Interview on CNBC and Rising Estimates of Credit Losses from the Financial Crisis Now Up to $1.6 Trillion

I was this morning on CNBC’s Squawk Box being interviewed – in part - by the legendary Mohamed El-Erian (co-CEO of Pimco) who is the lead guest for the show this morning. Mohamed is a friend/colleague and one of the most thoughtful and deep thinkers about financial markets and the global economy combining analytical academic rigor, senior policy experience (a decade long at the IMF) and the deepest and most sophisticated knowledge of financial markets. His latest book on global investing is a must read for all.

Let me elaborate the point I made in the interview and some additional points on the economy and financial markets…