$2.8 trillion is a lot more than $350 billion

I noted in yesterday's blog about the Financial Stability Report from the Bank of England that they say UK banks ramped up lending to £700 billion ($1.1 trillion) over deposits between 2001 and 2008, but failed to mention that they estimate total losses in the credit crisis to be $2.8 trillion. 

That's a lot more than the $350 billion the OECD estimated for the subprime crisis back in April 2008 (just six months ago!) and double the value the Bank estimated just six months ago.

The report is well worth a read.