I am doing my part, just bought two 8800gtx for my PC. :o)

You should start a one man comedy show on Broadway. That line is going to be a classic.

Deutsche Bank's Jain Says Crisis `By No Means Over'

July 3 (Bloomberg) -- Anshu Jain, head of global markets at Deutsche Bank AG, said the contagion triggered by the U.S. subprime mortgage collapse has erased more than a fifth of the banking industry's value and is ``by no means over.''

Jain, at a Euromoney conference in London today, said the crisis ``has wiped out $200 billion,'' or about 22 percent of U.S. banks' so-called tangible equity. That impact is similar to the combined effect on the insurance industry of Hurricane Andrew, the Sept. 11 attacks and Hurricane Katrina, he said.

``This banks crisis is really at a point where it equals the three biggest crises faced by the insurance industry,'' Jain said. ``It's by no means over.''

Banks and securities firms have turned to investors for $322 billion to replenish reserves after $403 billion of writedowns and credit losses tied to the collapse of the U.S. subprime market, data compiled by Bloomberg show. Frankfurt-based Deutsche Bank said yesterday it expects to report a profit for the second quarter and currently has no need to raise further funds.

UBS AG, the largest Swiss bank, may post $6.9 billion of writedowns and seek to raise more capital, Citigroup Inc. analysts said, a day after Chairman Peter Kurer told a newspaper the largest Swiss bank won't need more funds.

The Zurich-based company, which wrote down $38 billion over the past three quarters, still carries $83 billion of ``risk exposures that are likely to require further markdowns,'' London- based Citigroup analyst Jeremy Sigee said in a note today. UBS has already raised $29.5 billion this year.

House Price `Free Fall'

Jain declined to predict when the crisis will end. He described the U.S. Federal Reserve's decision to provide a ``liquidity backstop'' for securities firms as a critical step. The main difficulty banks are currently grappling with has to do with solvency rather than ready access to cash, he said.

``Banks continue to need and raise equity capital, and the proportion of equity capital which is required is directly driven by the further drop in assets they own,'' Jain said. ``One of the assets which continues to be in free fall is U.S. house prices.''

If U.S. house prices stopped dropping for two to three consecutive months, ``then very quickly we will start to find the bottom'' to the current crisis, Jain said.

The U.S. housing slowdown started in mid-2005 when sales of new and existing homes began to fall, bringing a five-year boom to a close. Prices for existing homes started falling last July and finished the year below 2006 levels, the first annual decline since the Great Depression, according to the National Association of Realtors in Chicago.

Tangible equity refers to common equity, such as share capital and retained earnings, minus intangible assets.

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Nice link pharma.