The financial system has acknowledged roughly $400 billion in losses so far,

Mr. Roubini estimates, yet as much as another $1.1 trillion may be lying in wait.

Will The Bailout Work?

Business Krugman, Mallaby Against Bailout Plan... SEC To Expand Trading Probes

As the federal government steps to the center of the financial crisis, devising plans to take ownership of hundreds of billions of dollars’ worth of bad mortgages, a pair of simple questions rise to the fore: Will this intervention finally be enough to restore order? And what will this grand rescue cost taxpayers?