March 26, 2008



With eight months to go before the U.S. presidential election, the candidates have raised almost $1 billion to fund their campaigns -- more than the size of the economies of several African countries.

Sounds like a lot, especially given that the race for president dominates news coverage. Must be a big deal, right? Not so much:

Wall Street banks, brokerages and hedge funds may report $460 billion in credit losses from the collapse of the subprime mortgage market, or almost four times the amount already disclosed, according to Goldman Sachs Group Inc.

Hmm..., I bet that's bigger than the economy of any African country, if not the economy of every African country. Combined. Though why the economies of the most derelict African countries is a measuring stick still remains beyond me. I guess we can thank Robert Mugabe for making our elections look frivolous and expensive.

Posted by Charles Austin at March 26, 2008 11:32 AM