Australian Stocks Lose $60 Billion on Mortgage Blues

The biggest share market collapse since the September 2001 terrorist attacks yesterday carved $60 billion off the value of Australian stocks, as the US mortgage crisis claimed another hedge fund and sent shares of the nation’s premier investment bank, Macquarie Bank, into freefall. Investors are panicking that the worldwide squeeze on credit markets sparked by the crisis in sub-prime mortgages in the US will undermine the global economy.

Here at Mortgage Blues we are monitoring the International sector as the crisis spreads around the world. One of our analysts thinks the U.S. treasury secretary is off the mark with projections. One German official says the crisis is the worst since 1931, while losses are felt around the world. We welcome your opinions on which companies and executives invented, fostered, or started the beginning of unsustainable mortgage financing.