses for investors, already totaling nearly half a trillion dollars, could mount even further over the next few months, with implications for business investment and the overall health of the economy.

“You see a massive potential for financial meltdown on a global scale,” said T.J. Marta, fixed-income strategist at RBC Capital Markets.

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