There was an article on Business Desk yesterday that led with the suggestion that the LSAP losses now totalled almost $20 billion.
As soon as the article appeared I emailed the author and pointed out that the two numbers she was using could not be added together and that the best estimate of the direct fiscal losses were still around $10 billion. We had a few email exchanges and a telephone conversation, by which point she accepted that her number was wrong, but didn’t fully understand why she was wrong (apparently several other journalists were also confused), and indicated that there would be a further article forthcoming, using quotes I (and others?) had provided. I didn’t have the time for anything in depth yesterday but suggested I might write a post today that attempted a fuller and more intuitive explanation.
Unfortunately I didn’t print off the original piece and the…
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Utopia, you are standing in it! 
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