Ohhhh boy.

Just in from the International Monetary Fund: $1.4 trillion, with a "T" in losses for major banks worldwide. Need some context? That's a paltry $455 billion, with a "B" increase over what the IMF predicted in April. It leaves you wondering, just how Henry Paulson came up with the silver bullet of $700 billion, particularly when a former chief accountant of the Securities and Exchange Commission, Lynn Turner, told a Congressional hearing Tuesday that no one really knows how many bad assets are on banks' balance sheets. Now that I've arrived in D.C., I got to watch in person a hearing I'd normally see on C-SPAN. It didn't settle my nerves anymore hearing these startling tidbits in the flesh.